TaxTMI 
TaxTMI 
2021 (8) TMI 1151
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....kruptcy Code, 2016, after the affairs of the Corporate Person have been completely wound up and its assets having completely liquidated. 2. The Corporate person, Manraj Tradecom Private Limited, was incorporated on 23rd day of July, 2007, under the provisions of the Companies Act, 1956, as a Non Government Company, in the State of West Bengal, and was dealing into business of Wholesale Trading in items including cloth. 3. As required under Regulation 3(1)(a) of the Liquidation Regulations, 2017, read with Section 59(3)(a) and (b) of the Insolvency and Bankruptcy Code, 2016, the Directors of the Corporate person, namely, Manju Pandey and Rajeev Pandey, had given their declaration of solvency on 28th January, 2019, in affidavit form in ....
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....nkruptcy Code, 2016, read with Rule 3 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation, 2017, the consent of the members of the Company be and is hereby accorded to liquidate the affairs of the Company, as the voluntary Liquidation with effect from 23rd February, 2019. 2. Resolved that pursuant to the provisions of Section 59(3)(c) of Insolvency and Bankruptcy Code, 2016, read with Rule 3(1)(c)(ii) of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation, 2017, Mr. Kamal Nayan Jain (IBBI/IPA-001/IP-P00029/2016-2017/10065), an insolvency professional of Kolkata, be and is hereby appointed as the liquidator of the Company for the purpose of the Voluntary liquidation ....
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....2019, in "Financial Express" in English and in "Sukhabar" in Bengali newspapers. 9. After the public announcement, the Liquidator had received two claims from the Shareholders of the Corporate person within the due date mentioned in the public announcement and that there was no claim from any other Creditors. After due verification, the Liquidator had admitted the claim of each Shareholder. 10. After observing the financial statements of the Corporate person, the Liquidator prepared the list of assets, which need to be liquidated. The assets consisted of Fixed Asset, Non current investments, Cash in hand and Balance with Bank. As per Regulation 34(1) of the IBBI (Voluntary Liquidation Process), Regulation, 2017, the Liquidator opened ....
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....sposed off. 15. On completion of liquidation process, the Liquidator had prepared a final report dated 18th February, 2020, as per Regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, consisting of Audited accounts of the Liquidator's Receipt & Payment, a statement that all the assets of the Corporate person have been disposed of, the debt of the Corporate person has been discharged. 16. It is stated in the report of the Liquidator that there is no litigation pending against the Corporate person before any statutory authority or before any other forum and, therefore, there is no such requirement to make any provisions to meet the obligations. 17. As per Regulation 38(2) of the IBBI(Voluntary Liquidation ....
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....ents and record of business operations of the company for the previous two years or for the period since its incorporation, whichever is later; ii) A report of the valuation of the assets of the company, if any, prepared by a registered valuer; (c) within four weeks of a declaration under sub-clause 9(a) there shall be- i) A special resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liquidator; or ii) A resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily as a result of expiry of the period of its duration, if any, fixed by its ar....
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....fidavit/declaration also accompanies independent Auditor's Report submitted to the members of the company, which contains all the legal and regulatory requirements that the Company has no loans or borrowings payable to any financial Institutions, or Banks or Government and no dues are payable to debenture holders. It has been stated in the Report that on the basis of examination of books and records of the Company and according to the information and explanation provided to the Auditors, no fraud by the company or on the company by is Officers or employees have been noticed or reported during the period covered in the audit. The affidavit also accompanies Balance sheet for the year ended 31st March, 2018 and the provisional Financial St....