TMI Blog2020 (2) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... quidated with immediate effect. - C.P. NO. 170/BB/2019 - - - Dated:- 27-11-2019 - Rajeswara Rao Vittanala, Judicial Member And Ashutosh Chandra, Technical Member Thirupal Gorige for the Applicant. ORDER Rajeswara Rao Vittanala, 1. C.P.No.170/BB/2019 is filed by Shri. Thirupal Gorege, Liquidator of M/s. GTS Coil Pvt. Ltd. (in Voluntary Liquidation), U/s. 59 (7) of the IBC, 2016, R/w. IBBI (Voluntary Liquidation Process) Regulations, 2017 and other applicable provisions of the Code by inter alia seeking to liquidate GTS Coil Private Limited under provisions of the Code. 2. Brief facts of the case, as mentioned in the Company Petition, as follows: (1) M/s. GTS COIL Private Limited, hereinafter referred to as Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Companies, Bangalore in for GNL-2 vide SRN H41431313 dated 09.01.2019. (3) As proposed by the Board, the members of the Company at their Extraordinary General Meeting held on 2nd January, 2019, passed a special resolution required under Section 59 of the Code read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 to liquidate the company voluntarily and appointed Mr. Suryanarayana Prathap Kumar Pande, an Insolvency Professional, having IP Registration No. IBBI/IPA-002/IP-N00235/2017-18/10686 to act as Liquidator of the Company. (4) The applicant submits that the only creditor of the Company had provided their consent confirming the special resolution passed by the Members for liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Payments Payments Rs. Payments Rs. Balance at Kotak Mahindra Bank 3513289863 14,15,050 Statutory, Legal, Liquidation Fee and other incidental payment 1 Liquidator Fee 1,23,750 2 Payment of GST 24,750 3 Payment to TDS 51,750 4 NCLT Fees 1,000 2,01,250 Payment to Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are NA Net Realization (Rs.) 14,15,050 Net Payment Rs. 14,15,050 (7) It is confirmed that the only liability (two items of by a single creditor) of the Company as reflected in the books of account is the unsecured loan brought by VTS TF Air Systems Private Limited. The liquidator was able to repay it partial amount viz., ₹ 8,17,601 as against ₹ 95,17,601 as reflected in the Balance sheet and the creditor has waived the rest of the amount by passing a resolution in its Board Meeting held on 21st August, 2017. In the Capital of the Company, there are two equity shareholders holding 3,00,500 and 9,500 respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the payment to creditors and Members of the Company, the Liquidator has closed the liquidation Account. A copy of Nil bank statement of the Liquidation account is filed. 3. Heard Shri Thirupal Gorige, Liquidator. We have carefully perused the pleading of the party and extent provisions of the Code and the rules made thereunder. 4. The above facts and circumstances clearly established that the affairs of the Company have been completely wounded-up and its assets are also liquidated as stated supra as per the statement of facts furnished by the Liquidator as briefly stated. The Liquidator has filed the instant Application/Petition as per extant provisions of the Code and Rules made thereunder. Therefore, there would be no purpose to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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