In the matter of Hankook Tires India LLP

1. The present Application has been filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 seeking dissolution of the Applicant LLP upon completion of the voluntary liquidation process.

2. It is seen from the records that the Designated Partners and Partners of the Applicant LLP, vide Resolutions dated 28.12.2021 and 29.12.2021 respectively, approved the voluntary liquidation of the Applicant LLP and appointed Mr. Sapan Mohan Garg as the Liquidator. The said resolutions have been placed on record, and read thus:-

In IB-306/ND/2023 Hankook Tires India LLP

Resolution dated 28.12.2021

In IB-306/ND/2023 Hankook Tires India LLP

Resolution dated 29.12.2021

3. The Application is accompanied by the Declaration of Solvency furnished by the Designated Partners in pursuance of Section 59 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 3 of the IBBI (Voluntary Liquidation Process) Regulations, 2017. The relevant excerpt of the declaration reads thus:-

In IB-306/ND/2023 Hankook Tires India LLP

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In IB-306/ND/2023 Hankook Tires India LLP

4. The Application is accompanied by the copy of the Final Report along with Compliance Certificate in Form-H, copy of the extract of the Resolution dated 29.12.2021 passed by the creditors of the Applicant LLP, copies of intimations regarding initiation of the voluntary liquidation process submitted to the Registrar of Companies, IBBI and other authorities, copy of Form-A being the public announcement published in newspapers, extract of the master data, copy of the list of stakeholders prepared by the Liquidator, copy of the Preliminary Report filed by the Liquidator on 25.02.2022, and copy of the Annual Status Report along with audited accounts of the liquidation process. 5. In compliance with Regulation 34 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Liquidator opened a bank account in the name of “HANKOOK TIRES INDIA LLP IN VOLUNTARY LIQUIDATION” with Axis Bank for the purpose of realizations and payments during the liquidation process, as mandated under Regulation 34(1) of the said Regulations. The said account was subsequently closed on 30.03.2023. 6. The Registrar of Companies has filed its report dated 12.12.2023 stating that no inquiry, inspection, complaint or legal action has been initiated or is pending in respect of the affairs of the Applicant LLP. The brief report of the Registrar of Companies reads thus:-

In IB-306/ND/2023 Hankook Tires India LLP

7. Our attention is also drawn to the report filed by the Income Tax Department dated 07.04.2025, wherein it has been mentioned that the assessee LLP has no outstanding liability payable towards dues of the Income Tax Department. The relevant excerpt of the said report reads thus:-

In IB-306/ND/2023 Hankook Tires India LLP

8. In view of the prayer made by the Income Tax Department in its report, it is clarified that the voluntary liquidation of the Applicant LLP shall remain subject to the condition that the Applicant LLP shall clear and pay all tax liabilities, if any due, and shall be subject to all pending appeals or proceedings, if any, under the Income-tax Act, 1961, in accordance with law. 9. As borne out from the record, intimation regarding commencement of the voluntary liquidation process was furnished to the Registrar of Companies, Income Tax Department and IBBI. Reports have been filed by the Registrar of Companies and the Income Tax Department. No report or objection has been received from IBBI. {{ 10. As per Regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, upon completion of the liquidation process, the Liquidator is required to prepare the Final Report. It is seen from Annexure A-1 that the assets and affairs of the Applicant LLP have been liquidated and settled to the In IB-306/ND/2023 Hankook Tires India LLP satisfaction of stakeholders/creditors. The Liquidator filed the Final Report dated 05.04.2023 stating that the liquidation process stood completed and also forwarded a copy thereof vide e-mail dated 06.04.2023 to the Registrar of Companies as well as IBBI. 11. It can be seen from the final report that till the last date for submission of claims, i.e., 10.02.2022, the Liquidator received three claims from operational creditors aggregating to INR 19,92,600/-, out of which claims amounting to INR 16,32,600/- were admitted by the Liquidator. The relevant excerpt of the Final Report reads thus:-

In IB-306/ND/2023 Hankook Tires India LLP

In IB-306/ND/2023 Hankook Tires India LLP

In IB-306/ND/2023 Hankook Tires India LLP

12. In the wake of the aforementioned facts and circumstances, and being satisfied that the voluntary liquidation process of the Applicant LLP has been duly conducted in accordance with the provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016 read with the IBBI (Voluntary Liquidation Process) Regulations, 2017, this Adjudicating Authority hereby passes an order under Section 59(7) of the Code and directs that the Applicant LLP, namely HANKOOK TIRES INDIA LLP, shall stand dissolved from the date of this Order. 13. It is clarified that the dissolution of the Applicant LLP shall remain subject to clearance/payment of any tax liabilities, if found due, and subject to pending appeals or proceedings, if any, under the Income-tax Act, 1961, in accordance with law. 14. In terms of Section 59(9) of the Insolvency and Bankruptcy Code, 2016, the Liquidator is directed to file a copy of this Order with the concerned Registrar of Companies and Insolvency and Bankruptcy Board of India within fourteen (14) days from the date of receipt of this Order. The petition stands allowed and disposed of. No Cost.

-Sd/- -Sd/- (ATUL CHATURVEDI) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)

Poonam/Hitesh

In IB-306/ND/2023 Hankook Tires India LLP