2022 (2) TMI 1017

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.... Rules, 2020(hereinafter referred to as "CWP Rules") for winding-up the Company under the provisions of the Companies Act, 2013. 2. The brief facts of the case are as under-: a) The company was incorporated on 01.04.2013, under the provisions of the Companies Act, 1956 as a public Company limited by the Shares as Essar Steel Logistics Limited, subsequently the name of the Company is changed to ANMS steel Logistics Limited on 17.09.2020. The copies of certificates of incorporation are also annexed in the petition. The Registered office of the Company is situated at 27th KM, Surat, Hazira, Surat-394270. b) The object of the company is to carry on the business as logistic providers, transporters, booking agents, forwarding....

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....ary General Meeting("EOGM") of the petitioner company which was held on 06.10.2020 has also been unanimously approved by the shareholders of the company to wound up the company. The board resolution and the EOGM also annexed to the petition. g) The petitioner was a wholly owned subsidiary of the erstwhile Essar Steel India Limited ("ESIL"). Pursuant the corporate insolvency resolution process of ESIL, its management was taken. h) In the pursuance of the resolution passed at the EOGM by the board of Directors and the shareholders of the company this petition was filed seeking wound up, of the company under section 272(1)(a) and section 271(a) of the Act. i) The Tribunal vide order dated 24.02.2021 has directed the ....

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....fter 2014. The company is not having any employees and the latest balance sheet specifically noted that the current liabilities of the petitioner company exceed its current assets. The petitioner company's net worth thus stands eroded. Copy of the statement of affairs of the company as at 28th October, 2021 is also annexed to the Provisional Liquidator's report. On an overall evaluation of its circumstances, the Board of Directors of the company has concluded that it would not be possible to revive the operations of the company and had thus recommended winding-up of the company. The company was a wholly owned subsidiary of the erstwhile Essar Steel India Limited("ESIL"). Pursuant to the corporate insolvency resolution process of ESI....

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.... i. Mr. Sameer Ganeshbhai Marathe who is acting, as Provisional Liquidator, hereby appointed as Company Liquidator having IP No. IBBI/IPA-001/IP-P00830/2017-18/11415, to conduct the process of winding-up of the company and the consent letter already annexed with the petition. ii. The Company Liquidator is directed to file an application within three weeks from the date of his appointment for the constitution of the winding-up committee in accordance with the provisions of Section 277 of the Companies Act, 2013. iii. From the date of this order and appointment of the Company Liquidator, no suit or other legal proceedings shall be commenced or if pending on the date of the winding-up order, shall be proceeded with, by or a....