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TMI Blog2019 (7) TMI 978X X X X Extracts X X X X X X X X Extracts X X X X ..... sary Special Resolution in its Extra Ordinary General Meeting (EOGM) on 7.04.2018 by confirming the decision of its Board of Directors by proposing its Voluntary Liquidation - the Liquidator, after his appointment duly performed his duties and completed necessary formalities so as to complete process of liquidation, which are well narrated in the present petition and thereafter he sought an order from this Tribunal for dissolution of the applicant company. Since nothing adverse is found from the material available on record in respect of opposing the proposed liquidation of the corporate person, the present application deserves to be allowed - petition allowed. - CP (IB) No. 76/NCLT/AHM/2019 - - - Dated:- 2-5-2019 - MS. MANORAMA KUMARI, MEMBER (J) For The Petitioner : Mr Chetan Patel, PCS ORDER 1. The present Company Petition is filed by the Liquidator, Mr. Keyur J. Shah, Practicing Company Secretary Insolvency Professional, on behalf of the applicant company M/s. China Steel Machinery Corporation India Private Limited seeking voluntary liquidation under Section 59 of Insolvency and Bankruptcy Code, 2016. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed necessary Resolution to this effect for voluntary liquidation of the Company. As per the requirement of statutory provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016, Director of the Company, viz., Mr. Yu Chen has made necessary declaration to this effect on 13th March, 2018 and annexed copy of such declaration along with audited financial statements and record of business operations of the company for the previous two years with the present petition (From page Nos. 48-72). The declaration made by Director along with audited Financial Statement and record of business operations of the company for the previous two years have also been filed with Registrar of Companies, Gujarat in form GNL-2 vide SRN G83645432 on 16th April, 2017 and the same are marked as Annexure with present petition (From page Nos. 73-76). vii) It is further stated that, pursuant to the Board of Directors of the Company, vide its Extraordinary General Meeting held on 7th April, 2018, passed necessary special Resolution (Required under Section 59 of the Code read with the Insolvency and bankruptcy Board of India) (Voluntary Liquidation Process) Regulations, 2017) to liquidate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n distributed among the members of the company and upon receiving of aforesaid payment by members, the asset of the company stands fully liquidated. x) It is further stated that the Auditors certificates on the liquidation, showing receipts and payments pertaining to liquidation since the date of its commencement has been annexed with the main petition (from page Nos. 130-131). Further, a copy of final report showing the realization and payment to the members of the company, containing the details as required under regulation 38 of the regulations is also annexed with the main petition (From page Nos. 119-146). It is further averred that, the copy of final report was submitted to the Registrar of companies in form GNL-2 and was also sent to the IBBI through email and by registered post and the same has been annexed with the main petition. xi) It is further submitted that, subsequent to making payment to Members of the company, the liquidator has closed the liquidation Account. Thus, a copy of the Bank Statement showing nil balance has been annexed with the main petition (from Page No. 133-136). 3. For the aforesaid reasons, the appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal 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 (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) 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 (c) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the present petition and thereafter he sought an order from this Tribunal for dissolution of the applicant company. 8. Since there is no objection received from any angle opposing the voluntary liquidation of the company either from shareholders side or from secured and unsecured creditors side or any adverse comments from public at large against such proposed liquidation, despite a public announcement was made by the liquidator in the website of the Insolvency and Bankruptcy Board of India (IBBI). The proposed liquidation has been communicated to the Registrar of Companies, Gujarat, as per Form MGT-14 and Form GNL-2 which have been approved. Moreover, it is a matter of record that there is no representation from the side of the Central Government to the present petition despite proper notice issued and sufficient opportunities were given to the office of Regional Director (RD), Ahmedabad, as well as Registrar of Companies (ROC), Gujarat, Ahmedabad. 9. In addition to the above, on perusal of the record of the present case, it is evident that the company is found not involved in any kind of business activities, wherein the public interest at large ..... X X X X Extracts X X X X X X X X Extracts X X X X
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