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2021 (5) TMI 854 - Tri - Companies LawWinding up of the company - substratum of the company has been completely lost - Section 271 (e) read with Section 272 (1) (b) of the Companies Act, 2013 - HELD THAT:- On perusal of the record, it is found that the company did not have any long term borrowings. Further, the Balance Sheet of the company as on 31.03.2017, it reflects that there are losses and the same trend is continuing and in the year 2017-18 the turnover of the company from business operation as reflected as 'NIL' due to recurring expenses of the company. Thus, as against the total liability as on 31.03.2018 is ₹ 32,40,81,282/-, whereas the total assets of the company is ₹ 1,53,25,517/-, which is not sufficient to completely settle the liabilities of the company, since the operations of the company is completely closed down after April 2011 - On perusal of the record, it is found that since there are no business activities in the company, there is no effective meetings of the Board of Directors and the shareholders of the company are being taken place, as such, there is no effective filing of annual return as well as there is no effective filing of statutory returns before the RoC and no effective return under the Income Tax, Commercial Tax, Service Tax, Central Excise, or any other law are being filed - Looking to the Balance Sheet of the company, it appears that there is no possibility for the company to restart any business activities. The Commercial Tax Department has also cancelled the registration of the company due to piled up tax liabilities and also took notional possession of the fixed assets of the company to recover the outstanding. It clearly reveals that for the object for which the company was started has totally failed and that the substratum of the company has been eroded and there are/were no meeting of the shareholders, members of board, etc. is being held in the recent past and no statutory returns have been filed and there is no possibility of revival of the company, as such, it is a fit case to pass an order on just and equitable ground for winding up of the respondent company. Petition allowed.
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