9911796707
TMI Blog2019 (10) TMI 374X X X X Extracts X X X X X X X X Extracts X X X X ..... efly 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 the Petitioner Company are inter alia to carry on the business across the globe as software and technology developers, systems installers, systems integrators, consultants, advisers and experts in the fields of communications, media, multimedia, Internet, transmission, networking, systems integration, encoding and decoding, compression, computer graphics, content editing, subscriber management, and other computer and IT rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or 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 Voluntary Liquidation of the Company. A copy of the special resolution was sent to the RoC dated April 6, 2018 (along with Speed Post receipt) as furnished by the Company to the Liquidator is submitted as Annexure-I and the form MGT-14 filed by the Company with ROC is submitted as Annexure-J. f. At the same extra-ordinary general meeting, Shivaganga Muralidhar Pramad, Insolvency Professional, having IP Registration No. IBBI/IPA- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of liquidation and appointment of liquidator to the Income Tax Authority on 10th April, 2018 and invited their objections and claims, if any, to the voluntary liquidation. A copy of the letter written to the Income Tax Department is submitted as Annexure-M. The Income Tax Authority issued a letter on 15th June, 2018 stating that there is no outstanding tax due to be paid by the Petitioner Company. Copy of no obje ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tted 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 with IBBI for display on its website. A copy of the Liquidator's letter dated June 15, 2018 to the IBBI enclosing therewith copy of the List of Stakeholders is submitted as Annexure-R. r. The total proceeds available from the liquidation assets for the Corporate person is Rs. 98,90,607.17 (Rupees Ninety-Eight Lakhs Ninety Thousand six hundred seven and paisa seventeen only) and the liquidator remunerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 office at Unit Nos. 3 & 4, First Floor, "Commander's Place, No. 6, Rajaram Mohan Roy Road, Richmond Circle, Bangalore-560025 (Ph: 41245626). The Chartered Accountant has also issued an audit reported dated 1st April, 2019. The copy of the audit report form of the final report is submitted as Annexure -A. w. Final Report along with Liquidator Statement of Account duly audited dated 4t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 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 the Code. 5. Accordingly, we, the Adjudicating Authority, by exercising powers under Section 59(8) of the Code, hereby allow CP No. 114/BB/2019 by dissolving the Petitioner Company, M/s. BHOOVAHANA TECHNOLOGIES PRIVATE LIMITED with effect from 28.06.2019. 6. The Liquidator is directed to forward a copy of this Order to the Registrar of Companies, Kar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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