TaxTMI 
TaxTMI 
2020 (5) TMI 274
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.... : (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 Code. (C) The company has only two shareholders, i. e., M....
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....rty 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 directors of the applicant-company were filed with Registrar of Companies. Further as per the audited financials as on the liquidation commencement dated M....
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....tors 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 general meeting giving consent to liquidate the company voluntarily and appointing Ms. M. S. Mano Ranjani, insolvency professional as liquidator and later changed it to advocate Dr. ....