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

> NCLT judgment dated 2022-02-07. Citation: TCN-2022-NCLT-04225. The application was filed by the Liquidator of Shreyansh Professionals Limited seeking…

- **Court:** NCLT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLT-04225
- **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-c9d0ae75

## Summary

### Background

The application was filed by the Liquidator of Shreyansh Professionals Limited seeking dissolution of the Corporate Person through voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017.

## Facts

Shreyansh Professionals Limited, a private limited company incorporated on May 3, 1995, filed an application through its Liquidator, Mr. Prashant Agrawal, seeking dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company's authorized share capital was Rs. 10,00,000, divided into 1,00,000 equity shares of Rs. 10/- each, with a paid-up share capital of Rs. 8,50,000, divided into 85,000 equity shares of Rs. 10/- each. The company's main objects included providing consultancy, advisory, and planning services for various projects, preparing project reports, and arranging financial syndication. The Board of Directors (BOD) resolved on July 20, 2020, to voluntarily liquidate the

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Shreyansh Professionals Limited, should be dissolved through …

**Ratio:** A corporate person can be dissolved through voluntary liquidation if all statutory

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**Reasoning:** The Adjudicating Authority found that the Corporate Person and the Liquidator had

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**Interpretation:** The court interpreted Section 59 of the Code and the IBBI Regulations to mean

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**Application:** Given that Shreyansh Professionals Limited had completed all steps, including

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Shreyansh…; Prashant A…
- **Respondents:** Shreyansh…; Registrar of…; +1 more
- **Advocates:** Prashant A…

## Timeline

- **May 3, 1995 — Incorporation o…**: Shreyansh Professionals Limited was incorporated as a private limited company under the…
- **July 20, 2020 — BOD Resolution for…**: The Board of Directors resolved to voluntarily liquidate the Company and appoint 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)

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