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TMI Blog2019 (9) TMI 890X X X X Extracts X X X X X X X X Extracts X X X X ..... of Insolvency and Bankruptcy Code, 2016 (I&B Code). 2. The Petitioner Company Sunder Bhawar Holiday Homes Private Limited was originally incorporated on 13.09.2011 under the provisions of Companies Act, 1956, with the name "SHETH LANDMARKS PRIVATE LIMITED" having CIN U45400MH2011PTC221951 as a private company limited by shares with Registrar of Companies, Mumbai. The name of the Company was subsequently changed from "SHETH LANDMARKS PRIVATE LIMITED" to "Sunder Bhawar Holiday Homes Private Limited" vide Fresh Certificate of Incorporation dated 30.03.2015 issued by Registrar of Companies, Mumbai, Maharashtra under change of name. 3. The main object of the Company is - (i) "To carry on business as developers of land, building, immovable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h effect from the Appointed Date of 01.04.2016 and the entire business and whole of the undertaking of BPPL and BCPL, including all its respective properties and assets, debts, liabilities, contingent liability, duties and obligations, pursuant to Sections 391 to 394 of the Companies Act, 1956 and other relevant provisions of the Companies Act, 2013 stood transferred to and vested in and/or be deemed to be transferred and vested in the Company as a "going concern". 5. It is stated that the Company has had no material business activity since its incorporation. Hence, because the Company is not intending to do any business or commercial activity, the Board of Directors at their meeting held on 01.06.2018 resolved to voluntarily liquidate th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Holiday Homes Private Limited by various stakeholders on or before 25th July, 2018. The aforesaid public announcement in Form A was submitted to Insolvency and Bankruptcy Board of India (IBBI) vide notice dated 26.06.2018. 9. The Liquidator has submitted his Preliminary Report dated 07.08.2019. The Liquidator has not expressed any opinion or intention to make any further inquiry into any matter relating to the promotion, formation or failure of the corporate person or the conduct of the business thereof. The Liquidator has also given statement showing estimates of its assets and liabilities as on the liquidation commencement date. 10. The Authorized Share Capital of the company is Rs.27,11,00,000/- divided into 2,71,10,000 equity share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,78,602.91 being transferred to the HDFC Bank account that is the Liquidation Account opened by the Liquidator. The Liquidator has annexed the letter dated 26.7.2018 issued by Oriental Bank of Commerce certifying closure of the Bank Account. The Liquidator has also submitted a bank statement issued by HDFC Bank Ltd., Bandra (East) Branch showing the account holder's name as "Sunder Bhawar Holiday Homes Private Limited (In Voluntary Liquidation)". The statement has been certified by the Bank stating that the account has been closed on 22.10.2018. 15. The statement of Distribution of Assets & Liabilities to the Shareholders is annexed to the Petition showing the distribution of Rs.38,06,44,114/- in cash as well as in-kind, among the two sha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on the basis that the Company will not continue as a "going concern". Liquidation Account has been audited by the provisions of Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulation, 2017. As informed by the Liquidator, there are no legal proceedings pending in any Court in India against the company. Thus, the Receipts and Payments Account to give a true and fair view of the receipts and payment by the Liquidator during the Voluntary Liquidation process. 19. The Liquidator has filed this petition before this Tribunal under section 59(7) of IBC seeking an order of dissolution of the Petitioner company. 20. On examining the submission made by the counsel appearing for the petitioner and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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