# In the matter of Virence VVC India LLP

> NCLT judgment dated 2024-02-23. Citation: TCN-2024-NCLT-02434. This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 23 Feb 2024
- **Citation:** TCN-2024-NCLT-02434
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/virence-vvc-india-llp-48d3e16f

## Summary

### Background

This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 by Virence VCC India LLP through the Insolvency Professional, Ms. Nayana Premji Savala, for dissolution of the Corporate Person through voluntary liquidation. The Corporate Person completed the requisite formalities and complied with the procedure of liquidation. The petition was filed for dissolution under Section 59(7) of the Code.

## Facts

Virence VVC India LLP filed a Company Petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The LLP was incorporated on 12.12.2018 and engaged in computer programming and consultancy. The Designated Partners decided to close the LLP via voluntary liquidation, passing a resolution on 24.03.2021. They believed the LLP could pay its debts in full from asset sales. Ms. Nayana Premji Savala was appointed as Liquidator, with a remuneration of Rs. 1,00,000 plus expenses. The Liquidator notified the Registrar of Companies, IBBI, and the Income-tax Department. A public announcement was made on 27.03.2021. A bank account was opened on 24.05.2021 and closed on 27.04.2022. The Liquidator submitted a final report on 09.06.2022, and the

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Virence VVC India LLP, should be dissolved under Section 59(7) of the …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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**Reasoning:** The NCLT considered the petition filed by the Liquidator, noting that the affairs of the

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**Interpretation:** Section 59(7) provides a mechanism for a solvent corporate entity to

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**Application:** In this case, the NCLT applied Section 59(7) after verifying that Virence VVC

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** VIRENCE VVC INDIA…
- **Advocates:** Shruti Kelji-Pedne…

## Timeline

- **2018-12-12 — Incorporation…**: The LLP was incorporated on…
- **2021-03-24 — Resolution to…**: Designated Partners decided to…

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