Authority: National Company Law Tribunal, Division Bench - I, Chennai
Order Date: 18th June, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai heard a company petition (CP(IBC)/215(CHE)/2025) filed by Mr. Thirupal Gorige, the Liquidator of Hedisa India Diamond Tools Private Limited, seeking dissolution of the company under Section 59 of the Insolvency and Bankruptcy Code, 2016.
Hedisa India Diamond Tools Private Limited (CIN: U74110TZ2004PTC014808) was incorporated on 06.10.2004 with registered office in Hosur, Tamil Nadu. The company had an authorized share capital of Rs. 7.5 crore and paid-up capital of Rs. 5.72 crore. Its main business involved designing, developing and manufacturing diamond tools and machines for stone processing.
Due to slowdown in operations and lack of new project prospects, the company's Board of Directors proposed voluntary liquidation in a meeting held on 07.03.2025. An Extraordinary General Meeting on 31.03.2025 passed a special resolution for voluntary liquidation and appointed Mr. Thirupal Gorige (IP Registration No. IBBI/IPA-002/IP-N00016/2016-2017/10030) as liquidator.
The liquidation process followed all regulatory requirements: Declaration of Solvency was filed with ROC (SRN: AB3575023 on 24.04.2025), public announcement was made in The New Indian Express and Dinamani newspapers on 05.04.2025, and all stakeholders including Income Tax authorities were notified. No claims were received from any creditors.
The company had total realization of Rs. 1,25,93,954.97 from cash/bank balances. After paying liquidation costs of Rs. 9,11,749.97, the remaining Rs. 1,16,82,000 was distributed to shareholders as per Section 53(1) of IBC. The Income Tax department reported minor arrears of Rs. 270, which were settled by the liquidator on 03.02.2026.
Final Outcome
The NCLT ordered the dissolution of Hedisa India Diamond Tools Private Limited with immediate effect under Section 59(8) of IBC, 2016. The liquidator was discharged from his duties, and the Registrar of Companies was directed to change the company's status to "Dissolved". The liquidator and company officials were directed to preserve all books and records for eight years from the date of dissolution.
Topics: Corporate Dissolution, Voluntary Liquidation, Regulatory Compliance