TMI Blog2020 (5) TMI 274X X X X Extracts X X X X X X X X Extracts X X X X ..... o pay its debt in full from the proceeds of the assets to be sold in the voluntary liquidation and the company is not being liquidated to defraud any person has to be filed - The directors of the company passed a resolution for voluntarily liquidating the company. The liquidator also filed the declaration of solvency by directors dated March 31, 2018, i. e., Mr. Gunupati Venkateswara Prasad and Ms. Gunupati Anuradha, who have given their declaration of solvency as contemplated under section 59(3)(a) of the Insolvency and Bankruptcy Code, 2016. The concerned Income-tax Officer vide his letter dated October 22, 2019 has conveyed to the liquidator stating that there are no tax arrears out-standing against M/s. Good Earth Properties and Serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es forty-six lakhs and fifty thousand (₹ 46,50,000). (B) The company was incorporated for the purpose to carry on the business of construction and allied activities. The directors were not willing to run the company. As the company had no intention to carry on or to start any new business activities, it was decided to discontinue and wind up the company under the provisions of the voluntary liquidation process of the Insolvency and Bankruptcy Code. (C) The company has only two shareholders, i. e., Mr. Gunupati Venkateswara Prasad and Ms. Gunupati Anuradha. (D) An extraordinary general meeting was conducted on March 31, 2018 wherein it was resolved to liquidate the company voluntarily under the provisions of the voluntary liqu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property as per the fixed asset schedule forming part of the balance-sheet as on February 28, 2018 was ₹ 31,57,654. (H) The value of immovable property as per the valuation report dated May 4, 2019 is ₹ 10,32,35,000 (rupees ten crores thirty-two lakhs and thirty-five thousand only). (I) The audited statement of accounts and declaration of solvency by the board of directors of the applicant-company were filed with Registrar of Companies. Further as per the audited financials as on the liquidation commencement dated March 31, 2018, there were no creditors of the company. (J) As per section 178 of the Income-tax Act, 1961, intimation about liquidation was also given to the Income-tax Department. The Income-tax Department ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ara Prasad and Ms. Gunupati Anuradha, who have given their declaration of solvency as contemplated under section 59(3)(a) of the Insolvency and Bankruptcy Code, 2016. 7. The shareholders of the company at the extraordinary general meeting held on March 31, 2018 have approved the voluntary liquidation of corporate person. I have seen the minutes of the extraordinary general meeting giving consent to liquidate the company voluntarily and appointing Ms. M. S. Mano Ranjani, insolvency professional as liquidator and later changed it to advocate Dr. Rajkumar Adukia through a resolution dated April 19, 2019. The company notified the Registrar of Companies, Hyderabad about passing of the special resolution. 8. The erstwhile liquidator issued ..... X X X X Extracts X X X X X X X X Extracts X X X X
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