# In the matter of Thomson Video Networks India Private Limited

> NCLT judgment dated 2025-03-04. Citation: TCN-2025-NCLT-00397. The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Mar 2025
- **Citation:** TCN-2025-NCLT-00397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/thomson-video-networks-india-private-limited-bc8f037e

## Summary

### Background

The case pertains to a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of M/s Thomson Video Networks India Private Limited following voluntary liquidation. The company initiated voluntary liquidation due to economic circumstances, resolving to distribute assets proportionally among shareholders. The corporate debtor complied with the necessary liquidation procedures as per law.

## Facts

M/s Thomson Video Networks India Private Limited initiated voluntary liquidation due to adverse economic conditions. The Board of Directors resolved to liquidate on 07.08.2023. The company appointed CS Suman Kumar as liquidator, who made public announcements and submitted reports to regulatory bodies. The company had no creditors, and its GST registration was cancelled. Prior to liquidation, the company had an account with HDFC Bank with Rs. 1,52,46,020.95, which was closed and transferred to a new account in Standard Chartered Bank under the name "M/s Thomson Video Networks India Private Limited-In Liquidation Account", which was subsequently closed on 02.07.2024. The liquidator submitted a final report on 13.08.2024, stating no fixed assets were available

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## Issues and analysis

### Issue 1: Whether the company's voluntary liquidation process was conducted in accordance with the Insolvency …

**Ratio:** Section 59 of the Insolvency and Bankruptcy Code, 2016, and the IBBI (Voluntary

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**Reasoning:** The court examined the steps taken by the company and the liquidator, including the

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**Interpretation:** The legal framework requires strict adherence to the prescribed procedures to

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**Application:** The court found that the company had complied with the necessary formalities

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Respondents:** M/s Thomson Video…

## Timeline

- **2023-08-07 — Board Reso…**: Board of Directors resolved to…
- **2023-08-25 — Special Res…**: Members passed a special resolution to liquidate the company voluntarily and appoint CS…

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