Authority: National Company Law Tribunal, Bengaluru Bench (Shri Sunil Kumar Aggarwal, Member (Judicial) and Shri Radhakrishna Sreepada, Member (Technical))
Order Date: 09 October 2026
Case Overview
This proceeding involved a petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, filed by the liquidator of M/S. Prana Sherlocks Entertainment Pvt. Ltd., seeking dissolution through voluntary liquidation. The company was incorporated on 21 July 2016 in Bengaluru, Karnataka. The liquidation process began with a board meeting on 22 July 2025 that approved the proposal for voluntary liquidation. Subsequently, an Extra-ordinary General Meeting held on 18 August 2025 passed a special resolution to liquidate the company voluntarily and appointed Mr. Ravi Sankar Devarakonda (IP registration NO. IBBI/IPA-001/IP-P00095/2017-2018/10195) as the liquidator. The company declared it was not being liquidated to defraud any person.
The liquidator demonstrated full compliance with the IBBI (Voluntary Liquidation Process) Regulations, 2017:
- Commencement of liquidation and appointment of liquidator: 18 August 2025
- Intimation to ROC & IBBI (Filing of MGT-14): 19 August 2025
- Public Announcement (Regulation 14): 20 August 2025
- Liquidation Account (Regulation 34): 26 September 2025
- Preliminary report to the Company (Regulation 9(1)): 01 October 2025
- Stakeholders List (Regulation 30): 28 November 2025
- Final Report to IBBI (Regulation 38): 01 May 2026
The Registrar of Companies, Karnataka, filed a status report on 30 July 2026 (Diary No. 7849) confirming that no enquiry, inspection, complaint, or legal action was pending against the company. The Income Tax Department, represented by Shri Ganesh R. Ghale, initially raised an outstanding TDS liability of Rs. 280 against the company, as mentioned in their report filed on 01 September 2026 (Diary No. 8481). This matter was addressed during the hearing on 18 September 2026.
Final Outcome
The NCLT allowed the petition and ordered the dissolution of M/S. Prana Sherlocks Entertainment Pvt. Ltd., finding that the company's affairs had been completely wound up and its assets entirely liquidated. The dissolution is subject to the condition that the directors file an affidavit accepting responsibility for any future legal liabilities that may arise against the company. The liquidator is directed to inform the Income Tax and GST Departments about the dissolution and surrender the company's PAN number and GSTIN to the respective offices. The Registry and Liquidator must serve copies of this order to the ROC Bengaluru (roc.bangalore@mca.gov.in) and IBBI within fourteen days.
Topics: Corporate Dissolution, Voluntary Liquidation, Regulatory Compliance