# In the matter of VSPLASH Techworks Private Limited

> NCLT judgment dated 2023-09-14. Citation: TCN-2023-NCLT-01625. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Sept 2023
- **Citation:** TCN-2023-NCLT-01625
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vsplash-techworks-private-limited-90843f94

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary liquidation of M/s. VSPLASH TECHWORKS PRIVATE LIMITED. The company, originally named "Vsplash.com (India) Private Limited", decided to wind up its operations due to financial non-viability. The Board of Directors declared solvency, and the shareholders passed a special resolution to liquidate the company and appoint Mr. Manjeet Bucha as the liquidator. Public announcements were made, and the company notified relevant authorities, including IBBI and the IT Department. The liquidation process involved settling dues, closing bank accounts, and distributing remaining assets to shareholders.

## Facts

M/s. VSPLASH TECHWORKS PRIVATE LIMITED (CIN: U72200TG2000PTC033344), formerly known as "Vsplash.com (India) Private Limited", was incorporated on 24.01.2000. The company engaged in software development, marketing design, and research. Due to financial non-viability, the Board of Directors decided to voluntarily liquidate the company. A Declaration of Solvency was made on 24.03.2021. Shareholders passed a special resolution on 25.03.2021 to liquidate the company and appoint Mr. Manjeet Bucha as the liquidator. Public announcements were made on 31.03.2021. The company had no creditors. Dues were paid to 09 shareholders between 26.08.2019 and 08.08.2020. The company notified IBBI, the Registrar of Companies, and the IT Department on 07.04.2021. IT Department

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## Issues and analysis

### Issue 1: Whether the Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

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**Reasoning:** The court observed that the company had passed a special resolution to liquidate,

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**Interpretation:** Section 59 provides a mechanism for a solvent company to wind up its affairs in

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**Application:** In this case, the company met all the requirements of Section 59. It was

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. VSPLASH…
- **Respondents:** VSPLASH TECHWORKS…; RoC, Tela…

## Timeline

- **2000-01-24 — Company Incor…**: M/S VSPLASH TECHWORKS PRIVATE…
- **2021-03-24 — Declaration of…**: The Board made a…

## 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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