TaxTMI 
TaxTMI 
TaxTMI 
2021 (2) TMI 517
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....ntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016 ('Code') read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process ) Regulations, 2017 ('IBBI Regulations'). 2. The Company was incorporated as a Public Limited Company under the provisions of the Companies Act, 1956, on 01.04.2011, bearing CIN U61100RJ2011PLC034702 and with its Registered Office located at Gadepan, District Kota 325208 (Rajasthan). The Authorized share capital of the Company is Rs. 55,00,00,000/- (Rupees Fifty Five Crore Only) divided into 4,50,00,000 equity shares of Rs. 10/- each and 1,00,00,000 redeemable preference shares of Rs. 10/- each. The paid-up share capital of the Company is Rs. 25,0....
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....Company will be able to pay its debts in full by way of voluntary liquidation and the company is not being liquidated to defraud any person. The Directors have appended to the aforesaid affidavit, audited financial statements and record of business operations of the Company of previous two financial years, viz. year ending 31.03.2017 and 31.03.2018. It is stated in the Independent Auditor's Report dated 07.05.2018 that the Company has no fixed assets and inventory. Copy of Auditor's report is annexed as Annexure-C to the Application. 6. The members of the Company in Extra-Ordinary General meeting held on 10.12.2018, which is within prescribed time limit, had passed a Special Resolution to liquidate the Company voluntarily and....
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....Tax Act 1961. Copy of the said intimation to the Income Tax Department of the Liquidator's appointment is annexed as Annexure-I with the Application. 10. The authorised representative of the Liquidator has submitted an affidavit along with copy of letter dated 24.02.2020 from Income Tax officer wherein it has been stated that the Company was filling ITR regularly and there are no demands / proceedings pending against the Company. 11. It is seen from the record that Registrar of Companies, Jaipur (ROC) had filed its reply stating that the Company has filed following documents: a. MGT-14 vide SRN H33009242 dated 10.12.2018 in respect of special resolution for voluntary winding up of the company passed by the members and ap....
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....otion, formation or failure of the company or conduct of its business. 13. The copy of the final report of the Liquidator dated 09.12.2019 is annexed to the application, detailing how the liquidation process has been conducted. It was seen from the record that pursuant to Regulation 35 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the Liquidator had made payments to all stakeholders by 07.12.2019. It is further seen that there are no assets except cash & cash equivalents which had been utilized in connection with payment of Liquidator's fees, liquidation expenses, audit expenses, dividend distribution tax and distribution of surplus to the members of the Company. In short, the affa....