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TMI Blog2021 (8) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... -2021 - Hon'ble Member Judicial : Mr. Ashok Kumar Borah And Hon'ble Member Technical : Mr. Shyam Babu Gautam For the Applicant : Mr. Avinash Khanolkar, Advocate. ORDER Per: Shyam Babu Gautam, Member (Technical) 1. This is a Company Petition filed under section 59 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called the Code ) by a Corporate Person, viz., Edgen Murray (India) Private Limited [CIN: U51909PN2010FTC157439] (Petitioner/Corporate Person) through Mr. Milind B. Kasodekar, the Liquidator, for voluntary liquidation of the Petitioner/Corporate person. Corporate history of the Petitioner/Corporate Person 2. The Petitioner/Corporate Person was incorporated on 10.11.2010 under the Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the development has been less successful than anticipated and profitability in the Indian Market cannot be achieved within a reasonable time frame. Hence, the management has proposed to close down the business operations of the Petitioner/ Corporate Person in India. Pursuant to this, the Board of Directors (BoD) of the Corporate Person decided to wind up the affairs of the Company by way of Member s Voluntary Winding up prescribed under the provisions of section 59 of the Insolvency and Bankruptcy Code, 2016 read with regulation 31 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The BoD of the Petitioner/Corporate Person, at its meeting held on 14.07.2017, resolved to liquidate the Petitioner/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions, 2017 in the Financial Express in English and in Loksatta (Pune Edition) in Marathi on 20.08.2017 inviting the submission of claims due from the Petitioner/Corporate Person by various stakeholders. The aforesaid public announcement was also submitted to Insolvency and Bankruptcy Board of India (IBBI) and was published on IBBI website on 22.08.2017. 9. The Petitioner/Corporate Person has submitted the resolution for the commencement of liquidation, the appointment of a liquidator and a public announcement made in the newspaper to the Registrar of Companies, Maharashtra, Pune, on 22.08.2017 in Form MGT-14 and Form GNL-2. 10. The Petitioner/Corporate Person on 12.09.2017 notified the commencement of voluntary liquidation along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idator states that no litigation is pending against the Corporate Person. 16. The liquidator submits that details of Assets realization and distribution of Assets are as below: Details of Assets realization and distribution: Receipt (Amount Realized) Amount Rs. Payment Amount Rs. Bank Balance 1,29,70,021/- Liqudator s Remuneration 2,25,000/- Accumulated cost of Notices in Gazette and Newspaper 17,904/- Storage Cost 44,621/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id not receive any other except above claims from any creditors, workmen, employees or other stakeholders in response to the advertisement published in the newspapers except the above claims tabulated in the tabular format. 18. The Liquidator has intimated the commencement of Liquidation and of his appointment to the Income Tax Authority. The Income Tax Authority, Mumbai has issued No Dues Certificate to the Corporate Person. 19. The Liquidator has also intimated that he has taken into custody and control all assets, property, effects and actionable claims of the Petitioner/Corporate Person and will be operating the Bank accounts for and on behalf of the Petitioner/Corporate Person. 20. The Liquidator has annexed in the petition hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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