TMI Blog2021 (7) TMI 979X X X X Extracts X X X X X X X X Extracts X X X X ..... thereof. This Company Petition is allowed. - C.P. (IB) 200/MB/2021 - - - Dated:- 16-7-2021 - Suchitra Kanuparthi, Member (J) And Chandra Bhan Singh, Member (T) For the Appellant : Pranav Damania, Liquidator ORDER Chandra Bhan Singh, Member (T) 1. This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called Code ) by a Corporate Person, namely Changyou.Com India Private Limited through the Insolvency Professional, namely, Mr. Pranav Damania for dissolution of the Corporate Person through voluntary liquidation and accordingly it has proposed for voluntarily winding up under Section 59 of the Code, read with Rules and Regulations therein. The Corporate Person has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under Section 59(3)(c)(i) of the Code. There is no Financial Creditor and only one Operational Creditor in the Corporate Person company and the company has obtained the consent letter of the Operational Creditor. Hence the requirement of the Special Resolution being approved by creditors having 2/3rd value of debt as required under proviso to sub-section (3)(c)(ii) of Section 59 is met. 6. The Director Jie Liu from Beijing has approved on affidavit declaring the solvency of the Company. The other Director Sachin Dinkar Sankpal has approved on affidavit declaring the solvency of the Company. Therefore, it can be said that the company is not liquidate to defraud any person. 7. The Liquidator notified the Registrar of Companies, Mumba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Technology Pte. Ltd. (holding 99.999% of the total paid--up share capital of the Company). No remittance was made to Changyou Mobo Glint Limited, being other shareholder of the Corporate Person, holding 0.001% of the total paid-up share capital of the Company. The Company received a consent and no objection letter from Changyou Mobo Glint Limited for remitting the entire balance amount including the amount of the share capital held by it i.e. INR 30/-, to Mobo Information technology Pte. Ltd., Singapore. 10. The Liquidator submitted preliminary report to the IBBI, New Delhi on 15.06.2018. The Liquidator further filed audited accounts of liquidation and the statement in accordance with Regulation 38 IBBI (Voluntary Liquidation Process) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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