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TMI Blog2019 (10) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... 2018 to liquidate the company voluntarily and all the directors have also executed the Declaration of Solvency dated 07.03.2018 by way of an affidavit in terms of provisions of section 59(3)(a) of the IB Code, 2016. Thus, the voluntary liquidator has complied with the requirement of the provisions of Section 59 of the IB Code, 2016 and filed this application under Section 59(7) of the IB Code, 2016 to dissolve the Corporate Person viz., Akana Software Engineering India Private Limited. Petition disposed off. - CP (IB) No. 182/59/HDB/2019 - - - Dated:- 14-6-2019 - MR K. ANANTHA PADMANABHA SWAMY, MEMBER JUDICIAL or The Petitioner : Shri Mahadev Tirunagari, Practicing Company Secretary for the Petioner Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lly paid up. c) The Company under voluntary liquidation was into the business of software development, solutions and services in all its forms including operation of technical services, networking services etc. However, from the financial year 2016-17 onwards it has discontinued its business operations. The Company under voluntary liquidation does not have any business operations as on date. The Board of Directors of the Company under voluntary liquidation in their Meeting held on 16.02.2018 passed a resolution for the voluntary winding up of the Company under the provisions of Section 59 of the IB Code. d) All the Directors of the Company made a declaration on 07.03.2018 as per the provisions of Section 59 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s on July, 2018 and no outstanding amount payable to the creditors, further there was no realisable assets, thus no necessity arose for opening of separate bank account by the liquidator under the Regulations, in the name of Akana Software Engineering India Private Limited in Voluntary Liquidation . i) The voluntary liquidator has also filed the preliminary report to the company on 10.04.2018 as required under Regulation 9 of the Regulations. j) As per provisions of Section 178 of the Income-tax Act, 1961, the liquidator intimated the commencement of liquidation and appointment of liquidator to the Income Tax Authority on 20.03.2018 and obtained No Objection Certificate from the Income Tax Authority date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... counts vide SRN H42818906 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 Annual Returns made upto 31.03.2017. It is further submitted that there are no remarks in the Balance Sheet and Profit and Loss Account for the financial year 2016-17. 6. The Application is filed by the liquidator under section 59 of the IB Code, 2016. This Adjudicating Authority has to see whether 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 necessa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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