Disposed

In the matter of J.B. India Private Limited Cp (Ib) No. 9-CB-2021

NCLT9 Aug 2021

Case brief

AI extract

What is this about?

The Tribunal disposed of a voluntary liquidation petition filed by a Liquidator for J.B. India Private Limited. Having verified completion of statutory formalities, regulations, and distribution of proceeds, the court ordered the dissolution of the corporate person.

What did the court decide?

Order dissolution of the Corporate Person and direct the Liquidator to file the order with the Registrar of Companies and IBBI within 14 days.

In the matter of J.B. India Private Limited Cp (Ib) No… — Insolvency and Bankruptcy | NCLT (2021)

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH CUTTACK

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CP (IB) No. 9/CB/2021

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In the Malter of:

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An Application under Section 59(7) of the Insolvency^{and Bankruptcy Code,20l6} (hereinafter referred as IBC) by the Liquidator for Voluntary Liquidation of Company uiS 59 (7) of IBC,2016;

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and

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In lhe Matter of:

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J.B. India Private Limited, is Company registered under the Companies Act, 1956 incorporated on 16.04.1999 bearing CIN U45400CT1999PTC013473, having its registered office at Gandhi Chowk, Neora, Tilda, Raipur Chhattisgarh 493114;

... Corporate Debtor

and

In the Matter of:

Prasad Kamalakar Dharap, S/o Kamlakar Dharap, aged about 55 years, Rlo 47, Prasad New Ramdaspeth, Nagpurt - 440 010,

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. . . Applicant/Liquidator

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Order reserved on: 02.08.2021 Order pronounced on: 09.08.2021 Corum: Shri Rajasekhar V.K. Member (Judicial) Shri Satya Ranjan Prasad Member (Technical)

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Appearances (through video conferencing) For the Applicant : Mr, Abhishek Jain, Practicing Company Secretary Mr. Nitin Agarwal, Practicing Company Secretary

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ORDER

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Per: Satya Ranlan Prasad, Member (Technical)

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l. This is a Company Petition filed under Section 59 (7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") by a Corporate Person,

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Page I of4

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IN THE NATIQNAL COMPANY tAW TRIBUNAL CUTTACKBENCH

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CP No. 9/CB/2021

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In re: Voluntary Liquidation of J,B.INDIA^{PRIVATELIMITED}

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naffrely, J. B. INDIA PRIVATE LIMITED^{(In Voluntary Liquidation) through} the Liquridator, namely, CA Prasad Dharap^{1br dissolution of the Corporate} Person through voluntary liquidation. The Corporate^{Person has completed} requisite formalities and procedure of liquidation in compliance of law and^has flled this petition for its dissolution under Section 59⁽⁷⁾ of the Code.

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As per the petition, the Corporate Person was^incorporated on^1610411999 having its Registered office situated at Gandhi Chowk, Neora,^Tilda,Raipur (C.G.)-495 677. There are three Directors of the Company, namely, Shri Shrikant Agrawal, ShriUnTesh Kumar Agrawal and Smt. Laxrni Devi^Agarwal. fhe authorised capital is {25,00,000/- and^paid-up capital^{is 120,00,000/-}

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J.a The Board of Directors of the Corporate Person by a resolution^dated 2510812018, decided to liquidate the Company voluntarily by calling a member's meeting on2610912018. The Board of Directors, after having made full inquiry into the affairs of tlie Corporate Person, formed an opinion that the Company has no debt and the Company is not being liquidated to defraud any person.

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The applicant enclosed the audited Receipt and Payrnent A/c from 2610912018 to 18/1112019 as per Section 59 (3) (b) (i) of the Code read with Regulation 10 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process Regulations, 2017).

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On 2610912018, the member of the Corporate Person passed a Special Resolution in the Extra-Ordinary General Meeting to liquidate the Con-rpany and to appoint CA Prasad Dharap as the Liquidator with a remuneration of Rs. 59,000 for performing the^job of liquidation of the Corporate Person as required under Section 59 (3) (c) (i) of the Code, During the course of hearing, the applicant submitted that the Liquidator's renumeration was paid by the Corporate Person. There were no unsecured creditors in the Company, I-Ience, the requirement of the Special Resolution being approved by creditors having

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Page 2 of 4

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IN THE NATIONAL COMPANY LAW TRItsIJNAI, CUTTACKBENCH

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CP No. 9lCB/2021 INDIA PRIVATE LIMITED

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In re: Voluntary Liqaidation of J,B.

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2l3"tvalue of shares as required under proviso to sub-Section^{(3) of Section59} does not arise.

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The Corporate Person notified the Registrar of Companies,^{Chhattisgarh on} 0411012018 and the IBBI" New Delhi on09101,12021^{abouttheliquidationof the} Corporate Person. Further, the Liquidator has duly^{intirnated the Income-Tax} Department about the voluntary liquidation of the Corporate Person and the Income Tax Department has issued no objection for the voluntary liquidation of the Corporate Person).

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The Liquidator made a public announcement regarding the liquidation of the Corporate Person in two newspapers one in English i.e., Central Chronicle dated 0111012018 and another in regional language, i.e., Amrit Sqndesh dated 0111012018 calling upon the stakeholders, if any, to submit their claims as required under Regulation 14 of IBBI (Voluntary Liquidation Process) Regulations, 2017 (herein after called as "IBBI Regulations").

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The Corporate Person shall cease to doing any business from 2610912018 as required under Regulation 4 of the IBBI Regulations.

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As per Regulation 34 of IBBI Regulations, the Liquidator has duly opened a Bank Account in the name and style of "J B INDIA PVT LTD IN LIQUIDATION" in State Bank of India Qlleora Branch, Tilda, Raipur), the said account was also closed. Tl're Liquidator has filed final report. The Liquidator lurther filed audited accournts of liquidation and the statement in accordance with Regulation 38 IBBI (Voluntary Liquidation Process) Regulations,2017.

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The Liquidator is required to realise the proceeds of the assets of the Corporate Person as mentioned under Regulation 32 of IBBI Regulations. The company did not have any assets, hence, the proviso under Regulation 32 of IBBI Regulations does not arise.

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Page 3 of4

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACKBENCH

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CP No. 9lCBl2Q21

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In re: Voluntary Liquidation of J,B. INDIA PRIVATE LIMITED

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Since, there are only Current Assents for realisation and they were distributed to the stakeholders. The auditor audited the accounts of Liquidation as^stated under Regulation 38 of IBBI Regulations. The Insolvency Resolution Professional filed final repoft stating that liquidation process has been cornpleted by annexing Audited Accounts of liquidation. Finally, the Liquidator filed this petition along with final repoft and sent a copy of the final report to the Registrar of Companies, Chhattisgarh and IBBI^(Compliance of Section⁵⁹ (6) of Code, read with Regulation 32 and 34-38 of IBBI Regulations).

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On the petition filed by the Liquidator under sub-section 7 of Section 59 of the Code for dissolution of this Corporate Person, we have noticed that the affairs of the Corporate Person have been completely wound up and its assets are liquidated. Therefore, we hereby order dissolution of the Corporate Person and directing the Liquidator to file this Order with Registrar of Companies, Chhattisgarh and IBBI within 14 days hereof (Compliance of Section 59^(7-9) of the Code).

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CP No.9/Ctr.12021 is disposed of accordingly.

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The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps.

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Certified Copy of this order may be issued, if applied for, upon compliance of all requisite fbrmalities.

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iatya Ranjan Prasad Member (Technical)

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Rajasekhai[ Member (Judicial)

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Signed this 9tl' day of August,2027

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Ravijeet_P.S.

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Page 4 of 4

In the matter of J.B. India Private Limited Cp (Ib) No. 9-CB-2021

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In the matter of J.B. India Private Limited Cp (Ib) No. 9-CB-2021

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