TMI Blog2019 (1) TMI 1777X X X X Extracts X X X X X X X X Extracts X X X X ..... e present case, it is evident that the company is found not involved in any kind of business activities, wherein the public interest at large is involved or it is going to be affected adversely in case such dissolution of the company is ordered. Since nothing adverse is found from the material available on record in respect of opposing the proposed liquidation of the corporate person, the present application deserves to be allowed. This Adjudicating Authority in exercise of power conferred under Section 59 (8) of the Insolvency and Bankruptcy Code 2016, the Corporate Person (Applicant Company) M/s. Shree Autotech Forge Pvt. Ltd. is ordered to be dissolved with effect from 16.01.2019 - Petition allowed. - CP(IB) NO. 48/59/NCLT/AHM/2018 - - - Dated:- 16-1-2019 - Harihar Prakash Chaturvedi And Ms. Manorama Kumari, Judicial Member For the Petitioner : Umesh Ved, PCs ORDER HARIHAR PRAKASH CHATURVEDI, JUDICIAL MEMBER. 1. The present Company Petition is filed by the Liquidator, Mr. Umesh Ved, Practicing Company Secretary Insolvency Professional, on behalf of the Applicant Company Shree Autotech Forge Private Limited seeking voluntary liquidation u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ector Nileshbhai Makadia 01360986 Rangarang Apptt. Block No 601, Bh. Ashwamegh App. University Road, Rajkot 360005 Director (vi) The applicant has made such averments in the present application that the Board of Directors of the Company having considered the matter and were of such opinion to close down the company by way of Voluntary Liquidation, because of non-availability of business prospect and long-term financial resources for the company. It is not financially viable to carry on the business activities of the company. Accordingly, they have proposed for voluntary liquidation of the applicant company in their Board Meeting, dated 4th May 2017 and passed necessary Resolution to this effect for voluntary liquidation of the Company. As per the requirement of statutory provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016, all the Directors of the Company, viz., Mr. Jayantilal Makadia, Mr. Kapilkumar Makadia and Mr. Nileshbhai Makadia, have made necessary declaration to this effect on 4th May, 2017 and annexed copy of such declaration along with audited financial statements and rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opened a bank account in the name of Shree Autotech Forge Private Limited in Voluntary Liquidation with Corporation Bank for realization and payment to the members as per the statutory requirement of regulations. Further, the Liquidator has submitted its preliminary report to the Corporate Person on 12th July, 2017, which is annexed with in the main petition (from page Nos.99 - 110). It is further submitted that as per the provisions of Section 178 of the Income-tax Act, 1961, the Liquidator duly informed to the Income Tax Department about the commencement of liquidation and appointment of liquidator. The liquidator has further obtained No Objection Certificate form statutory authorities, which is annexed with the main petition (from page No.s 114-128). The corpus of ₹ 35,32,500/- has been distributed among the members of the company and upon receiving of aforesaid payment by members, the asset of the company stands fully liquidated. (x) It is further stated that the Auditors certificates on the liquidation, showing receipts and payments pertaining to liquidation since the date of its commencement has been annexed with the main petition (from page Nos. 130-139). Furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be accompanied with the following documents, namely:- (i) audited financial statements and record of business operations of the company for the previous two years or for the period since its incorporation, whichever is later; (ii) a report of the valuation of the assets of the company, if any prepared by a registered valuer; (c) within four weeks of a declaration under sub-clause (a), there shall be- (i) a special resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liquidator; or (ii) a resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily as a result of expiry of the 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 maybe 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-cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposing its Voluntary Liquidation. The EOGM further passed Resolution to appoint a Liquidator for such purposes. Thus, it appointed Shri Umesh Ved, the Practicing Company Secretary as Liquidator. 7. As per the material available on record, it is found that the Liquidator, after his appointment duly performed his duties and completed necessary formalities so as to complete process of liquidation, which are well narrated in the present petition and thereafter he sought an order from this Tribunal for dissolution of the applicant company. 8. Since there is no objection received from any angle opposing the voluntary liquidation of the company either from shareholders' side or from secured and unsecured creditors side or any adverse comments from public at large against such proposed liquidation, despite a public announcement was made by the liquidator in the website of the Insolvency and Bankruptcy Board of India (IBBI). The proposed liquidation has been communicated to the Registrar of Companies, Gujarat, as per Form MGT-14 and Form GNL-2 which have been approved. Moreover, it is a matter of record that there is no representation from the side of the Central Government to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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