# In the matter of Thermax Sustainable Energy Solution Limited

> NCLT judgment dated 2023-02-10. Citation: TCN-2023-NCLT-04646. The case pertains to a Company Petition filed by Thermax Sustainable Energy Solutions Limited…

- **Court:** NCLT
- **Order date:** 10 Feb 2023
- **Citation:** TCN-2023-NCLT-04646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/thermax-sustainable-energy-solution-limited-a64a5032

## Summary

### Background

The case pertains to a Company Petition filed by Thermax Sustainable Energy Solutions Limited seeking to initiate voluntary liquidation proceedings under Section 59 of the Insolvency and Bankruptcy Code, 2016 (IBC). The company was incorporated under the Companies Act, 1956 on December 23, 1987, with the objective of dealing with spray painting and finishing. The Board of Directors decided to suspend business operations indefinitely due to uncertainties in the CER market. The company has had no operations since 2015. A resolution was passed on April 2, 2021, to voluntarily liquidate the company, subject to member approval.

## Facts

Thermax Sustainable Energy Solutions Limited filed a petition for voluntary liquidation under Section 59 of the IBC. The company was incorporated in 1987 and aimed to deal with spray painting and finishing. Due to business uncertainties, operations were suspended in 2015. On April 2, 2021, a resolution was passed to voluntarily liquidate the company, pending member approval. An Extraordinary General Meeting on April 5, 2021, saw members consenting to the liquidation and appointing Dinesh Gopal Mundada as liquidator. Liquidation commenced on April 5, 2021. The liquidator made public announcements and submitted preliminary reports. The liquidator surrendered the GST certificate on February 28, 2022, and submitted a final report on June 10, 2022. The authorized share

…

## Issues and analysis

### Issue 1: Whether the voluntary liquidation process initiated by Thermax Sustainable Energy Solutions Limited …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, allows a corporate person to

…

**Reasoning:** The court considered the fact that the company had passed a special resolution, appointed

…

**Interpretation:** Section 59 provides a framework for companies to voluntarily liquidate their

…

**Application:** In this case, the court found that Thermax Sustainable Energy Solutions Limited

…

## Parties

- **Judges:** Kuldip Kumar…; Prabhat…
- **Respondents:** Thermax Sustainabl…

## Timeline

- **1987-12-23 — Company Incor…**: Thermax Sustainable Energy Solutions Limited…
- **2015-03-31 — Suspension of Business…**: Board of Directors decided to indefinitely suspend business operations due to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59 — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/thermax-sustainable-energy-solution-limited-a64a5032