# In the matter of Mitra Renewables Private Limited

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02545. The case pertains to a Company Application filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02545
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mitra-renewables-private-limited-06e79def

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator in relation to the voluntary liquidation of M/s. Mitra Renewables Private Limited. The company was incorporated on 12.07.2013 under the Companies Act, 1956, with the objective of generating power through renewable energy sources. Due to the company's inviability to commence its business as expected, the management opted for dissolution and winding up. A special resolution was passed in the 9th Annual General Meeting (AGM) on 10.07.2023 for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The Applicant was appointed as the liquidator to conduct the voluntary liquidation process.

## Facts

M/s. Mitra Renewables Private Limited was incorporated on 12.07.2013 under the Companies Act, 1956, with the primary objective of generating power through renewable energy sources. However, the company faced inviability in commencing its business as expected, leading the management to opt for dissolution and winding up. On 10.07.2023, the directors cum shareholders unanimously passed a special resolution for voluntary liquidation in the 9th AGM, as per Section 59 of the Insolvency and Bankruptcy Code, 2016. Mr. Vasudevan Gopu was appointed as the liquidator. The liquidator completed the Voluntary Liquidation process in accordance with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The shareholding pattern as of 23.08.2023 is as follows: Narayanan

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## Issues and analysis

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

**Ratio:** The legal principle applied is that voluntary liquidation must adhere strictly to the

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**Reasoning:** The court examined the compliances submitted by the Applicant/Liquidator, including the

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**Interpretation:** Section 59 of the IBC, 2016, provides the framework for voluntary liquidation,

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**Application:** In this case, the Applicant/Liquidator demonstrated compliance with Section 59

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Vasudevan…
- **Respondents:** Mitra Renewables…
- **Advocates:** A.G. Sathyanarayan…

## Timeline

- **2013-07-12 — Company Incor…**: M/s. Mitra Renewables Private Limited was…
- **2023-07-10 — Special Resolution for…**: The directors cum shareholders passed a special resolution for voluntary liquidation in…

## 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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