TMI Blog2021 (9) TMI 1245X X X X Extracts X X X X X X X X Extracts X X X X ..... ucting the liquidation process and the statutory compliance U/s. 59(3)(c) was neither intentional nor deliberate. Accordingly, the delay is condoned in completing the process of liquidation. There is no legal impediment in allowing the prayer of the applicant - the Liquidator is allowed to dissolve the Company U/s. 59 of the Code and the said company is hereby dissolved with effect from the date of the present order. - (IB)-486/ND/2021 - - - Dated:- 17-9-2021 - P.S.N. Prasad, Member (J) And K.K. Vohra, Member (T) For Appearing Parties: Ananya Madhusudan, Kaushiki, Advs. and Amresh Kumar Sood, Liquidator ORDER P.S.N. Prasad, Member (J) 1. This application is filed by the Voluntary Liquidator under section 59 of the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bearing registration no. IBBI/IPA001/IP-P01165/2018-19/11836, Insolvency Professional was appointed as the Voluntary Liquidator of the Company. c. As per the requirement of Regulation 14 of the IBBI Regulations, the voluntary liquidator published a notification in the newspaper, namely, Financial Express in English and Jansatta in Hindi on 21.02.2020 respectively, seeking submission of the claim by the stakeholders, if any, within 30 days for the date of commencement of Liquidation i.e. 17.02.2020. In terms of the Regulation 14(3)(c) of the IBBI Regulations, the Public Announcement was notified to IBBI on 22.02.2020 for publishing it on the website. d. As per the requirement of Section 59 of the Code, a Declaration of Solvency ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Registrar of Companies and requested them to change the status of the Company pursuant to Special Resolution passed in EOGM for voluntary liquidation on 26.02.2020. k. That the Liquidator filed an application dated 24.06.2020 with the GST Authorities for surrender of GST Registration of the Company and on 27.07.2020, the GST Registration of the Company was cancelled. l. That on 30.07.2020, the Form GSTR-10, which is the Final Return, has been filed where neither any demand is pending to be paid nor any refund to be received by the Company. m. Further, in terms of Regulation 38 of the IBBI Regulations, the voluntary liquidator submitted the final report dated 09.06.2021 to the IBBI and to the RoC in E-Form GNL-2 vide SRNT22 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the course of arguments, it was observed that the Special Resolution was passed by members on 17.02.2020 after a gap of 101 days from Declaration by Directors (08.11.2019) as against requirement of 28 days as per Section 59(3)(c) of the Code. After special resolution, petition with NCLT was filed after 17 months as against requirement of 12 months. It was orally submitted by the Counsel that the reasons for delay in conducting the liquidation process and the statutory compliance U/s. 59(3)(c) was neither intentional nor deliberate. Accordingly, the delay is condoned in completing the process of liquidation. 5. In view of the foregoing steps taken and the satisfaction accorded by the voluntary liquidator by way of the present applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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