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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 ..... closed the bank account. The voluntary liquidator has also prepared and submitted the final report to the IBBI on 13.08.2020 via e-mail and RoC on 19.08.2020. The Application is duly supported by the affidavit of the Voluntary Liquidator. The applicant Company is hereby dissolved in terms of Section 59(8) of the Insolvency Bankruptcy Code, 2016 with effect from the date of the present order - Application allowed. - CP (IB) No. 03/Vol./Chd/J&K/2020 - - - Dated:- 10-3-2022 - Harnam Singh Thakur, Member (J) And Subrata Kumar Dash, Member (T) For the Appellant : Deepankur Sharma, Advocate For the Respondents : Yogesh Putney, Senior Standing Counsel JUDGMENT Harnam Singh Thakur, Member (J) 1. This Company Petition is filed under Section 59 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 and applicable rules of the National 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 incorporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation 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 financial year ended on 31.03.2017 and 31.03.2018 as Annexure- A-2 of the petition. It is further submitted that on 25.03.2019 the members of the company (constituting 100%) have passed a resolution in the Extra Ordinary General Meeting (EOGM) approving voluntary liquidation of the company and appointed Mr. Akhilesh Kumar Gupta, Insolvency Professional as Liquidator. Accordingly, the liquidation of the company is deemed to have commenced on 25.03.2019. 7. That in compliance of the provisions of Section 59(4) of the Insolvency and bankruptcy Code, 2016, the special resolution passed on 25.03.2019 by the members of the company were duly notified/filed with the office of concerned Registrar of Companies (ROC) and IBBI. Copies of e-form MGT-14 filed with the office of Registrar of Companies (ROC) along with Challan dated 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the lockdown imposed due to COVID pandemic and was conducted after getting the accounts audited, soon after the lockdown was lifted. The final meeting of the contributories was held on 10/8/2020. The copy of notice and the minutes of the meeting of the contributories are attached as Annexure- A-11 of the petition. Additionally, the liquidator also prepared the Annual Status Report as per Regulation 37(2) (b) of the IBBBI (Voluntary Liquidation Process) Regulations, 2017 indicating the complete process made in liquidation and 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 date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Commissioner of Income Tax, Jammu has been settled, Claim of Jaiprakash was also admitted partially and settled and Claim of Sh. Ghulam Ahmad Gujree has been rejected. 17. When the matter was heard on 05.01.2021, this Bench had directed that notices be issued to the RoC, IBBI and the Income Tax Department. The petitioner company has filed affidavit of service vide Dairy No. 00906/01 dated 19.01.2021 showing duly service of notices to the statutory authorities vide speed post. 18. The Income Tax Department has filed its report vide Diary No. Diary No. 00906/2 dated 06.05.2021 wherein there has been no objection to the voluntary liquidation of the Company as no proceeding and no liability is pending against the assessee. 19. This bench has again directed the petitioner company to issue notice to the Registrar of Companies (RoC), Jammu Kashmir, subject to the last opportunity. The petitioner company has filed affidavit of service vide Dairy No. 00906/4 Dated 08.02.2022 wherein notices were issued vide speed post. Original Postal receipt along with tracking report has been filed as Annexure-A of the aforesaid affidavit. Considering the lapse of time in the matter, it is pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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