# In the matter of Sanyo Lsi Technology India Private Limited

> NCLT judgment dated 2024-08-20. Citation: TCN-2024-NCLT-00777. The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Aug 2024
- **Citation:** TCN-2024-NCLT-00777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanyo-lsi-technology-india-private-limited-11072a8e

## Summary

### Background

The case pertains to an application filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, for the dissolution of Sanyo LSI Technology India Private Limited. The company initiated voluntary liquidation, and the liquidator, Shri Kondisetty Dushyantha Kumar, filed the application after completing the liquidation process. The company was incorporated in 1998 and its board of directors recommended voluntary liquidation on 13.06.2023, executing a Declaration of Solvency. The company passed a special resolution to liquidate voluntarily on 22.06.2023.

## Facts

Sanyo LSI Technology India Private Limited was incorporated on 29.05.1998 under the Companies Act, 1956. Its authorized share capital was Rs.6,20,00,000/- divided into 62,00,000 Equity Shares of Rs.10/- each, with an issued and paid-up capital of Rs.6,11,25,020/- divided into 61,12,502 Equity Shares. The company's main objects included developing designs for integrated circuits. The Board of Directors recommended voluntary liquidation on 13.06.2023, and a Declaration of Solvency was executed. The company passed a special resolution to liquidate voluntarily on 22.06.2023, appointing Shri Kondisetty Dushyantha Kumar as Liquidator. The commencement of liquidation was intimated to the RoC and the Income Tax Authority. The liquidator made public announcements and submitted

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## Issues and analysis

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

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, allows the court to order the

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**Reasoning:** The court examined the submissions and documents annexed to the application and found

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**Interpretation:** The interpretation of Section 59(8) requires the court to assess whether all

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**Application:** In this case, the court determined that the affairs of Sanyo LSI Technology

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Respondents:** Sanyo LSI…

## Timeline

- **1998-05-29 — Company Incor…**: Sanyo LSI Technology India Private Limited was…
- **2023-06-13 — Board Recommendation…**: The Board of Directors recommended voluntary liquidation and executed a Declaration of…

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