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TMI Blog2021 (9) TMI 441X X X X Extracts X X X X X X X X Extracts X X X X ..... ition allowed. - C. P. (IB)/170/MB/2021 - - - Dated:- 10-8-2021 - Suchitra Kanuparthi, Member (J) And Chandra Bhan Singh, Member (T) For the Appellant : Dhrumil M. Shah, PCS ORDER Suchitra Kanuparthi, Member (J) 1. This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called Code ) by a Corporate Person, namely FF Foto Fast Private Limited through the Insolvency Professional, namely, Mr. Venugopal Madhavan Panicker for dissolution of the Corporate Person through voluntary liquidation and accordingly it has proposed for voluntarily winding up under Section 59 of the Code, read with Rules and Regulations therein. The Corporate Person has completed requisite formalit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... remuneration of ₹ 50,000/- plus applicable taxes exclusive of any other liquidation expenses at actuals, reimbursement of actual out of pocket expenses that may be incurred in the process of voluntary liquidation and dissolution of the company for performing the job of liquidation of the Corporate Person as required under Section 59(3)(c)(i) of the Code. There were no creditors in the company, hence the requirement of the Special Resolution being approved by creditors having 2/3rd value of shares as required under proviso to sub-section (3) of Section 59 does not arise. 7. The declaration by majority of directors along with Audited Financial Statements for the Financial Year 2017-18 and 2018-19 and record of the statement of affai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20, regarding the liquidation of the Corporate Person in two newspapers one in Free Press Journal (English) and another in Navshakti Marathi (Vernacular Language), calling upon the stakeholders, if any, to submit their claims as required under Regulation 14 of IBBI (Voluntary Liquidation Process) Regulations, 2017 (hereinafter called IBBI Regulations ). The liquidator received no claim. 11. The Liquidator further submits that the Corporate Debtor maintained one bank account with Union bank of India, which were closed on 23.10.2020. As per Regulation 34 of IBBI Regulations, the Liquidator has duly opened a Bank Account in the name and style of M/s FF Foto Fast Private Limited - In Voluntary Liquidation in Union Bank of India (Thane). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he company, there are no litigation pending against the company. ORDER 15. On the Petition filed by the Liquidator under sub-section 7 of Section 59 of the Code for dissolution of this Corporate Person, we have noticed that the affairs of the Corporate Person have been completely wound up and its assets are liquidated. We are of the considered view that this Corporate Person, through its Liquidator, voluntarily liquidated itself so as to get dissolved, therefore, we hereby dissolve this Corporate Person directing the Liquidator to file this order with concerned Registrar of Companies and IBBI within 14 days thereof. (Compliance of Section 59(7-9) of the Code). 16. Accordingly, this Company Petition is allowed. - - TaxTMI - TMIT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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