TaxTMI 
TaxTMI 
2019 (7) TMI 1357
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.... its Registered Office at 530, Kundal, Kadi-Kalol Road, Tal. Kadi, Distt. Mehsana, Gujarat State. ii) The business activity of the Applicant Company was to manufacture, produce, buy, sell, distribute, import, export, deal in and dispose of printing machinery and wire-stitching machinery and its parts and also to manufacture precision machinery and parts and also to repair and to assemble printing machinery and precision machinery. iii) The Authorized Share Capital of the Applicant Company is Rs. 30,00,00,000/- divided into 3,00,000 Equity shares of Rs. 10/- each. The issued, subscribed end paid-up share capital of the Company is Rs. 25,00,000/- consisting of 2,50,000 Equity Share of Rs. 10/- each. iv) The Memorandum and Articles of Association is marked as Annexure-B in the main petition from page Nos. 10-57). v) The details of the Directors of the Applicant Company under liquidation are described as under: Name DIN Designation M/s. Gordhanbhai Patel 00163552 Managing Director Kantilal Panchal 00163645 Wholetime Director Jitendrakumar Patel 00538658 Director Chandubhai Panchal 00789307 Director ....
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....ther the Secured or Unsecured. The Liquidator has made public announcement of commencement of liquidation in Form A, "Indian Express", English Newspaper and Financial Express, Gujarati Newspaper on 10th January, 2018, inviting claims of stakeholders, if any, to be submitted within 30 days from the date of commencement of liquidation, i.e., 05th February, 2018. A copy of the Public announcement was simultaneously sent to the Insolvency and Bankruptcy Board of India (IBBI) with request to place it on its website. Hence, the same was also published in the website of IBBI. It is further stated that upon the commencement of liquidation, to liquidate the Company Voluntarily and appointment of liquidator was duly informed to the Registrar of Companies, Gujarat, in Form MGT-14 and Form GNL-2, which are also annexed with the present petition. The MGT-14 and Form GNL-2 filed with the Registrar of Companies, Gujarat, has been approved and taken on record. ix) It is further informed that the liquidator also opened a bank account in the name of "Max Machinery Manufacturing Company Private Limited in Voluntary Liquidation" with Corporation Bank, C.G. Road, Ahmedabad, Gujarat State for r....
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....tary liquidation of corporate persons- (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter. (2) The voluntary liquidation of a corporate person under sub-section shall meet such conditions and procedural requirements as maybe specified by the Board. (3) Without prejudice to sub-section (2), voluntary liquidation, proceedings of a corporate person registered as a company shall meet the following conditions, namely:- (a) a declaration from majority of the directors of the company verified by an affidavit stating that- (i) they have made a full inquiry into the affairs of the company and they have formed an opinion that either the company has no debt or that it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation; and (ii) the company is not being liquidated to defraud any person; (b) the declaration under sub-clause (a) shall be accompanied with the following documents, namely:- (i) audited financial statements and record of busin....
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....ion (8) shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered. 5. On perusal of the material available on record, goes on to show that the Board of Directors of the Company has taken a conscious decision to close down the company due to non-availability of business prospects and non-availability of long-term financial resources, thus, as per them, it would not be a wise decision to carry on the business activities of the company from the economic point of view. Therefore, Company's Board of Directors proposed to liquidate the company voluntarily by invoking the provisions of Section 59 of the IBC. 6. It is also made clear through the present petition that the Applicant Company is having no creditors, i.e. either secured creditors or unsecured creditors. Thus the company was having its own resources and net worth, which are already distributed / apportioned of among its shareholders. The company has duly passed necessary Special Resolution in its Extraordinary General Meeting (EOGM) on 08th December, 2017 by confirming the decision of its Board of Directors by proposing its Voluntary Liquidation. The....