Authority: National Company Law Tribunal Chandigarh Bench, Court-I

Order Date: 11 June 2026

Case Overview

The application was filed by M/s Renewable Energy Corporation (India) Private Limited (CIN: U40106HR2012FTC090670) under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution after completing a voluntary liquidation process. The company, incorporated under the Companies Act, 2013, was engaged in solar energy business, including EPC/EPCM contracting, solar power generation, and consultancy services. Its authorised share capital was Rs 7 crore, and paid-up capital was Rs 2.7 crore.

The liquidation was initiated due to restructuring at the holding company level, making continued operations unviable. The Board of Directors proposed voluntary liquidation in a meeting on 27 February 2024, with directors Ms. Chintala Vidhur Shruthi and Mr. Somnath Yog submitting a declaration of solvency. An Extraordinary General Meeting on 28 February 2024 passed a special resolution approving liquidation and appointing Mr. Shankar Viswanathan (IP Registration No. IBBI/IPA-002/IP-N00145/2017-18/10436) as liquidator.

The liquidator made a public announcement in The Indian Express and Navbharat Times on 1 March 2024, inviting claims by 29 March 2024. No claims were received. The liquidator submitted a preliminary report on 2 April 2024, recorded nil claimants, opened a liquidation account with HSBC, and intimated the Income Tax Authority, receiving a no-objection certificate on 3 June 2024. An annual contributories meeting was held on 10 March 2025. The company had surplus funds of Rs 1,16,17,561.46, which were distributed to shareholders on 6 March 2025. The liquidation account was closed on 29 May 2025.

The Registrar of Companies (ROC) reported that the e-form GNL-2 for the declaration of solvency was not filed on the MCA portal, though a copy was annexed to the application. The ROC confirmed no pending inquiries, inspections, complaints, or legal actions against the company. The applicant responded that GNL-2 was filed on 5 March 2024 and attached as Annexure-C.

The tribunal found that all procedures under Section 59 of the Code and the VLP Regulations, 2017 were duly followed, including public announcements, claim invitations, stakeholder payments, and regulatory submissions.

Final Outcome

The tribunal allowed the application, ordering the dissolution of Renewable Energy Corporation (India) Private Limited with immediate effect. The registry was directed to provide copies of the order to the liquidator and ROC within 14 days for necessary action.

Topics: Voluntary Liquidation, Corporate Dissolution, NCLT Order