9911796707
TMI Blog2025 (3) TMI 389X X X X Extracts X X X X X X X X Extracts X X X X ..... king directions to re-publish public announcement and to take status report on record. 2. It is submitted the Company M/s Transmission International India Private Limited is presently under process of voluntary liquidation under Regulation 37 of IBBI (Voluntary Liquidation Process) Regulations 2016, as per approval of its board of directors in the meeting dated 22 Feb 2024 in accordance with provisions of See 59 of IBC 2016, is located at Survey/Block 299,302 & 303/2, Revenue A/c No.71 Kalaoa Village, Sanand Taluka, Ahmedabad, Gujarat. The applicant Mr Chandra Prakash Jain replaced the earlier liquidator Mr Umesh Ved who was appointed to oversee the Voluntary Liquidation Process of the Company on his resignation which was approved by board ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the attention of the applicant. He has also further, after taking over the company on 18 Sept 2024 submits status report of the voluntary liquidation process till 15 Nov 2024. 4. The applicant in his prayers seeks directions to allow re publication of the public announcement, thus enabling all stakeholders, including creditors and claimants an opportunity to file any claims that may have been inadvertently missed due to the previous publication's limited reach and take the status report on record. 5. We have heard the Ld. Counsel for the Applicant, perused the submissions as well as material available on record and make the following observations: - (a) The company vide its board resolution dated 22 Feb 2024 approved the volunta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Process) Regulations 2017 specifics clearly the provisions for conducting the voluntary liquidation process which have come in to effect vide notification dated 31 March 2017. The powers and functions of the liquidator have also been specified clearly in Chapter IV. (e) It is not clear if the applicant, even if he was appointed subsequent to resignation of the earlier liquidator, had under reg. 8 and reg. 9 submit the report to the corporate person, even if fresh with all these issues raised in the status report, which as per the Act need not be provided to this Adjudicating Authority. Certain irregularities arc alleged which include payment of the equity during the liquidation by the earlier liquidator as priority to shareholders and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liquidator on 18 September 2024 by approval of another board resolution. The liquidator could have issued fresh notice which is not done but he has now brought before us irregularities. With the submissions, this tribunal is not sure whether the process could be completed within stipulated period of 1 year and the final report submitted which can only be adjudicated. This application cannot be adjudicated as a final report as no status report is required to be filed before us. We don't have any powers to extend the liquidation period nor allow the liquidator specifically to place another advertisement, even though it permits appointment of new liquidator but is silent on the advertisement, but otherwise it does not restrict if need be. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hereof and the role of the company (its shareholders) who initiated the voluntary liquidation and the ex-liquidator for having distributed to shareholders without proper assessment of liabilities has to be examined by the ROC and IBBI under their relevant provisions. 7. Let copy of this order be served to the RoC, Income Tax department, ESIC, CGST by the Liquidator for intimation and necessary action, if any, with a copy to IBBI. The registrar is also directed to send a copy of this order to the ROC and IBBI for their information and necessary action, if any. 8. Accordingly, CP (IB)/354(AHM)2024 is dismissed. CORRIGENDUM ORDER (Order under Rule 154 of NCLT Rules, 2016) 1. This Adjudicating Authority is empowered under Rule 154(1) of NC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recommendations as final report for necessary adjudication.
6. In view of above observations, the present application is rejected for reason that the ex-liquidator under Voluntary Liquidation Process Regulations, 2017 have not exercised his roles appropriately in terms of the IBC and its regulations thereof and the role of the company (its shareholders) who initiated the voluntary liquidation and the ex-liquidator for having distributed to shareholders without proper assessment of liabilities has to be examined by the ROC and IBBI under their relevant provisions.
2. Save and except the above corrections, this corrigendum be read as part and parcel of the order dated 06.12.2024 passed in CP(IB)/354 (AHM)2024. X X X X Extracts X X X X X X X X Extracts X X X X
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