IN THE NATIONAL COMPANY LAW TRIBUNAL,

DIVISION BENCH – II , CHENNAI

CP(IB)/206/2025

Under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 read with Rule

11 of the NCLT Rules, 2016

In the matter of Madhu Business Services Private Limited

Ms. Chitra Perinkulam Ragavan, Liquidator

Madhu Business Services Private Limited (In Voluntary Liquidation)

(CIN: U52599TN1992PTC022462)

New No. 17, Old No. 80A, Bishop Wallace Avenue (West),

Mylapore, Chennai – 600 004.

… Petitioner/ Liquidator

Order Pronounced on 26.11.2025

CORAM

SHRI. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present:

For Petitioner: Avinash Krishnan Ravi and Jerin Asher Sojan, Advocates

O R D E R

(Heard through hybrid mode)

1. This is a Company Petition filed by the Liquidator in relation to voluntary liquidation of Madhu Business Services Private Limited, under Section 59 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred

to as “IBC, 2016”), seeking dissolution of the Company.

2. It is submitted that the applicant company was incorporated on 08.04.1992 under the provisions of the Companies Act, 2013 under the style and name of “Madhu Business Services Private Limited”. The registered office of the applicant company is situated at New No. 17, Old No. 80A, Bishop Wallace

Avenue (West), Mylapore, Chennai – 600 004.

3. It is submitted that Owing to the advanced age of the promoters and their decision not to continue the business operations, the Board of Directors, at its meeting held on 30.11.2024, resolved to place the Company under voluntary liquidation. In the same meeting, the Declaration of Solvency under Section 59(3)(a) was executed by the majority of the Directors, supported by audited financial statements for FY 2022–23 and FY 2023–24.

4. It is submitted that the authorised share capital of the applicant company is as follows:

Description No. of Equity Amount per Total amount shares share (INR) (in INR)

Authorized capital 50,000/- 10 5,00,000/- Issued, subscribed 40,300/- 10 4,03,000/-

and paid up capital (Fully paid up)

5. It is submitted that the Company had no liabilities and the only asset consisted of cash at bank, and therefore no valuation report was required under Section 59(3)(b)(ii). Accordingly, the Board of Directors, in their meeting held on 30.11.2024, resolved to liquidate the Company voluntarily and made a declaration of solvency under Section 59(3)(a) of the Code, supported by audited financial statements and records of business operations for the preceding two years. The declaration was filed with the Registrar of Companies in Form GNL-2. The relevant portion of the meeting is as follows:

6. It is further submitted that upon passing of the Special Resolution in the Extra-Ordinary General Meeting held on 07.12.2024, approving voluntary liquidation and appointing the Applicant as Liquidator, the statutory intimations in terms of Section 59(4) were issued to the IBBI and the Registrar of Companies on 08.12.2024.

7. Pursuant to Regulation 14 of the Insolvency & Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 the Liquidator made a Public Announcement on 10.12.2024 in Business Standard (English) and Malai Malar (Tamil) inviting claims from stakeholders, and was also forwarded to IBBI for publication on its website. The Liquidator subsequently received claims, verified them, and prepared the List of Stakeholders in accordance with Regulation 30.

8. It is submitted that a separate liquidation bank account was opened on 17.02.2025 with A/c No. 1285010000000328 at Karur Vysya Bank, R. A. Puram Branch, Chennai, exclusively for the realization and distribution of liquidation proceeds. A Preliminary Report under Regulation 9 was also prepared and submitted to the Company within the stipulated period.

9. It is stated that the Petitioner has conducted the Voluntary Liquidation process in accordance with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The details of the compliances as ma