# In the matter of Corning Finolex Optical Fibre Private Limited

> NCLT judgment dated 2024-06-06. Citation: TCN-2024-NCLT-01220. The application was filed by Mr. Rajeev Bhambri, the Liquidator of Corning Finolex Optical…

- **Court:** NCLT
- **Order date:** 6 Jun 2024
- **Citation:** TCN-2024-NCLT-01220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/corning-finolex-optical-fibre-private-limited-d21f5369

## Summary

### Background

The application was filed by Mr. Rajeev Bhambri, the Liquidator of Corning Finolex Optical Fibre Private Limited, for the dissolution of the Corporate Person under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Person was incorporated as a Private Limited Company under the Companies Act, 1956, on 02.05.2011. The company discontinued its business operations and the Board of Directors decided to initiate voluntary liquidation. The Liquidator was appointed, and public announcements were made. The Liquidator notified the RoC and IBBI about the special resolution and complied with Regulation 14 of the Voluntary Liquidation Regulations.

## Facts

Corning Finolex Optical Fibre Private Limited was incorporated as a Private Limited Company on 02.05.2011 under the Companies Act, 1956. Its registered office is located at D-237, MIDC, Phase-II, Chakan Industrial Area, Varale, Taluka Khed, Pune- 410 501, Maharashtra. The company's authorized share capital is Rs. 3,50,00,000/- divided into 35,00,000 equity shares of Rs. 10/- each. The main object of the company is to carry and undertake the business of marketing and selling standard single-mode optical fibre. The company discontinued its business operations and decided to undergo voluntary liquidation. Mr. Rajeev Bhambri was appointed as the Liquidator. The Board Meeting held on 24.02.2022 considered the proposal of Voluntary Liquidation. The shareholders approved the

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## Issues and analysis

### Issue 1: Whether the Corporate Person, Corning Finolex Optical Fibre Private Limited, should be dissolved …

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC) allows for the

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**Reasoning:** The NCLT considered the submissions of the Liquidator, the materials on record, and the

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**Interpretation:** Section 59(7) provides the legal basis for dissolving a corporate entity that

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**Application:** The NCLT applied Section 59(7) to the facts of the case, noting that the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Rajeev Bh…
- **Respondents:** CORNING FINOLEX…

## Timeline

- **2011-05-02 — Incorporation o…**: Corning Finolex Optical Fibre Private Limited was incorporated as a Private Limited…
- **2022-02-24 — Board Me…**: The Board Meeting considered the proposal of Voluntary Liquidation and approved a…

## 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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