# In the matter of Vikhyat Holdings Private Limited

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02428. The case pertains to the voluntary liquidation of Vikhyat Holdings Private Limited, a company…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikhyat-holdings-private-limited-5bdf045a

## Summary

### Background

The case pertains to the voluntary liquidation of Vikhyat Holdings Private Limited, a company incorporated on June 5, 1990, under the Companies Act, 1956. The company's primary objective was to deal in immovable properties. However, due to the lack of other business activities and the inability to sustain operations, the management decided to liquidate the company voluntarily. The petition was filed under Section 59 of the Insolvency & Bankruptcy Code, 2016.

## Facts

Vikhyat Holdings Private Limited, incorporated on June 5, 1990, aimed to deal in immovable properties. Due to limited business and financial constraints, the management decided to voluntarily liquidate the company. The company's authorized share capital was Rs. 7,00,000. The directors, Mr. Vikram Kamani and Mrs. Prem Kamani, approved a Declaration of Solvency and resolved to wind up the company. An Extraordinary General Meeting (EGM) passed a Special Resolution to liquidate the company and appointed Mr. Birendra Kumar Tripathi as the liquidator. The liquidator made a public announcement inviting claims and notified the Registrar of Companies. A valuation report for the immovable property was obtained. The liquidator filed a Final Report stating that all assets were

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Vikhyat Holdings Private Limited was conducted in …

**Ratio:** Section 59 of the Insolvency & Bankruptcy Code, 2016, along with the Insolvency and

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**Reasoning:** The court examined the steps taken by the company, including the declaration of solvency,

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**Interpretation:** The interpretation of Section 59 and related regulations requires strict

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**Application:** The court applied the provisions of Section 59 and the regulations to the facts

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Vikhyat Holdings…

## Timeline

- **1990-06-05 — Incorporation o…**: Vikhyat Holdings Private Limited was…
- **2023-07-14 — Board Me…**: The Board of Directors resolved to liquidate the Corporate Person voluntarily under…

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