# In the matter of Gujarat Thermocoating Company Private Limited

> NCLT judgment dated 2024-05-10. Citation: TCN-2024-NCLT-01375. The case pertains to an application filed by M/s. Gujarat Thermocatings Company Private…

- **Court:** NCLT
- **Order date:** 10 May 2024
- **Citation:** TCN-2024-NCLT-01375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gujarat-thermocoating-company-private-limited-5b75136c

## Summary

### Background

The case pertains to an application filed by M/s. Gujarat Thermocatings Company Private Limited, referred to as "the Company/Corporate Person," through its liquidator, Mr. Umesh Ved, PCS, for dissolution via voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated as a Private Limited Company on December 15, 1984. The Board of Directors determined that the company was no longer financially viable due to a lack of business prospects and long-term financial resources. The directors decided to file for voluntary liquidation and distribute the proceeds to the members.

## Facts

M/s. Gujarat Thermocatings Company Private Limited filed an application for voluntary liquidation through its liquidator, Mr. Umesh Ved, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on December 15, 1984, with a registered office in Ahmedabad. The authorized share capital of the company was Rs. 25,00,000, divided into 25,000 equity shares of Rs. 100 each, and the paid-up capital was Rs. 21,95,000, divided into 21,950 equity shares of Rs. 100 each. The company had ceased business activities for the last 6 months. The Board of Directors determined that the company was no longer financially viable. The Directors placed on record a Declaration of Solvency as per Section 59(3) of the Insolvency and Bankruptcy Code, 2016. The

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## Issues and analysis

### Issue 1: Whether the affairs of the Company have been completely wound up and the assets of the Applicant …

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

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**Reasoning:** The court perused the documents annexed to the Application and found that the affairs of

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**Interpretation:** This issue requires the court to determine if the company has completed all

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**Application:** Based on the liquidator's report and the documents submitted, the court

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** UMESH VED…
- **Respondents:** Gujarat Thermocati…
- **Advocates:** Umesh…; Kinjal…

## Timeline

- **1984-12-15 — Company Incor…**: Gujarat Thermocatings Company Private Limited was incorporated as a Private Limited…
- **2023-01-21 — Board Me…**: Board meeting held, and…

## 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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