# In the matter of Toshiba Global Commerce Solutions (India) Private Limited CP(IB)-309-MB-2023

> NCLT judgment dated 2023-05-16. Citation: TCN-2023-NCLT-03335. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 May 2023
- **Citation:** TCN-2023-NCLT-03335
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/toshiba-global-commerce-solutions-india-private-limited-cpib-309-mb-2023-5ad61d7d

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of Toshiba Global Commerce Solutions (India) Private Limited through voluntary liquidation. The company was incorporated in 2012 and resolved to voluntarily liquidate in 2021. The liquidator, Mr. Thirupal Gorige, followed the procedures as per the IBBI regulations, including making public announcements and submitting reports. The company's affairs were reported to be completely wound up, and its assets liquidated.

## Facts

Toshiba Global Commerce Solutions (India) Private Limited initiated voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 08.08.2012. The Board of Directors resolved to voluntarily liquidate the company on 11.03.2021, stating that the company had not been carrying out operations for several years. Mr. Thirupal Gorige was appointed as the liquidator. The liquidator made public announcements inviting claims from stakeholders but received none. The liquidator submitted a final report stating that all assets had been disposed of, debts discharged, and no litigation was pending. The auditor's certificate confirmed the liquidation accounts. The liquidator filed a petition before the NCLT seeking an order for

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## Issues and analysis

### Issue 1: Whether the voluntary liquidation process of Toshiba Global Commerce Solutions (India) Private …

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

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**Reasoning:** The court examined the actions taken by the liquidator, including making public

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**Interpretation:** The legal issue involves interpreting the requirements of Section 59 of the IBC

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**Application:** The court applied the ratio to the facts of the case, noting that the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Toshiba Global…

## Timeline

- **2012-08-08 — Company Incor…**: Toshiba Global Commerce Solutions (India) Private Limited was incorporated under the…
- **2021-03-11 — Board Resolution for…**: The Board of Directors resolved to…

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