2021 (6) TMI 240

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....fter referred to as "IBC, 2016"), seeking for the dissolution of the Applicant Company. 2. The Applicant Company was incorporated on 18.12.1997 under the provisions of the Companies Act, 1956. The main object of the Company is to carry on the business of conducting feasibility studies, preparation of feasibility reports, conceptual and basic engineering and design services and to enter into any contracts in relation to and to erect, construct, maintain alter, repair, demolish and restore power plants, infrastructure facilities and related plant, equipments, constructions and systems, etc. The details of the main objects are set out in the Memorandum of Association which is filed along with the typed set. 3. The Authorized share capita....

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.... of IBC, 2016, which is placed at page 103 to 111 of the typed set filed along with the Application. 7. In further compliance, the audited financial statements of the previous two years viz. 2017-18 and 2018-19 were filed with the RoC and the proof of the same is placed at page 90 to 92 of the typed set filed along with the Application. Further, it is seen that Liquidator has issued a Public announcement dated 15.06.2019 as required under Regulation 14 of IBBI (Voluntary Liquidation Process) Regulations, 2017 within 5 days of his appointment, one in "The New Indian Express" (English) and the other in vernacular "Dinamani" (Tamil) and the same is placed at pages 99 to 102 of the typed set filed along with the Application. It is also submi....

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....I (Voluntary Liquidation Process) Regulations, 2017, the Liquidator has opened a Bank account in the name of "Jurong Engineering (India) Private Limited (in voluntary liquidation) with the ICICI bank, for realization and payment of the proceeds to the stakeholders. 11. Further, it is also seen from the payment to the stakeholders which is placed at page 122 of the typed set filed along with the Application that as per Regulation 35 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Liquidator has distributed the payments to the stakeholders and after distributing the same a sum of Rs. 1,26,56,211/- was remaining in the account and the said sum was paid to M/s. Jurong Engineering Limited, Singapore, which is the Holding Co....