# In the matter of Fujirebio India Private Limited

> NCLT judgment dated 2024-07-09. Citation: TCN-2024-NCLT-01041. The application was filed by M/s Fujirebio India Private Limited through its Liquidator, Mr.…

- **Court:** NCLT
- **Order date:** 9 Jul 2024
- **Citation:** TCN-2024-NCLT-01041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/fujirebio-india-private-limited-2d42494f

## Summary

### Background

The application was filed by M/s Fujirebio India Private Limited through its Liquidator, Mr. Rajesh Panayanthatta, under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the Company. The Corporate Debtor was incorporated on 16.03.2017. The company's board of directors approved the declaration for voluntary liquidation on 18.01.2021, and the shareholders approved the voluntary liquidation and appointment of Mr. Rajesh Panayanthatta as the liquidator. The company filed the Board Resolution regarding liquidation with the Registrar of Companies on 21.01.2021. Announcement was made in Form A on 22.01.2021, and was published in two newspapers. The Liquidator informed the Registrar of Companies on 25.01.2021, about his appointment and

…

## Facts

Fujirebio India Private Limited filed an application for voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 16.03.2017. The board of directors approved the voluntary liquidation on 18.01.2021, and the shareholders approved the appointment of Mr. Rajesh Panayanthatta as the liquidator. The company filed the necessary resolutions with the Registrar of Companies on 21.01.2021. Public announcement was made on 22.01.2021. The last date for submission of claims was 17.02.2021. There were two creditors as of 18.01.2021, and they provided no objection to the liquidation. The liquidator prepared a preliminary report dated 23.02.2021. The company intimated the Income Tax Department under Section 178 of Income Tax

…

## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Fujirebio India Private Limited should be …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person who

…

**Reasoning:** The court considered the material on record, including the Registrar of Companies'

…

**Interpretation:** Section 59 provides a framework for voluntary liquidation, emphasizing

…

**Application:** The court applied Section 59 to the facts of the case, noting that the company

…

## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. SUBRATA KUMAR…
- **Appellants:** Rajesh Panayanthat…
- **Respondents:** FUJIREBIO INDIA…

## Timeline

- **2017-03-16 — Incorporation of…**: The Corporate Debtor, Fujirebio India…
- **2021-01-18 — Board of Directors…**: The Company in its meeting of the Board of Directors approved the declaration as…

## 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/fujirebio-india-private-limited-2d42494f