TMI Blog2021 (5) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... ber (J) And Harish Chander Suri, Member (T) For the Appellant : Arani Guha, Advocate and Saurabh Basu , CS ORDER Harish Chander Suri, Member (T) 1. The instant application is filed by Mr. Saurabh Basu, PCS, the Liquidator of the Company, Lipika Collection Private Limited, seeking approval of this Tribunal to liquidate the Company, as per the provisions of Section 35 to Section 53, Section 59 and Chapter V of the Insolvency and Bankruptcy Code, 2016, read with The Insolvency Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. 2. The Ld. Counsel, on behalf of the Liquidator, stated that the Company, Lipika Collection Private Limited is not able to carry on the business activities as per the main ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmitted that the Company is a Private Limited Company and the list of shareholders and Directors of the Company as on the date of signing of the Application is enclosed with the Application and marked as Annexure - C . 6. The Board of Directors of the Company in its meeting held on 19th December, 2018 made a declaration of Insolvency, and approved the proposal for winding up of the operations of the Company under the members' voluntary winding up. The copy of Board Resolution is attached with the Application as Annexure - D . 7. The members of the Company in their extraordinary general meeting held on 31st December, 2018, passed the special resolution containing the terms and conditions of appointment of Liquidator and remunerat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the concerned Income Tax Department, Registrar of Companies and Insolvency and Bankruptcy Board of India. The copy of the said intimation letter is enclosed with the Application and marked as Annexure -I . 12. After completion of liquidation process, in terms of regulation 38(1) of the Liquidation Regulations, 2017, the Liquidator of the Corporate Person prepared the final report and the final report along with Audit Report has been submitted to IBBI and Registrar of Companies, West Bengal. The copy of final report along with proof of service to IBBI and ROC, West Bengal are attached with the Application as Annexure - M . 13. The Ld. Counsel on behalf of the Liquidator stated that pursuant to Section 59(7) of the Insolvency and Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ectors 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rwarded to the Authority with which the Corporate person is registered within 14 days from the date of such order. 18. The Liquidator appearing before us has taken us through all the requisite documents required under the law, like declaration by Directors under Section 59(3) dated 19th December, 2018, deposing that the affairs of the Company have been properly inquired into and the Company has no debts and the company has not been liquidated due to default. This affidavit/declaration also accompanies independent Auditor's Report submitted to the members of the company which contains all the legal and regulatory requirements that the Company has no loans or borrowings payable to any financial Institutions, or Banks or Government and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l and the Official Liquidator, we order dissolution of the Company Lipika Collection Private Limited, as prayed for, upon the following: ORDER i) The Company, Lipika Collection Private limited stands dissolved under Section 59(8) of the Insolvency and Bankruptcy Code, 2016, from the date of the Order ii) Registry is directed to communicate the Order under Section 59(9) of the Insolvency and Bankruptcy Code, 2016 to the Registrar of Companies, West Bengal, Insolvency and Bankruptcy Board of India, the Regional Director, Eastern Region, Ministry of Corporate Affairs, within seven days from the date of this Order by way of e-mail, as well as by way of Speed Post for appropriate action in this regard. iii) CP(IB No. 2102/KB/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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