# In the matter of Sumitomo Construction Machinery India Private Limited

> NCLT judgment dated 2023-07-19. Citation: TCN-2023-NCLT-05290. The case pertains to the dissolution of Sumitomo Construction Machinery India Private Limited…

- **Court:** NCLT
- **Order date:** 19 Jul 2023
- **Citation:** TCN-2023-NCLT-05290
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/sumitomo-construction-machinery-india-private-limited-a53a0f3e

## Summary

### Background

The case pertains to the dissolution of Sumitomo Construction Machinery India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, initiated by the Liquidator.

## Facts

Sumitomo Construction Machinery India Private Limited was incorporated on 27.08.2008 under the Companies Act, 1956.

The company's name was changed to Sumitomo Construction Machinery India Private Limited w.e.f. 12.09.2019.

The Board of Directors decided to liquidate the company in a meeting held on 23.09.2020.

A special resolution was passed in an Extraordinary General Meeting on 30.09.2020 to appoint a liquidator.

The liquidator conducted the voluntary liquidation process in accordance with IBBI regulations.

The liquidator submitted that there are no outstanding liabilities of the company and no claims were received.

The liquidator distributed the funds as per the provisions of Section 53(1) of IBC, 2016.

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Sumitomo Construction Machinery India Private Limited …

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

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**Reasoning:** The applicant, the liquidator, submitted that the voluntary liquidation process was

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**Interpretation:** The Tribunal examined the submissions and documents annexed to the application

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**Application:** The Tribunal found that the affairs of the company have been completely wound

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## Parties

- **Judges:** SANJIV…; SAMEER…
- **Appellants:** Chitra Sr…
- **Respondents:** Sumitomo Construct…
- **Advocates:** Sarath…

## Timeline

- **2008-08-27 — Incorpor…**: The Company was incorporated under the…
- **2019-09-12 — Name Cha…**: The Company changed its name to Sumitomo…

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