# In the matter of Priharitam Technologies Private Limited C.P.(IB) No. 07-BB-2022

> NCLT judgment dated 2022-03-16. Citation: TCN-2022-NCLT-03720. The case pertains to the voluntary liquidation of M/s. Priharitam Technologies Private Limited.…

- **Court:** NCLT
- **Order date:** 16 Mar 2022
- **Citation:** TCN-2022-NCLT-03720
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/priharitam-technologies-private-limited-cpib-no-07-bb-2022-0ecd762b

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Priharitam Technologies Private Limited. The company was incorporated on 28.07.2018 under the Companies Act, 2013. The Board of Directors proposed voluntary liquidation on 07.02.2020 due to the non-availability of business prospects and long-term financial resources. A special resolution was passed on 06.03.2020 to liquidate the company voluntarily, and Ms. Srilakshmi Purushotham was appointed as the Liquidator.

## Facts

M/s. Priharitam Technologies Private Limited was incorporated on 28.07.2018. The company's authorized share capital was Rs. 5,00,000, divided into equity and preference shares. The main object of the company was to create a platform for users to consume and create content. Due to the non-availability of business prospects and long-term financial resources, the Board of Directors proposed voluntary liquidation on 07.02.2020. The directors made a declaration of solvency on 06.03.2020. A special resolution was passed on 06.03.2020 to liquidate the company voluntarily, and Ms. Srilakshmi Purushotham was appointed as the Liquidator. The Liquidator made a public announcement of the liquidation and opened a bank account for realization and payment to the members. The

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s. Priharitam Technologies Private Limited …

**Ratio:** Section 59 of the IBC, 2016, read with the IBBI (Voluntary Liquidation Process)

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**Reasoning:** The court considered the averments made in the petition, including the declaration of

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**Interpretation:** Section 59 of the IBC, 2016, allows a corporate person to initiate voluntary

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**Application:** In this case, the court found that the company had complied with the provisions

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Respondents:** Priharitam…; The Registrar of…

## Timeline

- **2018-07-28 — Company Incor…**: M/s. Priharitam Technologies Private Limited was incorporated under the Companies Act,…
- **2020-02-07 — Board Me…**: The Board of Directors proposed voluntary liquidation due to the non-availability of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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