# In the matter of Yzuncheng (India) Gravures Pvt. Ltd.

> NCLT judgment dated 2024-03-26. Citation: TCN-2024-NCLT-01937. The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Mar 2024
- **Citation:** TCN-2024-NCLT-01937
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/yzuncheng-india-gravures-pvt-ltd-15f76590

## Summary

### Background

The case pertains to a Company Petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by M/S YUNCHENG (INDIA) GRAVURES PVT LTD, represented by its Liquidator, Ms. Gunjan Mittal, seeking voluntary liquidation. The company was incorporated on 29.03.2017 and was engaged in the business of manufacturing, producing, assembling, altering, acquiring, building, constructing, converting, and commercializing various types of automatic and semi-automatic plants. The Board of Directors recommended voluntary liquidation on 19th April, 2022, and a declaration of solvency was made on the same date.

## Facts

M/s. YUNCHENG (INDIA) GRAVURES PVT LTD, incorporated on 29.03.2017, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's Board of Directors recommended voluntary liquidation on 19.04.2022, and a declaration of solvency was made on the same date. Ms. Gunjan Mittal was appointed as the Liquidator. The Liquidator made public announcements, submitted preliminary reports, and opened a bank account. The company had no assets and was completely wound up. The Registrar of Companies raised a query regarding foreign shareholders, and the Liquidator clarified that the company complied with FEMA guidelines. The liquidator intimated the Income Tax department regarding the commencement of voluntary liquidation and appointment of

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## Issues and analysis

### Issue 1: Whether the Corporate Person has met the conditions and procedural requirements for voluntary …

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

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**Reasoning:** The court examined the records and found that the Corporate Person unanimously decided to

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**Interpretation:** Section 59 of the IBC allows a corporate person to initiate voluntary

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**Application:** The court applied the provisions of Section 59 and the related regulations to

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. Yzuncheng…
- **Respondents:** YUNCHENG (INDIA)…; RoC, Tela…

## Timeline

- **2017-03-29 — Company Incor…**: M/S YUNCHENG (INDIA) GRAVURES PVT LTD was incorporated under the provisions of Companies…
- **2022-04-19 — Board Resolution for…**: The Board of Directors of the company recommended voluntary liquidation as per Section 59…

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