# In the matter of Shreyansh Professionals Ltd. CP (IB) No. 29-59-JPR-2021

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04232. The application was filed by Shreyansh Professionals Limited through its liquidator, Prashant…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shreyansh-professionals-ltd-cp-ib-no-29-59-jpr-2021-a1333784

## Summary

### Background

The application was filed by Shreyansh Professionals Limited through its liquidator, Prashant Agrawal, seeking dissolution of the corporate person through voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 03.05.1995. The Board of Directors resolved to voluntarily liquidate the company on 20.07.2020, and an affidavit was filed on 28.07.2020 declaring solvency. The Annual General Meeting was held on 13.08.2020, and a special resolution was passed.

## Facts

Shreyansh Professionals Limited filed an application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 03.05.1995. The Board of Directors resolved to voluntarily liquidate the company on 20.07.2020, and the directors filed an affidavit on 28.07.2020 declaring solvency. The Annual General Meeting was held on 13.08.2020, and a special resolution was passed. Prashant Agarwal was appointed as the Liquidator. The company intimated the Registrar of Companies (RoC) and the Insolvency and Bankruptcy Board of India (IBBI). The liquidator published notifications in newspapers on 19.08.2020, inviting claims from stakeholders. The liquidator submitted a preliminary report on 20.09.2020, stating that the company

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## Issues and analysis

### Issue 1: Whether the necessary compliances of Section 59 and other relevant provisions of the Insolvency and …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the related regulations,

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**Reasoning:** The Adjudicating Authority observed that the necessary compliances of Section 59 and

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**Interpretation:** Section 59 of the IBC outlines the requirements for a corporate person to

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**Application:** The company complied with Section 59 by passing a special resolution, declaring

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Respondents:** Shreyansh…; Registrar of…

## Timeline

- **1995-05-03 — Company Incor…**: Shreyansh Professionals…
- **2020-07-20 — Board Reso…**: The Board of Directors resolved to…

## 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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