# In the matter of Ooyala India Private Limited

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-03995. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-03995
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ooyala-india-private-limited-1508be3f

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation of Ooyala India Private Limited. The petition was filed by the company through its liquidator, Mr. Pramod Jain. The company was incorporated on 03.06.2016. The Board of Directors resolved to voluntarily liquidate the company on 22.11.2020, stating that the company was not carrying on any business and not earning any profits. The directors declared on affidavit that the company had no debts and was not being liquidated to defraud any person.

## Facts

Ooyala India Private Limited, incorporated on 03.06.2016, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's authorized share capital was Rs. 14,00,00,000, and the paid-up share capital was Rs. 70,00,000. The Board of Directors resolved to voluntarily liquidate the company on 22.11.2020, citing that the company was not carrying on any business and not earning any profits. The directors, Mr. Suresh Kayappurath and Mr. Manakkal Swaminathan Sivasubramanian, declared on affidavit that the company had no debts and was not being liquidated to defraud any person. The members of the company passed a Special Resolution on 22.11.2020 to liquidate the company voluntarily and appointed Mr. Pramod Jain as

…

## Issues and analysis

### Issue 1: Whether the company has complied with the requisite formalities and procedure of liquidation as per …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the related regulations of

…

**Reasoning:** The court examined the steps taken by the liquidator, including making public

…

**Interpretation:** Section 59 of the IBC provides a mechanism for a solvent corporate entity to

…

**Application:** The liquidator followed the prescribed procedure by making public

…

## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Ooyala India…

## Timeline

- **2016-06-03 — Company Incor…**: Ooyala India Private Limited was incorporated…
- **2020-11-22 — Board Resolution for…**: The Board of Directors resolved to…

---

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/ooyala-india-private-limited-1508be3f