9911796707
TMI Blog2019 (9) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... d (hereinafter referred to as 'Corporate Debtor'). 2. The prayers made by the Applicant are as follows: - (a) That Sun Asset Reconstruction India Private Limited (In Liquidation) be dissolved; (b) Direct that the books of account and other records and papers of the company prior to its winding up shall be preserved by the liquidator for eight years from the date of order of dissolution of the company in liquidation and given liberty to destroy them as they deem fit and proper after the said period. (c) To pass such order or further order(s) with this Hon'ble National Company Law Tribunal may deem fit, proper and just under the circumstances of the case. 3. M/s. Sun Asset Reconstruction India Private Limited (hereinafter referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al to accommodate the increased capital requirements, the Board of Directors of the Company, sought time to comply with the requirement. The RBI vide its letter dated 12th April, 2017 rejected the company's application for grant of certificate of registration even before the promoters could take necessary steps for increasing the Net Worth. The promoters of the "company in liquidation" thereafter realised that they could not complete the necessary documentation and submissions in line with the revised norms of RBI for grant of certificate of registration for ARC business by increasing the capital. 5. It is stated that the Board of Directors thereafter proposed to drop the business of Asset Reconstruction and decided to liquidate the compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... does not arise. The voluntary liquidation proceedings had commenced on 31st March, 2018 in terms of section 59(5) of the Code, being the date on which resolution to liquidate the company voluntarily under Code was passed. 7. It is stated that, in terms of Regulation 14 of the Insolvency & Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the Liquidator had made a Public Announcement of commencement of Liquidation on 31st March, 2018 in Form A, one in English newspaper and another in vernacular seeking submission of the claim on or before 30th April, 2018 by the stakeholders, if any, within 30 days from the date of commencement of liquidation and a copy of the same was submitted to IBBI to place them on its websit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stating that as per their records there is no demand outstanding and no proceedings is pending against the assessee viz., M/s. Sun Asset Reconstruction India Private Limited. 11. The Liquidator further states that there was no balance amount available in the hands of the Liquidator for the purpose of distribution. Subsequent to the completion of liquidation process of the "company in liquidation", the Liquidator has closed the Liquidation Account opened with the bank. 12. It is submitted that the liquidation process was completed on 29th March, 2019. In compliance of Regulation 38, on completion of liquidation process, the Liquidator had duly prepared a final report consisting of audited accounts of the company in liquidation, showing re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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