TaxTMI 
TaxTMI 
2020 (2) TMI 696
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....te Limited under provisions of the Code. 2. Brief facts of the case, as mentioned in the Company Petition, as follows: (1) M/s. GTS COIL Private Limited, hereinafter referred to as Company, was incorporated under the provisions of the Company Act, 1956 on 08.04.2013 with the objective of manufacture, assemble, fabricate, install or otherwise deal in coils and heat exchangers to be used in the manufacture of air conditioning, refrigeration and cooling units, for any producer, whether situated in India or overseas. Initially, the business of the Company was quite remunerative. But presently, the Company is low in operation and the Company is running with a very thin and meager margin, which does not cover the interest cost of the ....
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....7-18/10686 to act as Liquidator of the Company. (4) The applicant submits that the only creditor of the Company had provided their consent confirming the special resolution passed by the Members for liquidation and also provided their claim. (5) The Liquidator made a public Announcement of commencement of liquidation in Form A, in Financial Express, English Newspaper and Vishwa Vani, Kannada Newspaper on 4th January, 2019, seeking submission of the claim by the stakeholders, if any within 30 days from the date of commencement of liquidation i.e. 2nd January, 2019. The Public Announcement was simultaneously submitted to the Insolvency and Bankruptcy Board of India (IBBI) to place the same on its website. The same was publis....
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....8,17,601 Payment to Consultants 1. Payment made for filing MGT-14 & GNL-2 (two forms) and for INC-28 2,400 2. Fee to Consultants for accounting, preparing filing of two (one for filing declaration & another for filing final report) GNL-2. 29,200 3. Fee to documentation, representation before Central Excise Authorities to obtain refund of disputed CENVAT credit receivables of Rs. 13,64,228/- 2,29,500 4. Fee for De-registering the registrations of the company with 8 (eight) applicable Regulatory Authority 67,500 5. Final Audit Cost & Fee 45,000 6. Bank Charges, printing, notary, conveyance, and miscellaneous charges 14,224 3,87,824 Payment to Members ....
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....n 178 of the Income-tax Act, 1961, the Liquidator intimated the commencement of liquidation and appointment of Liquidator to the Income Tax Authority on 08.01.2019. Thereafter, the Company has received No Objection Certificate from the IT department on 22.04.2019. The Auditors Certificate on the liquidation, showing receipts and payments pertaining to liquidation since the liquidation commencement date. A copy of final report showing the realisation and payment to the Statutory Authorities, creditors and Members of the Company, containing the details as required under regulation 38. A Copy of final report was submitted to the Registrar of Companies in form GNL-2 and was sent to the IBBI through e-mail and registered post. (9) Subse....