TMI Blog2021 (8) TMI 1151X X X X Extracts X X X X X X X X Extracts X X X X ..... on is filed by Mr. Kamal Nayan Jain, Insolvency Professional, the Liquidator of the Company, Manraj Tradecom Private Limited, seeking approval of this Tribunal to dissolve the Corporate Person, upon the Application made under Section 59(7) of the Insolvency Bankruptcy Code, 2016, after the affairs of the Corporate Person have been completely wound up and its assets having completely liquidated. 2. The Corporate person, Manraj Tradecom Private Limited, was incorporated on 23rd day of July, 2007, under the provisions of the Companies Act, 1956, as a Non Government Company, in the State of West Bengal, and was dealing into business of Wholesale Trading in items including cloth. 3. As required under Regulation 3(1)(a) of the Liquidation Regulations, 2017, read with Section 59(3)(a) and (b) of the Insolvency and Bankruptcy Code, 2016, the Directors of the Corporate person, namely, Manju Pandey and Rajeev Pandey, had given their declaration of solvency on 28th January, 2019, in affidavit form in original, about the solvency of the Company, along with original valuation report and latest audited financial statement of two financial years and provisional financial statements as on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the liquidation of the affairs of the Company. Any taxation related expenses during and upto the liquidation period is to be borne out of the liquidation proceeds before any payments to the stakeholders. Further resolved that Mr. Kamal Nayan Jain, the liquidator be and is hereby authorised to exercise all the powers as per the provisions of the Insolvency and Bankruptcy Code, 2016, to effectively liquidate the affairs of the Company. 3. Resolved that notwithstanding the appointment of liquidator, Mr. Rajeev Pandey be and is hereby authorised to exercise all the powers in consideration with the liquidation of the Company like filing of statement of affairs with the liquidator, filing of return with the Registrar of Companies, filling up vacancy in the office of liquidator and such other maters incidental to the liquidation of the Company. 7. The Corporate person had informed the Registrar of Companies about the resolution passed by the shareholders through E-Form MGT-14 on 28th February, 8. The Liquidator had made public announcement of Notice dated 25th February, 2019, in 'Form A' on 26th February, 2019, in Financial Express in English and in Sukha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulations, 2017, consisting of Audited accounts of the Liquidator's Receipt Payment, a statement that all the assets of the Corporate person have been disposed of, the debt of the Corporate person has been discharged. 16. It is stated in the report of the Liquidator that there is no litigation pending against the Corporate person before any statutory authority or before any other forum and, therefore, there is no such requirement to make any provisions to meet the obligations. 17. As per Regulation 38(2) of the IBBI(Voluntary Liquidation Process) Regulations, 2017, the report was served on the Registrar of Companies, West Bengal, and the Insolvency and Bankruptcy Board of India on 19th February, 2020, as per Annexure-G and Annexure - H , to the Petition, respectively. 18. Section 59 of the Insolvency and Bankruptcy Code, 2016, provides that when Corporate person intends to liquidate itself voluntarily and has not committed any default, it may initiate Voluntary Liquidation proceedings under the provisions of the Code and the following conditions and procedural requirements shall be made: The voluntary liquidation of a corporate person under sub-section (1) sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor shall be dissolved accordingly. A copy of the order of the Adjudicating Authority passed under sub-section (8) of Section 59 of the code shall be forwarded to the Authority with which the Corporate person is registered within 14 days from the date of such order. 20. The Ld. Counsel on behalf of 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 28th January, 2019, 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 no dues are payable to debenture holders. It has been stated in the Report that on the basis of examination of books and records of the Company and according to the information and explanation provided to the Auditors, no fraud by the company or on the company by i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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