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TMI Blog2022 (2) TMI 904X X X X Extracts X X X X X X X X Extracts X X X X ..... publication in Form-A in two newspapers. The Liquidator has completed the final distribution of assets and has also closed the bank account. The Liquidator has also prepared and submitted the final report to the IBBI and RoC. The Application is duly supported by the affidavit of the Liquidator. It is submitted through the IBBI in its reply that the report under Regulation 38(2) of the IBBI (Voluntary Liquidation Process) Regulations, 2017 has been received and further the Board has no other role in the voluntary liquidation proceedings. The concerned RoC has also submitted in its report that as per data available and maintained, no inquiry/inspection/complaint/legal action has been proceeded/pending against the subject company - It is f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ease, exchange or otherwise and to sell, transfer, alter, assign, dispose or deal in land, building, and hereditaments of any tenure on description and estate or interest therein and to manage land buildings and other property and to build property and construction activities. The Memorandum of Association and Articles of Association of the Company are annexed with the main petition and marked as Annexure-1. Copy of Master data is annexed with the main petition and marked as Annexure-2. 3. It is averred that the company decided to close down its business operations as the Company has not been carrying on any business since last many years. After considering all the facts and circumstances the company has decided to voluntary liquidate th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution in the Extra Ordinary General Meeting (EOGM) to liquidate the company and to appoint Mr. Mast Ram, Insolvency Professional as Liquidator, with a remuneration which shall be fixed by the director for performing the duties of the Liquidator of the Corporate Person as required under Section 59(3)(c)(i) of the Code. Accordingly, the liquidation of the company is deemed to have commenced on 18.02.2019. 7. That in compliance of the provisions of Section 59(4) of the Insolvency and bankruptcy Code, 2016 read with IBBI (Voluntary Liquidation Process) Regulations, 2017, the special resolution passed on 18.02.2019 by the members of the company were duly notified/filed with the office of Registrar of Companies(ROC) Chandigarh. Copies of e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of one of the creditors i.e. Sukh Samridhi Infra was appointed and taken over by Mrs. Amarjit Kaur Dhaliwal, Mrs. Narinder Kaur Thind and Mrs. Gurpreet Kaur Gill in terms of the resolution passed by the stakeholders at their meeting held on 05.07.2019. Again, the liquidator prepared the list of stakeholders as on 06.07.2019 and finally as on 10.08.2019 after the full and final payment was made to small shareholders holding one share each. The Liquidator after considering the submissions, verified and admitted the claim. Thereafter, during the period of Liquidation, the Liquidator based on the claims received from the Creditors settled the same. Copies of these lists are attached in the main petition and marked as Annexure- 10. 10. The L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng for the Liquidator for the Corporate Person and perused the records and extend provisions of the Code and Rules/Regulations made thereunder. 15. In the present case, it may be seen from the records the main intention for the company to wind up its services is that company decided to close down its business operations and doesn't intend to carry on its business operations and pursue objects for which it was incorporated. Further, the applicant has informed the concerned authorities i.e. IBBI, RoC and Income Tax Department and has also made paper publication in Form-A in two newspapers. The Liquidator has completed the final distribution of assets and has also closed the bank account. The Liquidator has also prepared and submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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