# In the matter of Elken International India Pvt. Ltd.

> NCLT judgment dated 2024-02-15. Citation: TCN-2024-NCLT-02580. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Feb 2024
- **Citation:** TCN-2024-NCLT-02580
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/elken-international-india-pvt-ltd-5224fcb4

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the dissolution of Elken International India Pvt. Ltd. The company was incorporated in 2002, and its registered office was later shifted from New Delhi to Karnataka. The company's board of directors decided to wind up the company voluntarily, and a liquidator was appointed. The company declared its solvency and initiated the voluntary liquidation process.

## Facts

Elken International India Pvt. Ltd. was incorporated on 20.12.2002. The company's registered office was shifted from New Delhi to Karnataka in 2003. The Board of Directors decided to wind up the company voluntarily on 09.12.2022, and a liquidator, Mr. Vasudevan Gopu, was appointed on 14.12.2022. Public announcements were made on 15.12.2022. The liquidator opened a bank account and submitted a preliminary report on 25.01.2023. The liquidator distributed the assets to the stakeholders and submitted a final report on 10.07.2023. The company's bank account was closed on 07.07.2023. The authorized share capital of the company is Rs. 64,43,50,000/- and the paid-up capital is Rs. 56,87,42,400/-. The company is engaged in the business of manufacturers, processors, importers,

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets have been …

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

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**Reasoning:** The court perused the records and extant provisions of the Code and the Regulations and

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**Interpretation:** The provisions of Section 59 and the Regulations are interpreted to ensure that

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**Application:** The court applied the provisions of Section 59 and the Regulations to the facts

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Vasudevan…
- **Respondents:** Elken Internationa…

## Timeline

- **2002-12-20 — Incorporation o…**: Elken International India…
- **2003-01-01 — Shifting of Registered…**: The registered office of the Company was…

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