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2019 (10) TMI 374

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..... AO 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. U72200KA2006PTC040521 having its Registered Office at 102, Eden Park, 20, Vittal Mallya Road, Bangalore-560 001. a. The main objects of .....

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..... tes 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. e. On April 6, 2018, within the four weeks' time frame prescribed under Section 59 of the Code, the shareholders of the Company at their duly convened meeting, passed a Special Resolution for the Volun .....

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..... (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 Petitioner intimated the Bank the commencement of Liquidation vide letter dated 10th April, 2018 and 3rd December, 2018 requesting for closure of account pursuant to completion of liquidation. k. As per section 178 of the Income-tax Act, 1961 the Liquidator intimated the commencement .....

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..... n 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 report along is submitted as Annexure-Q. p. Based on the verification of books, there was no claim received from the Petitioner Company, the liquidator has not made any payment to the Creditors. q. The Liquidator prepared a 'List of Stakeholders' within 45 days of the last date for receipt of claims and shared the same with the Company and also wit .....

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..... 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 dissolution of the Company, either with himself or with an information utility. The Liquidator declares that he shall comply with the provisions of Regulation 41 and shall preserve with himself in physical or electronic form, the reports, registers and books of account referred to in Regulations 8 and 10 of Regulations. v. The final accounts of the Liquidation were prepared and also audited by Shri A.N. Chaluvaiya and Co., Chartered Accounts having off .....

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..... n 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 thereunder. 4. Heard Shri Pramod SM, Learned Liquidator and we have gone through the Petition, the annexures and affidavit by the Liquidator dated 3rd May, 2019. According to the averments made in the Petition and affidavit by the Liquidator dated 3rd May, 2019, as stated above, all requirements under Section 59 of the Insolvency & Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 have been complied with and consequently, the Liquidator has moved the present application under Section 59(7) of th .....

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