# In the matter of Kanazawa Machine & Tool India Private Limited CP (IB) No.11-Vol.-Chd-Hry-2020

> NCLT judgment dated 2023-04-13. Citation: TCN-2023-NCLT-03810. The case pertains to a Company Petition filed by the Liquidator, Mr. Pawan Kumar Garg, on…

- **Court:** NCLT
- **Order date:** 13 Apr 2023
- **Citation:** TCN-2023-NCLT-03810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kanazawa-machine-tool-india-private-limited-cp-ib-no11-vol-chd-hry-2020-af620a46

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator, Mr. Pawan Kumar Garg, on behalf of Kanazawa Machine & Toll India Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Petitioner Company as per the provisions of the Code and the Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company was incorporated on 26.07.2011 for the sale of machine, tool equipment, etc. The Board decided to voluntarily liquidate the Company, and a notice for holding an EGM was considered and approved. A declaration of solvency was filed with the Registrar of Companies. The shareholders approved the voluntary liquidation and appointed Sh. Pawan Kumar Garg as the Liquidator. The creditors

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## Facts

Kanazawa Machine & Toll India Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 26.07.2011. The Board of Directors decided to voluntarily liquidate the company. A declaration of solvency was filed with the Registrar of Companies. The shareholders approved the voluntary liquidation and appointed Mr. Pawan Kumar Garg as the Liquidator. The creditors approved the resolution. Form MGT-14 was filed with the Registrar of Companies. A public announcement was made. The liquidator intimated the Registrar of Companies, IBBI, and other Regulatory Authorities. The liquidator intimated the Bank about the voluntary liquidation and changed the profile of the current account. The liquidator

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the petition for the voluntary liquidation and …

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

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**Reasoning:** The Adjudicating Authority considered the reports from the Registrar of Companies and the

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**Interpretation:** Section 59 of the Insolvency and Bankruptcy Code, 2016, provides a mechanism

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**Application:** The Adjudicating Authority applied the provisions of Section 59(8) of the

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Kanazawa Machine…; Registrar of…

## Timeline

- **2011-07-26 — Company Incor…**: Kanazawa Machine & Toll India…
- **2019-01-25 — Board Me…**: Board of Directors in its meeting dated 25.01.2019, shareholders of the petitioner…

## 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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