2021 (11) TMI 197

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....rkute. 2. Heard, Ld. Counsel for the Petitioner Company (Benzoin Trades and Agencies Pvt. Ltd.). 3. Learned Counsel for the Petitioner submits that Petitioner Company was in the business of the trading edible Oil and other Agro products. The Petitioner Company has not performing well for several years due to adverse market condition and the fact that the market leader in the edible oil industries was undergoing Insolvency process under the IBC Code, 2016 and could not supply any goods to the Petitioner Company. Due to this the Petitioner Company has incurred severe losses and has also not carried on any business for several years. The liabilities of the Petitioner Company have a negative net worth of Rs. 162.83 Crore. 4. Further it....

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....dues/objection before dissolution of the Company. (2) The Liquidator may be appointed for the Company, if the Tribunal deems fit under Section 275(1) of the Companies Act, 2013 to take all necessary steps. (3) The Liquidator may be directed to file the order of dissolution in INC28 with RoC, Mumbai for updation of records of the Company in master data. 8. In View of above observations of RoC, Learned Counsel of the Petitioner Company submits as under:- (a) The Petitioner Company undertakes to serve notice to the Income Tax Department within a period of thirty days of appointment of the Liquidator, as required under Section 178 of the Income Tax Act, 1961. The Ld. Counsel for the Petitioner Company also submits ....

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....(3) of the Companies Act, 2013 r/w Companies (winding up) rules, 2020 and orders of the said liquidator to forthwith take charge of the property and effects of the Petitioner Company. (c) This Bench hereby directs the Liquidator to file a declaration as required u/s. 275(6) of the Companies Act, 2013 within seven day of his appointment. (d) Within fourteen day of the date of this order, the Petitioner Company to publish notice of the winding up order. Having being passed in the English newspaper "Business Standard" and in vernacular language "Navshakti" in Marathi newspaper. (e) This Bench hereby directs the directors and other officer of the Petitioner Company to comply with Section 274(3) and submit the report w....