# In the matter of Wilson Tool India Private Limited C.P. (IB) No. 152-BB-2022

> NCLT judgment dated 2023-02-07. Citation: TCN-2023-NCLT-04745. The application was filed under Section 59(7) of the IBC, 2016 R/w. IBBI (Voluntary Liquidation…

- **Court:** NCLT
- **Order date:** 7 Feb 2023
- **Citation:** TCN-2023-NCLT-04745
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wilson-tool-india-private-limited-cp-ib-no-152-bb-2022-33347d60

## Summary

### Background

The application was filed under Section 59(7) of the IBC, 2016 R/w. IBBI (Voluntary Liquidation Process) Regulations, 2017 by the Liquidator seeking to order dissolution of the Petitioner Company, Wilson Tool India Private Limited. The company was incorporated on 16.08.2018 under the Companies Act, 2013. The Board of Directors decided on 25.03.2022 to wind up the affairs of the Company by voluntary liquidation after filing a Declaration of Solvency. A special resolution to liquidate the company voluntarily was passed on 31.03.2022, and Shri Sarvesh Kashyap was appointed as Liquidator. Public announcement was made on 04.04.2022. No claims were received from stakeholders till 30.04.2022. The liquidator submitted a preliminary report on 14.05.2022. A bank account was

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## Facts

Wilson Tool India Private Limited was incorporated on 16.08.2018. The company's main objective was business of marketing, advertising and soliciting interest in machine tool products and solutions. On 25.03.2022, the Board of Directors decided to wind up the company by voluntary liquidation after filing a Declaration of Solvency. On 31.03.2022, a special resolution was passed to liquidate the company voluntarily, and Shri Sarvesh Kashyap was appointed as Liquidator. A public announcement was made on 04.04.2022. No claims were received from stakeholders till 30.04.2022. The liquidator submitted a preliminary report on 14.05.2022. The liquidator computed and deposited Income Tax and GST liabilities. The Registrar of Companies filed a report confirming the company's

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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:** Section 59 of the IBC, 2016 and Regulation 37(2) of IBBI (Voluntary Liquidation Process)

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**Reasoning:** The NCLT considered the reports and submissions of the liquidator, the Registrar of

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

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**Application:** The NCLT applied the provisions of Section 59 of the IBC and Regulation 37(2)

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** Wilson Tool India…
- **Advocates:** Shivram C.S…

## Timeline

- **2018-08-16 — Company Incor…**: Wilson Tool India Private…
- **2022-03-25 — Board Resolution for…**: The Board of Directors decided to wind up…

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