# In the matter of API Heat Transfer India Private Limited

> NCLT judgment dated 2023-10-11. Citation: TCN-2023-NCLT-01309. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLT-01309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/api-heat-transfer-india-private-limited-c25b398b

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by API Heat Transfer India Private Limited, seeking voluntary liquidation. The company was incorporated on 05.02.2013. The Board of Directors resolved to voluntarily liquidate the company on 19.06.2018, as the company was not carrying on any business or earning profits. The directors declared that the company had no debts and was not being liquidated to defraud anyone. The liquidator was appointed, and a public announcement was made inviting claims from stakeholders.

## Facts

API Heat Transfer India Private Limited filed a petition for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 05.02.2013. The company's Board of Directors resolved to voluntarily liquidate on 19.06.2018 because it was not conducting business or generating profits. The directors, Mrs. Mridula Kiran Joshi and Mr. Kiran Sharad Joshi, declared that the company had no debts and was not being liquidated to defraud anyone. Mr. Ninad Satish Deshpande was appointed as the liquidator. A public announcement was made, but no claims were received from creditors. The liquidator submitted preliminary and final reports, and the company obtained a 'No Objection Certificate' from the Income Tax Department. The company

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## Issues and analysis

### Issue 1: Whether the company, API Heat Transfer India Private Limited, should be dissolved under Section 59 …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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**Reasoning:** The Tribunal reasoned that the liquidator had complied with all the necessary procedures

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**Interpretation:** Section 59 is interpreted to provide a mechanism for companies that are no

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** API Heat Transfer…

## Timeline

- **2013-02-05 — Company Incor…**: API Heat Transfer India…
- **2018-06-19 — Board Resolution for…**: The Board of Directors resolved to voluntarily liquidate the company due to the absence…

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