2019 (10) TMI 541

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.... (in Voluntary Liquidation) under Section 59(7) of the IBC Code, 2016, by inter alia seeking for dissolution of the Company M/s. Zettata Technologies Private Limited (CIN: U72200KA2013FTC071486) under the provisions of Section 59(8) of the Insolvency and Bankruptcy Code, 2016, etc. 2. Brief facts of the case, as mentioned in the Company Petition, are as follows: (1) M/s. Zettata Technologies Private Limited (Applicant Company) (in Voluntary Liquidation) is a Private Limited Company was incorporated on 18.10.2013 under the provisions of the Companies Act, 2013, vide CIN:U72200KA2013FTC071486. The Company was incorporated as a subsidiary of Zettata lnc USA.It is submitted that the main objects of the Company according to the Memor....

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....un the Company and it was proposed to initiate voluntary liquidation of the Company. The Board of Directors decided to Voluntary Liquidate the Company on August 14, 2017 and executed a declaration, as required under Section 59(3) of the IBC, 2016. A Special resolution of the members of the Corporate person was obtained within 4 weeks hereof, on August 28, 2017. (4) It is submitted that the Corporate person duly informed the RoC and the IBBI as required under Section 59(4) of the Code. (5) It is submitted that the Applicant, being appointed as the liquidator for voluntary liquidation, caused a public announcement in terms of Regulation 14 of the IBBI (Voluntary Liquidation Process) Regulations, to be published in one Englis....

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....mated the Registrar of Companies (ROC) the fact of commencement of Liquidation, and invited their objections and claims, if any, to the Voluntary Liquidation. The letter to the ROC dated September 2, 2017. The Applicant further submits that no objections or claims were received from the ROC. (10) The Applicant also informed the Jt. Director General of Foreign Trade (DGFT) the fact of commencement of Liquidation, and invited their objections and claims, if any, to the Voluntary Liquidation. The Applicant states that no objections or claims were received from the DGFT and also the status of the Import Export number is shown as cancelled in the DGFT records. (11) The Applicant also informed the Provident Fund Commissioner (PF....

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.... Meeting of the Contributories was called to be held on September 10, 2018. The Liquidator furnished the Annual Status Report dated September 03, 2018 along with the Audited accounts of the liquidation since the liquidation commencement date i.e., August 28, 2017 to August 27, 2018 showing the receipts and payments pertaining to liquidation. (15) It is submitted that the Applicant thereafter proceeded to make distributors as per the distribution mechanism mentioned in Section 53 of the Code. All the remaining funds were distributed to the stakeholders and there were no unclaimed or undistributed funds. (16) It is submitted that the above and the closure of the Bank Account of the Company, the entire process of liquidation ....