# In the matter of KSPL Shipyard Private Limited

> NCLT judgment dated 2024-09-03. Citation: TCN-2024-NCLT-00685. The case pertains to an application filed by the Liquidator, Mr. Kamlesh Kumar Sharma, under…

- **Court:** NCLT
- **Order date:** 3 Sept 2024
- **Citation:** TCN-2024-NCLT-00685
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kspl-shipyard-private-limited-edc6e6c4

## Summary

### Background

The case pertains to an application filed by the Liquidator, Mr. Kamlesh Kumar Sharma, under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking the dissolution of M/S KSPL Shipyard Private Limited. The company stated that it had no significant business operations since incorporation and passed a resolution to close down via voluntary liquidation. The ROC was notified and filed a report stating no inquiry/investigation/complaint/legal action was pending against the company.

## Facts

M/S KSPL Shipyard Private Limited sought voluntary liquidation under Section 59 of the Insolvency & Bankruptcy Code, 2016. The company was incorporated on 29.07.2019 and had its registered office in East Godavari, Kakinada, Andhra Pradesh. The authorized share capital was Rs. 10,00,00,000, and the issued, subscribed, and paid-up share capital was 7,00,000 equity shares of Rs. 10 each. The company had two directors, Jayadev Polavarapu and Muralidhar Merla. The company had no significant business operations since incorporation. The Board of Directors passed a resolution on 12.01.2024 to close down the company by way of voluntary liquidation, and the directors made a declaration of solvency on the same date. The members passed a special resolution on 02.02.2024 to

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/S KSPL Shipyard Private Limited under …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for voluntary liquidation

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**Reasoning:** The Adjudicating Authority considered the application filed by the Liquidator, the

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**Interpretation:** Section 59 provides a mechanism for a solvent corporate person to voluntarily

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**Application:** In this case, the Adjudicating Authority found that the company had met all the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** M/S KSPL SHIPYARD…

## Timeline

- **2019-07-29 — Company Incor…**: M/S KSPL Shipyard Private Limited was incorporated under the provisions of the Companies…
- **2024-01-12 — Board Reso…**: The Board of Directors passed a resolution to close down the company by way of Voluntary…

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