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TMI Blog2021 (5) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... ensuring the compliances, decision was taken to liquidate the Company voluntarily as per the provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016, read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 and to distribute the assets lying with the Company to shareholders as per their respective holding of the Company. 3. The Company, Bakreswar Ispat Private Limited, was incorporated as a Company limited by shares on 22nd September, 2014 under the provisions of the Companies Act, 1956, under the name and style, Bakreswar Ispat Private Limited. The Company is registered with the Registrar of Companies, West Bengal vide CIN U27310WB2014PTC203760. 4. The Ld. Counsel for the Liquidator submitted that the authorised share capital of the Company is Rs. 50,00,000/- (Rupees Fifty Lakhs only) comprising of 5,00,000/- (Five Lakhs) equity shares of Rs. 10/- (Rupees ten only) each. The issued, subscribed and paid up capital is Rs. 16,50,000/- (Rupees Sixteen Lakh Fifty Thousand only) comprising of 1,65,000/- (One Lakh sixty five thousand only) equity shares of Rs. 10/- (Rupees ten only) each. 5. It is stated by the Ld. Counsel for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quidate the Company and to appoint CS Mr. Saurabh Basu, as the Liquidator of the Company, to exercise all powers and perform such actions as provided under the Insolvency and Bankruptcy Code, 2016 and Voluntary Liquidation Process Regulations, 2017. The copy of the certified true copy of the Special Resolutions and the Notice calling the EOGM, along with Explanatory Statements and Minute of EOGM thereof, are enclosed with the application and marked as "Annexure - F". 11. The Creditors of the Company approved the Special Resolutions passed under the provisions of Section 59(3) of the IBC, 2016, by the members of Company in the EOGM, held on 9th October, 2019, for voluntary liquidation of the company and appointment of the Liquidator for the said purpose. 12. It is stated that in compliance with the provisions of Section 59(4) of the IBC, 2016, the Liquidator notified about the commencement of voluntary liquidation of the company to the Registrar of Companies, West Bengal, vide letter darted 23rd October, 2019 and to the IBBI, vide E-mail dated 15th October, 2019. The copies of the said letter to the ROC, West Bengal and email to the IBBI, are annexed with the Application and marke ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tutory authorities for any statutory dues, if any pending as on the liquidation commencement date, in response to the public announcement of the voluntary liquidation of the Company. 21. It is submitted by the Ld. Counsel for the Liquidator that the affairs of the Company have been completely wound up and all the available assets, as per list of assets, as on the liquidation commencement date have been liquidated in compliance with the applicable legal provisions, subject to the assets unrealisable and/or written off as per declaration of the Directors. 22. In compliance with the Regulation 38(3) of the Voluntary Liquidation Process Regulations, 2017, after completion of liquidation process, the Liquidator has prepared the final report and submitted the final report, along with the Application marked as "Annexure - O". 23. In compliance with the Regulation 38(2) of the Voluntary Liquidation Process Regulations, 2017, the Liquidator has submitted this final report to the Registrar of Companies and to the Insolvency and Bankruptcy Board of India. The copies of the proof of service of final report to the Registrar of Companies, West Bengal and the IBBI, are attached with the Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... c) within four weeks of a declaration under sub-clause 9(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 may be and appointing an insolvency professional to act as a liquidator; Provided that the company owes any debt to any person, creditors representing two-thirds in value of the debt or the company shall approve the resolution passed under sub-clause(c) within seven days of such resolution." 28. Section 59 further provides that where the affairs of the Corporate person have been completely wound up, and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate person and the Adjudicating Authority shall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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