# In the matter of Plantec GB Engineering Private Limited CP-825-CHE-2020

> NCLT judgment dated 2022-04-19. Citation: TCN-2022-NCLT-03208. The case pertains to a Company Petition filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 19 Apr 2022
- **Citation:** TCN-2022-NCLT-03208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/plantec-gb-engineering-private-limited-cp-825-che-2020-1cbee680

## Summary

### Background

The case pertains to a Company Petition filed by the Liquidator in relation to the voluntary liquidation of Plantec GB Engineering Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 07.04.2014 and its main object was to carry on the business as sale, planning, design procurement, construction maintenance and other related services of waste or knowhow licensed by Plantec within Republic of India. The Board considered voluntary liquidation as the company was formed as joint venture between Plantec Inc. Japan and GB Engineering Enterprises Pvt. Ltd. Since the company could not find any other investor to replace GB Engineering Enterprises Pvt. Ltd. The directors discussed the same in a meeting held on 06.03.2019

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## Facts

Plantec GB Engineering Private Limited underwent voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 07.04.2014 with CIN: U74900TN2014PTC095851. The company's main object was sale, planning, design procurement, construction maintenance, and related services. The authorized share capital was Rs. 100,00,000/-. The Board decided on voluntary liquidation on 06.03.2019 due to the inability to find a replacement investor for GB Engineering Enterprises Pvt. Ltd. A declaration of solvency was made, and a resolution for voluntary liquidation was passed on 26.03.2019. Mr. S. Diraviam was appointed as the Liquidator. The Liquidator issued a public announcement on 29.03.2019. A bank account was opened for

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## Issues and analysis

### Issue 1: Whether the affairs of the Company …

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

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**Reasoning:** The court examined the submissions made by the Learned Authorized Representative and

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**Interpretation:** The interpretation of 'completely wound up' implies that all business

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**Application:** In this case, the court found that the company's operations had ceased, its

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Respondents:** PLANTEC GB…

## Timeline

- **2014-04-07 — Company Incor…**: Plantec GB Engineering…
- **2019-03-06 — Board Me…**: The Board decided on…

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