2022 (5) TMI 410

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.... Ritesh Prakash Adatiya, Liquidator, for voluntary liquidation of the Petitioner/Corporate Person. 3. The object of the application is to ultimately obtain the sanction of this Tribunal for the voluntary liquidation of Rusi & Zarin Gimi Family Holdings Private Limited ("the Company" or "Applicant Company"), pursuant to Section 59 of The Insolvency and Bankruptcy Code, 2016 read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process, Regulations, 2017). 4. Rusi & Zarin Gimi Family Holdings Private Limited, the Applicant Company was incorporated on 4th June 1998 under the provisions of the Companies Act, 1956 as a Family Holding Company in order to facilitate a share sale agreement between Selvel Advertising Privat....

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.... 30 days for the date of commencement of liquidation i.e., August 25, 2020. The public Announcement was simultaneously submitted to the Insolvency and Bankruptcy Board of India (TBBI) to place the same on its website. The same was published on the IBBI website on August 28, 2020. Exhibit-E Colly; Pg. No. 171 8. The special resolution passed by the members of the Company for the commencement of liquidation and the appointment of liquidator filed with the Registrar of Companies, Kolkata in e-form MGT 14 on 29.08.2020 vide SRN R51857134. Exhibit-F Colly; Pg. No. 176 9. The declaration by the majority of the Directors along with audited financial statements and record of business operations of the company for the previous two years, the audit....

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....on" for realization and payment to the creditors and Members. Exhibit-H Colly; Pg. No. 188 12. As required under Regulation 9 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process, Regulations, 2017), the Liquidator submitted its preliminary report to the Company on October 9, 2020. Exhibit-J; Pg. No. 219 13. The assets of the Company are comprised of investments in private limited companies. Since these would not fetch an appropriate buyer and justified valuation, it was not considered advisable to sell the assets. Pursuant to discussions with stakeholders of the corporate person, it was decided to liquidate the corporate person by transferring the shares of the investee companies directly to the sole shareholder....