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TMI Blog2020 (12) TMI 838X X X X Extracts X X X X X X X X Extracts X X X X ..... l able to pay its debt in full from the proceeds of the assets to be sold in the Voluntary Liquidation and the Company is not being liquidated to defraud any person - In the instant case, the Board of Directors of the Company passed a resolution for voluntarily liquidating the Company. The Liquidator has filed a copy of Board Meeting dated 02.01.2018 wherein it was proposed to liquidate the company voluntarily. The Liquidator also filed the declaration of solvency by Directors Siddharth Kalidas Vedula, Archana Chepalli Raghunath and Dean Akio Shigenag, Directors have given their declaration of Solvency as Contemplated under Section 59(3) (a) of the Insolvency and Bankruptcy Code, 2016. The Liquidator has complied the Liquidation process ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evelopers, hirers and general construction contractors and advisors, in relation to the development, operation and maintenance of industrial parks, technology parks, biotechnology or other life science facilities or parks, hospital and medical office facilities. 2.2 The Authorised Share Capital of the Company is divided into 10,00,000 Equity shares of ₹ 10/- each. As such the Board of Directors of the Company in their meeting held on 02.01.2018 considered the proposal to liquidate the Company voluntarily. Subsequently in the Extraordinary General Meeting held on 22.01.2018 through a special resolution resolved to Voluntarily Liquidate the Company under the provisions of Section 59 of Insolvency and Bankruptcy Code, 2016 and appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2017, which is marked as Annexure-G. 2.6 The Applicant states that Company has no tax liabilities and the concerned income tax officer vide his letter dated 22.04.2019 has conveyed his no-objection to the Liquidator, which is marked as Annexure-H. 2.7 The Applicant conducted two Annual Contributories meetings during Voluntary Liquidation of the Company on 5th February 2019 and 4th February 2020. A copy of the reports submitted at Annual contributories meeting are enclosed and marked as Annexure-I. 2.8 The Liquidator distributed the proceeds to ARE-Mauritius No. 1 Limited for ₹ 14,38,576 ARE-Mauritius No. 4 Limited for ₹ 5.00 as full and final amounts were paid to the members of the company and with the aforesaid payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidating the Company. The Liquidator has filed a copy of Board Meeting dated 02.01.2018 wherein it was proposed to liquidate the company voluntarily. The Liquidator also filed the declaration of solvency by Directors Siddharth Kalidas Vedula, Archana Chepalli Raghunath and Dean Akio Shigenag, Directors have given their declaration of Solvency as Contemplated under Section 59(3) (a) of the Insolvency and Bankruptcy Code, 2016. 6. The Company issued notice to all the Shareholders and the Shareholders of the Company at the extra ordinary general meeting held on 22.01.2018 have approved the Voluntary Liquation of the Company. We have seen the Copy of Resolution passed by the members in Extra Ordinary General Meeting giving consent to liqua ..... X X X X Extracts X X X X X X X X Extracts X X X X
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