9911796707
TMI Blog2021 (11) TMI 191X X X X Extracts X X X X X X X X Extracts X X X X ..... e final report filed. Prima facie as there is no tangible assets of realization or saleable value of the Corporate Debtor and it is not doing any business, therefore the Applicant herein submits that there are absolutely no means or sources available with the Corporate Debtor to discharge its liabilities. In view thereof it is inferred that this application for dissolution is the last resort option available with the Applicant herein to wind up the proceeding of the Corporate Debtor. Through this Order it is hereby declared that not only it is just and equitable but because of the fact that no asset is available for the purpose of 'Liquidation' as reported by the Applicant, this is a fit case of a Corporate Debtor to be dissol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Regulation 12 in Form-B on 01.12.2012 in one English newspaper, Indian Express and one Hindi newspaper, Praath kaal with 28.12.2019 as the last date for submission of claim. Copy of Form-B is annexed as Annexure-2 of the Application. The Applicant had also forwarded the certified copy of the order dated 28.11.2019 and Form-B to IBBI for uploading on their website and the same had been uploaded in compliance of Regulation 12(3)(c). It is stated that the Applicant had intimated all the concerned authorities including Banks, Registrar of Companies, Income Tax and GST Authorities etc. of the initiation of Liquidation process. In consequence thereof the status of the company has been changed as 'under liquidation' as per Section 33(1)( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plan of action for carrying out the liquidation, including the timeline within which he proposes to carry it out and the estimated liquidation costs. 7. In compliance of above stated regulations the Applicant had filed preliminary report vide Dy. No. 280/2020 dated 07.02.2020. It is stated that a bank account in the name of Ojasvi Agritech Private Limited-In Liquidation has been opened in the Kotak Mahindra Bank Ltd. Further the authorised share capital of the Corporate Debtor is shown as ₹ 5,00,000/- and issued, subscribed and paid-up capital of the Corporate Debtor is ₹ 3,00,000/-. Further, it is submitted that as per the balance sheet of the company as on 28.11.2019 the Corporate Debtor does not have any assets except cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dissolution of corporate debtor.-(1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered. Regulation 14 : Early dissolution: Any time after the preparation of the Preliminary Report, if i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the only financial creditor, Tata Capital Financial Services Ltd. against the admitted amount of ₹ 5,50,546/- and file receipt thereof with the Registry of NCLT immediately, c. The Liquidator is permitted to close the pending Liquidation Bank Account within three weeks from the date of receipt of copy of this order. d. The learned Liquidator is also directed to forward copies of this order to all other statutory authorities connected with the affairs of the Company. e. The liquidator is discharged. f. IA No. 82/JPR/2020 along with CP No. (IB)-132/9/JPR/2019 stands disposed of. 14. Copy of this Order shall be forwarded to the concerned authorities and the Registrar of Companies having jurisdiction, for further ..... X X X X Extracts X X X X X X X X Extracts X X X X
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