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TMI Blog2022 (5) TMI 757X X X X Extracts X X X X X X X X Extracts X X X X ..... ce, there need not be any demur to allow the Application and grant the reliefs as sought for. The Petition is allowed and Corporate Person shall stand dissolved from the date of this order - decided in favor of petitioner. - CP (IB) No. 45/59/AMR/2022 - - - Dated:- 4-5-2022 - Telaprolu Rajani, J. (Member (J)) For the Appellant : Mano Ranjani, Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This Petition is filed by the Liquidator for M/s. Rajeevan Hospitals Private Limited (Corporate) seeking for an order, to take the Final Report of the Liquidator on records and to dissolve the Corporate Person, as provided under the Regulations. 2. The facts as per the Petition, briefly, are as follows: a) The Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submit their claims as on 17.04.2021 (Liquidation Commencement Date) with last date of submission of claims as 16.05.2021, which is 30 days from the liquidation commencement date. c) The Applicant intimated to the Registrar of Companies (RoC), and the Board about the resolution to liquidate the company within seven days of such resolution and prepared a list of stakeholders within forty five days from the last date of receipt of claims and modified the same from time to time and made it available for inspection as prescribed under Regulation 30 of IBBI(Voluntary Liquidation Process Regulations). d) Thereafter, the Liquidator prepared the preliminary report in line with Regulation 9 of the IBBI (Voluntary Regulation Process) Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditors and shareholders. Hence, the Applicant executed a conveyance deed, allotting the land aggregating to 28 sq.yards among the three unsecured creditors equivalent to the unsecured loan amount aggregating Rs. 18,21,000/-, based on the valuation done for the schedule property and the balance extent of 1392.30 Sq.yards was distributed among the shareholders in proportion to their shareholding with an undivided and unspecified share in the said land and buildings, as approved by the corporate person, in terms of Regulation 35(3) of IBBI (Voluntary Liquidation Process) Regulations, 2017 made U/S 59 of the I B Code and also distributed the surplus cash of Rs. 9,21,151/- available, after compensating and after meeting the voluntary liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the Company till date and kept the receipts for all payments made and expenses incurred by him. k) As per Section 178 of Income Tax Act, 1961 the liquidation of the Company was intimated to the Income Tax Department vide letter dated 09.09.2021 and the Income Tax Officer issued a No Dues Certificate by certifying that as per its office database, there is no outstanding demand and that the company had filed its Returns till AY 2020-21. 3. Heard the Counsel appearing for the Applicant. Under Section 59 of the IBC, the requirements for voluntary liquidation are that; there should be a declaration from majority of Directors of the Company verified by an affidavit stating that they have made full enquiry into the affairs of the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... trar of Companies and Board about the resolution under (5) to liquidate the Company within seven days of such resolution or subsequent to the approval by the Creditors as the case may be. If the affairs of the Corporate Person have been completely wound up and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority for dissolution of such Corporate Person (LLP). 4. The Counsel drew the attention of this Tribunal to the declarations and the special dissolution as required under Section 59 and also about the information given to the Registrar of Companies (RoC) and the Board. The intimation given to the RoC is also filed. The final report submitted by the Liquidator is also placed before thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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