# In the matter of Maverick Digital Tech Private Limited

> NCLT judgment dated 2025-02-25. Citation: TCN-2025-NCLT-00439. The case pertains to an application filed under sub-section (7) of section 59 of the Insolvency…

- **Court:** NCLT
- **Order date:** 25 Feb 2025
- **Citation:** TCN-2025-NCLT-00439
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maverick-digital-tech-private-limited-e687e403

## Summary

### Background

The case pertains to an application filed under sub-section (7) of section 59 of the Insolvency and Bankruptcy Code, 2016, for the dissolution of Maverick Digital Tech Pvt. Ltd. The company, incorporated on 25.01.2022, sought voluntary liquidation due to significant losses and the absence of future business plans. The Board of Directors authorized the execution of a Declaration of Solvency, and a Special Resolution was passed to liquidate the company voluntarily. A liquidator was appointed, and public announcements were made as per regulations. The company's affairs were completely wound up, and its assets were liquidated and distributed according to the law.

## Facts

Maverick Digital Tech Pvt. Ltd. was incorporated on 25.01.2022 under the Companies Act, 2013. The company's authorized share capital was Rs. 10,00,000, divided into 1,00,000 equity shares. The company decided to close its business operations due to significant losses and no future plans to continue. The Board of Directors authorized the execution of a Declaration of Solvency under Section 59 (3) (a) of IBC, 2016. A Special Resolution was passed on 01.08.2023 to liquidate the company voluntarily, and Mr. Ravindranath Narayan Rao was appointed as the liquidator. Public announcements were made as per Regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The liquidator submitted a preliminary report to the Company

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and the assets of the …

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

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**Reasoning:** The court examined the submissions made by the Liquidator/Petitioner and perused the

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** Based on the evidence presented by the liquidator, the court determined that

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## Parties

- **Judges:** K. Bi…; RAVICHANDRAN…
- **Respondents:** Maverick Digital…

## Timeline

- **2022-01-25 — Company Incor…**: Maverick Digital Tech…
- **2023-06-01 — Board of Directors…**: The Board of Directors authorized the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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