# In the matter of Ooyala India Private Limited

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-03988. 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-03988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ooyala-india-private-limited-5969d96f

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, for the voluntary liquidation of Ooyala India Private Limited. The company was incorporated on 03.06.2016 and had two directors, Suresh Kayappurath and Manakkal Swaminathan Sivasubramanian. The company declared that it was not carrying on any business and not earning any profits. The Board of Directors resolved to voluntarily liquidate the company on 22.11.2020.

## Facts

Ooyala India Private Limited, incorporated on 03.06.2016, filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 14,00,00,000, and the paid-up share capital was Rs. 70,00,000. The company's directors, Suresh Kayappurath and Manakkal Swaminathan Sivasubramanian, declared 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 Pramod Jain as the Liquidator. The Liquidator made a public announcement inviting claims but received none. The Liquidator submitted preliminary and final reports, stating that the company had no liabilities

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## Issues and analysis

### Issue 1: Whether the company, Ooyala India Private Limited, should be dissolved under Section 59 of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court reasoned that the company had followed the necessary procedures under Section

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**Interpretation:** Section 59 of the IBC provides a mechanism for companies to voluntarily

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**Application:** The court applied Section 59 to the facts of the case, noting that Ooyala India

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## Parties

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

## Timeline

- **2016-06-03 — Company Incor…**: Ooyala India Private Limited was…
- **2020-11-22 — Special Res…**: Members of the Company passed a Special…

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