# In the matter of Sri Vishnu Finance and Investment Pvt. Ltd.

> NCLT judgment dated 2024-03-28. Citation: TCN-2024-NCLT-01926. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Mar 2024
- **Citation:** TCN-2024-NCLT-01926
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-vishnu-finance-and-investment-pvt-ltd-51da47ec

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Sri Vishnu Finance and Investment Pvt Ltd, represented by the Liquidator Ms. Beena Nayar, seeking voluntary liquidation. The company was incorporated on 18/06/1984. The Certificate of Registration bearing No. B-09.00352 dated June 1st 2001 issued by the Reserve Bank of India for transacting the business of Non-Banking Financial Institution (NBFI) was subsequently cancelled by RBI vide Order dated 08-05-2014. The directors decided to voluntarily wind up the company on 11th September, 2023, and submitted a Declaration of Solvency dated 8th September, 2023.

## Facts

Sri Vishnu Finance and Investment Pvt Ltd filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation. The company was incorporated on 18/06/1984. The RBI cancelled the company's NBFI certificate on 08-05-2014, stating it had ceased to be an NBFI since April 1998. The directors decided to voluntarily wind up the company on 11th September, 2023, submitting a Declaration of Solvency on 8th September, 2023. A special resolution was passed on 04/10/2023 to voluntarily liquidate the company, and Ms. Beena Nayar was appointed as liquidator. Public announcements were made on 05.10.2023. The liquidator submitted a Preliminary Report on 10.11.2023 and a Final report on 22-12-2023. The company had neither secured nor

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Sri Vishnu Finance and Investment Pvt. Ltd, should be dissolved under …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The court considered the fact that the Corporate Person had unanimously decided to wind

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** In this case, the court applied Section 59 to the facts presented, noting that

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Sri. Vishnu…
- **Respondents:** VISHNU FINANCE…; Registrar of…

## Timeline

- **1984-06-18 — Incorpor…**: SRI VISHNU FINANCE AND INVESTMENT…
- **2001-06-01 — RBI Regist…**: Certificate of Registration bearing No.…

## 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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