TMI Blog2020 (2) TMI 498X X X X Extracts X X X X X X X X Extracts X X X X ..... Member And Chockalingam Thirunavukkarasu, Technical Member Manish Buchasia, Ld. PCS for the Petitioner. ORDER Harihar Prakash Chaturvedi, The Applicant/Liquidator has preferred the present IB. Petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as a Code ) seeking for dissolution of the applicant company M/s. Madhumalti Capital Pvt. Ltd. 2. The relief as being sought for, by the company from this Adjudicating Authority are stated in the prayer clause of present petition, which reads as under: that the Applicant Company be dissolved as per the provisions of the Insolvency and Bankruptcy Code, 2016 and the Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 by and under orders and directions of this Hon'ble Tribunal. 3. The Petitioner Liquidator has stated the reason for its voluntary liquidation and proposed dissolution of the company by contending that the company was incorporated for doing business as a Non-Banking Finance Company and obtained licence from Reserve Bank of India ( RBI ) in the year 1999, to become a Non-Banking Finance Company ( NBFC ) and it go ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IPA-002/IP-N00130/2017-18/10546) as an Insolvency Professional to act as a Liquidator who has preferred the present application under Section 59(7) of the IB. Code seeking for Voluntary Liquidation cum dissolution of the Petitioner Company. 6. The brief facts of the Petitioner Company are that it was incorporated, under the provisions of Companies Act, 1956, on 12.12.1995 having CIN U01119GJ1995PTC028392 as a private company limited by shares with Registrar of Companies, Gujarat, Ahmedabad. The company has two directors, Mr. Amitabh Kejriwal (DIN: 00242341) and Ms. Vibha Poddar (DIN: 00881321). The company was incorporated to act as a non-banking financial company to commence or carry on the business of non-banking financial institution. The registered office of the company is situated at: 108, Sarita Complex, Jain Temple Lane, C.G. Road, Navrangpura, Ahmedabad - 380009, Gujarat. 7. The authorised share capital of the company M/s. Madhumalti Capital Pvt. Ltd. is stated to be ₹ 80,00,000/- (Rupees Eighty Lakhs) divided into 8,00,000 (Eight Lakhs) equity shares of ₹ 10/- (Ten) each. The issued, subscribed and paid-up share capital of the company is ₹ 80,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etails in the books of account and other records of the Company. 13. It is further stated that the Petitioner/ Liquidator, Mr. Gyaneshwar Sahai, duly sent a communication to the ITO (Income Tax Officer), Ward (2)(1)(4) intimating about the liquidation of the company and the Liquidator has taken into custody or control all assets, property, effects and actionable claims of the company and will be operating the bank accounts of the company for and on behalf of the company. The Petitioner/Liquidator in compliance with the Regulation 14 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, has prepared a Final Report and submitted the same to the Registrar of Companies in E- Form GNL-2 vide letter dated 18.01.2019 and also enclosed a copy of e-mail sent to IBBI dated 14.08.2018 with a request for publication in website. 14. The Petitioner/Liquidator has stated that there is no outstanding arrears of tax against the company as per final distribution of the assets of the company (Annexure C) amount of ₹ 5,40,000/- were paid towards Income Tax dues by the company. Such Final Report is prepared by the Liquidator and duly clarified by a Chartered Accountant of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as been conducted, and is complete and the assets of the company were disposed of from 10.08.2018 to 30.12.2018. All the debts of the company have been discharged to the satisfaction of the creditors and no litigation is pending against the company. The said Final Report of the Liquidator (Annexed at page 114 of the paper book as Annexure O) dated 18.01.2019 has also been submitted to the Registrar of Company and sent to IBBI via e-mail as well as via courier. 20. Thus, it is evident that the Petitioner Company does not have any pending litigations or any outstanding debts or liabilities which could impact its financial position, further, proper books of account of the company as per law have been maintained, the company did not have any long-term contracts including derivatives contracts for which there were any foreseeable material losses and that there are no amount require to be transferred to the creditors/ debtors by the company. 21. The Liquidator has also submitted a bank statement issued by HDCF Bank, Navrangpura, Ahmedabad Branch showing the account holder's name as M/s. Liquidation AC Madhumalti Capital P. Ltd. (in voluntary liquidation). The statement has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 may be and appointing an insolvency professional to act as the liquidator: Provided that the company owes any debt to any person, creditors representing two-thirds in value of the debt of the company shall approve the resolution passed under sub-clause (c) within seven days of such resolution. (4) The company shall notify the Registrar of Companies and the Board about the resolution under sub-section (3) to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be. (5) Subject to approval of the creditors under sub-section (3), the voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the resolution under sub-clause (c) of sub-section (3). (6) The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary. (7) Where the affairs of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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