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TMI Blog2021 (1) TMI 1232X X X X Extracts X X X X X X X X Extracts X X X X ..... on stands dissolved, and the Liquidator stands relieved, who is directed to preserve a physical or an electronic copy of the reports, registers, and books of account, referred to in Regulations 8 and 10 of IBBI (Voluntary Liquidation Process), Regulations, 2017, for at least eight (8) year after the dissolution of the Corporate Person, either with himself or with an information utility. Application allowed. - Company Petition (IB) No. 420(PB)/2021 - - - Dated:- 21-1-2021 - R. Sudhakar, J. (President) And Hemant Kumar Sarangi, Member (T) For the Appellant : Amit Goel and Prabhar Kumar, Advocates For the Respondents : Sweety Khattar Kumar ORDER Hemant Kumar Sarangi, Member (T) 1. Under adjudication is application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. 5. It is averred that the Corporate Person was not doing any business and did not earn any revenue. The Corporate Person does not have any assets, except cash balance, advance to suppliers and Tax Deducted at Source and is in position to honour all its commitments to any of its creditors. 6. The Board of Directors prepared the Declaration of Solvency on 16.10.2020, wherein it is stated that they have made full inquiry into the affairs of the Company under Liquidation; they have formed an opinion that the Company under Liquidation will be able to pay its debts in full of the proceeds of assets to be sold in the voluntary liquidation and the Company is not being liquidated to defraud any person. The Copy of the Declaration is pla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith challan. The Income Tax authorities were intimated on 02.12.2020. The liquidator in the final Report has stated that the liabilities as per the Balance Sheet, as on 16.10.2020, all the Claims from the shareholders and creditors were received, admitted, and paid. 10. The Liquidator on 12.01.2021, received a letter from the Income tax Department stating that no income tax liability and no assessment proceedings are outstanding or pending in case of the company under Liquidation, as per the record available with the Income Tax Department, which is placed at page 73 of the typed set filed with the Application. The Order for cancellation of Registration was communicated by the Sales Tax Officer Class II/AVATO of Goods and Service Tax Depa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect of the Final Report dated 30.07.2021. It is further stated that no inquiry, inspection, complaint, or legal action has been proceeded or pending against the Company under liquidation. 14. In view of the above, all necessary compliances are met by the Company under Liquidation and the Liquidator. Therefore, this Authority in exercise of the powers conferred under Sub-section (8) of Section 59 of I B Code, 2016, do hereby orders the dissolution of the Corporate Person viz., Tennant Cleaning Systems India Private Limited, from the date of this Order. Accordingly, the Corporate Person stands dissolved, and the Liquidator stands relieved, who is directed to preserve a physical or an electronic copy of the reports, registers, and books ..... X X X X Extracts X X X X X X X X Extracts X X X X
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