# In the matter of Maanchet Machine (India) Private Limited CP-IB-59-CHE-2021

> NCLT judgment dated 2023-02-13. Citation: TCN-2023-NCLT-04612. The case pertains to the voluntary liquidation of M/s. Maanchet Machine (India) Private Limited…

- **Court:** NCLT
- **Order date:** 13 Feb 2023
- **Citation:** TCN-2023-NCLT-04612
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maanchet-machine-india-private-limited-cp-ib-59-che-2021-13466583

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Maanchet Machine (India) Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company, originally incorporated as 'Arun Biscuit Machineeries Pvt Ltd' in 2004, later changed its name. Due to unfeasible business operations, the shareholders opted for voluntary liquidation. The liquidator conducted the liquidation process in accordance with IBBI regulations.

## Facts

M/s. Maanchet Machine (India) Private Limited, originally incorporated as 'Arun Biscuit Machineeries Pvt Ltd' on 21.05.2004, sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's main business was trading in biscuit/bread making machineries. Due to unfeasible business operations, the shareholders decided to opt for voluntary liquidation. An Extraordinary General Body Meeting was held on 15.11.2019, where the applicant was appointed as the liquidator. The liquidator conducted the voluntary liquidation process in accordance with IBBI regulations. The liquidator did not receive any claims during the liquidation process until the last date of receipt of claims, 15.12.2019. The liquidator made various payments, including

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of M/s. Maanchet Machine (India) Private Limited was …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, read with the IBBI (Voluntary

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**Reasoning:** The court examined the compliances submitted by the applicant, including the

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**Interpretation:** Section 59 of the IBC and the IBBI regulations are interpreted to ensure that

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**Application:** The court applied the provisions of Section 59 and the IBBI regulations to the

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## Parties

- **Judges:** Ramalingam…; SAMEER…
- **Appellants:** Vasudevan…
- **Respondents:** M/s. Maanchet…

## Timeline

- **2004-05-21 — Company Incor…**: The Applicant Company was incorporated as…
- **2004-04-10 — Registration Ce…**: ROC, Coimbatore issued…

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