# In the matter of Fujin Power Private Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01584. The case pertains to a Company Petition filed by Mr. Vasudevan Gopu, the Liquidator of M/s.…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01584
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fujin-power-private-limited-af94050f

## Summary

### Background

The case pertains to a Company Petition filed by Mr. Vasudevan Gopu, the Liquidator of M/s. Fujin Power Pvt. Ltd., under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the dissolution of the Corporate Person/Company, M/s. Fujin Power Pvt. Ltd. The company initiated voluntary liquidation, and the liquidator followed the procedures as per the IBBI (Voluntary Liquidation Process) Regulations, 2017, including convening board meetings, passing resolutions, making public announcements, and submitting reports to the ROC and IBBI. The Registrar of Companies (ROC) submitted a report stating that the company had complied with the necessary filings and that no inquiry/inspection/complaint/prosecution was pending against the company.

## Facts

M/s. Fujin Power Pvt. Ltd. was incorporated on 06.12.2013 under the Companies Act, 1956. The company's authorized capital was Rs. 22,01,00,000 divided into 2,20,10,000 equity shares. The issued, subscribed, and paid-up capital was Rs. 21,68,42,450 divided into 2,16,84,245 equity shares. The company convened a board meeting on 12.08.2022, approving the Declaration of Solvency under Section 59(3) of the IBC. The directors declared that the company had no debt as of August 12, 2022, and was not being liquidated to defraud anyone. The declaration was filed with the ROC on 22.08.2022. An Extra-Ordinary General Meeting was held on 22.08.2022, passing a resolution to voluntarily liquidate the company and appointing Mr. Vasudevan Gopu as the liquidator. Intimation regarding

…

## 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, read with Regulation 37(2) of the

…

**Reasoning:** The court relied on the reports from the liquidator and the Registrar of Companies (ROC),

…

**Interpretation:** The interpretation of Section 59 and Regulation 37(2) emphasizes the need for

…

**Application:** In this case, the court found that the liquidator had successfully liquidated

…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Vasudevan…
- **Respondents:** M/s. Fujin Power…

## Timeline

- **2013-12-06 — Company Incor…**: M/s. Fujin Power Pvt. Ltd. was…
- **2022-08-12 — Board Me…**: The Company convened a meeting of the Board of Directors wherein the Board of Directors…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fujin-power-private-limited-af94050f