TMI Blog2019 (7) TMI 1357X X X X Extracts X X X X X X X X Extracts X X X X ..... distributed / apportioned of among its shareholders. The company has duly passed necessary Special Resolution in its Extraordinary General Meeting (EOGM) on 08th December, 2017 by confirming the decision of its Board of Directors by proposing its Voluntary Liquidation. 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 dissolution of the applicant company - Since there is no objection received from any angle opposing the voluntary liquidation of the company either from shareholders side or from secured and unsecured creditors side or any adverse comments from public at large against such proposed liquidation, despite a public announcement was made by the liquidator in the website of the Insolvency and Bankruptcy Board of India (IBBI). Since nothing adverse is found from the material available on record in respect of opposing the proposed liquidation of the corporate person, the present application deserves to be allowed - Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00789307 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 close down the company by way of Voluntary Liquidation, because of non-availability of business prospect and long-term financial resources for the company. It is not financially viable to carry on the business activities of the company. Accordingly, it has been proposed for voluntary liquidation of the applicant company in their Extraordinary General Meeting held on 8th December, 2017 and passed necessary Resolution to this effect for voluntary liquidation of the Company. As per the requirement of statutory provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016, Director of the Company, viz., M/s. Gordhanbhai Patel, Kantilal Panchal, Jitendrakumar Patel and Chandubhai Panchal has made necessary declaration to this effect on 08th December, 2017 and annexed copy of such declaration along with audited financial statements and record of business operations of the company for the previous two years with the present petition (F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Private Limited in Voluntary Liquidation with Corporation Bank, C.G. Road, Ahmedabad, Gujarat State 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 19th February, 2018, which is annexed within the main petition (from page Nos. 135 - 137). It is further submitted that as per the provisions of Section 178 of the Income-tax Act, 1961, the Liquidator duly informed to the Income Tax Department about the commencement of liquidation and appointment of liquidator. The liquidator has further obtained No Objection Certificate from statutory authorities, which is annexed with the main petition (from page No. 145). The corpus of ₹ 1,83,75,000/- has been distributed among the members of the company and upon receiving of aforesaid payment by members, the asset of the company stands fully liquidated. x) It is further stated that the Auditors certificates on the liquidation, showing receipts and payments pertaining to liquidation since the date of its commencement has been annexed with the main petition (from page Nos. 179-181). Further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 requiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liquidator; or (ii) a resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily as a result of expiry of the period of its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company shall be dissolved, as the case maybe and appointing an insolvency professional to act as the liquidator: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Extraordinary General Meeting (EOGM) on 08th December, 2017 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 Umesh Ved, 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 dissolution of the applicant company. 8. Since there is no objection received from any angle opposing the voluntary liquidation of the company either from shareholders side or from secured and unsecured creditors side or any adverse comments from public at large against such proposed liquidation, despite a public announcement was made by the liquidator i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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