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TMI Blog2020 (12) TMI 867X X X X Extracts X X X X X X X X Extracts X X X X ..... closure of the Company i.e. M/s HMT BEARINGS LIMITED - application allowed. - CP No. 223/271-273/HDB/2020 - - - Dated:- 16-12-2020 - Shri K. Anantha Padmanabha Swamy, Member (Judicial) and Shri Veera Brahma Rao Arekapudi, Member (Technical) For the Petitioner: Dr. K. Lakshmi Narasimha, Advocate ORDER Under consideration before us is the Company Petition filed under Section 272 of the Companies Act, 2013, seeking winding up of HMT Bearings Limited and as interim relief seeks appointment of Counsel who filed the petition as provisional liquidator. 2. The averments apropos to the Petition in brief are that:- 2.1 The Company viz HMT BEARINGS LIMITED, formerly known as Indo-Nippon Precision Bearings Limited was incorporated under the Companies Act on 21.10.1964. The Authorised Share capital is ₹ 45,00,00,000/- and its paid up capital is ₹ 37,70,90,860/- The Company is subsidiary of HMT Limited, a Government of India Undertaking. It is stated, the main thrust of the Company has been in the direction of import substitution. The Company designs, manufactures and supplies Ball Bearings, cylindrical roller bearings and Taper Roller Bearings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resolution was also passed to convene Extraordinary General Meeting of the Company on 11.02.2020. The Company filed the Board Resolution passed in Form MGT-14 with Registrar of Companies, Hyderabad on 07.02.2020. The Board of Directors also pel used the Statement of Affairs of the Company along with declaration of solvency. 2.5 As a sequel to above, the 14th Extraordinary General Body Meeting of Company was convened on 11.02.2020 after issuance of notices to all shareholders of the Company wherein Special Resolution No.01 dated 11.02.2020 was passed to wind up the Company in terms of Section 271 and 272 of the Companies Act, 2013. For the Special Resolution passed Form MGT-14 has been filed with Registrar of Companies (Hyderabad) on 27.02.2020. The Statement of Affairs of the Company dated 15.06.2020 is filed by the Petitioner and further avers that all employees have voluntarily retired as per the Voluntary Retirement Scheme. 3. On receipt of notice from the Petitioner, the Registrar of Companies, Hyderabad furnished his comments vide letter No. ROCH/LEGAL/271/001023/HBL/TBR/2020/1182 dated 17.11.2020. The major observations made in the report are as under:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f HMT Bearings Limited, R/o M-2 Bunglow, HMT Township, Jalahalli, Bangalore 560031, Karnataka holding DIN: 03385073 is hereby authorised to file or get filed appropriate application and take appropriate steps in order to wind up the above said Company as per the Act and for this purpose, he is authorised to do all such things and take all such steps as are deemed fit and necessary. RESOLVED FURTHER that the Board of Directors of the Company be and is hereby authorised to file the necessary petition (s) before the Hon'ble NCLT Hyderabad Bench as aforesaid and to carry out all other acts and deeds as are necessary in connection therewith, including compliance of directions, if any, of the concerned authorities. The Registrar of Companies was intimated by filing MGT-14 on 27.02.2020. Statement of Affairs of the Company as on 15.06.2020 is also filed along with the petition. 5. Per contra, the Registrar of Companies, Hyderabad filed his report which indicates Annual Returns and Balance Sheet up to 31.03.2019 were filed by the Company. The status of the Company as per MCA records is Active Non-Compliant and Active . However, this Tribunal has been requested ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a process where any of them has rendered professional services in any other capacity in connection with the process and (ii) an IP, his relatives and his related parties from rendering professional services in any other capacity in connection with a process if any of them is acting as an IRP/RP/Liquidator in the process. 8. Upon hearing the submission made by the Learned Counsel for Petitioner and the facts and circumstances stated in the petition, namely the bonafide action taken pursuant to the decision of the Central Government to wind up the Company under Section 271-272 of the Companies Act, we are of the considered view that this is a fit case to order winding up / closure of the Company i.e. M/s HMT BEARINGS LIMITED. ORDER 9. In the result, by exercising the powers conferred on this Tribunal under Section 273 of the Companies Act, 2013, we pass the following orders:- 9.1 Allow the Company Petition bearing CP No. 223/272/HDB/2020 and hereby order winding up of the Petitioner Company / M/s HMT BEARINGS LIMITED. 9.2 Hereby appoint Shri Sai Ramesh Kanuparthi, Insolvency Professional having Registration No. IBBI/IPA-001/IP-P00910/2017-18/11510 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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