# In the matter of Caritor Tech Park India Private Limited CP(IB) 273-CHE-2022

> NCLT judgment dated 2023-02-13. Citation: TCN-2023-NCLT-04609. The case pertains to the voluntary liquidation of Caritor Tech Park India Private Limited under…

- **Court:** NCLT
- **Order date:** 13 Feb 2023
- **Citation:** TCN-2023-NCLT-04609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/caritor-tech-park-india-private-limited-cpib-273-che-2022-259b84f2

## Summary

### Background

The case pertains to the voluntary liquidation of Caritor Tech Park India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 06.07.2007 with the objective of establishing an Information Technology Park and/or Special Economic Zone. However, it did not commence business operations. A Board meeting was held on 15.09.2022 to consider winding up and voluntary liquidation, followed by an Extraordinary General Meeting on 22.09.2022, where the appointment of a liquidator was resolved.

## Facts

Caritor Tech Park India Private Limited sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. Incorporated on 06.07.2007, the company aimed to establish an IT Park but never commenced operations. A board meeting on 15.09.2022 resolved to pursue voluntary liquidation, confirmed by an Extraordinary General Meeting on 22.09.2022, appointing a liquidator. The liquidator complied with IBBI regulations, including public announcements and financial reporting. No claims were received during liquidation. All liquidation costs were paid, and funds were distributed to shareholders. The company's financial statements for the year ended 31.03.2021 were prepared. The liquidator has not received any claims during the process of liquidation. The

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## Issues and analysis

### Issue 1: Whether the Applicant Company deserves to be dissolved under Section 59(8) of the Insolvency and …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the adjudicating

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**Reasoning:** The NCLT examined the submissions made by the Learned Counsel for the Applicant and

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**Interpretation:** Section 59(8) provides the legal basis for dissolving a company that has

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**Application:** Based on the evidence presented, the NCLT determined that Caritor Tech Park

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## Parties

- **Judges:** (RETD.) RAMALINGAM…; SAMEER…
- **Appellants:** Mr.Vasudeva…
- **Respondents:** Caritor Tech Park…

## Timeline

- **2007-07-06 — Company Incor…**: Caritor Tech Park India…
- **2022-09-15 — Board Me…**: A Board meeting was held to consider winding up…

## 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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