TMI Blog2022 (4) TMI 76X X X X Extracts X X X X X X X X Extracts X X X X ..... no business opportunities under consideration for future. Therefore, the Board of Directors in its meeting on 15.05.2017 have decided to voluntary liquidation of the company and members in EOGM dated 06.06.2017 have approved the resolution for voluntary liquidation of the company and approving the appointment of liquidator. Further, the liquidator has informed the concerned authorities i.e. IBBI, RoC and Income Tax Department and has also made paper publication in Form A in two newspapers - the Liquidator has completed the final distribution of assets. The voluntary liquidator has also prepared and submitted the final report to the IBBI and RoC vide speed post on 10.08.2019. The application is duly supported by the affidavit of the liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ontracts, submit tenders and execute work orders in connection with transportation and loading of any goods and merchandise. The Memorandum of Association and Articles of Association of the Company are attached as Annexure A-1. 3. The Board of Directors of the company in its meeting on 15.05.2017 has passed a resolution for Voluntary Liquidation of the company in terms of Section 59 of the IBC, 2016 and for filing the declaration of solvency for voluntary liquidation as well as for appointing Mr. Sameer Rastogi as liquidator of the company in terms of Regulation 5 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, subject to the approval of members in the EOGM in the company. The copy of the board resolution dated 15.05.2017 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnexure A-6 of the petition. Also, in terms of Section 178 of the Income Tax Act 1961, the liquidator vide letter dated 12.12.2017 informed the Department of Income Tax regarding the liquidation of the company and also about the appointment of the Liquidator. Copy of the intimation given to the Income Tax Department is attached as Annexure A-8 of petition. 8. The Liquidator made public announcement in two newspapers namely, in Top Story (English Newspaper) on 12.06.2017 and in Awam-e-Hind (Hindi) on 15.06.2017 inviting claims from the stakeholders, if any as required under Regulation 14(3)(c) of IBBI (Voluntary Liquidation Process) Regulations, 2017. The newspaper cuttings of the public announcement made by the liquidator are attache ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per Regulation 37(2)(b) of the IBBI (Voluntary Liquidation Process), Regulations, 2017, the liquidator has also prepared an Annual Status Report indicating the progress made in the liquidation process. The copy of Annual Status Report is attached as Annexure A-12 of the petition. 12. It is submitted that in terms of Regulation 38 of IBBI (Voluntary Liquidation Process) Regulations, 2017, upon completion of the liquidation process the liquidator has prepared a Final Report (Annexure A13 of application) containing the details of receipts and payments pertaining to the liquidation since the liquidation commencement date. The same has been submitted to the concerned Registrar of Companies and also to the Insolvency and Bankruptcy Board of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y to be liquidated within seven days however, the Board has no further role in the liquidation proceedings. The Income Tax Department has filed its report vide Diary No. 792 dated 29.01.2020 wherein it is stated that no demand is outstanding against the Applicant Company. 16. We heard the counsel appearing for the Liquidator for the petitioner Company and have perused the records and extended provisions of the Code and Rules/Regulations made thereunder. 17. In the present case, it can be seen that the Company is incorporated to carry on the business of coal loading, coal transportation and allied materials and to enter into contracts, submit tenders and execute work orders. The company was incorporated on 25.06.2004 to carry on the bu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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