# In the matter of Tone Engineering India Pvt. Ltd. C.P(IB) No. 90-BB-2022

> NCLT judgment dated 2022-11-22. Citation: TCN-2022-NCLT-00369. The case pertains to a Company Petition filed on 06.01.2022 by M/s. Tone Engineering India Pvt.…

- **Court:** NCLT
- **Order date:** 22 Nov 2022
- **Citation:** TCN-2022-NCLT-00369
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tone-engineering-india-pvt-ltd-cpib-no-90-bb-2022-a5615e63

## Summary

### Background

The case pertains to a Company Petition filed on 06.01.2022 by M/s. Tone Engineering India Pvt. Ltd. ('Applicant') through its Liquidator, Shri Thirupal Gorige, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking a direction for the dissolution of the Corporate Person, M/s. Tone Engineering India Private Limited. The company was incorporated on 08.11.2013 under the Companies Act, 1956. The directors made a Declaration of Solvency on March 17, 2020, and a special resolution was passed on March 18, 2021, to liquidate the company voluntarily.

## Facts

M/s. Tone Engineering India Pvt. Ltd. filed a Company Petition on 06.01.2022 for voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 08.11.2013 under the Companies Act, 1956. Its authorized capital was Rs. 18,00,000. The directors, Mr. Charan Ponnappa and Mr. Mandepanda Subbaiah, made a Declaration of Solvency on March 17, 2020. A special resolution was passed on March 18, 2021, to liquidate the company voluntarily, and Mr. Thirupal Gorige was appointed as the Liquidator. The Liquidator made public announcements and submitted preliminary reports. The company's bank account was opened and later closed on 24.11.2021. The Liquidator also obtained a No Objection Certificate from the Income-Tax Department.

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## Issues and analysis

### Issue 1: Whether the affairs of the corporate person have been completely wound up and its assets have been …

**Ratio:** The legal principle is that if the affairs of the corporate person have been completely

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**Reasoning:** The court reasoned that based on the liquidator's reports, audited accounts, and other

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**Interpretation:** This involves interpreting the provisions of the IBC, 2016, and the IBBI

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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:** KISHORE VEMULAPALL…; Manoj Kumar…
- **Appellants:** M/s. Tone…
- **Respondents:** Tone Engineering…

## Timeline

- **2022-01-06 — Company Petiti…**: The instant Company Petition is filed by…
- **2013-11-08 — Company Incor…**: M/s. Tone Engineering India…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 59(7) — Voluntary liquidation of corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-59)

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