# In the matter of Bonfiglioli Renewable Power Conversion India Private Limited CP(IB)-80(CHE)-2023

> NCLT judgment dated 2023-06-28. Citation: TCN-2023-NCLT-05399. The case pertains to a Company Application filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 28 Jun 2023
- **Citation:** TCN-2023-NCLT-05399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/bonfiglioli-renewable-power-conversion-india-private-limited-cpib-80che-2023-98c209c3

## Summary

### Background

The case pertains to a Company Application filed by the Liquidator in relation to the voluntary liquidation of Bonfiglioli Renewable Power Conversion India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the Company.

## Facts

The Applicant Company was incorporated on 17.09.2013 under the provisions of the Companies Act, 2013.

The company is a wholly owned subsidiary of Bonfiglioli Vectron GmbH, Germany which is holding 99.99% of equity shares of the company.

The Board of Directors decided to wind up the company voluntarily on 25.10.2021 and appointed the Applicant as the Liquidator.

The scheme of demerger was approved by the Bench vide order dated 10.11.2017 where the “Solar Business Undertaking" was demerged.

Declaration of solvency was filed by the Liquidator under SRN No.T59994871 with the Registrar of Companies.

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process was conducted in accordance with Section 59 of the IBC, …

**Ratio:** Section 59(8) of IBC,

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**Reasoning:** The liquidator has complied with the requirements of Section 59 of the IBC and relevant

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**Interpretation:** The court interpreted Section 59(8) of the IBC to allow for the dissolution of

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**Application:** The court applied Section 59(8) of the IBC to order the dissolution of the

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** JAYASHREE…
- **Respondents:** Bonfiglioli…

## Timeline

- **2013-09-17 — Incorpor…**: The Applicant Company…
- **2016-11-29 — Demerger…**: Order of the Regional Director,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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