# In the matter of SPI Finance and Investments Private Limited

> NCLT judgment dated 2024-12-11. Citation: TCN-2024-NCLT-00069. The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation…

- **Court:** NCLT
- **Order date:** 11 Dec 2024
- **Citation:** TCN-2024-NCLT-00069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spi-finance-and-investments-private-limited-37d639db

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator for the voluntary liquidation of M/s. SPI Finance and Investments Private Limited, an unlisted private company. The company was originally incorporated on 04.02.2020 with the objective of carrying on the business of financing, leasing, and lending. However, the company could not commence its business as its application for NBFC registration to RBI was rejected. Subsequently, a decision was made in January 2021 to wind up the affairs of the company through voluntary liquidation. The Extraordinary General Meeting of the Shareholders took place on 05.02.2021, where it was resolved to conduct the voluntary liquidation and appoint Mrs. Chitra Perinkulam Ragavan as the liquidator.

## Facts

M/s. SPI Finance and Investments Private Limited, an unlisted private company (CIN: U65990TN2020PTC134234), sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. Incorporated on 04.02.2020, its primary objective was financing, leasing, and lending. However, its application for NBFC registration was rejected by the RBI under Section 41-IA of the RBI Act, 1934. Consequently, in January 2021, the company decided to wind up its affairs. An Extraordinary General Meeting on 05.02.2021 resolved to initiate voluntary liquidation and appointed Mrs. Chitra Perinkulam Ragavan as the liquidator. The company's authorized and issued paid-up capital were both Rs. 2,10,00,000, divided into 21,00,000 equity shares of Rs. 10 each. As of 31.12.2020,

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Petitioner …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the Tribunal to order

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**Reasoning:** The Tribunal examined the submissions made by the Learned Counsel for the Petitioner and

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**Interpretation:** Section 59(8) provides the legal basis for the Tribunal to dissolve a company

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**Application:** In this case, the Tribunal determined that all assets were liquidated and

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Respondents:** M/S. SPI FINANCE…

## Timeline

- **2020-02-04 — Company Incor…**: M/s. SPI Finance and Investments Private…
- **2021-01-01 — Decision to…**: Decision made during January 2021 to wind up the affairs of the company through voluntary…

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