TMI Blog2020 (6) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... oner : Manish Buchasia, Ld. Insolvency Professional/PCS ORDER HARIHAR PRAKASH CHATURVEDI, JUDICIAL MEMBER. 1. The Applicant/Liquidator has preferred the present I.B. 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. Geepee Bulk Handlers Pvt. Ltd. 2. The relief as being sought for, by the company from this Adjudicating Authority is stated well in the prayer clause of present company 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 necessary particulars of the company are described in the present Company Petition stating that, the Petitioner Company was incorporated, under the provisions of Companies Act, 1956, on 6-9-1993 having CIN U63012GJ1993PTC034848 as a private company limited by shares with Registrar of Companies, Gujarat, Ahmedabad. The company has four directors, Mr. Sukhraj Amarchand Singh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Directors of the Applicant Company along with audited financial statements for the last two years with the Registrar of Companies, Gujarat, Ahmedabad, in compliance of section 59(3) of the IB, Code, 2016 in E-Form GNL-2 vide SRN: G83130807 on 10-4-2018. 8. It is also submitted that in compliance of the provision of section 59(3)(c) of the IB Code, 2016 and as approved by the Board of Directors in its meeting, the Applicant Company convened and Extra Ordinary General Meeting on 25-4-2018 and passed a special resolution to voluntary liquidate the company and to appoint Mr. Manish Santosh Buchasia (Registration No. IBBI/IPA-002/IP-N00487/2017-2018/11449) as a Liquidator for the same purpose. 9. It is further submitted that on 25-4-2018, there were no creditors in the company either secured or unsecured. In compliance with the regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the liquidator of the Applicant Company published a public announcement in Form A of Schedule I in Times of India (English) on 29-4-2018 and in Aaj Kaal (Gujarati) on 28-4-2018, i.e. within the period of 5 days of his appointment on 25-4-2018 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment to the members as per the requirement of regulations. 16. It is submitted that the appointed Liquidator, Mr. Manish Santosh Buchasia has distributed the proceeds from the realisation of assets (Bank Balance Liquid Assets only) involved in the process of Voluntary Liquidation to the stakeholders which were transferred from the abovementioned liquidation account. It is further submitted that the Liquidator has closed the aforementioned Bank Account by making payments to the members of the company. Copy of the Bank statement showing NIL balance has been annexed with the present petition as Annexure L, Page No. 100). 17. It is submitted that in compliance with the provision of regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Appointed Liquidator prepared a Final Report and submitted that same to the Registrar of Companies in E-Form GNL-2 on 2-2-2019 and also sent to the IBBI through an Email dated 5-2-2019. A copy of the same has been annexed as Annexure M to the present petition (Page No. 101). 18. Thereafter, the Applicant/Liquidator has submitted his Preliminary Report dated 30-4-2018 stating that the company is not doing any busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eard the submission of the Applicant/Liquidator, Mr. Manish Buchasia and by perusing the documents annexed therewith, it appears that the affairs of the company have been completely wound up, and its assets have been completely liquidated. 24. By taking into consideration of the above given facts and circumstances of the present case, we examined the relevant provisions of section 59 of the IB. Code, 2016 which reads as under: Section 59. Voluntary liquidation of corporate persons (1) A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter. (2) The voluntary liquidation of a corporate person under sub-section shall meet such conditions and procedural requirements as may be specified by the Board. (3) Without prejudice to sub-section (2), voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely:- (a) a declaration from majority of the directors of the company verified by an affidavit stating that- (i) they have made a full inquiry into the affairs of the company and they ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority for the dissolution of such corporate person. (8) The Adjudicating Authority shall on an application filed by the liquidator under sub-section (7), pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (9) A copy of an order under sub-section (8) shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered. 25. By following the above stated provision and the procedure prescribed, we find that the petitioner Liquidator has duly complied with the above stated provision and prescribed procedure, seeking for voluntary liquidation and dissolution of the petitioner company. By perusal of the material available on record in the present petition, it is evident that, the affairs of the company are completely closed down and the assets of the company have been completely liquidated. Thus, the petitioner company stands wound-up. Hence, the Petitioner Company deserves to be dissolved. Accordingly, this Adjudicating Authority hereby order that the company shall stand dissolved with effect from the date of this ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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