TaxTMI 
TaxTMI 
2021 (6) TMI 701
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....an Medical Private Limited (hereinafter referred to as "the Company") seeking for the dissolution of the Petitioner Company. 2. It is stated in the Petition that the Petitioner Company intended to liquidate voluntarily and initiated liquidation proceedings as per the provisions of Chapter V. of Voluntary Liquidation of Corporate Debtor, 3. The Petitioner Company was originally incorporated on 15.07.2009 under the provisions of the Companies Act, 1956 as a company limited by shares. The Registered Office of the Applicant Company is situated at 1st Floor, Door No. 119 & 120, Trichy Road, Odipudur, Coimbatore-641016. The main object of the Company is to carry on the business of manufacturer, processor, producer, of all kinds and varietie....
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....(Voluntary Liquidation Process) Regulations, 2017, read with rules or regulations thereunder, as amended and other applicable laws, if any (including any amendment or re-enactment thereof) (collectively called as Insolvency Laws") and accordance with provisions of the Articles of Association of the Company, the consent to the Members of the Company be and is hereby accorded to voluntarily liquidate the affairs of the Company. RESOLVED FURTHER THAT pursuant to the provisions of section 59 of the IBC, 2016 read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, as may be applicable, the voluntary liquidation shall be deemed to have commenced upon the passing of this Special Resolution for....
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....THAT pursuant to regulation 4 of the Liquidation Process Regulations, 2017 and IBC, 2016 as May applicable and upon the passing of this Special Resolution, the powers of the Board of Directors of the Company shall cease, which powers of the Liquidator shall assume for the purpose of carrying out his duties and functions as a liquidator, in order to effect the liquidation of the company, and for all matters incidental and consequential thereto. 7. It is averred in the application that the date of passing the said resolution is the liquidation commencement date., on and from 25.05.2019 that the company has ceased to carry on its business from the year 2018-2019. 8. The Learned Counsel for the Applicant submitted that, the Liquidator has....
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....submitted their declaration of solvency to the ROC, Chennai and IBBI on 30.05.2019. 11. Thereafter, the liquidator has obtained the audited Balance sheet as on 30.03.2019; as per which share capital of the company stood at Rs. 77,71,348/- from the date of commencement of the Voluntary Liquidation. The summary financial results of the company performance during the period of ended 31.03.2019 is as follows:- 12. The Learned Counsel for Applicant submitted that, in accordance with Regulation 8 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Liquidator has prepared and submitted the following to stakeholders:- a) Preliminary Report was submitted on 06.08.2019 stating that the Company is not doing any business a....
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....rtificate dated 06.01.2020 on the liquidation accounts of the Company, showing receipt and payments to and from the Liquidator, since the liquidation commencement date i.e. 25.05.2019. The said certificate confirms and states the following:- a) That the company does not have any pending litigations which would impact its financial position; b) Proper books of accounts as per law have been maintained; c) The Company did not have any long term contracts including derivatives contracts for which there are any foreseeable material losses; and d) That there are no amounts that require to be transferred to the Investor Education and protection Fund by the Company. 17. It is further submitted that in the fina....
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....ator has satisfied that the company is not being liquidated to defraud any person. 20. It was also submitted that the requirement for distribution under Regulation 35 of the IBBI (Voluntary Liquidation Process) Regulations, 2017 and as such the Liquidator has completed the liquidation process within 12 months as stipulated under Regulation 37(1) of the IBBI (Voluntary Liquidation Process) Regulations, 2017 from the voluntary liquidation commencement date. Further, it was submitted that upon completion of the Liquidation Process, the Final Report in accordance with Regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017 was prepared and the same was filed with the RoC and the IBBI on 08.01.2020; the copy of the Final R....