# In the matter of Input Panel Equipment Pvt. Ltd. C.P. No. 141-BB-2020

> NCLT judgment dated 2020-10-05. Citation: TCN-2020-NCLT-00465. The case pertains to the voluntary liquidation of M/s. Iputs Panel Equipment Private Limited…

- **Court:** NCLT
- **Order date:** 5 Oct 2020
- **Citation:** TCN-2020-NCLT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/input-panel-equipment-pvt-ltd-cp-no-141-bb-2020-0b674d23

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Iputs Panel Equipment Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company, incorporated on April 12, 2013, faced operational challenges, resulting in low margins and an inability to cover interest costs. The Board of Directors decided to close the company through voluntary liquidation due to non-availability of business prospects and long-term financial resources. Initially, Suryanarayana Prathap Kumar Pande was appointed as the liquidator, but later, Thirupal Gorige took over the role.

## Facts

M/s. Iputs Panel Equipment Private Limited, incorporated on April 12, 2013, faced operational difficulties leading to low margins and inability to cover interest costs. The Board of Directors decided to initiate voluntary liquidation under Section 59 of the IBC, 2016. Initially, Suryanarayana Prathap Kumar Pande was appointed as liquidator, later replaced by Thirupal Gorige on November 4, 2019. The company's authorized share capital was Rs. 1,20,00,000, and the issued, subscribed, and paid-up share capital was Rs. 31,00,000. The liquidator made a public announcement on January 4, 2019, and opened a bank account. There were delays in obtaining a No Objection Certificate from the Income Tax Department. The liquidator closed the liquidation account, and the final report

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Iputs Panel Equipment Private Limited was …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The court examined the various steps taken by the liquidator, including the public

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**Interpretation:** Section 59 of the IBC, 2016, allows a corporate person to initiate voluntary

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**Application:** In this case, the court found that the liquidator had complied with all the

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## Parties

- **Judges:** Ashok Kumar…; Ashutosh C…
- **Appellants:** M/s. Iputs Panel…
- **Respondents:** M/s. Iputs Panel…; The Registrar of…

## Timeline

- **2013-04-12 — Company Incor…**: M/s. Iputs Panel Equipment…
- **2018-12-17 — Board Resolution for…**: The Board of Directors passed a resolution…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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