2020 (5) TMI 274

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.... 2. The averments made in application are : (A) The corporate person was incorporated on February 17, 1995 under the Companies Act, 1956 bearing CIN No. U70102TG1995PTC019475. Its authorized share capital is rupees one crore only (Rs. 1,00,00,000) and its paid-up capital is rupees forty-six lakhs and fifty thousand (Rs. 46,50,000). (B) The company was incorporated for the purpose to carry on the business of construction and allied activities. The directors were not willing to run the company. As the company had no intention to carry on or to start any new business activities, it was decided to discontinue and wind up the company under the provisions of the voluntary liquidation process of the Insolvency and Bankruptcy Co....

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....gust 31, 2019. (G) As per the books of account, the company has no liabilities and had only one asset in the form of immovable property bearing House No. 8-2-293/82/A/577 and 8-2-293/82/A/STT/A on plot No. 577 and 577A, situated at Jubilee Hills, Road No. 32, Hyderabad, Telangana and a cash of Rs. 2,40,340 in the bank. The book value of the immovable property as per the fixed asset schedule forming part of the balance-sheet as on February 28, 2018 was Rs. 31,57,654. (H) The value of immovable property as per the valuation report dated May 4, 2019 is Rs. 10,32,35,000 (rupees ten crores thirty-two lakhs and thirty-five thousand only). (I) The audited statement of accounts and declaration of solvency by the board of ....

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....bt in full from the proceeds of the assets to be sold in the voluntary liquidation and the company is not being liquidated to defraud any person has to be filed. 6. The directors of the company passed a resolution for voluntarily liquidating the company. The liquidator also filed the declaration of solvency by directors dated March 31, 2018, i. e., Mr. Gunupati Venkateswara Prasad and Ms. Gunupati Anuradha, who have given their declaration of solvency as contemplated under section 59(3)(a) of the Insolvency and Bankruptcy Code, 2016. 7. The shareholders of the company at the extraordinary general meeting held on March 31, 2018 have approved the voluntary liquidation of corporate person. I have seen the minutes of the extraordinary gen....