Authority: National Company Law Tribunal (NCLT), Division Bench – I, Chennai
Order Date: 18th June 2026
Case Overview
This is a Company Petition (CP(IB)/339(CHE)/2025) filed by the Liquidator, Tharuvai Ramachandran Ravichandran, under Section 59(7) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the dissolution of Gye Tay Machinery Works (India) Private Limited (CIN: U29100TZ2014PTC020709). The company, incorporated on 5 September 2014 in Coimbatore, was engaged in manufacturing mechanical components for electrical motors. Due to an inability to generate revenue and a lack of commercially viable prospects, its Board of Directors resolved to initiate a voluntary liquidation process. A special resolution for voluntary liquidation and the appointment of the liquidator was passed by shareholders in an Annual General Meeting held on 4 August 2025, which was the Liquidation Commencement Date.
The liquidator complied with the requisite procedures under the IBBI (Voluntary Liquidation Process) Regulations, 2017. A public announcement was made in 'Trinity Mirror' (English) and 'Makkal Kural' (Tamil) on 6 August 2025, calling for claims from stakeholders by 3 September 2025. No claims were received from any creditors. The company's only asset was a bank balance of ₹57,61,576.59, with no other liabilities. The liquidation costs amounted to ₹4,67,440.16, and the remaining sum of ₹52,94,136.43 was distributed to the company's equity shareholders in accordance with Section 53(1) of the IBC. The entire process was completed, and a final report was submitted to the IBBI and the Registrar of Companies (RoC) on 1 November 2025.
The Registrar of Companies (RoC) filed a status report (S.R No. 356 dated 21 May 2026) confirming that the company had filed its necessary documents, including its Balance Sheet for FY 2023-2024, Form MGT-14 (for the special resolution), and a Declaration of Solvency in Form GNL-2.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri Sanjiv Jain and Member (Technical) Shri Venkataraman Subramaniam, allowed the petition. The company, Gye Tay Machinery Works (India) Private Limited, is ordered to be dissolved with immediate effect from the date of the order. The liquidator, T R Ravichandran, is discharged from his duties. The RoC is directed to update the status of the company to 'Dissolved'. The liquidator and company officials are directed to preserve the company's books, records, and papers for eight years from the date of dissolution. The RoC is granted liberty to initiate proceedings against the company's officers for any violations of the Companies Act.
Topics: Corporate Dissolution, Voluntary Liquidation, NCLT Order