TMI Blog2021 (6) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication allowed. - CP/550/2020 - - - Dated:- 3-5-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : Aravindan Shanmugavel, Advocate for Fox Mandal Associates ORDER R. Varadharajan, Member (J) 1. This is a Company Petition filed by the Liquidator in relation to the voluntary liquidation of M/s. Jurong Engineering (India) Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ), seeking for the dissolution of the Applicant Company. 2. The Applicant Company was incorporated on 18.12.1997 under the provisions of the Companies Act, 1956. The main object of the Company is to carry on the business of conducting feasibility ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the Application. 6. As required under Section 59(3)(c) of the IBC, 2016 read with Regulation 3(c) of IBBI (Voluntary Liquidation Process) Regulations, 2017, a Special Resolution dated 11.06.2019, was passed at the meeting of the Company to liquidate itself and to appoint the Liquidator, which is placed at pages 93 to 95 of the typed set filed along with the Application. Further, the same was notified to the RoC and IBBI on 17.06.2019 i.e. within 7 days, as per Section 59(4) of IBC, 2016, which is placed at page 103 to 111 of the typed set filed along with the Application. 7. In further compliance, the audited financial statements of the previous two years viz. 2017-18 and 2018-19 were filed with the RoC and the proof of the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the Statutory Authorities in Form F which was verified as per Regulation 29 of IBBI (Voluntary Liquidation Process) Regulations, 2017 and the same was admitted by the Liquidator and the list of stakeholders is placed at pages 122 to 123 of the typed set filed along with the Application. 10. It is seen from the Final Liquidators report that the Company had a bank balance of ₹ 1,41,85,000/- as on the Liquidation commencement date and as required under Regulation 34 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Liquidator has opened a Bank account in the name of Jurong Engineering (India) Private Limited (in voluntary liquidation) with the ICICI bank, for realization and payment of the proceeds to the stakehol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed along with the Application. 13. Thus, on examining the submissions made by the Learned Counsel for the Applicant and after perusing the documents annexed to the Application it appears that the affairs of the Company have been completely wound up and the assets of the Applicant Company have been completely liquidated and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC, 2016, we hereby order the dissolution of M/s. Jurong Engineering (India) Private Limited and the Applicant Company shall stand dissolved from the date of this order. Accordingly, the Company Application stands allowed. 14. The Registry and the Liquidator are directed to serve a cop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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