2021 (9) TMI 441

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.... Corporate Person through voluntary liquidation and accordingly it has proposed for voluntarily winding up under Section 59 of the Code, read with Rules and Regulations therein. The Corporate Person has completed requisite formalities and procedure of liquidation in compliance of law and has filed this Petition for its dissolution under Section 59(7) of the Code. 2. The Corporate Person was incorporated on 16.07.1982., having Registered Office at Unit No. CR, 12th Floor, 241-242, Nirmal Building Backbay Reclamation, Nariman Point, Mumbai-400021. 3. The Board of Directors of the Applicant Company were of the opinion that, as there were no operations being carried on by the Applicant Company since 01.04.2018, it is in the best interest ....

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....der proviso to sub-section (3) of Section 59 does not arise. 7. The declaration by majority of directors along with Audited Financial Statements for the Financial Year 2017-18 and 2018-19 and record of the statement of affairs the Applicant company for the period of 01.04.2019 to 31.01.2020, Board of Resolution for Proposal to liquidate the company voluntarily and appointment of Appointment of Mr. Venugopal Madhavan Madhavan Panicker, an Insolvency Professional as the Liquidator of the company, subject to the approval of the members were filed with Registrar of Companies, Mumbai in form GN-2 and MGT-14 on dated 24.02.2020. 8. The directors Mr. Chirag Dinesh Shah, Mr. Dinesh Shantilal Shah, & Mr. Shyam Ranney has affirmed on affidavit ....

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....sed on 23.10.2020. As per Regulation 34 of IBBI Regulations, the Liquidator has duly opened a Bank Account in the name and style of "M/s FF Foto Fast Private Limited - In Voluntary Liquidation" in Union Bank of India (Thane). 12. The Liquidator submitted preliminary report to the IBBI, New Delhi on 25.06.2020, which stated details of the Capital Structure of the company, shareholding and estimated statement of Assets & Liabilities as on 31.01.2020, the statement confirmed that the Bank Balance 'nil'- & Cash in Hand is 'nil' Estimated Liquidation Cost of the company is Rs. 75,000/- & expenses of liquidation is being Rs. 25,000/- The Liquidator further filed audited accounts of liquidation and the statement in accordance wi....