TMI Blog2022 (9) TMI 220X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation/dissolution of the company either from the side of the shareholders or from creditors, nor any adverse comment have been received from the public at large against such liquidation/dissolution, despite there being a public announcement by the liquidator and also updation of the same in the website of the Insolvency and Bankruptcy Board of India (IBBI). The present application deserves to be allowed for the proposed Liquidation/Dissolution of the Corporate Person - Application allowed. - CP ( IB ) No. 05/Vol./Chd/Hry/2020 - - - Dated:- 1-9-2022 - For the Applicant Company : Mr. G.S. Sarin, Practising Company Secretary For the Income Tax Department : Mr. Yogesh Putney, Senior Standing Counsel Mr. Harveet Singh Sehgal, Advocate Mr. Yatin Chadha, Advocate JUDGMENT PER : HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) 1. The present Company Petition has been filed by the Liquidator, Mr. Gurvinder Singh Sarin, on behalf of the Hellman Transportation India Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016 (in short The Code) seeking the relief that the Applicant Company be dissolved as per the provisions of the Code and the Bankruptc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 59(3)(c) of the Code, convened an Annual General Meeting on 27.09.2019 to pass a special resolution to voluntarily liquidate the company and to appoint Mr. Gurvinder Singh Sarin Insolvency Professional (Registration No.IBBI/IPA-002/IP-N00072/2017-18/10170) to act as the Liquidator. Copy of Minutes of the Annual General Meeting dated 27.09.2019 along with the notice has been annexed as Annexure A-6. 2.6 It is further stated that in compliance of Regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the liquidator of the applicant company had published a public announcement in Form A of Schedule I in Financial Express (English) on 01.10.2019 and in Jansatta (Hindi) edition on 01.10.2019 inviting claims of stakeholders, if any, to submit their claim within 30 days from the date of commencement of liquidation. A copy of the Public Announcement had also been sent to the Insolvency and Bankruptcy Board of India (IBBI) with request to upload it on its website and the same was uploaded on the website of IBBI. A copy of newspaper publication as well as copy of email sent to IBBI and screenshot of the website of IBBI depic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compliance with the provisions of Regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the liquidator had prepared a final report and submitted the same to the Registrar of Companies and to the Insolvency and Bankruptcy Board of India. A copy of GNL-2 along with challan and proof of despatch to IBBI are attached as Annexure A-23 of the application. 3. On the basis of aforementioned grounds and reasons, the company through the liquidator has prayed for an order from this Adjudicating Authority for dissolution of the applicant company and making a declaration to this effect. 4. We have heard the authorized representative appearing on behalf of the applicant company and with their able assistance, have carefully gone through the contents of present petition. We have also duly considered the merits thereof, in the light of the statutory provisions of Section 59 of the Code read with other relevant Regulations. For the sake of convenience, the relevant provisions of Section 59 of the Code, are being reproduced hereinbelow:- 59 Voluntary Liquidation of corporate persons 1. A corporate person who intends to liquidate itself voluntarily and has no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itors, as the case may be. 5. Subject to approval of the creditors under sub-section (3), the voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the resolution under sub-clause of sub-section (3). 6. The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary. 7. Where the affairs of the corporate person have been completely wound up, and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate person. 8. The Adjudicating Authority shall on an application filed by the liquidator under sub-section (7), pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. 9. A copy of an order under sub-section (8) shall within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is registered. 5. A bare perusal of the material available on record show ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... record of the present case, it is seen that the company is not found involved in such kind of business activities, which are detrimental to the interest of the public at large. Further, it is not the case that the proposed liquidation may adversely affect its shareholders/members or is contrary to the provisions of law. 11. The Liquidator had filed copies of paper publication as well as copy of paper announcement in Form-A. The Liquidator is found to have complied with the statutory provision to complete the liquidation process by taking necessary steps as it is evident that he had duly opened an account in the name of Corporate Person with Indusind Bank, New Delhi, for realization and payment to the members. The Liquidator had further intimated to the Income Tax Department regarding the voluntary liquidation of the company as well as his appointment as the liquidator. 12. The Liquidator has also annexed a copy of preliminary report (Annexure A-13), copy of Final Report, Form GNL-2 alongwith copy of receipt and email sent to IBBI with the present application. 13. By taking into consideration the above stated facts and circumstances, the present application deserves to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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