# In the matter of TADANO INDIA PRIVATE LIMITED

> NCLT judgment dated 2023-01-24. Citation: TCN-2023-NCLT-04916. The case pertains to the voluntary liquidation of M/s. Tadano India Private Limited under…

- **Court:** NCLT
- **Order date:** 24 Jan 2023
- **Citation:** TCN-2023-NCLT-04916
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tadano-india-private-limited-2cd1ab89

## Summary

### Background

The case pertains to the voluntary liquidation of M/s. Tadano India Private Limited under Section 59 of the Insolvency and Bankruptcy Code (IBC), 2016, read with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The company's board of directors decided to wind up the company's affairs through voluntary liquidation, as evidenced by a resolution passed on 01.07.2019. The company declared its solvency and appointed Shri Pawan Kumar Garg as the liquidator. Public announcements were made to invite claims from stakeholders, but no claims were received. The liquidator submitted preliminary and final reports, and the accounts were audited. The company's assets were liquidated, and the proceeds were distributed among the shareholders. The liquidator sought an order

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## Facts

M/s. Tadano India Private Limited, incorporated on 29.03.2012 under the Companies Act, 1956, with CIN: U29150KA2012FTC063306, had an authorized share capital of Rs. 22,00,00,000 divided into 22,00,000 equity shares of Rs. 100 each. The company's objective involved the production, sales, export, import, and rental of cranes and other lifting equipment. The company's registered office was located in Bengaluru. On 01.07.2019, the Board of Directors resolved to initiate voluntary liquidation under Section 59 of the IBC, 2016, declaring the company's solvency. A special resolution was passed on 25.07.2019 to liquidate the company voluntarily, appointing Shri Pawan Kumar Garg as the liquidator. Public announcements were made on 27.07.2019, inviting stakeholder claims, but

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## Issues and analysis

### Issue 1: Whether the company has complied with the provisions of Section 59 of the Insolvency and Bankruptcy …

**Ratio:** The legal principle applied is that a company undergoing voluntary liquidation must

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**Reasoning:** The court reasoned that the liquidator had followed all the necessary steps, including

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**Interpretation:** The interpretation of Section 59 and the associated regulations requires strict

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**Application:** In this case, the court applied the ratio by examining the liquidator's actions

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** Tadano India…
- **Advocates:** Arjun…

## Timeline

- **2012-03-29 — Incorporation of the…**: M/s. Tadano India Private Limited was…
- **2019-07-01 — Board Resolution for…**: The Board of Directors resolved to initiate voluntary liquidation under Section 59 of the…

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