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TMI Blog2022 (7) TMI 237X X X X Extracts X X X X X X X X Extracts X X X X ..... deserves to be dissolved and it is ordered accordingly - Application allowed. - CP (IB) 651/MB/C-I/2022 - - - Dated:- 1-7-2022 - Hon ble Member (Judicial) : Justice P. N. Deshmukh (Retd.) And Hon ble Member (Technical) : Mr. Shyam Babu Gautam For the Applicants : Mr. Dhrumil M. Shah Practicing Company Secretary. ORDER Per: Shyam Babu Gautam, Member (Technical) 1. The Court convened, hearing through virtual mode today. 2. This is a Company Petition filed under section 59 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called the Code ) by a Corporate Person, BSE Sammaan CSR Limited [CIN: U74999MH2015PLC268298] (Petitioner/Corporate Person) through Mr. Venugopal Madhav Panicker, the Liquidator, for volunt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Giridhar Patil [DIN:08103042] and Mr. Girish Babubhai Joshi [DIN: 08614682]. Reasons for voluntary liquidation 6. It is stated in the petition that the Petitioner/Corporate Person in the Financial Year 2020-2021 the entire business of the Petitioner/Corporate person was handed over to the Government of India(Ministry of Corporate Affairs) post which the directors did not foresee any profit making opportunity and feasible business in the near future. Pursuant to this, the Board of Directors (BoD) of the Corporate Person decided to wind up the affairs of the Company by way of Member s Voluntary Winding up prescribed under the provisions of section 59 of the Insolvency and Bankruptcy Code, 2016 read with regulation 31 of Insolven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, an Insolvency Professional having registration no. IBBI/IPA-001/IP-P01162/2018-2019/11915 as the Liquidator of the Company. 9. The Liquidator made a public announcement of commencement of liquidation in Form A of Schedule I as per regulation 14 of Insolvency Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 in the Financial Express in English and in Navshaki in Marathi on 14.06.2021 inviting the submission of claims due from the Petitioner/Corporate Person by various stakeholders. The aforesaid public announcement was also submitted to Insolvency and Bankruptcy Board of India (IBBI) and was published on IBBI website on 14.06.2021. 10. The Petitioner/Corporate Person has submitted the resolution for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0405128251. The said Account was also closed on 26.04.2022. 15. In accordance with Regulation 38(1)(b)(iii) Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the Liquidator states that no litigation is pending against the Corporate Person. 16. The liquidator submits that details of Assets realization and distribution of Assets are as below: Details of Assets realization and distribution: Sr. No. Particulars Amount 1. Sale of Assets NIL 2. Refund from Statutory Authorities Rs. 1,12,986/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... NIL NIL 6. Debts of unsecured Financial Creditors NIL NIL NIL NIL 7. Government Dues NIL NIL NIL NIL 8. Any remaining debts and dues Rs.47,074 Rs.47,074 Rs.47,074 100% 9. Preference Shareholders NIL NIL NIL NIL 10. Equity Shareholders ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Person and the documents annexed to the petition, it appears that the affairs of the Petitioner/Corporate Person have been completely wound up and its assets have been completely liquidated. We are also satisfied from the documents on record that the voluntary liquidation is not with intent to defraud any person. The bank account for the purpose of Liquidation has been closed. 21. In view of the above facts and circumstances and the submissions made by the Liquidator, the Petitioner/Corporate Person deserves to be dissolved and it is ordered accordingly. 22. The Petitioner/Corporate Person is further directed to serve a copy of this order upon the Registrar of Companies, Maharashtra, Mumbai within fourteen days of receipt of this orde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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