# In the matter of Taisei Oncho India Private Limited

> NCLT judgment dated 2023-09-11. Citation: TCN-2023-NCLT-01714. The case pertains to an application filed by Mr. Hardev Singh, the Voluntary Liquidator of M/s.…

- **Court:** NCLT
- **Order date:** 11 Sept 2023
- **Citation:** TCN-2023-NCLT-01714
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/taisei-oncho-india-private-limited-62369d71

## Summary

### Background

The case pertains to an application filed by Mr. Hardev Singh, the Voluntary Liquidator of M/s. Taisei Oncho Private Limited, before the Adjudicating Authority under Section 59(7) of the Insolvency & Bankruptcy Code, 2016, read with the Voluntary Liquidation Regulations, 2017. The company, incorporated on 12.01.2010, sought voluntary liquidation due to the non-availability of business prospects and financial non-viability. The Board of Directors passed a resolution on 21.02.2023, and the members approved it in an Extra Ordinary General Meeting on 24.02.2023. Public announcements were made, and relevant authorities were intimated. The Voluntary Liquidator prepared and submitted necessary reports and complied with the applicable regulations.

## Facts

M/s. Taisei Oncho Private Limited, incorporated on 12.01.2010, sought voluntary liquidation due to a lack of business prospects and financial non-viability. The company's registered office is located in New Delhi. The authorized, issued, and paid-up share capital was Rs. 45,01,82,880. The company's main objectives included construction, installation work, and refurbishment services. The company had ceased business operations for several years and was compliant with statutory filings. The Board of Directors passed a resolution for voluntary liquidation on 21.02.2023, which was approved by the members in an Extra Ordinary General Meeting on 24.02.2023. Mr. Hardev Singh was appointed as the Voluntary Liquidator. Public announcements were made on 26.02.2023. The company

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## Issues and analysis

### Issue 1: Whether the application for voluntary liquidation of M/s. Taisei Oncho Private Limited should be …

**Ratio:** Section 59(7) of the Insolvency & Bankruptcy Code, 2016, allows for voluntary

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**Reasoning:** The Adjudicating Authority considered the submissions made by the Applicant Company and

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**Interpretation:** Section 59(7) and the Voluntary Liquidation Regulations are interpreted to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. Taisei Oncho…

## Timeline

- **2010-01-12 — Company Incor…**: M/s. Taisei Oncho Private Limited was…
- **2023-02-21 — Board Reso…**: The Board of Directors passed a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 176(3) — Final dividend](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-176)

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