# In the matter of Shree Jaysurya Steels Private Limited

> NCLT judgment dated 2025-02-21. Citation: TCN-2025-NCLT-00456. The case pertains to the voluntary liquidation of M/s. Shree Jaysurya Steels Private Limited…

- **Court:** NCLT
- **Order date:** 21 Feb 2025
- **Citation:** TCN-2025-NCLT-00456
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-jaysurya-steels-private-limited-0c6baa58

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Shree Jaysurya Steels Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC). The company, incorporated in 2006, engaged in the steel business. The Board of Directors decided to initiate voluntary liquidation due to the age of the directors and assessed that the company could pay its debts in full from the proceeds of its assets. A resolution for voluntary liquidation was passed on 2024-02-24, and the directors executed a declaration of solvency. Chandrasekar Lakshmishankar was appointed as the liquidator.

## Facts

M/s. Shree Jaysurya Steels Private Limited, incorporated on 2006-03-29, decided to undergo voluntary liquidation due to the age of its directors. The company's authorized and issued share capital was Rs. 75,00,000. The Board of Directors passed a resolution for voluntary liquidation on 2024-02-24. Directors Senthilkumar Venkatesan and V. Ravichandran executed a declaration stating the company had no debts and could pay its debts in full from asset sales. Chandrasekar Lakshmishankar was appointed as the liquidator. An Extraordinary General Meeting (EGM) on 2024-02-28 approved the voluntary liquidation. The liquidator conducted the voluntary liquidation process according to IBBI regulations, including intimating the Income Tax and GST offices. The Income Tax Department

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Shree Jaysurya Steels Private Limited was …

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

…

**Reasoning:** The court examined the various compliances undertaken by the liquidator, including the

…

**Interpretation:** Section 59 of the IBC and the associated regulations are interpreted to ensure

…

**Application:** The court applied the provisions of Section 59 and the IBBI regulations to the

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Liquidator of…
- **Respondents:** Shree Jaysurya…

## Timeline

- **2006-03-29 — Company Incor…**: M/s. Shree Jaysurya Steels…
- **2024-02-24 — Board Resolution for…**: The Board of Directors passed a…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-jaysurya-steels-private-limited-0c6baa58