# In the matter of Vriksha Realty Private Limited

> NCLT judgment dated 2023-09-11. Citation: TCN-2023-NCLT-01720. The case pertains to a company petition filed by the liquidator of M/s. Vriksha Realty Private…

- **Court:** NCLT
- **Order date:** 11 Sept 2023
- **Citation:** TCN-2023-NCLT-01720
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vriksha-realty-private-limited-7bf6b987

## Summary

### Background

The case pertains to a company petition filed by the liquidator of M/s. Vriksha Realty Private Limited, seeking dissolution of the company under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC). The company was incorporated on 08.11.2005 and passed a resolution for voluntary liquidation on 25.08.2021 due to non-availability of business projects and long-term financial resources. The shareholders approved the appointment of the liquidator on 25.08.2021.

## Facts

Vriksha Realty Private Limited, incorporated on 08.11.2005, sought voluntary liquidation under Section 59 of the IBC due to a lack of business projects and financial resources. The company's authorized capital was Rs. 1,00,000. The Board of Directors passed a resolution for voluntary liquidation on 25.08.2021, which was approved by the shareholders in an extra-ordinary general meeting held on the same date. The company had no creditors and its assets consisted of a bank balance and a refund due from the Income Tax Department. The liquidator, R. Bhuvana, conducted the voluntary liquidation process in accordance with IBBI regulations. A public announcement was made in newspapers on 27.08.2021. The liquidator distributed funds to shareholders after covering liquidation

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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 Applicant …

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

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**Reasoning:** The court examined the submissions made by the Learned Counsel for the Applicant and

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**Interpretation:** The court interpreted Section 59(8) as granting the power to dissolve a company

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**Application:** Based on the submissions and documents, the court determined that Vriksha

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** R. Bhu…
- **Respondents:** Vriksha Realty…
- **Advocates:** Jayanth Viswanatha…; K.K. Vijay…

## Timeline

- **2005-11-08 — Company Incor…**: Vriksha Realty Private Limited was…
- **2021-08-25 — Board Resolution for…**: The Board of Directors passed a resolution for voluntary liquidation under Section 59 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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