# In the matter of Mitra Renewables Private Limited

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02559. The case pertains to the voluntary liquidation of M/s. Mitra Renewables Private Limited,…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02559
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mitra-renewables-private-limited-e49e2014

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Mitra Renewables Private Limited, initiated under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 12.07.2013 with the primary objective of generating power supply through renewable energy sources. Due to the company's inability to commence its business as expected, the management opted for dissolution and winding up. A special resolution for voluntary liquidation was unanimously passed during the 9th Annual General Meeting (AGM) held on 10.07.2023. The liquidator, Mr. Vasudevan Gopu, was appointed to conduct the voluntary liquidation process.

## Facts

M/s. Mitra Renewables Private Limited was incorporated on 12.07.2013 with the aim of generating power through renewable energy sources. However, the company could not commence its business operations as anticipated. On 10.07.2023, the directors and shareholders passed a special resolution for voluntary liquidation during the 9th AGM. Mr. Vasudevan Gopu was appointed as the liquidator. The shareholding pattern as of 23.08.2023 shows Narayanan Venkateswaran holding 43.40%, Senthilmurugan S holding 39.05%, and Mallikarjun Shivaraya Kande holding 17.55% of the shares. The liquidator received one claim from "TV Subramanian & Associates, Chartered Accounts". After making necessary payments, including liquidation costs, the liquidator distributed the funds to

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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 a company undergoing voluntary liquidation must

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**Reasoning:** The court reasoned that the liquidator had submitted evidence of compliance with the

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**Interpretation:** This involves interpreting Section 59 of the IBC, 2016, and the IBBI (Voluntary

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**Application:** The ratio and reasoning were applied to the specific facts of the case by

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Vasudevan…
- **Respondents:** Mitra Renewables…

## Timeline

- **2013-07-12 — Company Incor…**: M/s. Mitra Renewables Private…
- **2023-07-10 — Special Resolution for…**: Directors and shareholders passed a special resolution for voluntary liquidation during…

## 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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