# In the matter of Penske Supply Chain Solutions India Private Limited

> NCLT judgment dated 2023-07-26. Citation: TCN-2023-NCLT-05252. The case pertains to a Company Petition filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 26 Jul 2023
- **Citation:** TCN-2023-NCLT-05252
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/penske-supply-chain-solutions-india-private-limited-0640f1c2

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator in relation to the voluntary liquidation of M/s. Penske Supply Chain Solutions India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016.

## Facts

The Applicant Company was incorporated on 25.09.2014 under the provisions of the Companies Act, 2013.

The main object of the Company is to engage in distribution center management, transportation management, and general supply chain and logistics services.

The business operations of the company have been discontinued and non-operational since 2019.

A Board meeting conducted on 24.09.2021 resolved to recommend the company for voluntary liquidation under Section 59 of the IBC, 2016.

An EOGM held on 18.11.2021, the shareholders of the company, passed a special resolution for voluntary liquidation and appointed C.Ramasubramaniam as the Liquidator.

The Liquidator conducted the Voluntary Liquidation process in respect of the Company in Liquidation.

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Applicant …

**Ratio:** Based on the submissions made by the Learned Counsel for the Applicant and after perusing

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**Reasoning:** The Tribunal examined the submissions and documents and found that the affairs of the

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**Interpretation:** This indicates that the company has fulfilled all the necessary requirements

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**Application:** This finding is crucial for the Tribunal

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** C. Ramasubr…
- **Respondents:** Penske Supply…; M/s. Penske…
- **Advocates:** S. Sathyana…

## Timeline

- **2014-09-25 — Incorpor…**: The Applicant Company…
- **2019 — Business Discon…**: Business operations of the company were…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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