# In the matter of Takusho India Design Consultants Private Limited

> NCLT judgment dated 2024-12-06. Citation: TCN-2024-NCLT-00093. The case pertains to a Company Petition filed by Takusho India Design Consultants Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 6 Dec 2024
- **Citation:** TCN-2024-NCLT-00093
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/takusho-india-design-consultants-private-limited-9da2568c

## Summary

### Background

The case pertains to a Company Petition filed by Takusho India Design Consultants Pvt. Ltd. under sub-section (7) of section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of the company. The company was incorporated on 26.09.2014 and decided to discontinue operations due to not generating expected revenue and not foreseeing consistent business operations in the future. The Board of Directors approved winding up the affairs of the Company on 01.07.2023 and executed a Declaration of Solvency on 14.07.2023. A Special Resolution to liquidate the Company voluntarily was passed on 28.07.2023, and a liquidator was appointed. The commencement of liquidation was intimated to the RoC and the Income Tax Authority. The liquidator made public announcements,

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## Facts

Takusho India Design Consultants Pvt. Ltd. filed a petition for voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 26.09.2014. The company's authorized share capital is Rs.2,50,00,000/- divided into 25,00,000 Equity Shares of Rs.10/- each. The company decided to discontinue operations due to not generating expected revenue and not foreseeing consistent business operations in the future. The Board of Directors approved winding up the affairs of the Company on 01.07.2023 and executed a Declaration of Solvency on 14.07.2023. A Special Resolution to liquidate the Company voluntarily was passed on 28.07.2023, and Mr. Vasudevan Gopu was appointed as the liquidator. The commencement of liquidation was

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## Issues and analysis

### Issue 1: Whether the affairs of the Corporate Person have been completely wound up and the assets of the …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows for the voluntary

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

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**Interpretation:** Section 59 provides a mechanism for a solvent company to voluntarily liquidate

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**Application:** Based on the evidence presented, the court determined that the Petitioner

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Respondents:** Takusho India…

## Timeline

- **2014-09-26 — Company Incor…**: Takusho India Design Consultants…
- **2023-07-01 — Board Approval for…**: The Board of Directors approved…

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