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TMI Blog2022 (7) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... owed. - CP (IB) No. 623/MB/2022 - - - Dated:- 22-7-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( Technical ) : Mr. Shyam Babu Gautam For the Applicant : Mr. Harsh Kesharia , Advocate ORDER Per : Shyam Babu Gautam, Member Technical 1. This is a Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called the Code ) by a Corporate Person, viz., Tarkett Industries Limited through Ms. Maya Gupta, the Liquidator (the Applicant herein), for dissolution of the Corporate Person. 2. The Corporate Person was incorporated on 10th February 2006 under the Companies Act, 1956 with the aim of carrying on business of manufacturing, export-i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son is not being liquidated to defraud any person. 5. It is further declared that the Corporate Person has no fixed assets except for cash, cash equivalents and Security Deposits amounting to a total of Rs. 32,121/- appearing on the balance sheet of the Corporate Person as on 31st July 2020. A copy of the said Declaration along with audited Financial statements and record of the business operations of the Corporate Person for the previous 2 years are attached to this Petition. 6. Further, the Applicant has complied with Regulations and submitted a Preliminary Report dated 4th December 2020 to the Corporate Person in conformity with Regulation 5 of the Regulations. The Applicant has also intimated the relevant Income Tax Authority abou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... states that the Corporate Person had no assets and liabilities whatsoever and only had Bank Balance of Rs. 22,121/- as on 20th October 2020. The Corporate Person has no secured or unsecured creditors. Audited Financial Statements for the period 1st April 2020 to 31st July 2020 is annexed to the Petition. 10. Further, the Applicant intimated the Bank officials about the commencement of Liquidation process and on the request of the Applicant, the Bank opened Tarkett Industries Limited In Liquidation account on 16th December 2020. 11. The Applicant states that after various legal and non-statutory payments were made, the assets of the Company stand fully liquidated. The Auditor s Certificate on liquidation, showing receipts and payment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate 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 and that the bank account for the purpose of Liquidation has been closed. 15. In view of the above facts and circumstances and the submissions made by the Applicant, the Corporate Person deserves to be dissolved and it is ordered accordingly. The Applicant is further directed to serve a copy of this order upon the Registrar of Companies, Mumbai, Maharashtra within fourteen days of receipt of this order. The RoC shall take necessary action upon receipt of a copy of this order. 16. File be consigned to the records. - - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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