# In the matter of Ritesh Exports Limited

> NCLT judgment dated 2025-01-31. Citation: TCN-2025-NCLT-00541. The case pertains to a Company Petition (IB) No.158/59/HDB/2024 filed under Section 59(7) of…

- **Court:** NCLT
- **Order date:** 31 Jan 2025
- **Citation:** TCN-2025-NCLT-00541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ritesh-exports-limited-1fbefab7

## Summary

### Background

The case pertains to a Company Petition (IB) No.158/59/HDB/2024 filed under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, seeking voluntary dissolution of M/s. Ritesh Exports Limited. The application was filed by Mr. Koteswara Rao Karuchola, the liquidator of the company. The company was incorporated on March 24, 1992, and was not carrying on its operations from several years with no intention of carrying on the business in future. The Board of Directors passed a resolution on January 10, 2024, for voluntary liquidation under the IBC, 2016.

## Facts

M/s. Ritesh Exports Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on March 24, 1992, in Telangana. The company's registered office is located in Hyderabad. The company's main objectives included manufacturing, importing, exporting, and dealing in textiles. The company had ceased operations for several years and had no intention of resuming business. The Board of Directors passed a resolution on January 10, 2024, for voluntary liquidation. The directors declared that the company had no debt and was not being liquidated to defraud anyone. Shareholders approved the voluntary liquidation in a meeting on February 2, 2024. The company notified the Registrar of Companies and the IBBI about the

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Ritesh Exports Limited was completed as per the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, along with the relevant

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**Reasoning:** The court perused the contents of the application and heard the counsel appearing for the

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**Interpretation:** Section 59 of the IBC, 2016, provides a mechanism for a solvent corporate

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**Application:** In this case, the applicant, Mr. Koteswara Rao Karuchola, demonstrated

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** Ritesh Expo…; Registrar of…

## Timeline

- **1992-03-24 — Company Incor…**: Ritesh Exports Ltd was…
- **2024-01-10 — Board Resolution for…**: The Board of Directors of Ritesh Exports Ltd passed a resolution for voluntary…

## 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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