TaxTMI 
TaxTMI 
2021 (1) TMI 111
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....r Raman by inter alia seeking an order under Section 59(8) of the I&B Code, 2016 for dissolution of the Corporate Person through voluntary liquidation, etc. 2. Brief facts of the case, as mentioned in the Company Petition, which are relevant to the issue in question, are as follows: (1) M/s. Flocare Labs India Pvt. Ltd. (hereinafter as 'Company / Corporate Person') was incorporated on 13.03.2018 under the Companies Act, 2013 with CIN: U72900KA2018FTC111057 and having its registered office at C-302, Oceanus Frescia Enclave, Bellandur, Bangalore-560103. The Authorized Share Capital of the Company is Rs. 10,00,000/- (Rupees Ten Lakhs only) divided into Equity Shares of Rs. 10 each and its Issued and Paid-up Share Capital is....
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.... the Company did not owe any debts to any person at the commencement of winding up and therefore, securing consent of creditors representing two-thirds in value of debt of the Company to the Special Resolution passed within 7 days as contemplated under the proviso to Sec. 59(3) of the Code does not arise. Pursuant to Sec. 59(4) of the Code, the Company duly informed the Registrar of Companies and Insolvency and Bankruptcy Board of India about the Special Resolution passed for the Voluntary Liquidation of the Company within 7 days of passing the Special Resolution. (6) The Applicant submits that he was fully qualified to be appointed as the Liquidator in relation to the Voluntary Liquidation of the Corporate Person. In terms of Regu....
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.... (10) It is stated that the Company did not have any Assets that were to be realised and that the only Asset in the Company's books was the bank balance and it did not have outside liabilities to be paid as per its books (except the subsequent demand raised by IT department which was duly paid). And in response to the public announcement, no claims were received. (11) Pursuant to Regulation 8(1) of the Regulations, the Applicant made a Preliminary Report to the Company on 31.03.2020. Since no claims were received by the Applicant, there was no question of verification of claims. (12) Further, the Applicant prepared a List of Stakeholders within 45 days of the last date for receipt of claims and shared the same wi....
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....d. The Liquidator's Statement of Account showing summary of receipts and payments pertaining to the period 20.02.2020 to 30.09.2020 is given hereunder: Receipts Amount (Rs.) Payments Amount (Rs.) To Opening Cash and Bank Balance 5,75,051.86 By Public Announcement expenses 24, 192.00 By Professional Fees paid 15,900.00 By Pending Income Tax demand paid 1,540.00 By Liquidators Remuneration (including GST) 413,000.00 By Bank charges 9,999.95 By Final Distribution to stakeholders 1,084,419,91 By Closing Ca....
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.... 4. In view of the above facts and circumstances, namely, that the Applicant Company had not conducted any business or operations for quite some time, the scope of business that the Company was expecting from its parent Company had reduced and therefore it was no longer viable to run the business and that the Board of Directors upon discussions, approved the proposal to voluntarily liquidate the Company. The Liquidator has complied with all the conditions and procedural requirements as specified under various provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016 and of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, before initiating Voluntary Liquidation Process of the....