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TMI Blog2021 (1) TMI 111X X X X Extracts X X X X X X X X Extracts X X X X ..... under various provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016 and of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, before initiating Voluntary Liquidation Process of the Corporate Person, and the due Liquidation process is completed. Thus, the Petition / Application deserves to be allowed, as prayed for. The Corporate Person, M/s. Flocare Labs India Private Limited, is hereby dissolved, with immediate effect - Application disposed off. - C.P. (1B) No.213/BB/2020 - - - Dated:- 18-12-2020 - Shri Rajeswara Rao Vittanala, Member (Judicial) and Shri Ashutosh Chandra, Member (Technical) For the Applicant/Liquidator : Mr. Vinod Sunder Raman ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from its parent Company had reduced and therefore it was no longer viable to run the business. The Board of Directors decided to commence voluntary liquidation of the Company. (3) On 28.01.2020, the Board of Directors of the Company approved the proposal for Voluntary Liquidation of the Company. It also executed a Declaration as required U/s 59(3) of the Code that the Company does not have any debts. The declaration was accompanied by a copy of Audited Financial Statements of the Company for the year ended 31.03.2019 and 23.01.2020 and also the record of business operations / bank statement for the last two years. On 24.2.2020, Form GNL-2 was duly filed with the ROC. (4) On 20.02.2020, the Shareholders of the Company in its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A/c with Kotak Mahindra Bank with A/c No. 1815072497 in terms of Regulation 34 of the said Regulations. (8) It is stated that intimation was also given to the Income Tax Department the fact of commencement of Liquidation, and invited their objections and claims, if any, to the Voluntary Liquidation. In response thereto, the Income Tax Department vide letter dated 29.05.2020 stated that there was a demand of ₹ 1,560/-. The said demand was duly paid by the Liquidator. He also further followed up with the Income Tax Department for further objections, for which no response was received. (9) It is also stated that an intimation was also given to the Reserve Bank of India the fact of commencement of Liquidation and invited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same was repaid to the shareholders/contributories of the Corporate Person. The entire remaining surplus upon liquidation has been repaid to the contributories. Since one of the shareholders was a foreign Company, the amount was repatriated to the foreign shareholder as prescribed under FEMA. Further, there is no unclaimed proceeds of liquidation or undistributed assets, and that all the proceeds of liquidation have been remitted to the contributories. (14) The final accounts of Liquidation was prepared by the Liquidator and the said accounts was also audited by N.S. Hegde Associates, Chartered Accountants, who have also issued an Audit Report dated 30.09.2020 by inter alia opined that the Liquidator's Account relating to Rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,73,051.86 (15) Further, upon request of the Liquidator to close the Liquidation Account, Kotak Mahindra Bank closed the Bank Account of the Corporate Person on 04.11.2020. (16) It is stated that necessary books as required under the Regulations to be maintained by the Liquidator have been maintained by the Applicant and with the completion of above steps, the affairs of the Company have been completely wound up as contemplated in Sec. 59(7) of the Code. (17) Pursuant to Regulation 38 of the Regulations, the Final Report dated 05.11.2020 along with Liquidator Statement of Account duly audited and Auditor Report was prepared and sent to the Registrar of Companies, Karnataka and IBBI v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess is completed. Thus, the Petition / Application deserves to be allowed, as prayed for. 5. In the result, by exercising the powers conferred on the Adjudicating Authority, under provisions of Section 59 of the code, C.P. (1B) No.213/BB/2020 is hereby disposed of with the following directions: (1) The Corporate Person, M/s. Flocare Labs India Private Limited, is hereby dissolved, with immediate effect; (2) The Registry is directed to forward a copy of this Order to the Registrar of Companies Karnataka, Bengaluru, immediately. (3) The Liquidator is also directed to forward copies of this Order to all other Statutory Authorities connected with the affairs of the Company - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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