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TMI Blog2022 (7) TMI 1280X X X X Extracts X X X X X X X X Extracts X X X X ..... nd of business activities, which are detrimental to the interest of public at large. Further, it is not the case that the proposed liquidation may affect adversely to its partners or is contrary to the provisions of law - The present application deserves to be allowed for the proposed Liquidation/Dissolution of the LLP. - CP (IB) No. 195/Vol./Chd/Hry/2021 - - - Dated:- 27-7-2022 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) And HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For the Applicant LLP : Mr. Chetan Gupta, Practising Company Secretary with Mr. Rajeev Bhambri, Liquidator in person JUDGMENT Per : Harnam Singh Thakur , Member ( Judicial ) The present Petition has been filed by the Liquidator, Mr. Rajeev Bhambri, on behalf of the Zepetto India LLP under Section 59 of the Insolvency and Bankruptcy Code, 2016 (in short The Code) seeking the relief that the Applicant LLP be dissolved as per the provisions of the Code and the Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. 2. Brief facts giving rise to filing of the instant Petition, which are just and necessary for adjudication, are narrated hereunder:- 2.1 T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een sent to the Insolvency and Bankruptcy Board of India (IBBI) with request to upload it on its website and the same was uploaded on the website of IBBI. A copy of newspaper publication as well as copy of email sent to IBBI and screenshot of the website of IBBI depicting the publication of the aforesaid public announcement have been annexed with the instant petition as Annexure-V. 2.6 According to the applicant, as per the provision of Section 59(4) of the Code, the applicant LLP had duly notified the Registrar of Companies about the voluntarily liquidation and appointment of liquidator and the same was approved and taken into record by Registrar of Companies, NCT Delhi Haryana. A copy of the acknowledgement has been annexed with the petition as Annexure-VI. 2.7 In compliance of the Regulation 8(1) (a) and (9) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 the liquidator had submitted a Preliminary Report dated 26.02.2020 to the members of the applicant LLP on 26.02.2020. A copy of Preliminary Report has also been annexed with the petition as Annexure-VII. 2.8 It is stated in the petition that the applicant LLP has no c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 59 of the Code, are being reproduced hereinbelow:- 59 Voluntary Liquidation of corporate persons 1. A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under the provisions of this Chapter. 2. The voluntary liquidation of a corporate person under sub-section 3. Without prejudice to sub-section (2), voluntary liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely:- a. a declaration from majority of the directors of the company verified by an affidavit stating that- i. they have made a full inquiry into the affairs of the company and they have formed an opinion that either the company has no debt or that it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation; and ii. the company is not being liquidated to defraud any person; b. the declaration under sub-clause (a) shall be accompanied with the following documents, namely;- i. audited financial statements and record of business operations of the company for the previous two year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate person is registered. 5. A bare perusal of the material available on record shows that the partners of the LLP has taken a conscious decision for closing down the partnership, because the LLP was incorporated for the object as stated hereinabove and the applicant is not carrying any business for the several past financial years due to availability of no business opportunities in India. Thus, the partners have unanimously proposed to liquidate the LLP by invoking the provisions of voluntary liquidation under Section 59 of the Code. 6. It has been mentioned in the petition that the liquidator has not received any claims, therefore, no prejudice and loss will be caused to anyone, if the LLP is dissolved. In support of the same, the LLP has duly passed the requisite Resolution by confirming the decision of its partners and proposing for its Voluntary Liquidation. The partners had also passed a further resolution to appoint Mr. Rajeev Bhambri, Insolvency Professional, having Registration No. IBBI/IPA-002/IP-N00152/2017-18/10399 as Liquidator of the applicant LLP. 7. From the perusal of the record of the case, it is seen that the Liquidator, after his appointment ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with copy of receipt and email sent to IBBI with the present application. 13. By taking into consideration, the above stated facts and circumstances, the present application deserves to be allowed for the proposed Liquidation/Dissolution of the LLP. 14. Consequently, 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 LLP) Zepetoo India LLP shall stand dissolved with effect from the date of this order i.e. 27.07.2022. 15. The Liquidator is directed to communicate a copy of this order to the respondent i.e. Registrar of Companies, NCT of Delhi Haryana, wherein the registered office of the LLP is situated. Further, a copy of this order should also be communicated to the IBBI, New Delhi and other statutory authorities, for information. Such communication should be made within the stipulated period of fourteen (14) days from the date of receipt of an authentic copy of this order. 16. The Registry is directed to communicate a copy of this order to the Registrar of Companies, NCT of Delhi Haryana as well as to the Insolvency and Bankruptcy Board of In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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