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TMI Blog2020 (6) TMI 492X X X X Extracts X X X X X X X X Extracts X X X X ..... 39;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 Singhvi (DIN: 00246136), Mr. Alin Alok Ganguli (DIN: 00381791), Mr. Ashwani Kumar Sharma (DIN: 01991310) and Mr. Charles Marian Carvalho (DIN: 02172073). The registered office of the company is situated at: Shop No. 11, Swaminarayan Building, Ward No. 9, Gandhidham, Kutch-370201, Gujarat. 4. The applicant/Liquidator has contended that the Petitioner Company was incorporated for the purpose of doing business as mentioned in the Memorandum of Association. However, later on the Board of Directors of the company duly considered and decided to close down the company by way of liquidation because of non-availability of business prospects and long term financial resources of the company and it was not found financially viable to carry on the activities of the company. Therefore, the company, through ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce 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 to calling upon the stakeholders to submit their claims within 30 days from the date of commencement of liquidation i.e. 25-5-2018 and the copy of public announcement was simultaneously sent to the Insolvency and Bankruptcy Board of India ("I.B.B.I.") with a request to place it on its website and the same was published on website of IBBI. 10. As per the provisions of section 59(4) of the IB Code, which requires the Company to notify the ROC and the I.B.B.I. for voluntary liquidation within seven days of passing of special resolution in its Extra Ordinary General Meeting, the applicant company duly notified the ROC about voluntary liquidation and appointment of a liquidator in Form MGT 14 and Form GNL-2 and the same was approved and taken in to record by the Registrar of Companies, Gujarat, Ahmedabad. 11. As submit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 business and its books of account reflects that the company has assets having book value of Rs. 28,47,805.79 (Rupees Twenty-Eight Lakhs Forty-Seven Thousand Eight Hundred Five and Seventy-Nine Paisa) which may be estimated to be realise with Rs. 28,47,805.79 (Rupees Twenty-Eight Lakhs Forty-Seven Thousand Eight Hundred Five and Seventy-Nine Paisa). 19. It is submitted in the 'Preliminary Report' that The statement of payment the details of Authorised and Issued/Subscribed Capital as well as percentage of share holdings. It also reflects that there are no liabilities with the company. Post the payment above, Rs. 2,00,000/- (Rupees Two Lakhs Only) was paid to cost of Liquidator. It is submitted that Rs. 5,00,00,000/- (Rupees Fiver Crores only) post payment of the liquidator can be disbursed to the contributors for total number of sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 have formed an opinion that either the company has no debt or that it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation; and (ii) the company is not being liquidated to defraud any person; (b) the declaration under sub-clause (a) shall 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 ..... 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