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TMI Blog2022 (2) TMI 1017X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration of all the facts and circumstances of the case, this is a fit case to wind-up the company under section 271(a) 272(1)(a) of the Companies Act, 2013 read with the Companies (Winding-up) Rules, 2020 - petition admitted. - Company Petition 46 of 2020 - - - Dated:- 28-1-2022 - Dr. Deepti Mukesh, Member (J) And Kaushalendra Kumar Singh, Member (T) For the Appellant : Ashim Sood, Adv. ORDER Dr. Deepti Mukesh, Member (J) 1. The petition is filed by Mr. Vineet Khemka, being the director of AMNS Steel Logistics Limited (hereinafter referred to as the Company ), under Section 272(1)(a) and Section 271(a) of the Companies Act, 2013 (hereinafter referred to as the Act ) read with Rule 2 of The Companies (Winding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 4 of the CWP Rules. f) It is noted that the company did not do any business till February 2014 onwards. It was observed by the Directors of the company that since the company did not have business from February 2014 that is within one year from the incorporation and current liabilities of the petitioner company exceed its current assets. On an overall evaluation of its circumstances, the Board of Directors of the petitioner company has concluded that it would not be possible to revive the operations of the company and had thus recommended winding up the petitioner company. The Board of Directors of the company had passed a resolution to wound up the company held on 28.09.2020. The special resolution passed at the Extra Ordinary Gener ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de order dated 27.09.2021. 3. As per the report of the Income Tax department, which is given by the Deputy Commissioner of the Income-Tax, Circle-1(1)(1), Surat, Gujarat F. No. - SRT/DCIT/Cir-1(1)(1)/AMNS/Winding/2021-22, total demand outstanding for Assessment year 2014-15 is ₹ 68,55,179/-. 4. The provisional liquidator filed the report regarding Financial Status and Assets of the Company in the compliance of the order dated 27.09.2021 and CWP Rules which has came on record. 5. As per the report of the provisional liquidator, the company was incorporated on 01.04.2013 and operationed carried out its business activity only till February 2014. The company did not do any business activity and operations after 2014. The compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partment shows total outstanding demand for assessment year 2014-15 is ₹ 68,55,179/-. In the present case, it is an accepted position that the petitioner company is not engaged in any business from the year 2014. And the current liabilities of the company exceed its current assets and the net worth of the business has eroded as a result. These facts are not controverted by anyone. Hence, in consideration of all the facts and circumstances of the case, we are of the opinion that it is a fit case to wind-up the company under section 271(a) 272(1)(a) of the Companies Act, 2013 read with the Companies (Winding-up) Rules, 2020. 7. As per the above observations, we admit the present petition and order as follows: i. Mr. Sameer Gane ..... X X X X Extracts X X X X X X X X Extracts X X X X
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