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TMI Blog2022 (3) TMI 818X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Law Tribunal Rules, 2016 ("Rules") by the liquidator of M/s. HMT Chinar Watches Limited for dissolution of the Petitioner Company. 2. The aforementioned M/s. HMT Chinar Watches Limited is a public limited company incorporated on 04.09.2000 under the provisions of Companies Act, 1956 having CIN: U29190JK2000PLC002088. The registered office of the Company is presently situated at 2nd Floor, S.C.O. Block, Industrial Complex, Bari Brahmana, Jammu, Jammu & Kashmir-181133, which lies within the territorial jurisdiction of this Bench. The main objects of the company are to deal in the business of all kinds of watches, timepieces, clocks, chronometers, horological instruments and other devices for measuring time and components. The Memora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and for filing the declaration of solvency for voluntary liquidation as well as for appointing Mr. Akhilesh Kumar Gupta as liquidator of the company in terms of Regulation 5 of the Regulation, subject to the approval of members in the EOGM in the Company. The copy of extract of the said board meeting dated 26.02.2019 is attached as Annexure- A3 of the petition. 5. The Declaration of Solvency as required under Section 59 (3) (a) of the code was signed by the directors and accordingly filed with the RoC. The copy of e-form GNL-2 along with the challan and declaration of solvency duly signed by the directors is attached as Annexure A-4 of the petition. 6. The petitioner company has filed copies of audited financial statements for the financi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry Liquidation Process) Regulations, 2017. The Public Announcement was simultaneously notified to the Insolvency and Bankruptcy Board of India (IBBI) vide email dated 29.03.20219(sic) publishing it on its website. It is further submitted that in terms of Regulation 29 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the Liquidator fixed 23.04.2019 as the last date for submitting the claims by the creditors. 9. It is stated that the Liquidator prepared the list of stakeholders on the basis of claims received from the creditors and after due verification of the same. The liquidator prepared a list of stakeholders and submitted the same before the authorities along with letter dated 06.06.2019. Thereafter, few more claims were r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same is attached as Annexure - A12 of the petition. 12. It is stated that the liquidator noticed from the online portal of Income Tax that certain demands in respect of few years were shown outstanding recoverable from the company though no notice/claim has been received by the liquidator from the Income Tax Department in this behalf. The intimation to that effect were also sent to the Income Tax Department Jammu and Bengaluru respectively with a request to delete/adjust the demands at their end. 13. It is further submitted that the liquidation of the company was undertaken in its terms of Cabinet Committee of Economic Affairs (CCEA) approval dated 06.01.2016 wherein it was approved to write off the loan due to Government of India. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency and Bankruptcy Board of India (IBBI). A copy of Final Report and Form GNL-2 filed with Registrar of Companies along with acknowledgment regarding its service to IBBI are attached as Annexure A-13 and A-14 of the petition. 15. It is submitted that as per final report dated 07.08.2020 (Annexure A-13), the liquidator has opened a liquidation account with Kotak Mahindra Bank bearing Account no. 4913262647. It is further submitted that the aforesaid bank account has been closed by the liquidator. 16. It is further mentioned that the liquidator has received four claims and out of these 4 claims, Claim of Government of Karnataka- Commercial Taxes Department was admitted partially and claim was settled pursuant to scheme of Comprehensive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ations made thereunder. 21. In the present case, it can be seen that the Company is incorporated to carry on the business of manufacturing of watches and is a subsidiary company of M/s. HMT Ltd. The company had taken loan from Government of India towards meeting its working capital requirements and also for acquiring fixed assets. Since the losses were piling up and losses were much more than the paid up capital, the Government of India decided to close down the company. Accordingly the Government of India in Ministry of Heavy Industries and Public Enterprises, Department of Heavy Industries issued an order No. 105011/6/2014-PE-X dated 13.01.2016. In this background, the members of the company in its EOGM dated 25.03.2019 have also resolve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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