NCLT Hyderabad Orders Dissolution of Srianagha Sky Scrapers After Voluntary Liquidation Under IBC

The National Company Law Tribunal (NCLT) has recently ordered the dissolution of Srianagha Sky Scrapers Private Limited, a Hyderabad-based infrastructure company, after recording the successful completion of its voluntary liquidation under the Insolvency and Bankruptcy Code, 2016.

The order was passed by the Hyderabad Bench on January 8, 2026.

A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri, said it was satisfied that the process was carried out strictly as required under the law.

“We have heard, and perused the record. We are satisfied that the liquidation process is completed as per the procedure laid down under IBC 2016, and we find that the affairs of the Corporate Person have been completely wound up. The Company has no assets, as such, had voluntarily liquidated itself so as to get dissolved.”, the tribunal said.

Srianagha Sky Scrapers Private Limited was incorporated in December 2013 as a real estate and construction company. It was set up to undertake building and related construction activities in Hyderabad. The company had an authorised share capital of Rs 8 crore and a paid-up share capital of Rs 7 crore. Over time, it remained inactive and did not carry out any business operations.

With no ongoing projects and no plans to start any new activity, the shareholders decided to shut the company down. A special resolution approving voluntary liquidation was passed at an extraordinary general meeting on January 17, 2022. Mummaneni Vazra Laxmi was appointed as the liquidator.

After her appointment, the liquidator issued a public notice inviting claims from creditors and other stakeholders, but none came in. She then prepared a preliminary report from the company's books and shared it with the stakeholders. In later meetings, the shareholders decided to divide the company's assets among themselves in proportion to their shareholding.

Acting on that decision, the liquidator executed conveyance deeds to transfer the built-up area to the shareholders and completed the allotment of parking spaces. A separate bank account was opened for the liquidation process. Once the assets were distributed, the final report and compliance certificate were filed.

During the proceedings, the Registrar of Companies, Telangana, pointed out delays in filing financial statements and annual returns for a limited period. The liquidator clarified that the pending filings were subsequently completed and placed on record.

After examining the material on record, the Tribunal held that the voluntary liquidation process had been carried out in accordance with law, all assets of the corporate person had been liquidated, and no litigation was pending.