The Chennai National Company Law Tribunal (NCLT) on 16 July ordered the dissolution of Ashok Leyland John Deere Construction Equipment Company Private Limited after finding that the company had completely wound up its affairs and liquidated all its assets.
A Bench comprising Judicial Member Sanjiv Jain and Technical Member Venkataraman Subramaniam passed the order under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (which empowers the Tribunal to order dissolution after completion of voluntary liquidation). It held:
“Accordingly, in exercise of the powers conferred under Section 59(7) of IBC, 2016, we order for the dissolution of Ashok Leyland John Deere Construction Equipment Company Private Limited.”
Ashok Leyland…