TaxTMI 
TaxTMI 
2021 (7) TMI 1178
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....plicant Company was incorporated on 13.03.2018 under the provisions of the Companies Act, 2013. The main object of the Company is to carry on all kinds of financials, loans and advance business that are permitted for a Non Banking Financial Company viz. but not restricted to micro credit, micro finance, hire purchase, leasing, loans, chits, etc. The details of the main objects are set out in the Memorandum of Association which is filed along with the typed set. 3. It is stated in the Petition that the Company was incorporated for commencing Non - Banking Financial Company business and has applied for certificate of registration under Section 45-IA of the RBI Act, however the RBI has declined to issue Certificate of Registration, vide its o....
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....ocess) Regulations, 2017, a Special Resolution dated 02.19.2019, was passed at the meeting of the Company to liquidate itself and to appoint the Liquidator, which is placed at pages 40 to 41 of the typed set filed along with the Application. Further, the same was notified to the RoC and IBBI within 7 days, as per Section 59(4) of IBC, 2016, which is placed at page 136 of the typed set filed along with the Application. 7. The Learned Liquidator submitted that he had issued a Public announcement dated 06.09.2019 as required under Regulation 14 of IBBI (Voluntary Liquidation Process) Regulations, 2017 within 5 days of his appointment, one in "Indian Express (English) and the other in vernacular "Dinamani" (Tamil) and the same is placed at pag....
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....f all money due to the Corporate Person. 11. It is seen from the averments made in the Application that the total assets of the Company were represented only in cash to the tune of Rs. 2,00,01,500/- and out of the said amount, a sum of Rs. 94,702/- was utilized for liquidation expended and the balance amount of Rs. 1,99,06,798/- was distributed to all the six equity shareholders who have submitted their claim before the Liquidator and the details of the same is placed at page 130 to 134 of the typed set filed along with the Application. 12. It is also submitted that post making various legal, statutory and non statutory payments and after distribution of funds to the shareholders of the Company, the liquidator has made an Application for ....