# In the matter of Riskraft Consulting Limited

> NCLT judgment dated 2023-11-20. Citation: TCN-2023-NCLT-00716. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/riskraft-consulting-limited-58cfe2c0

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Riskraft Consulting Limited through its liquidator, Mr. Anish Gupta, seeking to initiate voluntary liquidation proceedings. The company was incorporated on 28.11.2005 under the Companies Act, 1956, and the Board of Directors resolved to voluntarily liquidate the company on 03.02.2021 as it was not carrying on any business or earning profits. The directors declared on affidavit that the company has no debts and is not being liquidated to defraud any person. The liquidator made a public announcement inviting claims from stakeholders, but no claims were received.

## Facts

Riskraft Consulting Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company was incorporated on 28.11.2005. The Board of Directors resolved to voluntarily liquidate the company on 03.02.2021 because it was not conducting business or generating profits. The directors, Mr. Hariraj Shankar Singh Chouhan and Mr. Devendra Kumar Agarwal, declared on affidavit that the company had no debts and was not being liquidated to defraud anyone. The members passed a Special Resolution on 08.03.2021 to liquidate the company and appointed Mr. Anish Gupta as the liquidator. The liquidator made a public announcement on 10.03.2021, inviting claims, but received none. The liquidator submitted preliminary and final

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## Issues and analysis

### Issue 1: Whether the company's affairs have been completely wound up and its assets completely liquidated, …

**Ratio:** Section 59(7) of the IBC allows the Tribunal to pass an order of dissolution if it is

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**Reasoning:** The Tribunal examined the submissions made by the counsel appearing for the petitioner

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**Interpretation:** Section 59(7) of the IBC provides the legal basis for the Tribunal to order the

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**Application:** In this case, the Tribunal applied Section 59(7) of the IBC after determining

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Riskraft Consultin…

## Timeline

- **2005-11-28 — Company Incor…**: Riskraft Consulting Limited was…
- **2021-02-03 — Board Resolution for…**: The Board of Directors resolved to…

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