TMI Blog2022 (9) TMI 682X X X X Extracts X X X X X X X X Extracts X X X X ..... ities to complete the liquidation process of the applicant company, which has been averred in the present petition and, thus, the liquidator has prayed for an order from this Tribunal to dissolve the applicant company. Since there is no objection received from any angle opposing the proposed voluntary liquidation/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) - Apart, as per 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. The present application deserves to be allowed for the proposed Liquidation/Dissolution of the Corporate Person - Application allowed. - CP (IB) No.274/Chd/Hry/2021 - - - Dated:- 13-9-20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irs of the company has been done and the company has no debts and if so claimed during the liquidation process, the company will be able to pay its debts/claims in full, from the proceeds of the assets to be sold in liquidation, within a stipulated period. The directors of the applicant company have also submitted the Declaration of Solvency by way of affidavits dated 25.07.2018 (Annexure A-4) deposing therein that the company is not being liquidated to defraud any person. Certified true copies of the two previous year of audited financial statements for the year 2016-2017 and 2017-2018 have also been annexed in petition (Annexure A-5) 2.5 It is stated that the Board of Directors of the company as per Section 59(3)(c) of the Code, convened an Extra Ordinary General Meeting on 27.07.2018 to pass a special resolution to voluntarily liquidate the company and to appoint Ms. Monika Kohli, Insolvency Professional (Registration No.IBBI/IPA-002/IP-N00078/2017-18/10209) to act as the Liquidator. Copy of Minutes of the Extra Ordinary Meeting dated 27.07.2018 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 Insol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Liquidation Process) Regulations, 2017, the liquidator opened a bank account in the name of the Serco Integrated Transport Private Limited. in voluntary Liquidation , with HSBC for realization of money and payment to the members. 2.12 In compliance of the provisions of Regulation 35 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 and Section 53 of the Code, the liquidator distributed the proceeds from the realization of assets (Bank Balance Liquid Assets only) involved in the process of Voluntary Liquidation to the stakeholders from the aforesaid liquidation account. 2.13 The applicant liquidator has further informed that having made necessary payment to the Members of the company, the liquidator has closed down the liquidation account and in proof thereof, a copy of closure letter dated 15.03.2021 evidencing the closure of account is attached with the application as Annexure A-16. 2.14 In 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equiring the company to be liquidated voluntarily and appointing an insolvency professional to act as the liquidator; or ii. a resolution of the members of the company in a general meeting requiring the company to be liquidated voluntarily as a result of expiry of the period of its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company shall be dissolved, as the case may be and appointing an insolvency professional to act as the liquidator. Provided that the company owes any debt to any person, creditors representing two-thirds in value of the debt of the company shall approve the resolution passed under sub-clause within seven days of such resolution 4. The company shall notify the Registrar of Companies and the Board about the resolution under sub-section (3) to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, 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 resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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). It is also evident from the record that the proposed liquidation was duly communicated to the Registrar of Companies, NCT of Delhi Haryana as per Form MGT-14 and Form GNL-2 and the same is also reported to have been approved. 9. Notice was issued to the Registrar of Companies (RoC), NCT of Delhi Haryana, vide order dated 26.04.2022. In compliance with the above order, RoC filed its report vide Diary No.424 dated 05.07.2022, whereby it has stated that no inquiry/inspection/complaint/legal action has been proceeded/pending against the subject company. 10. Apart, as per 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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