2022 (8) TMI 615

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....D)2021 filed by the Applicant/Liquidator under Section 59 of the IBC, 2016 read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (for brevity, "VLP Regulations") with the prayer for dissolution of the corporate Applicant M/s. Spectrum Holidays Private Limited (for brevity 'Company'). 2. That the Company is a Private Limited Company incorporated on 29.06.2004 under the provisions of erstwhile Companies Act, 1956 with CIN Number U63040DL2004PTC127238. The registered office of the Company is situated at Flat: No. B-401, Shakti CGHS Ltd., Plot No. 18, Sector-5, Dwarka, New Delhi - South West -110078, which is within the territorial jurisdiction of this Bench of the Tribunal. 3. That t....

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....y contractor, warehouse man, storekeeper, loading and unloading agents and to act as consultants and advisors for any Airlines, shipping companies and such other organization, related thereto in India and abroad. * To act as advisors and consultants in the field of travel, visa service and such other field thereof." 4. It is submitted by the applicant that due to unforeseen circumstance arising out of Covid-19 worldwide, the overall business of the applicant was affected, as it was particularly engaged in the travel industry. Further the business of the corporate person was shrunk due to stiff competition and decreasing margin in the travel industry. Therefore the business of the corporate person declined drastically, though the....

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....ly and appointed Mr. Vimal Parakh an Insolvency Professional (IP), having IP registration No. IBBI/IPA-001/IP-P00271/2017-2018/10515, to act as Liquidator of the Applicant Company. 8. It is submitted that the company has two creditors, having a debt of Rs. 1,18,000/-, have given their consent and No objection to the Voluntary Liquidation on the date of commencement of Liquidation i.e. 22.09.2020, therefore the requirement of convening the meeting of the creditors representing two-third in value of the debt in terms of Section 59 (3) of IBC does not arise. 9. That it is submitted by the Applicant that he made public announcement of commencement of liquidation in "Form A" in terms of Regulation 14 of the VLP Regulations 2017, in the new....

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....al status report does not arise. 15. It is submitted as per regulation 31 and 32 of IBC (VLP Regulations, 2017) the liquidator is required to sell and realize the assets of corporate person. Further as per the statement of Assets and Liabilities as on 15.09.2020, the current assets, loans and advances of the corporate persons only consists of Sundry debtors, cash and bank balances and other current assets amounting to Rs. 68,49,907/-. Therefore, there is no requirement for disposal of assets. 16. It is averred that two claims of operational creditors have been received pursuant to public announcement. It is further averred that distribution has been done by the Applicant/liquidator in terms of Regulation 34 of IBBI Regulation and post....