9911796707
TMI Blog2019 (7) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... o. B1/462, Siddharth Bungalows, Sama Savli Road, Vadodara 390 022. ii) The business activity of the Applicant Company was relating to import, distribute, deal, design, market, export, buy, sell, process, research, assemble, dismantle, formulate, convert, develop electrical wiring and related other products, spare parts and to act as stockist, traders, distributors, whole sellers, agents, brokers. iii) The Authorized Share Capital of the Applicant Company is Rs. 2,00,00,000/- divided into 20,00,000 Equity shares of Rs. 10/- each. The issued, subscribed end paid-up share capital of the Company is Rs. 1,98,62,600/- consisting of 19,86,260 Equity Share of Rs. 10/- each. iv) The Memorandum and Articles of Association is marked as Annexures B1 & B2 in the main petition (from page Nos. 15-47). v) The details of the Directors of the Applicant Company under liquidation are described as under: Name DIN Designation IYU CHEN 07382766 Director CHUN HSIUNG HSIAO 07533648 Director HSIN FALI 08007699 Additional Director vi) Learned PCS for the applicant has submitted that that the Board of Directors of the Company having considered the matter and were of such opinion to cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he date of commencement of liquidation, i.e., 7th May, 2018. A copy of the Public announcement was simultaneously sent to the Insolvency and Bankruptcy Board of India (IBBI) with request to place it on its website. Hence, the same was also published in the website of IBBI. It is further stated that upon the commencement of liquidation, to liquidate the Company Voluntarily and appointment of liquidator was duly informed to the Registrar of Companies, Gujarat, in Form MGT-14 and Form GNL-2, which are also annexed with the present petition. The MGT-14 and Form GNL-2 filed with the Registrar of Companies, Gujarat, has been approved and taken on record. ix) It is further informed that the liquidator also opened a bank account in the name of "China Steel Machinery Corporation Private Limited in Voluntary Liquidation" with Axis Bank, Gotri Branch, Baroda for realization and payment to the members as per the statutory requirement of regulations. Further, the Liquidator has submitted its preliminary report to the Corporate Person on 4th May, 2018, which is annexed with in the main petition (from page No. 103 - 107). It is further submitted that as per the provisions of Section 178 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... procedural requirements as may be specified by the Board. (4) Without prejudice to sub-section (2), voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely:- (a) a declaration from majority of the directors of the company verified by an affidavit stating that- (i) they have made a full inquiry 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 (ii) the company is not being liquidated to defraud any person; (b) the declaration under sub-clause (a) shall be accompanied with the following documents, namely:- (i) audited financial statements and record of business operations of the company for the previous two years or for the period since its incorporation, whichever is later; (ii) a report of the valuation of the assets of the company, if any prepared by a registered valuer; (c) within four weeks of a declaration under sub-clause (a), there shall be- (i) a special resolution of the members of the company in a general meeting requi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n to carry on the business activities of the company from the economic point of view. Therefore, Company's Board of Directors proposed to liquidate the company voluntarily by invoking the provisions of Section 59 of the IBC. 6. It is also made clear through the present petition that the Applicant Company is having no creditors, i.e. either secured creditors or unsecured creditors. Thus the company was having its own resources and net worth, which are already distributed/apportioned of among its shareholders. The company has duly passed necessary Special Resolution in its Extra Ordinary General Meeting (EOGM) on 7.04.2018 by confirming the decision of its Board of Directors by proposing its Voluntary Liquidation. The EOGM further passed Resolution to appoint a Liquidator for such purposes. Thus, it appointed Shri. Keyur J. Shah, the Insolvency Professional as Liquidator. 7. As per the material available on record, it is found that the Liquidator, after his appointment duly performed his duties and completed necessary formalities so as to complete process of liquidation, which are well narrated in the present petition and thereafter he sought an order from this Tribunal for dissolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidation of the corporate person, the present application deserves to be allowed.
12. Therefore, by considering the above given facts of the present case in preceding paragraphs, the present petition is allowed. Consequently, this Adjudicating Authority in exercise of power conferred under Section 59(8) of the Insolvency and Bankruptcy Code, 2016, the Corporate Person (Applicant Company) "M/s. China Steel Machinery Corporation Private Ltd." is ordered to be dissolved with effect from 2nd May, 2019.
13. The Liquidator is directed to communicate a copy of this order to the respondent i.e. Registrar of Companies, Gujarat, including Insolvency and Bankruptcy Board of India (IBBI) and other concerned statutory authorities, wherein the applicant company was registered and its registered office was situated. Such communication should be made by the Liquidator within fourteen (14) days from the date of receipt of authentic copy of this order.
14. The Registry is directed to communicate a copy of this order to the Registrar of Companies, Gujarat and to Insolvency and Bankruptcy Board of India (IBBI).
15. The Company Petition is allowed and stands disposed of. X X X X Extracts X X X X X X X X Extracts X X X X
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