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TMI Blog2022 (2) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... te Limited and the Applicant Company shall stand dissolved from the date of this order. The Company Application stands Allowed. - CP/IB/58/CHE/2021 - - - Dated:- 13-1-2022 - S. Ramathilagam, J. (Member (J)) And Anil Kumar B., Member (T) For the Appellant : A.S. Kindhara, Advocate ORDER S. Ramathilagam, J. (Member (J)) 1. This Application is filed by the Applicant Uttam Singh Dugal and Sons Private Limited, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC, 2016 ), seeking for the following reliefs:- (a) That the Applicant, UTTAM SINGH DUGAL AND SONS (CONSTRUCTION) PVT LTD (In Voluntary Liquidation) may Kindly be ordered to be dissolved; (b) To pass such order or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /2017-18/10354 as the Liquidator of the Company in accordance to Section 59 of the IBC, 2016. 5. It is averred in the Application that the directors of the Applicant Company, Mr. Haricharan Singh Duggal, Mr. Prithipal Singh Dugal and Mrs. Surinder Dugal declared insolvency of the company to pay off its debts. The Copy of declaration along with audited Financial statements and record of business operations for two financial years 2016-17, 2017-18 have been attached as Annexure B. 6. It was submitted by the Ld. Counsel for the Applicant that the Declaration of the majority directors along with Form GNL-2 vide SRN: H49696666 dated 04.04.2019 has been attached as Annexure C in the Application typeset. Further, the Ld. Counsel submitted th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on as per Regulation 29 of IBBI (Voluntary Liquidation Process) Regulations, 2017 did not arise. 10. Thereafter as required under Section 178 of the Income Tax Act, the Liquidator had given notice to the Income Tax authorities within 30 days of his appointment as Liquidator and that the Company is under Voluntary Liquidation vide his letters dated 15.04.2019, 03.03.2020, 23.03.2020 which the Income Tax Authorities had duly acknowledged. The letters of the Liquidator to the Income Tax authorities are placed as Annexure H in the Application typeset. 11. The Ld Counsel submitted that, the commencement of Liquidation, appointment of Liquidator and the public announcements made in the newspaper was duly submitted to the ROC, NCT Delhi and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and payment to all the members of the company have been submitted to the ROC in Form GNL-2 vide SRN No: R71665012 dated 20.11.2020 and the same is attached in the Application typeset as Annexure L. 16. Thus, on examining the submissions made by the Ld. Counsel for the Applicant and perusing the documents annexed to the Application it appears that the affairs of the Company have been completely wound up and the assets of the Applicant Company have been completely liquidated and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC, 2016, we hereby order the dissolution of Uttam Singh Dugal Sons (Construction) Private Limited and the Applicant Company shall s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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