# In the matter of Lumax Energy Solutions Pvt. Ltd. CP (IB) No. 509-PB-2022

> NCLT judgment dated 2023-04-19. Citation: TCN-2023-NCLT-03743. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Apr 2023
- **Citation:** TCN-2023-NCLT-03743
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lumax-energy-solutions-pvt-ltd-cp-ib-no-509-pb-2022-27f52312

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, by the liquidator of Lumax Energy Solutions Private Limited, seeking the dissolution of the company following a voluntary liquidation process. The company was incorporated in 2003 and was engaged in manufacturing accumulators, primary cells, and primary batteries. The voluntary liquidation was initiated after a special resolution was passed by the members of the company.

## Facts

Lumax Energy Solutions Private Limited was incorporated on 01.10.2003 and engaged in manufacturing accumulators, primary cells, and primary batteries. The company initiated voluntary liquidation, and Mr. Atul Mittal was appointed as the liquidator. A special resolution was passed by the members of the company on 09.07.2021 approving the voluntary liquidation. The Declaration of Solvency was signed by the Directors dated 07.07.2021. The company notified the RoC on 13.07.2021 about the commencement of Voluntary Liquidation. The Income Tax Department was notified regarding initiation of the Voluntary Liquidation of the Corporate Debtor vide email dated 07.08.2021. The liquidator opened a bank account for the liquidation process on 21.08.2021. The liquidator paid off all

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## Issues and analysis

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

**Ratio:** Section 59(7) of the Insolvency and Bankruptcy Code, 2016, allows for the dissolution of

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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 means that the company has ceased its operations, sold off its assets, and

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**Application:** The liquidator provided evidence demonstrating that all assets were liquidated,

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Respondents:** Lumax Energy…; Registrar of…

## Timeline

- **2003-10-01 — Company Incor…**: Lumax Energy Solutions…
- **2021-07-07 — Declaration of…**: Declaration of Solvency was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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