# 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-03299. 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-03299
- **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-a4f0052c

## 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 petitioner company has complied with the requisite formalities and procedures for liquidation as per law.

## Facts

Foxconn Technology India Development Private Limited, incorporated on 06.08.2015, filed a Company Petition under Section 59 of the Insolvency and Bankruptcy Code, 2016, for voluntary liquidation. The company's authorized share capital was ₹20,01,00,000. Due to various reasons, the company did not carry out any business from the date of incorporation, and the Board of Directors resolved to voluntarily liquidate the company on 30.07.2021. All directors declared that the company had no debts. Mr. Pranav Damania was appointed as the Liquidator. The liquidator made a public announcement on 26.08.2021, but no claims were received from creditors. The Liquidator submitted a final report dated 08.08.2022, stating that the assets were realized in the form of cash and bank

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Foxconn Technology India Development Private Limited …

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

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**Reasoning:** The court examined the submissions of the Liquidator, including the final report,

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**Interpretation:** Section 59 and the IBBI regulations are interpreted to require strict adherence

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**Application:** In this case, the Liquidator's actions, including the public announcement, lack

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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…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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