# In the matter of SRDN Enterprises Private Limited

> NCLT judgment dated 2024-06-21. Citation: TCN-2024-NCLT-01132. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Jun 2024
- **Citation:** TCN-2024-NCLT-01132
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srdn-enterprises-private-limited-47bef291

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of SRDN Enterprises Private Limited. The company, incorporated on 04.06.2021, aimed to engage in the construction business but did not undertake any such activities. The Board of Directors proposed voluntary liquidation due to the lack of business prospects and long-term financial resources. A declaration of solvency was made, and a liquidator, Mr. Gorantla Madhavaiah, was appointed. The company initiated the liquidation process, including public announcements and intimation to relevant authorities.

## Facts

SRDN Enterprises Private Limited, CIN: U45209TG2021PTC152025, was incorporated on 04.06.2021 with the object of carrying on the business of construction. However, the company did not engage in any construction activities. Due to the non-availability of business prospects and long-term financial resources, the Board of Directors decided to voluntarily liquidate the company. A declaration of solvency was made on 25.11.2023. Mr. Gorantla Madhavaiah was appointed as the liquidator. The shareholders passed a special resolution for liquidation on 04.12.2023. Public announcements were made on 06.12.2023, inviting claims from stakeholders. The liquidator received claim forms from stakeholders and employees before 03.01.2024. The liquidator submitted a preliminary report on

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## Issues and analysis

### Issue 1: Whether the Corporate Person, SRDN ENTERPRISES PRIVATE LIMITED, should be allowed to undergo …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides the framework for

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**Reasoning:** The tribunal considered the fact that the Board of Directors proposed voluntary

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**Interpretation:** Section 59 of the IBC allows a solvent corporate person to initiate voluntary

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**Application:** In this case, the tribunal found that SRDN ENTERPRISES PRIVATE LIMITED met the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Gorantla Madhavaia…
- **Respondents:** SRDN Enterprises…; RoC, Tela…

## Timeline

- **2021-06-04 — Incorporation of SRDN Enterprises Private…**: SRDN Enterprises Private Limited was incorporated with the object of carrying on the…
- **2023-11-25 — Declaration of…**: The Board of Directors made…

## 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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