TaxTMI 
TaxTMI 
2019 (1) TMI 1777
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....pany was relating to auto ancillary and main objects of Applicant Company is to carry on the business to manufacture, produce, process, assemble, treat, alter, convert, shape, mix, handle, improve, manipulate, press, hammer, cut, slit, trim, design, edge, grind, mill, machine, and to act as agent, broker, importer, exporter, contractor, buyer, seller, trader, foundryman, consultant, engineer, metallurgist, stockist, distributor, jobworker, vendor, supplier or otherwise, to deal in all shapes, size, forms, descriptions, applications, specifications, dimensions, capacities and varieties and uses of forging, casting and foundry products made from any type of iron, steels and their alloys used in automobiles, railways, waterworks, defence, power plants, oilwells, mines, agriculture, public utilities, constructions, transmissions and for other commercial, domestic and industrial purposes. (iii) The Authorized Share Capital of the Applicant Company is Rs. 45,00,000/- divided into 4,50,000 Equity shares of Rs. 10/- each. The issued, subscribed end paid-up share capital of the Company is Rs. 45,00,000/- consisting of 4,50,000 Equity Share of Rs. 10/- each. (iv) The Memorandum and Artic....
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....ess) Regulations, 2017) to liquidate the company voluntarily and thus appointed Mr. Umesh Ved a practicing Company Secretary & Insolvency Professional having registration No. IBBI/IPA-002/IP-N00136/2017-18/10376 and residing at 9, Madhuvan Apartment, Behind Sukh Sagar Tower, Pragna Society Road, Navrangpura, Ahmedabad-380 009, to act as liquidator of the company. A copy of such special resolution of Extraordinary General meeting has been annexed with the main petition (From page Nos. 68-71). (viii) It is further submitted that, on 31st May, 2017, there were no Creditors in the Company either 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 05th June, 2017, inviting claims of stakeholders, if any, to be submitted within 30 days from the date of commencement of liquidation, i.e., 30th June, 2017. 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 on 8th June, 2017. It is further sta....
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....hrough the Liquidator has prayed for an order to be passed by this Tribunal for dissolution of the applicant company. 4. We heard the submission of Mr. Umesh Ved, being Liquidator of the applicant company, considering the facts and circumstances of the present application. We have also gone through the contents of present petition and examined the merits thereof in conformity with the provisions of Section 59 of the IBC, read with other Regulations. For the sake of convenience, the relevant provisions of Section 59 are being reproduced herein below.' 59. Voluntary 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 may be 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 verif....
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...., and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate person. (8) The Adjudicating Authority shall on an application filed by the liquidator under sub-section (7), pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (9) A copy of an order under sub-section (8) shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered. 5. A perusal of the material available on record, goes 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 Applican....