# In the matter of Pari Networks (India) Private Limited

> NCLT judgment dated 2023-07-07. Citation: TCN-2023-NCLT-05352. M/s. Pari Networks (India) Private Limited filed a company petition under Section 59 of the…

- **Court:** NCLT
- **Order date:** 7 Jul 2023
- **Citation:** TCN-2023-NCLT-05352
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/pari-networks-india-private-limited-9c5db799

## Summary

### Background

M/s. Pari Networks (India) Private Limited filed a company petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking a voluntary liquidation order for dissolution.

## Facts

M/s. Pari Networks (India) Private Limited filed a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation.

The company was incorporated on March 3, 2006, with the object of carrying on the business of networking, software development, and IT consultancy services.

The management decided to wind up the company as it was not carrying out any business for a considerable time.

The Board of Directors made a Declaration of Solvency on January 29, 2021.

Mr. Shankar Viswanathan was appointed as the liquidator in an Extraordinary General Meeting held on February 15, 2021.

The liquidator made public announcements seeking submission of claims, but no claims were received.

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## Issues and analysis

### Issue 1: Whether the company petition for voluntary liquidation under Section 59 of the Insolvency and …

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

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**Reasoning:** The company has complied with the requirements of Section 59 and the related regulations,

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**Interpretation:** The Adjudicating Authority has the power to allow the company petition if the

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**Application:** The Adjudicating Authority allowed the company petition, as the company had met

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Respondents:** M/s. Pari…; THE REGISTRAR OF…
- **Other parties:** Shankar Viswanatha…

## Timeline

- **2021-01-29 — Declaration of…**: The Board of Directors made…
- **2021-02-15 — Appointment of…**: Mr. Shankar Viswanathan was appointed as the liquidator in an Extraordinary General…

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