# In the matter of Foxconn Technology India Development Private Limited CP(IB)-1242-MB-2022

> NCLT judgment dated 2023-05-17. Citation: TCN-2023-NCLT-03287. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 May 2023
- **Citation:** TCN-2023-NCLT-03287
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/foxconn-technology-india-development-private-limited-cpib-1242-mb-2022-028a9641

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the voluntary liquidation of Foxconn Technology India Development Private Limited. The company was incorporated on 06.08.2015 and resolved to voluntarily liquidate on 30.07.2021 due to not carrying out any business from the date of incorporation. The liquidator, Mr. Pranav Damania, initiated the liquidation process, made public announcements, and submitted reports as required by the IBBI regulations.

## Facts

Foxconn Technology India Development Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. Incorporated on 06.08.2015, the company had an authorized and paid-up share capital of ₹20,01,00,000. Due to various reasons, the company did not carry out any business since incorporation, leading the Board of Directors to resolve for voluntary liquidation on 30.07.2021. Mr. Pranav Damania was appointed as the liquidator. The directors declared that the company had no debts. A special resolution for liquidation was passed on 23.08.2021. The liquidator made a public announcement on 26.08.2021. No claims were received from creditors. The liquidator submitted a final report dated 08.08.2022, stating that assets were realized in

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## Issues and analysis

### Issue 1: Whether the Corporate Person has complied with the requisite formalities and procedure of …

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

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

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**Interpretation:** The interpretation of Section 59 and the related regulations requires strict

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**Application:** In this case, the liquidator made a public announcement, no claims were

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Foxconn Technology…

## Timeline

- **2015-08-06 — Company Incor…**: Foxconn Technology India Development…
- **2021-07-30 — Board Resolution for…**: The Board of Directors resolved to…

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