TMI Blog2022 (8) TMI 1202X X X X Extracts X X X X X X X X Extracts X X X X ..... een filed - In view of the foregoing steps taken and the satisfaction accorded by the Liquidator by way of the present application, there is no legal impediment in allowing the prayer of the applicant. The company is ordered to be dissolved - application allowed. - (IB)-202/ND/2022 - - - Dated:- 22-7-2022 - P.S.N. Prasad, Member (J) And Rahul Bhatnagar, Member (T) For the Appellant : Party-in-Person ORDER P.S.N. Prasad, Member (J) 1. This application is filed by the Voluntary Liquidator under section 59(7) of the Insolvency and Bankruptcy Code, 2016 ( Code ) read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 ( IBBI Regulations ) seeking dissolution of Sime Darby Edible Products India Private Limited (herein referred to as the ( Company ). 2. That the aforesaid Company is a private limited company incorporated on 25.03.2010 under the provisions of Companies Act, 2013 having CIN No. U15144DL2010FTC200708. The registered office of the Company is presently situated at 94, pocket-4, Sector-11, Dwarka, South West Delhi, New Delhi-110075 which lies within the territorial jurisdiction of this Bench. The object of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing it on the website on 13.03.2019.Further, in terms of Section 178 of Income Tax Act, 1961, the Liquidator vide letter dated 01.04.2019 intimated the Income Tax Office regarding his appointment in the Company as Liquidator. The same was acknowledged by the authority on 18.04.2019. e. In terms of Regulation 29 of the IBBI Regulations, the Liquidator is required to verify the claims submitted within 30 days from the last date of receipt of claims and may either admit or reject the claim, in whole or in part. According to law, the last date of submission of claims was 11.04.2019. It is stated that only one claim, vide email dated 06.04.2019, from an operational creditor i.e. B. Samrish Co., Company Secretaries was received by the Liquidator for an amount of Rs. 8,85,000/-, the same was considered and settled by the Liquidator. f. As required under the Voluntary Liquidation Regulations, the Liquidator opened a Bank account in the name of Sime Darby Edible Products India Private Limited in Voluntary Liquidation (Account No. 4112884879) with Kotak Mahindra Bank Limited, Dwarka branch, for realization and payment to the creditors and members on 15.04.2019. g. In terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of its commencement, the liquidator shall, hold a meeting of contributories of the company within a period of 15 days from the end of 12 months from liquidation commencement date and at the end of every succeeding twelve months till dissolution of the corporate person. The liquidator shall also present an Annual Status Report at the meeting of contributories, indicating the progress in liquidation. Due to delay in receipt of the income tax refund, the liquidation process was not completed within the prescribed timeline of twelve (12) months from the date of liquidation commencement, i.e., 07.03.2020, therefore, in compliance with Regulation 37 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the liquidator convened the first meeting of contributories on 21.03.2020. p. The Income Tax refund for the Assessment Year 2018-19 was processed by the Income Tax Department on 25.06.2020. q. The liquidator surrendered the Goods and Services Tax registration of the Company and the order for cancellation of the registration was passed on 11.08.2020. r. The Income Tax refund for the Assessment Year 2017-18 was processed by the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. 4. The Insolvency and Bankruptcy Board of India, in its affidavit dated 10.05.2022 has submitted that neither any action is contemplated by the Board, nor any action is pending against the liquidator before it. Therefore. The Insolvency and Bankruptcy Board of India has no observation against the dissolution of corporate debtor. 5. The Registrar of Companies has filed a report dated 11.05.2022 and observed that:- a. As per MCA21 records, company failed to file Balance Sheet and Annual return for the financial year 2018-19 as EGM done on 08.03.2019, therefore the company has violated provisions of sections 137(1) 92(4) of the Companies Act, 2013. b. The Liquidation process of corporate person could not be completed within the time period of one year as prescribed under regulation of 37(1) of IBBI (Voluntary Liquidation Process) Regulation, 2017. However, in terms of petition as provided by liquidator to the office of RoC, the liquidator has alleged that the 2 shareholders/contributories meetings were conducted on 21.03.2020 and 22.03.2021 during the complete liquidation period form 08.03.2019 to 11.01.2022. As neither any supporting documents for conducting shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Affairs General Circular No. 08/2020 dated 06.03.2020, only the Companies which are under CIRP are required to file its annual returns and financial statements under the Act as an attachment to e-Form GNL-2. Therefore, the Company being under voluntary liquidation is not required to file its annual returns and the financial statements post commencement of the voluntary liquidation. h. The Company has duly complied with the provisions of Section 92(4) and 137(1) of the Act till the date the company ceased to carry on its business, i.e. 2017-18. i. The liquidator has duly complied with the audit requirements under the provisions of the Act, and accordingly, the pre-liquidation financials starting from the period 01.04.2018 to 07.03.2019 have been audited by the statutory auditor of the Company, appointed by the liquidator. j. The Applicant has enclosed the following documents in support of the meeting of the contributories held on 21.03.2020 and 22.03.2021: i. Notice of the meetings; ii. Agenda of the meetings; iii. Minutes of the meetings; and iv. Annual Status Report. 7. We have heard the applicant and AROC and also perused the averment ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
