# In the matter of GDF Suez Sales India Private Limited CP (IB) No.07-Vol.-Chd-Hry-2020

> NCLT judgment dated 2022-05-26. Citation: TCN-2022-NCLT-02589. The case pertains to a Company Petition filed by the Liquidator, Mr. Anurag Sharma, on behalf…

- **Court:** NCLT
- **Order date:** 26 May 2022
- **Citation:** TCN-2022-NCLT-02589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gdf-suez-sales-india-private-limited-cp-ib-no07-vol-chd-hry-2020-a7d48b26

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator, Mr. Anurag Sharma, on behalf of M/s GDF Suez Sales India Private Limited, seeking dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated under the Companies Act, 2013, aimed to engage in the business of electrical power purchase and sale. Due to struggling business opportunities, the Board of Directors proposed voluntary liquidation. The company complied with Section 59(3) of the Code by filing a declaration signed by the Board of Directors, stating that a full inquiry into the company's affairs had been conducted, and the company had no debts or could pay them in full. The directors also submitted a Declaration of Solvency, affirming that the liquidation was

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## Facts

M/s GDF Suez Sales India Private Limited, incorporated under the Companies Act, 2013, sought voluntary liquidation due to struggling business opportunities. The company's objective was to engage in the purchase and sale of electrical power. The Board of Directors convened an Extra Ordinary General Meeting on 09.05.2019 to pass a special resolution for voluntary liquidation and appointed Mr. Anurag Sharma as the Liquidator. The company complied with Section 59(3) of the Code by filing a declaration signed by the Board of Directors, stating that a full inquiry into the company's affairs had been conducted, and the company had no debts or could pay them in full. The directors also submitted a Declaration of Solvency, affirming that the liquidation was not intended to

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## Issues and analysis

### Issue 1: Whether the Applicant Company should be dissolved as per the provisions of the Code and the …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The court considered the fact that the liquidator had performed his duties and completed

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**Interpretation:** Section 59(8) provides the legal basis for the Adjudicating Authority to order

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**Application:** In this case, the court found that the liquidator had completed the necessary

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** M/s GDF Suez…; Registrar of…

## Timeline

- **2019-05-09 — Extra Ordinary General…**: Board of Directors convened an Extra Ordinary General Meeting to pass a special…
- **2019-05-14 — Public Annou…**: Public announcements were made in "Financial Express" and "Jansatta" newspapers, inviting…

## 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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