# In the matter of GTP Tungsten Powder Recycling India Private Limited

> NCLT judgment dated 2024-01-05. Citation: TCN-2024-NCLT-03294. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Jan 2024
- **Citation:** TCN-2024-NCLT-03294
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gtp-tungsten-powder-recycling-india-private-limited-1398c0e8

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, for the dissolution of GTP Tungsten Powder Recycling India Private Limited, a corporate person undergoing voluntary liquidation. The company's Board of Directors (BoD) proposed closing down business operations due to limited scope and lack of income from operations. The BoD resolved to wind up the company's affairs through Member's Voluntary Winding Up as prescribed under Section 59 of the IBC. The BoD filed a Declaration of Solvency and the members passed a Special Resolution in their Extraordinary General Meeting (EGM) to liquidate the

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## Facts

GTP Tungsten Powder Recycling India Private Limited (CIN: U51909WB2011FTC169101) was incorporated on November 3, 2011, under the Companies Act, 1956. The company's registered office is located at Plot No. 56, Uluberia Industrial Growth Centre, Birshibpur, Uluberia, Howrah-711316. The company's objective was to operate as a trading company, sourcing secondary raw material "Tungsten Carbide" from India and exporting it to Global Tungsten and Powders Corporation, USA. The company is a subsidiary of GTP Beteiligungs GmbH, with Plansee Holding AG as its ultimate holding company. The authorized share capital is ₹10,00,000, divided into 1,00,000 equity shares of Rs. 10 each. The company has two directors: Mr. Anil Kumar and Mr. Subhashish Dutta. The Board of

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and its assets have been …

**Ratio:** The principle applied is that if the affairs of a corporate entity have been completely

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**Reasoning:** The court reviewed the submissions of the liquidator and the documents annexed to the

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**Interpretation:** This issue involves interpreting the requirements for dissolving a corporate

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**Application:** Based on the evidence presented, the court determined that the Corporate

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Respondents:** GTP Tungsten…
- **Advocates:** Aditi Jhunj…

## Timeline

- **2011-11-03 — Incorpor…**: GTP Tungsten Powder Recycling India Private Limited was incorporated under the Companies…
- **2022-03-25 — Declaration of…**: The BoD of the Corporate Person…

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