# In the matter of SAF-Holland India Private Limited CP(IB)-21(CHE)2023

> NCLT judgment dated 2023-03-16. Citation: TCN-2023-NCLT-04217. The case involves a Company Petition filed by the Liquidator in relation to the voluntary…

- **Court:** NCLT
- **Order date:** 16 Mar 2023
- **Citation:** TCN-2023-NCLT-04217
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saf-holland-india-private-limited-cpib-21che2023-99f91d53

## Summary

### Background

The case involves a Company Petition filed by the Liquidator in relation to the voluntary liquidation of M/s. SAF-Holland India Private Limited. The company was incorporated on 07.05.2013 and its main object was to carry on the business of manufacturing, assembling, engineering, marketing, importing, exporting, distribution and domestic sales and servicing of mechanical and air suspensions, axles, brakes, wheel ends and system integrating various combinations of these products. Due to the business no longer being viable, the management decided to close down the business operations. A Board meeting was held on 22.06.2021 to consider winding up and voluntary liquidation of the Company as per Section 59 of the Insolvency and Bankruptcy Code, 2016, where a resolution was

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## Facts

SAF-Holland India Private Limited underwent voluntary liquidation due to the business no longer being viable. A Board meeting was held on 2021-06-22 to consider winding up the company. An Extraordinary General Body Meeting was held on 2021-06-28, where it was resolved to appoint a liquidator. The liquidator conducted the voluntary liquidation process according to IBBI regulations. All liabilities were paid off, and the remaining amount was disbursed to shareholders, primarily SAF Holland Inc USA, holding 99.99% of the shares. The liquidator distributed funds according to Section 53(1) of the IBC, 2016. The company sought dissolution under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The distribution of funds included payments for liquidation costs,

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of SAF-Holland India Private Limited was conducted in …

**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 Board

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**Interpretation:** Section 59 of the IBC, 2016, provides a framework for voluntary liquidation,

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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:** Pranav Da…
- **Respondents:** SAF-Holland India…

## Timeline

- **2013-05-07 — Company Incor…**: SAF-Holland India Private…
- **2021-06-22 — Board Me…**: A Board meeting was held to consider winding up…

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