TaxTMI 
TaxTMI 
2022 (7) TMI 1250
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....r dissolution of the Corporate Person. 2. The Corporate Person was incorporated on 10th February 2006 under the Companies Act, 1956 with the aim of carrying on business of manufacturing, export-import and other allied activities. As the growth in business was not satisfactory since preceding one financial year, the Corporate Person was not carrying on any business and not earning any profit. As the Corporate Person had not generated any revenue since 1st April 2019 and since there were no expansion plans under consideration, the Corporate Person decided to proceed for Voluntary Liquidation. Procedural Compliances 3. Accordingly, an Extra-Ordinary General Meeting was held on 20th October 2020 wherein the Board of Directors of the Corporat....
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....y Report dated 4th December 2020 to the Corporate Person in conformity with Regulation 5 of the Regulations. The Applicant has also intimated the relevant Income Tax Authority about the commencement of Liquidation and appointment of Liquidator vide Letter dated 19th November 2020 in compliance with Section 178 of the Income Tax Act, 1961. Further, pursuant to Regulation 8(1)(b) and 37 of the Regulations read with Section 59 of the Code, a meeting of the Contributories of the Corporate Person was held on 1st November 2021 and the annual status report of the Corporate Person was tabled in the said meeting along with the Auditor's Report. Copies of all the above relevant documents have been duly annexed to this Petition. 7. Pursuant to the pr....
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....gal and non-statutory payments were made, the assets of the Company stand fully liquidated. The Auditor's Certificate on liquidation, showing receipts and payments pertaining to liquidation since liquidation commencement date and the Bank Statement along with invoices pertaining to the payments are annexed to this Petition. The Applicant further states that all dues of the Corporate Person have been paid and no amount remains to be paid to the shareholders of the Company. 12. Subsequent to all aforementioned payments, the Applicant closed the liquidation account accordingly. In compliance with Regulation 38 of the Regulations, the Applicant prepared and submitted Final Report on 18th February 2022 attaching therewith the payment receipt an....