TaxTMI 
TaxTMI 
2022 (6) TMI 1050
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....charge of the assets, affairs, books of account, records, vouchers, papers, and documents, of the Respondent Company and to conduct its affairs in the course of winding-up and to distribute its assets in accordance with law; c. Such further and other reliefs as the Hon'ble Tribunal may deem fit and proper in the facts and circumstances of the present case. 2. Briefly stated by the Applicant that: 2.1 The Respondent Company was incorporated on 22nd March, 2007 as a 50:50 joint venture between Government of Nagaland and IL & FS, following a MoA dated 25th July, 2006, in order to facilitate professional program management of publicly funded infrastructure projects; access funds from Central Government, bilateral and multi-lateral agencies; promote industrial development and introduce public-private partnerships wherever possible. 2.2 The mandate given by the Department of Power, Govt. of Nagaland on 26th September, 2007, IDCNPL started project development activities for the Dikhu and Dzuzu hydro power projects. However, this allotment was revoked during a review meeting held by the Hon'ble Minister of Power, Govt. of Nagaland, in May 2008 leading to the company becoming non-funct....
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....NPL and in the absence of a specific NOC or waiver for the same from Govt. of Nagaland; it would be deemed fair and equitable to close the Respondent Company under Section 271(e) of the Companies Act, 2013. Accordingly, no divestment process was carried out with respect to IDCNPL by the New Board of IL & FS. 2.8 Even the Resolution Consultant to the New Board- Alvarez and Marsal India Private Limited ("A & M") has recommended vide email dated 26th May, 2021 closure of IDCNPL by filing an application for winding up under Section 271(1)(e) of the Act. 2.9 Following the above recommendation, ITUAL in the capacity of the Project Developer and Advisor to the IIDC Fund (shareholder in IDCNPL) issued a recommendation letter dated 4th June, 2021 whereby it endorsed the winding up of IDCNPL under Section 271 (e) of the Companies Act, 2013. 2.10 The Management Committee of the IIDC Fund appointed from IIML, ITUAL and IFIN also granted their approval via emails dated 9th June 2021 for winding up of IDCNPL under Section 271(e), Companies Act, 2013. Thereafter, a recommendation letter dated 9 June, 2021 was issued on behalf of the Managing Committee Members for closure of IDCNPL. 2.11 The I....
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....en approved by the Hon'ble National Company Law Tribunal, Mumbai, vide order dated 15th September, 2021, rectified on 22nd October, 2021, in the matter titled Infrastructure Leasing & Financial Services Limited vs. union of India (CA No. 228 of 2021 in Company Petition No. 3638/MB/2018). 3. The Petitioner further submits that: 3.1 In terms of Section 272 (5) of the Companies Act, a copy of the Petition along with all Exhibits is being simultaneously filed with the Registrar of Companies, Guwahati. 3.2 It is in the interest of the stakeholders and all concerned that the Respondent Company is ordered to be wound up under the orders of this Hon'ble Tribunal as the business of the Respondent Company is not sustainable and there is no foreseeable possibility of reviving the business in the future. There is no foreseeable possibility of the debts of the Company being resolved by a resolution process or any other mechanism and is thus, desirous of being wound up under the provisions of the Act and the rules made thereunder. 3.3 The Petitioner is entitled to file the instant Petition under Section 272(1) (e of the Act. 3.4 This Petition is bona fide and is in the interest of justi....
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.... hence, no revenue likely to be generated through any business operations. 5.2 The petitioner has obtained the approval of the Hon'ble Justice (Retd.) D.K Jain as per orders of the NCLAT in Company Appeal (AT) No. 347 of 2018. Hon'ble Justice (Retd.) D.K Jain granted approval for initiation of the winding up proceedings vide letter dated 7th July, 2021. 5.3 No one approached the Bench with any objection till date, last the matter was heard on 17.06.2022. 5.4 The matter is taken up by this Bench earlier on 24.02.2022, 31.03.2022, 06.05.2022, 10.06.2022 and 17.06.2022. It is found that the notices sent to the Respondent Company by the Petitioner as well as by the Registry came back unserved with the postal remarks "addressee not found" and/or "addressee left". 5.5 Sufficient opportunities were given by this Tribunal to the Respondents including Notices through two News Papers but they did not appear at all. 5.6 There is every reason for us to believe that the Promoters/Directors or any other stake holders of the Company have no objection to the winding up of the company. 5.7 The ROC also has no objection to the winding up of the company. ORDER 6. Heard the counsel, perused th....