# In the matter of Noyyal Finance Private Limited

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00057. The case pertains to the voluntary liquidation of Noyyal Finance Private Limited under Section…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00057
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noyyal-finance-private-limited-04609741

## Summary

### Background

The case pertains to the voluntary liquidation of Noyyal Finance Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 16.11.2017, was engaged in credit granting, financial lending, and related activities. The company ceased operations due to its inability to obtain necessary permission from the RBI. The shareholders passed a special resolution on 27.09.2021 for voluntary liquidation and appointed Mr. S. Vasudevan as the liquidator.

## Facts

Noyyal Finance Private Limited, incorporated on 16.11.2017, engaged in credit granting and financial lending. The company's registered office is located in Coimbatore, Tamil Nadu. The company ceased operations due to its inability to obtain necessary RBI permissions. The shareholders passed a special resolution on 27.09.2021 for voluntary liquidation, appointing S. Vasudevan as the liquidator. The company's authorized and issued share capital was Rs. 2,00,00,000.00. The audited financial statements as of 31.03.2020 showed a net profit of Rs. 2,60,895.00. The liquidator made a public announcement, but no claims were received from stakeholders. The bank account was converted into a liquidation account and closed on 18.05.2023. The final report was submitted to the

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Noyyal Finance Private Limited was conducted in …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

…

**Reasoning:** The court examined the various steps taken by the liquidator, including the special

…

**Interpretation:** Section 59 outlines the procedure for voluntary liquidation, emphasizing the

…

**Application:** The court found that the liquidator had complied with the provisions of Section

…

## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** S. Vasu…
- **Respondents:** Noyyal Finance…
- **Advocates:** Krishna D…; Aryan S…

## Timeline

- **2017-11-16 — Company Incor…**: Noyyal Finance Private…
- **2021-09-27 — Special Res…**: Shareholders passed a special…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noyyal-finance-private-limited-04609741