# In the matter of Toyo Tanso India Private Limited C.P.(IB)No. 25-BB-2021

> NCLT judgment dated 2021-03-11. Citation: TCN-2021-NCLT-02737. The case pertains to C.P.(IB)No.25/BB/2021 filed by Toyo Tanso India Private Limited, the…

- **Court:** NCLT
- **Order date:** 11 Mar 2021
- **Citation:** TCN-2021-NCLT-02737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/toyo-tanso-india-private-limited-cpibno-25-bb-2021-38e44387

## Summary

### Background

The case pertains to C.P.(IB)No.25/BB/2021 filed by Toyo Tanso India Private Limited, the Applicant Company, through its Liquidator, Mr. Pawan Kumar Garg, under Section 59 and other applicable provisions of the Insolvency and Bankruptcy Code (IBC), 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The Applicant Company sought to dissolve itself through voluntary liquidation. The company was incorporated on 17.03.2011. The Board of Directors decided to voluntarily liquidate the company on 26.03.2018, and the shareholders approved this in an Extra Ordinary General Meeting. The liquidator was appointed, and it was confirmed that there were no creditors. The liquidator took steps to intimate relevant authorities, open a bank account, and prepare

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## Facts

Toyo Tanso India Private Limited, incorporated on 17.03.2011, filed an application (C.P.(IB)No.25/BB/2021) for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's registered office is located in Bengaluru. Its authorized and paid-up share capital is Rs. 1,50,00,000. The company's main business involves importing, exporting, and selling graphite and carbon products. The Board of Directors resolved to voluntarily liquidate the company on 26.03.2018, and the shareholders approved this in an Extra Ordinary General Meeting. Mr. Pawan Kumar Garg was appointed as the liquidator. A declaration of solvency was filed, and no creditor claims were received. Public announcements were made in newspapers. The liquidator intimated the

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## Issues and analysis

### Issue 1: Whether the Applicant Company, Toyo Tanso India Private Limited, has complied with the provisions …

**Ratio:** The legal principle applied is that a company can undergo voluntary liquidation if it

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**Reasoning:** The court reasoned that the Applicant Company had followed due process of law before

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**Interpretation:** Section 59 of the IBC, 2016, provides a mechanism for a solvent company to

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**Application:** In this case, the court applied the ratio to the facts by examining the steps

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Toyo Tanso India…

## Timeline

- **2011-03-17 — Incorporation o…**: Toyo Tanso India Private…
- **2018-03-26 — Board Resolution for…**: The Board of Directors decided to…

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