TMI Blog2019 (10) TMI 374X X X X Extracts X X X X X X X X Extracts X X X X ..... SHRI RAJESWARA RAO VITTANALA, MEMBER (JUDICIAL) AND SHRI ASHOK KUMAR MISHRA, MEMBER (TECHNICAL) For The Liquidator : Shri Pramod SM ORDER Per : Hon'ble Shri Ashok Kumar Mishra, Member (Technical) The Liquidator, Shri Pramod SM, Liquidator, representing the Applicant Company BHOOVAHANA TECHNOLOGIES PRIVATE LIMITED has filed this Petition under Section 59(7) of Insolvency and Bankruptcy Code, 2016. 2. The averments made in the Company Petition are briefly stated hereunder:- a. The Applicant is BHOOVAHANA TECHNOLOGIES PRIVATE LIMITED a Company incorporated on 15th September, 2006 under the Companies Act, 1956 vide CIN No. U7220 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Company. Therefore, on March 13, 2018, the Board of Directors of the Petitioner Company approved the proposal for voluntary liquidation of the Company. A copy of the minutes of the meeting of the Board of Directors of the Company held on March 13, 2018 have been submitted as Annexure-C. d. The Board of Directors of the Company also executed a Declaration as required under Section 59(3) of the Code that the Company does not have any debts. A copy of the declaration dated March 13, 2018 is submitted as Annexure-D. The declaration is accompanied by the Audited Financial Statements of the Company for the previous two years, and record of business operations (bank statements) which are submitted as Annexure-E. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he commencement of liquidation, duly certified by a Chartered Accountant is submitted as Annexure-H. The Company did not have any assets, except Bank Balance and Rental Deposit. No valuation was conducted since the same was mandatory under Section 59(3) of the Code, and hence no valuation report is available. i. The Liquidator of the Petitioner Company published a public Announcement of commencement in Form A of Schedule I in Financial Express, English Newspaper and Hosa Digantha, Kannada Newspaper on 9th April, 2018. Copies of the public announcements made are submitted as Annexure-L. j. The Petitioner states that the Company had one Bank Account with Induslnd Bank bearing Account No: 201000920857 and the Peti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any objections or claims for the liquidation. n. The Petitioner Company did not have any assets that were to be realised except one rental deposit. However, the total proceeds available from the liquidation assets of the Company is ₹ 98,90,607.17 (Rupees Ninety Eight Lakh Ninety Thousand Six Hundred Seven and Seventeen Paise only). The Company does not have outside liabilities to be paid as per its books. Further, in response to the public announcement, no claims were received by the Liquidator. Since, no claims were received by the Liquidator for the public announcement. o. It is submitted that the Liquidator submitted his preliminary report to the Company on 18th May, 2018. A copy of the preliminary rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing abroad, the associated bank charges in respect of the same is ₹ 20,000 as confirmed by Kotak Mahindra Bank. t. The Liquidator states that there was no surplus was left upon liquidation and payment to preference shareholders; therefore no distribution was made to the Equity Shareholders. It is further averred by the Liquidator that there are no unclaimed proceeds of liquidation or undistributed assets, and that all the proceeds of liquidation have been remitted to the contributories. u. As per Regulation 41 of the Regulations, the Liquidation shall preserve a physical or electronic forms, reports, registers and books of account referred in Regulations 8 and 10 for at least 8 years after the dissolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der the dissolution of the Petitioner Company. 3. Shri Pramod SM, Learned Liquidator has filed affidavit dated 3rd May, 2019 stating inter alia as follows: i. Shareholders of the Petitioner Company have approved the voluntary liquidation of the Corporate Person at their extraordinary general meeting held on April 06, 2018. ii. That the liquidator has complied with all the provisions of the Insolvency and Bankruptcy Code, 2016 as well as the Insolvency and Bankruptcy Board of India (Voluntary-Liquidation Process) Regulations, 2017. iii. There are no deviations/non-compliances of the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made or circulars issued there ..... X X X X Extracts X X X X X X X X Extracts X X X X
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