# In the matter of PKR ENERGY LIMITED

> NCLT judgment dated 2024-06-11. Citation: TCN-2024-NCLT-01189. The document pertains to the voluntary liquidation of M/s. PKR Energy Limited under Section…

- **Court:** NCLT
- **Order date:** 11 Jun 2024
- **Citation:** TCN-2024-NCLT-01189
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pkr-energy-limited-808d6f67

## Summary

### Background

The document pertains to the voluntary liquidation of M/s. PKR Energy Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Voluntary Liquidation Process Regulations, 2017. The company, originally incorporated as M/s Asian Cables Limited on 12.11.2007, later changed its name to IAFL Cables Ltd. and subsequently to M/s PKR Energy Limited. The Board of Directors recommended voluntary liquidation on 29.03.2023, citing the discontinuation of business operations and no plans for restart. The members passed a special resolution for liquidation on 04.04.2023.

## Facts

M/s. PKR Energy Limited, formerly Asian Cables Limited, underwent voluntary liquidation under Section 59(7) of the IBC, 2016. The company's Board of Directors recommended liquidation on 29.03.2023 due to discontinued business operations. A special resolution was passed on 04.04.2023. Sanjeev Kumar was appointed as the liquidator. The liquidator made public announcements and notified regulatory bodies. The company's authorized share capital was Rs. 10,00,00,000/-, and its paid-up share capital was Rs. 8,86,00,000/-. The company's main objects included the generation, manufacture, and distribution of electric energy. The liquidator submitted that the company had no moveable or immovable assets. The liquidator paid liquidation expenses of Rs. 3,03,208/- and transferred

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. PKR Energy Limited was conducted in accordance …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with the Voluntary

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**Reasoning:** The court examined the actions taken by the liquidator, including public announcements,

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**Interpretation:** The legal issue involves interpreting the provisions of Section 59(7) of the

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**Application:** The court applied the provisions of Section 59(7) and the Voluntary Liquidation

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Respondents:** PKR Energy…

## Timeline

- **2007-11-12 — Incorpor…**: The Applicant Company was…
- **2011-02-24 — Name Cha…**: The name of the Company was…

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