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TMI Blog2022 (5) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... as "Liquidation Regulations, 2017") by the Liquidator-Mr. Bhupendra Singh Narayan Singh Rajput seeking an order for dissolution of the M/s. Sohangiri Metals and Alloys Pvt. Ltd. (hereinafter referred to as "Corporate Person"). 2. The facts, in brief, are that the Corporate Person was incorporated on 02.04.1996 with CIN: U27100GJ1996PTC029210 under the provisions of the Companies Act, 1956. The registered office of the Corporate Person is situated at Plot No. 215, 1GIDC Phase-II, Nr. Dared Jamnagar, Gujarat-361005. The shareholders of the Corporate Person do not want to continue the business as there is no business opportunity in upcoming years. Hence, the Board of Directors of the Corporate Person are of the opinion to close down the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication). 6. In compliance with the Regulation 14 Liquidation Regulations, 2017, the liquidator made a public announcement in Form-A of Schedule I in "Financial Express" (English) and "Sandesh" (Gujarati) on 16.12.2020 calling upon the stakeholders to submit their claims within 30 days from the date of commencement of liquidation i.e., 15.12.2020. 7. It is submitted that as per the provision of Section 59(4) of the IBC, 2016, the Corporate Person duly notified the Registrar of Companies about the voluntary liquidation and appointment of Liquidator in Form MGT 14 vide SRN R75291856 dated 16.12.2020 and Form GNL vide SRN R7591922 dated 16.12.2020. The liquidator also informed to the Income Tax Officer, Jamnagar-Gujarat about the voluntar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he stakeholders, the Bank Account has been closed on 12.03.2021 (at page 122 of this application). 10. It is submitted that in compliance with the provisions of Regulation 38 of the Liquidation Regulation, 2017, the liquidator prepared a final report and submitted to the Registrar of Companies in E-form GNL-2 on 18.03.2021 and send to the IBBI through email dated 18.03.2021. As per the final report, there are also no assets in the Corporate Person which required to be realized. There are no operational creditors and financial creditors in the Corporate Person. Since there are no assets in the Corporate Person, thereby, the sale statement is not required. It is further submitted that there is no investigation/inquiry is pending against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proposed liquidation is duly communicated to the Registrar of Companies, Gujarat as per Form MGT-14 and GNL-2 that same is also reported to have been approved. After distributing the proceeds of the Corporate Person, the liquidator files its final report wherein it is clearly stated that nothing remains to be realized in the Corporate Person. 13. By taking into consideration, the above stated facts and circumstances, the present application deserves to be allowed for the proposed dissolution of the Corporate Person. Hence, we pass the following order: ORDER I. This Adjudicating Authority in exercise of power conferred to it under Section 59(8) of the IBC, 2016 orders that the Corporate Person (Applicant Company) "M/s. Sohangiri Metals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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