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TMI Blog2019 (10) TMI 541X X X X Extracts X X X X X X X X Extracts X X X X ..... as prayed for. The Corporate Person, M/s. Zettata Technologies Private Limited dissolved with immediate effect - petition disposed off. - CP.NO. 622/BB/2018 - - - Dated:- 13-6-2019 - SHRI RAJESWARA RAO VITTANALA, MEMBER (JUDICIAL) AND DR. ASHOK KUMAR MISHRA, MEMBER (TECHNICAL) For The Liquidator : Shri Vinod Sunder Raman ORDER Per : Rajeswara Rao Vittanala, Member (J) 1. C.P.No. 622/BB/2018 is filed by Shri Vinod Sunder Raman ('Applicant/Liquidator') on behalf of M/s. Zettata Technologies Private Limited (Applicant Company) (in Voluntary Liquidation) under Section 59(7) of the IBC Code, 2016, by inter alia seeking for dissolution of the Company M/s. Zett ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) The Company had entered into Master Services Agreement with its parent Company Zettata Inc. In view of the corporate development at the level of the parent Company, that is Zettata Inc., (including the fact that the shareholders of Zettata lnc sold their entire stake in the said Company to a new buyer), the said Master Services Agreement was terminated, Zettata Inc., was the sole customer of the Company, and the Master Services Agreement with Zettata Inc., was the sole source of revenue for the Company. In view of the termination of the Master Services Agreement, the Board of Directors of the Company opined that it was no longer financially viable to run the Company and it was proposed to initiate voluntary liquidation of the Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tment the fact of commencement of Liquidation, and invited their objections and claims, if any, to the Voluntary Liquidation. The letters written to the Income Tax Department dated September 2, 2017 and January 16, 2018. The Applicant further states that No due certificate dated March 1, 2018 received from the Income Tax Department. (8) The Applicant also intimated the Reserve Bank of India (RBI) the fact of commencement of Liquidation, and invited their objections and claims, if any, to the Voluntary Liquidation. The letter to the RBI dated September 2, 2017. The Applicant further states that no objections or claims were received from the RBI. (9) The Applicant also intimated the Registrar of Companies ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e any objection or claim from any of the authorities. Further, the Liquidator received a No Dues from Income Tax Department, and also Nil assessment order from VAT. The PF department also certified the establishment as closed, and the DGFT accepted the surrender of Import Export Code and cancelled it. (13) It is submitted that the Applicant states that there were no assets to be realized and there were no outside liabilities to be paid. The Applicant further states that the only asset was the Bank Balance of the corporate person. (14) It is submitted that the liquidation process of the Corporate person could not be completed within 12 months and hence under the provisions of Regulations 37 of the Regulation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tailed supra, the Learned Liquidator has complied with all conditions and procedural requirements as specified under various provisions of Section 59 of the Insolvency 85 Bankruptcy Code, 2016, also as per clause 9 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, before initiating Voluntary Liquidation Process of the Corporate Person. Therefore, the Petition/Application deserves to be allowed as prayed for. 5. In the result, by exercising powers conferred on the Adjudicating Authority, under Section 59(8) of the Code, CP.No.622/BB/2018 is disposed of with the following directions: (1) It is hereby dissolved the Corporate Person, M/s. Zettata Technologies Private Li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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