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TMI Blog2019 (8) TMI 1244X X X X Extracts X X X X X X X X Extracts X X X X ..... nsolvency and Bankruptcy Code, 2016 (herein after referred to as the IB Code, 2016) read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) for dissolution of the Corporate Person. 2. The brief of the averments made in the application by the Voluntary Liquidator are as follows: a) The Company under voluntary liquidation was registered under the Companies Act, 1956 a Public Company limited by shares in the State of Andhra Pradesh and it is having its registered office at D.No. 10-2-9, 2nd Lane, Sambasiva Peta, Guntur, Andhra Pradesh-522001. b) The authorised capital of the Company under voluntary liquidation is Rs. 10,00,000/- (Rupees Ten Lakhs Only) divided into 1,00,000 equity shares of Rs. 10/- each and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amanya Ravi Vadlamani has also given his acceptance to the proposal of winding up on 26.09.2017 as per the provisions of Section 59 of the IB Code, 2016. The Declaration along with audited financial statement as record of business operations of the Company for the previous two years were filed with ROC, Andhra Pradesh in Form GNL-2 vide SRN G572797545 and the same was approved by the ROC. e) The members of the Company in their Extra-Ordinary General Meeting held on 16.10.2017 passed a special resolution required under Section 59 of the IB Code read with the IBBI (Voluntary Liquidation Process) Regulations, 2017 to liquidate the Company voluntarily and appointed Mrs. Padmasri Appana, an Insolvency Professional, having IP Registration No. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authorities. k) The Liquidator has made a payment of an advance tax of Rs. l1,700/- and dividend distribution tax (DDT) and interest on DDT amounting to Rs. 4,97,955/-. Post payment of the advance tax and DDT, the accumulated profit to be distributed to the members amounts to Rs. 19,28,790/- and investment in share capital amounts to Rs. 5,68,970/-. Out of this Rs. 5,47,610/- were paid to the members of the Company and remaining amount of Rs. 21,360/- investment in share capital and accumulated profit amounting to Rs. 72,142/-. The total amount of Rs. 93,502/- was not claimed by the shareholders and to that extent the amount was lying in the liquidation account and now seeking for a direction to transfer the unclaimed amount to "Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ether the liquidator has complied with all the provisions of Section 59 of the IB Code, 2016 read with Regulation 3 of the Regulations before initiating voluntary liquidation of the company. 7. It is on record that the board of directors have passed necessary resolution on 16.09.2017 to liquidate the company voluntarily and the directors have also executed the Declaration of Solvency dated 16.09.2017 by way of an affidavit in terms of provisions of Section 59(3)(a) of the IB Code, 2016. 8. The Company has issued notice to all the shareholders and an Extraordinary General Meeting was also held on 16.10.2017 in which the approval for liquidating the company was also given. The Company has also filed MGT 14 informing the special resolution p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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