# In the matter of Moog EM Solutions (India) Private Limited

> NCLT judgment dated 2023-07-20. Citation: TCN-2023-NCLT-02415. The application was filed under Section 59(7) of the IBC, 2016, read with IBBI (Voluntary…

- **Court:** NCLT
- **Order date:** 20 Jul 2023
- **Citation:** TCN-2023-NCLT-02415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/moog-em-solutions-india-private-limited-07d7694e

## Summary

### Background

The application was filed under Section 59(7) of the IBC, 2016, read with IBBI (Voluntary Liquidation Process) Regulations, 2017, by the Liquidator on 06.09.2022, seeking dissolution of Moog EM Solutions (India) Private Limited. The company was incorporated on 12.10.2017 under the Companies Act, 2013. The Board of Directors decided to wind up the company by voluntary liquidation in a meeting held on 23.03.2022, after taking note of the Declaration of Solvency. A special resolution to liquidate the company voluntarily was passed on 25.03.2022, and Shri Ganesh P Pai was appointed as the Liquidator.

## Facts

Moog EM Solutions (India) Private Limited was incorporated on 12.10.2017. The company's authorized share capital is Rs. 2,00,00,000/- and the subscribed share capital is Rs. 1,30,00,000/-. The company is a subsidiary of Moog Singapore Pte. Limited and was engaged in the manufacture and sale of mechanical, electrical, electro-mechanical, servo, pneumatic, electronic, hydraulic, and industrial devices and motors. The Board of Directors decided to wind up the company by voluntary liquidation on 23.03.2022, and a special resolution was passed on 25.03.2022. Shri Ganesh P Pai was appointed as the Liquidator. The liquidator made public announcements, submitted reports, and distributed liquidation proceeds. The liquidator remitted Rs. 1,17,60,609/- to Moog Singapore Pte.

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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:** Section 59 of the IBC, 2016, and Regulation 37(2) of the IBBI (Voluntary Liquidation

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**Reasoning:** The Liquidator submitted that the affairs of the Corporate Person have been completely

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**Interpretation:** The court interpreted Section 59 of the IBC, 2016, and Regulation 37(2) of the

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**Application:** The court applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Ganesh Panduranga…
- **Respondents:** Moog EM Solutions…; The Registrar of…

## Timeline

- **2017-10-12 — Company Incor…**: Moog EM Solutions (India)…
- **2022-03-23 — Board Me…**: The Board of Directors decided to wind up…

## 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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