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TMI Blog2019 (9) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 16.11.2017 by way of an affidavit in terms of provisions of Section 59(3)(a) of the IB Code, 2016 - The Company has issued notice to all the shareholders and an Extraordinary General Meeting was also held on 11.12.2017 in which the approval for liquidating the company was also given. The Company has also filed MGT 14 informing the special resolution passed by the members to the ROC. The voluntary liquidator has complied with the requirement of the provisions of section 59 of the IB Code, 2016 and filed this Petition under section 59(7) of the IB Code, 2016 to dissolve the Petitioner/Corporate Person viz., Cognistreamer Consulting India Private Limited. Petition disposed off. - CP (IB) No. 52/59/HDB/2019 - - - Dated:- 26-6-2019 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... up. (c) The Company under voluntary liquidation was incorporated to carry on the business of Software development and Customization, package Development and customization, networking, information technology enabled services, internet related business, system analysis and etc. Due to continuous economic recession, stiff competition and constant increase in the cost of inputs service without proportionate increase in the price of finished service, products, the profit margin of the Petitioner Company was significantly reduced and the business was no more remunerative and as a result, the Applicant Company has suspended its business operation with effect from 01.04.2017. The Board of Directors of the company under voluntary li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... public announcement made in newspapers was also submitted to the Registrar of Companies, Hyderabad in form MGT-14 vide SRN G69975209 and the same were approved and taken on record by ROC. (h) The Company confirm that other than Bank Balance of ₹ 2,67,024.81, the Company has no other assets as on the date of commencement of Liquidation (i.e. 11.12.2017). The Company has no creditors other than creditors for expenses aggregating to ₹ 2,67,024.81. None of the creditors for the expenses submitted any claims to the Liquidator in response to the public announcement made in Newspapers. All the creditors for expenses of the Company has been fully paid and discharged to the satisfaction of the creditors for expenses. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Registrar of Companies, Hyderabad vide his Report No. ROC/H/MMM/SEC.59/099446/2019/203; dated 25.04.2019 while reiterating the averments made in the petition submitted that the Special Resolution passed on 11.12.2017 at EGM of the Company and MGT-14 vide SRN G69975209 were approved on 16.12.2017. Further, the Declaration of solvency filed by all the present director in GNL 2 vide SRN H50253046 and the final report of Liquidator filed along with accounts vide SRN H32229726 were also taken on record by the ROC. There are no charges exist against the Company. The Company has filed Balance Sheet as on 31.03.2017 and the Annual Return made upto 31.03.2017. It is further submitted that there are no remarks by the Auditors in the Balance Sheet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts would show that the voluntary liquidator has complied with the requirement of the provisions of section 59 of the IB Code, 2016 and filed this Petition under section 59(7) of the IB Code, 2016 to dissolve the Petitioner/Corporate Person viz., Cognistreamer Consulting India Private Limited. 12. Taking into consideration the above facts, report of ROC and also the compliance with all the requirement of the provisions of the Code and Regulations by the Liquidator, Cognistreamer Consulting India Private Limited is ordered to be dissolved as envisaged under Section 59 of the Code with effect from the date of this Order. 13. With the above observations the petition i.e. CP(IB)No. 52/59/HDB/2019 is disposed of and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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