# In the matter of Convertertec Energy Solutions India Private Limited

> NCLT judgment dated 2024-12-19. Citation: TCN-2024-NCLT-00024. The case pertains to the voluntary liquidation of Convertertec Energy Solutions India Private…

- **Court:** NCLT
- **Order date:** 19 Dec 2024
- **Citation:** TCN-2024-NCLT-00024
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/convertertec-energy-solutions-india-private-limited-a7bafe5f

## Summary

### Background

The case pertains to the voluntary liquidation of Convertertec Energy Solutions India Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, a subsidiary of Convertertec Deutschland GmbH, was incorporated on 01.01.2021 and engaged in the renewable power system business acquired through a Business Transfer Agreement. Due to losses and lack of future prospects, the shareholders resolved for voluntary liquidation on 27.09.2023, appointing Mr. Sanjay Agarwal as the liquidator. The liquidator initiated the liquidation process, made public announcements, and complied with the necessary regulations.

## Facts

Convertertec Energy Solutions India Private Limited was incorporated on 01.01.2021 as a subsidiary of Convertertec Deutschland GmbH. The company was involved in the renewable power system business, acquired through a Business Transfer Agreement dated 31.03.2021. The company's registered office was located in Pune, Maharashtra. The shareholders resolved for voluntary liquidation on 27.09.2023 due to losses and lack of future prospects. Mr. Sanjay Agarwal was appointed as the liquidator. The liquidator made public announcements, appointed valuers, and submitted reports as per the Insolvency and Bankruptcy Code. The last date for receipt of claims from stakeholders was 26.10.2023. The liquidator opened and closed a current account with Axis Bank for the liquidation

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Convertertec Energy Solutions India Private Limited …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, along with the Voluntary

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**Reasoning:** The court examined the submissions made by the liquidator, including the public

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**Interpretation:** The Insolvency and Bankruptcy Code and related regulations are interpreted to

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**Application:** In this case, the court found that the liquidator had complied with the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Convertertec…
- **Advocates:** Sajeve…

## Timeline

- **2021-01-01 — Incorpor…**: Convertertec Energy Solutions India…
- **2021-03-31 — Business Transfer…**: Business Transfer Agreement executed between Woodward Inc. and Aurelius Equity…

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