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TMI Blog2019 (2) TMI 1498X X X X Extracts X X X X X X X X Extracts X X X X ..... NALA, JUDICIAL MEMBER AND ASHOK KUMAR MISHRA, TECHNICAL MEMBER For The Applicant : Shri. Parameshwar G. Bhat ORDER Rajeswara Rao Vittanala, Judicial Member. CP.No.631/BB/2018 is filed by M/s. RAD-MRO Manufacturing Private Limited u/s. 59 of the IBC, 2016 by inter aiia seeking to confirm the winding up of the affairs of the Company and dissolved it; to allow to dispose of the records, register and books of account apart from the ones expressly to be preserved under the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017; to discharge the power and duties of Mr. Vishal Rai, Liquidator of the RAD MRO Manufacturing Pvt. Ltd., etc. 2. Brief facts of the case, as mentioned in the petition, which are relevant to the issue, are as follows: 1) M/s. RAD-MRO Manufacturing Private Limited (hereinafter referred to as the Company) was incorporated under the provisions of Companies Act, 1956 on 23.04.1997 with CIN: U03220KA1997PTC022152. Its Authorized Share Capital is ₹ 2,00,00,000/- (Rupees Two Crores Only) divided into 20,00,000 (Twenty Lakhs) Equity Shares of ₹ 10/- (Rupees Ten Only) each. The current Issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the newspapers on 03.08.2017. In pursuance of Section 59(4) of the IBC, 2016, the intimation of liquidator and Special Resolution passed at the AGM to voluntary liquidate the affairs of the Company was made to IBBI. Further, the notice intimating the appointment as Liquidator in the matter of voluntary liquidation to the Assistant of Commissioner of Income Tax, Income Tax Department, Koramangala, and Bangalore-560095 was dispatched on 10.08.2017. In pursuance of Section 59(4) of the IBC, 2016, a Special Resolution to liquidate the Company was filed with the Registrar of Companies. b. Shri Vijayakrishna KT, Senior Practising Company Secretary has been engaged in the process of liquidation for providing professional services including assistance in liquidation process, the secretarial matters, representations before authorities, coordination with the Chartered Accountants and other person etc. c. In pursuance of Regulation 34 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, a separate Current Account bearing A/c. No. 37139941200 was opened in the name of RAD-MRO Manufacturing Private Limited (in liquidation) with SBI having branch at SME Branch, Raja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17 from the Office of Assistant Commission, Central Goods and Services Tax, Bangalore. Considering the confirmation, an application requesting the authorities to de-register the Company from its records has been served. k. In pursuance of Regulations 35 of the IBBI (Voluntary Liquidation Process) Regulations, 2017 and based on opinion received from a Chartered Accountant and after taking into account the provision for all the liquidation cost(s), the distribution of balance of proceeds apart from the Share Capital of the Shareholders has been considered as deemed dividend and the dividend distribution tax was deposited with the Income Tax Authorities. l. Thereafter, distribution of the Liquidation proceeds was started and share of MRO TEK Limited, the Indian Shareholder of Liquidating Company was paid in full. m. During the remittance of liquidation proceeds to RAD Data Communication Limited, the foreign shareholder, the Banker had asked for NOC from the Income Tax Department for remittance to the Foreign Shareholder of the Liquidating Company. So an application was filed with the income tax department for obtaining No Objection Certificate (NOC) for remittance the funds ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany in a general meeting requiring 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 article 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 (c) 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. As per the above provisions of the Section, a notice dated 22.07.2017 was issued by the Company by proposing to conduct 20th Annual General Meeting of the Company on 31.07. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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