# In the matter of Sergi Transformer Explosion Prevention Technologies Private Limited

> NCLT judgment dated 2024-01-30. Citation: TCN-2024-NCLT-02861. The application was filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, read with…

- **Court:** NCLT
- **Order date:** 30 Jan 2024
- **Citation:** TCN-2024-NCLT-02861
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sergi-transformer-explosion-prevention-technologies-private-limited-f639f266

## Summary

### Background

The application was filed under Section 59 of the Insolvency & Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking voluntary liquidation of Sergi Transformer Explosion Prevention Technologies Private Limited. The company was incorporated on 01.01.2005 and was engaged in the business of transformer explosion prevention equipment, fire prevention systems, industrial power protection systems, and power conditioning products. The authorized share capital was Rs. 4,00,00,000, and the paid-up share capital was Rs. 2,84,75,000. The company had four directors and two shareholders at the time of initiating voluntary liquidation.

## Facts

Sergi Transformer Explosion Prevention Technologies Private Limited filed an application for voluntary liquidation under Section 59 of the Insolvency & Bankruptcy Code, 2016. The company was incorporated on 01.01.2005 with CIN: U31909DL2005PTC277234. At the time of initiating voluntary liquidation, the company had an authorized share capital of Rs. 4,00,00,000 and a paid-up share capital of Rs. 2,84,75,000. The company had four directors: Philippe Magnier, Antoine Magnier, Sunil Goel, and Amaud Magnier. The company had two shareholders: Sergi Transformer Protector, France, holding 99.98% shares, and Antoine Magnier, holding 0.02% shares. The directors declared solvency on affidavit, stating that the company had no liabilities. The liquidator, Mr. Vikram Kumar,

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of Sergi Transformer Explosion Prevention …

**Ratio:** Section 59(8) of the Insolvency and Bankruptcy Code, 2016, empowers the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the facts presented, including the liquidator's

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**Interpretation:** Section 59 of the IBC provides a mechanism for voluntary liquidation of a

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**Application:** In this case, the liquidator complied with the regulations, made necessary

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Vikram…
- **Respondents:** SERGI TRANSFORMER…; Registrar of…

## Timeline

- **2005-01-01 — Incorporation of the…**: Sergi Transformer Explosion Prevention…
- **2022-09-23 — Declaration of…**: Mr. Antoine Magnier & Mr. Phillippe Magnier signed the declaration of solvency on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 179 — Adjudicating Authority for individuals and…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-179)

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