TaxTMI 
TaxTMI 
2022 (5) TMI 757
X X X X Extracts X X X X
X X X X Extracts X X X X
....s follows: a) The Corporate Person i.e., M/s. Raajeevan Hospitals Private Limited is a Private Limited Company incorporated under the provisions of Companies Act, 1956 on 21.08.1987 bearing CIN No. U85110AP1987PTC007710 and the Authorized Share Capital of the Company is Rs. 20,00,000/- divided into 2,00,000 Equity shares of Rs. 10/- each and the Issued, Subscribed and Paid up share capital of the Company is Rs. 19,39,280/- divided into 1,93,928 Equity shares of Rs. 10/- each and with an object of to carry on the business of running hospitals and allied activities. b) The majority of the Directors of the Corporate Person, on 19.03.2021, as prescribed U/S 59(3)(a) R/W Regulation 3 of IBBI(Voluntary Liquidation Process) Regul....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of the IBBI (Voluntary Regulation Process) Regulations, 2016 on 29.04.2020 and the same was submitted to the directors of the Corporate Person, detailing its capital structure and estimate of the assets and liabilities as on the liquidation commencement date based on the books of the Corporate Person and discussion with the stakeholders and proposed the plan of action for carrying out the liquidation of the Corporate Person along with estimated timelines and liquidation costs. Before initiation of its voluntary liquidation, the Corporate Person have an amount of Rs. 12,94,627/- in its current account maintained with Karnataka Bank, Vizag Branch and also cash on hand of Rs. 1,26,018/-. As per Regulation 34(1) of Voluntary Liquidation Regulat....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... compensating and after meeting the voluntary liquidation expenses. f) As per Article 76 of the Articles of Association, in case of winding up of the Company the Liquidator may with the sanction of special resolution, distribute all or any of the assets of the Company in specie among the contributories, in accordance with their respective rights, subject to prior discharge of the Company's liabilities. g) On 30.07.2021, the Liquidator conducted a meeting with stakeholders of the Company, wherein the Liquidator apprised them on the status of liquidation process and it was resolved that there is a consent for distribution of the assets of the company in specie among the contributories as per Article 76 of the Articles of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....affidavit stating that they have made full enquiry into the affairs of the Company and they have formed an opinion that either the Company has no debt or that it will be able to pay its, debts in full from the proceeds of assets to be sold in the voluntary liquidation and the Company is not liquidated to prefer any person and the said declaration shall be accompanied by an audited financial statements and record of business operations of the company for the previous two years or for the periods of its incorporation whichever is later and report of the valuation of assets of the Company, if any, prepared by a registered valuer; and within four weeks of a declaration under sub-clause (a) of Section 59(c) of IBC, a special resolution of the me....
X X X X Extracts X X X X
X X X X Extracts X X X X
....iled. The final report submitted by the Liquidator is also placed before this Tribunal. The CIRP costs were also recorded and the closure of the bank account is also done. Hence, it can be seen that the requirements under Section 59 are complied with by the Applicant and hence, there need not be any demur to allow the Application and grant the reliefs as sought for. 5. In the Result, the Petition is allowed and Corporate Person shall stand dissolved from the date of this order. In exercise of the powers conferred on the Adjudicating Authority under Section 59 (7) of the Code, I hereby allow the Company Petition with the following directions:- A. The Corporate Person, M/s. Raajeevan Hospitals Private Limited is hereby dissolved, ....