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TMI Blog2022 (8) TMI 1108X X X X Extracts X X X X X X X X Extracts X X X X ..... t case, it is seen that the company is not found involved in such kind 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 shareholders/members or is contrary to the provisions of law. Liquidation/Dissolution of the Corporate Person is ordered - petition allowed. - CP (IB) No.44/Vol./Chd/Hry/2021 - - - Dated:- 22-8-2022 - HON BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL) And HON BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For the Applicant Company : Ms. Poonam Ahuja, Practising Company Secretary Ms. Sanchita Bhardwaj, Practising Company Secretary JUDGMENT PER : HARNAM SINGH THAKUR , MEMBER ( JUDICIAL ) 1. The present Company Petition has been filed by the Liquidator, Mr. Yash Jeet Basrar, on behalf of the M/s Huawei Telecom Services (India) Pvt. Ltd. under Section 59 of the Insolvency and Bankruptcy Code, 2016 (in short The Code) seeking the relief that the Applicant Company 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 33) to act as the Liquidator. Copy of Minutes of the Extra Ordinary General Meeting dated 01.05.2019 along with the notice has been annexed as Annexure-D. 2.6It 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 Financial Express (English) on 03.05.2019 and in Jansatta (Hindi) edition on 02.05.2019 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) 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-E. 2.7According to the applicant, as per the provision of Section 59(4) of the Code, the applicant company had duly notified the Regist ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and to the Insolvency and Bankruptcy Board of India. A copy of GNL-2 along with challan and proof of despatch to IBBI are attached as Annexure-K of the application. 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 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 sake of convenience, the relevant provisions of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 order, be forwarded to the authority with which the corporate person is registered. 5. A bare perusal of the material available on record shows that the Board of Directors of the Company has taken a conscious decision for closing down the company, because the company has not commenced any business since incorporation. Thus, the Board of Directors of the company have unanimously proposed to liquidate the company by invoking the provisions of volunta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No.00358/3 dated 23.11.2021, whereby it has stated that the applicant has filed E-form GNL-2 containing the financial statement for the F.Y. 2018-19 on 11.11.2021. The copy of E-form GNL-2 along with challan is attached as Annexure-F of the reply. 10. Pursuant to the filing of application for obtaining No Objection Certificate from Income Tax Department on, the company had obtained No Objection Certificate from the Income Tax Department on 11.11.2019. The copy of No Objection Certificate from the Income Tax Department is attached as Annexure-H of the petition. 11. 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 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. 12. 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 acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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