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TMI Blog2022 (7) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... and Chandigarh as per Form MGT-14 and Form GNL-2 and the same is also reported to have been approved. Apart, as per record of the present case, it is seen that the company is not found involved in such kind of business activities, which are detrimental to the interest of the public at large. Further, it is not the case that the proposed liquidation may affect adversely to its shareholders/members or is contrary to the provisions of law. The present application deserves to be allowed for the proposed Liquidation/Dissolution of the Corporate Person - this Adjudicating Authority in exercise of power conferred to it under Section 59 (8) of the Insolvency and Bankruptcy Code, 2016, orders that the Corporate Person (Applicant Company) M/s Dunwell Enterprises Private Limited shall stand dissolved with effect from the date of this order i.e. 04.07.2022. Petition allowed. - CP (IB) No.04/Vol./Chd/Pb/2020 - - - Dated:- 4-7-2022 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For the Applicant Company : Mr. Karanveer Jindal, Advocate JUDGMENT PER: HARNAM SINGH THAKUR, MEMBER (JUDICIAL) 1. The present Comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so been annexed in petition (Annexure A-5) 2.5 It is stated that the Board of Directors of the company as per Section 59(3)(c) of the Code, convened an Extra Ordinary General Meeting on 13.11.2019 to pass a special resolution to voluntarily liquidate the company and to appoint Mr. Rajeev Bhambri, Insolvency Professional (Registration No.IBBI/IPA-002/IP-N00152/2017-18/10399) to act as the Liquidator. Copy of Minutes of the Board Meeting dated 25.09.2019 and copy of Minutes of the Extra Ordinary General Meeting dated 13.11.2019, have been annexed as Annexure A-3 A-6, respectively. 2.6 It is further stated that in compliance of Regulation 14 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, the liquidator of the applicant company had published a public announcement in Form A of Schedule I in Business Standard (English) on 18.11.2019 and in Rozana Spokesman (Regional Newspaper) edition on 18.11.2019 inviting claims of stakeholders, if any, to submit their claim within 30 days from the date of commencement of liquidation. A copy of the Public Announcement had also been sent to the Insolvency and Bankruptcy Board of India (IBBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licant liquidator has further informed that having made necessary payment to the Members of the company, the liquidator has closed down the liquidation account. 2.14 In compliance with the provisions of Regulation 38 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, the liquidator had prepared a final report and submitted the same to the Registrar of Companies and to the Insolvency and Bankruptcy Board of India. As per para 13 of the petition, the copy of e-Form Form GNL-2 along with the challan and the acknowledgement of submitting the final report with IBBI is attached as Annexure A-18. 3. On the basis of aforementioned grounds and reasons, the company through the liquidator has prayed for an order from this Adjudicating Authority for dissolution of the applicant company and making a declaration to this effect. 4. We have heard the authorized representative appearing on behalf of the applicant company and with their able assistance, have carefully gone through the contents of the present petition. We have also duly considered the merits thereof, in the light of the statutory provisions of Section 59 of the Code read with other relevant Regulations. For the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd about the resolution under sub-section (3) to liquidate the company within seven days of such resolution or the subsequent approval by the creditors, as the case may be. 5. Subject to approval of the creditors under sub-section (3), the voluntary liquidation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the resolution under sub-clause of sub-section (3). 6. The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary. 7. Where 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 the dissolution of such corporate person. 8. The Adjudicating Authority shall on an application filed by the liquidator under sub-section (7), pass an order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. 9. A copy of an order under sub-section (8) shall within fourteen days from the date of such o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t/legal action has been proceeded/pending against the subject company. Pursuant to the above said report, nothing adverse has been found against the applicant company. 10. Apart, as per record of the present case, it is seen that the company is not found involved in such kind of business activities, which are detrimental to the interest of the public at large. Further, it is not the case that the proposed liquidation may affect adversely to its shareholders/members or is contrary to the provisions of law. 11. The Liquidator had filed copies of paper publication as well as copy of paper announcement in Form-A. The Liquidator is found to have complied with the statutory provision to complete the liquidation process by taking necessary steps as it is evident that he had duly opened an account bearing Account No.4893201000072 in the name of Corporate Person with Canara Bank Limited, Ludhiana, for realization and payment to the members. The Liquidator had further intimated to the Income Tax Department regarding the voluntary liquidation of the company as well as his appointment as the liquidator. 12. The Liquidator has also annexed a copy of preliminary report (Annexure A-14), ..... X X X X Extracts X X X X X X X X Extracts X X X X
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