AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
2019 (1) TMI 1777
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.... (ii) The business activity of the Applicant Company 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 4,50,00....
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....olution (Required under Section 59 of the Code, read with the Insolvency and bankruptcy Board of India) (Voluntary Liquidation Process) 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 (IBB....
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....the Bank Statement showing nil balance has been annexed with the main petition (from Page Nos. 111-113). 3. For the aforesaid reasons, the applicant company through 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 l....
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....(3). (6) The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as maybe necessary. (7) Where the affairs of the corporate person have been completely wound up, 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....
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....ed. 10. The Liquidator has filed copies of paper publication and also copy of public announcement in Form-A. The Liquidator has duly complied with by taking necessary steps of liquidation process. He has stated that he opened an account in the name of Corporate Person with Corporation Bank for realization and payment to the members. He has also intimated to the Income Tax Department and paid their dues, details thereof are furnished by the Liquidator. He has also filed preliminary report shown as Annexure-J. He has also obtained No Objection Certificate from the Income Tax Department, through email dated 25th September, 2017, and other statutory authorities by informing for surrender of company's Registration Certificate of Central Excise dated 10th October, 2016, and surrender of company's Registration Certificate of Service Tax dated 10th October, 2016 and surrender of company's Registration Certificate of VAT dated 3rd October, 2016 are also enclosed. He has filed certificate of Auditor and also final report submitted to the Registrar of Companies in form GNL-2 and was sent to IBBI through email and by Registered Post and the same is marked as Annexure-II. 11. ....