# In the matter of KHF Components Private Limited CP (IB) No. 120-BB-2021

> NCLT judgment dated 2022-06-08. Citation: TCN-2022-NCLT-02328. The case pertains to the voluntary liquidation of M/s. KHF Components Private Limited under…

- **Court:** NCLT
- **Order date:** 8 Jun 2022
- **Citation:** TCN-2022-NCLT-02328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/khf-components-private-limited-cp-ib-no-120-bb-2021-ab941bd7

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. KHF Components Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 11.12.2000. The Board of Directors passed a resolution for voluntary liquidation on 19.02.2021, and a special resolution was passed on 15.03.2021 to liquidate the company voluntarily, appointing Mr. Nurani Subramanian Suryanarayanan as the liquidator. The liquidator made public announcements, prepared a list of stakeholders, and submitted preliminary reports as per the IBBI (Voluntary Liquidation Process) Regulations, 2017. The final report along with audited accounts was submitted to ROC and IBBI.

## Facts

M/s. KHF Components Private Limited was incorporated on 11.12.2000 with CIN: U29199KA2000PTC028257. Its authorized share capital was Rs. 5,50,00,000/- divided into 55,00,000 equity shares of Rs. 10/- each. The company's main business was manufacturing, fabrication, assembling, construction, and dealing in plant, machines, equipment, and other related items. The registered office was located at No. 303, Fair Haven Apartments No.2, St. Johns Road, Bangalore - 560042. On 19.02.2021, the Board of Directors approved the Declaration of Solvency. On 15.03.2021, a special resolution was passed to liquidate the company voluntarily, and Mr. Nurani Subramanian Suryanarayanan was appointed as the liquidator. Public announcements were made on 17.03.2021. The last date for

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. KHF Components Private Limited was conducted in …

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

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**Reasoning:** The court perused the records and found that the company had complied with the necessary

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**Interpretation:** The interpretation of Section 59 and the related regulations requires strict

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**Application:** In this case, the company followed the prescribed procedures, including the

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Respondents:** KHF Components…

## Timeline

- **2000-12-11 — Company Incor…**: M/s. KHF Components Private…
- **2021-02-19 — Board Resolution for…**: The Board of Directors passed a…

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