# In the matter of Mudita Ventures Private Limited

> NCLT judgment dated 2024-10-04. Citation: TCN-2024-NCLT-00491. The case pertains to a Company Petition filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 4 Oct 2024
- **Citation:** TCN-2024-NCLT-00491
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mudita-ventures-private-limited-ebbcb0f0

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator in relation to the voluntary liquidation of M/s. Mudita Ventures Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the Company. The Petitioner Company was incorporated on 23.01.2020 and was primarily engaged in providing innovative health and wellness solutions. Due to the company not doing effective business and no major business operation being carried out in the last two years, a collective call was taken by the members of Mudita Ventures Private Limited to not continue any business. The Board of Directors approved the voluntary liquidation on 25.01.2024.

## Facts

Mudita Ventures Private Limited was incorporated on 23.01.2020 and engaged in providing health and wellness solutions. The company ceased effective business operations in the two years preceding the petition. On 25.01.2024, the Board of Directors approved voluntary liquidation under Section 59 of the IBC, 2016. Srividhya Srinivasan, a Director, declared solvency on 25.01.2024. Premnarayan Ramanand Tripathi was appointed as the Liquidator. The company had no assets except cash and cash equivalents, which were credited to the liquidation bank account. The company had no creditors and received no claims. The liquidation account had a balance of Rs. 15,75,098. The liquidator distributed Rs. 1,31,162.79 towards liquidation costs and Rs. 14,43,935.21 to equity shareholders.

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## Issues and analysis

### Issue 1: Whether the affairs of the Company …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016 allows for the dissolution of a

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

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**Interpretation:** The phrase 'completely wound up' implies that all business operations have

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**Application:** In this case, the company had ceased business operations, liquidated its

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## Parties

- **Judges:** JYOTI KUMAR…; Venkataraman…
- **Appellants:** Liquidator of M/s…
- **Respondents:** Mudita Ventures…
- **Advocates:** S. Adh…; Sandeep Kumar…

## Timeline

- **2020-01-23 — Company Incor…**: Mudita Ventures Private…
- **2024-01-25 — Board Approval for…**: The Board of Directors of the Petitioner Company accorded their approval for the…

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