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TMI Blog2019 (9) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... ssolved and the Liquidator stands relieved, who is directed to preserve a physical or an electronic copy of the reports, registers and books of account as referred to in Regulations 8 and 10 of IBBI (Voluntary Liquidation Process), Regulations, 2017, for at least eight (8) year after the dissolution of the Corporate Person, either with himself or with an information utility. Application disposed off. - CP/505/IB/2019 - - - Dated:- 15-7-2019 - CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL) For The Applicant : Mr. P. Sriram PCS in person ORDER CH. MOHD. SHARIEF TARIQ, MEMBER (JUDICIAL ) 1. Under adjudication is CP/505/IB/2019 that has been filed by Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... construction acquisition and/or securitization of any or all financial assets, property or secured assets of any nature. The company in liquidation is closely held private company. 4. It is averred that for the commencement of business of Asset Reconstruction, approval by way of license/grant of Certificate of Registration needs to be obtained from the Reserve Bank of India (RBI) under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Accordingly an application was made to RBI on May 31, 2016 to commence the business of Asset Reconstruction. At the time of filing the Application, the Net worth requirement was ₹ 2.00 Crores and thereaft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, 2016 [Code]. 6. It is averred that vide board meeting held on 8th March, 2018, the Board of Directors of the company in liquidation have decided to wind up the company voluntarily. The declaration of solvency in e-Form GNL and the Board Resolution in e-Form MGT-14 were filed with the Registrar of Companies on 6th April, 2018 and 5th April, 2018 respectively. It is stated that at EoGM held on 31st March, 2018, the members of the company in liquidation passed a Special Resolution under Section 59(1) of the Code to liquidate the Company voluntarily and appointed Mr. P. Sriram, Insolvency Professional having IP Registration No. IBBI/IPA-002/IP-N00292/2017-18/10895 as Liquidator and the same were notified to the Registrar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount in the name of Sun Asset Reconstruction India Pvt. Ltd. (In Liquidation) for realisation and payment to the members. As required under Regulation 9, the Liquidator submitted the preliminary report to the company in liquidation on 3rd May, 2018. As per provisions of Section 178 of the Income-tax Act, 1961, the liquidator intimated the commencement of the liquidation and appointment of Liquidator to the Income Tax Authority on 23rd April, 2018. 9. The Applicant would state that the post commencement of the liquidation preceding, the Liquidator had disposed-off the fixed asset of the company in liquidation and deposited the proceeds in Bank Account which was opened in the name of Sun Asset Reconstruction India Pvt. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y in liquidation , and after meeting expenses and tax payments, distributed the same to the contributories; the affairs of the company has been completely wound up, its assets completely liquidated, the company in liquidation is liable to be dissolved. 14. In view of the necessary compliances made by the company in liquidation and the Liquidator, this Authority in exercise of the powers conferred under Sub-section (8) of Section 59 of I B Code, 2016 do hereby order the dissolution of the Corporate Person viz., M/s. Sun Asset Reconstruction India Private Limited, from the date of this Order i.e. 15.07.2019. Accordingly, the Corporate Person stands dissolved and the Liquidator stands relieved, who is directed to preserve a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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