# In the matter of Kamakooti Agencies Private Limited

> NCLT judgment dated 2023-08-11. Citation: TCN-2023-NCLT-02025. The petition was filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the…

- **Court:** NCLT
- **Order date:** 11 Aug 2023
- **Citation:** TCN-2023-NCLT-02025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kamakooti-agencies-private-limited-a473f770

## Summary

### Background

The petition was filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of M/s. Kamakooti Agencies Private Limited. The company was incorporated on 31.12.2003 under the Companies Act, 1956. The Board of Directors decided to initiate voluntary liquidation on 24.08.2022, as the company had no business operations. A special resolution was passed on 01.09.2022 to liquidate the company voluntarily, and Sri Vasudevan Gopu was appointed as the Liquidator.

## Facts

M/s. Kamakooti Agencies Private Limited was incorporated on 31.12.2003 under the Companies Act, 1956. The company's registered office is located in Chennai. The company had no business operations, leading the Board of Directors to initiate voluntary liquidation on 24.08.2022. A special resolution was passed on 01.09.2022 to liquidate the company. As of the commencement of voluntary liquidation, the company had total assets with a book value of Rs.91,50,502/- and outstanding debt of Rs.50,000/-. Public announcements were made to invite claims from stakeholders, but no claims were received. The Liquidator, Sri Vasudevan Gopu, took steps to notify various authorities and file necessary reports. The company's affairs were completely wound up, and the assets were liquidated

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Kamakooti Agencies Private Limited was conducted …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court examined the documents and the report of the Petitioner and found that the

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**Interpretation:** Section 59 and related regulations are interpreted to ensure that the voluntary

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**Application:** The court applied the provisions of Section 59 and the IBBI Regulations to the

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** Vasudevan Gopu,…
- **Respondents:** Kamakooti…

## Timeline

- **2003-12-31 — Incorpor…**: Kamakooti Agencies Private…
- **2022-08-24 — Board Dec…**: Board of Directors decided to…

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