Allowed

In the matter of Dastoor Medichem Private Ltd. [Cp (IB)-110(AHM)-2022]

NCLT12 Oct 2023CP (IB)-110(AHM)-2022

Case brief

AI extract

What is this about?

The Tribunal disposed of an application filed by the Liquidator of Dastoor Medichem Pvt Ltd seeking dissolution of the company under Section 59 of the IBC, 2016, following the completion of voluntary liquidation.

What did the court decide?

The Applicant Company (Dastoor Medichem Private Ltd) is dissolved. The Liquidator is directed to file this order with the ROC, Income Tax, and IBBI.

In the matter of Dastoor Medichem Private Ltd. [Cp… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD COURT - 2

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ITEM No301 CP(IB)/110(AHM)2022

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Order under Section 59 IBC r.w Reg 38 of IBBI, 2017

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IN THE MATTER OF:

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Hemanshu L Kapadia Liquidator of Dastoor Medichem Pvt Ltd

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........Applicant ........Respondent

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Order delivered on 12/10/2023

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Coram:

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Mrs. Chitra Hankare, Hon’ble Member(J) Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T)

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ORDER

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The case is fixed for pronouncement of order

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The order is pronounced in open Court vide separate sheet.

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SD/-

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SD/-

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DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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CP(IB)/110(AHM)/2022

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BEFORE THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD BENCH COURT NO. II

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CP (IB)/110(AHM)/2022

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[Application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 read with the Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017]

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In the Matter of:

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Hemanshu L Kapadia Liquidator of Dastoor Medichem Private Ltd. CIN No. U24231GJ1987PTC010193 Having registered office at N H No. 8 Village Khokhra Valsad GJ – 396001 …Applicant/ Liquidator

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AND

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In the Matter of:

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Dastoor Medichem Pvt. Ltd. CIN No. U24231GJ1987PTC010193 Having registered office at N H No. 8 Village Khokhra Valsad GJ – 396001

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…Corporate Person/Applicant Company

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Order Pronounced on 12/10/2023

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CP(IB)/110(AHM)/2022

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CORAM:

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MRS. CHITRA HANKARE HON’BLE MEMBER (JUDICIAL)

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DR. V.G. VENKATA CHALAPATHY HON’BLE MEMBER (TECHNICAL)

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Appearance:

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For the Applicant: Mr. Umesh Ved, Ld. PCS

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O R D E R

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The instant Application is filed by Dastoor Medichem Private Limited (hereinafter referred to as “ the Company/Corporate Person ”) through liquidator, namely, Mr. Hemanshu L. Kapadia for dissolution of the Corporate Person through voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (“ Code ‟) read with regulation 38 (3) of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (“ IBBI Regulations ‟).

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The brief facts of the case are as under :

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i. The Company was incorporated as a Private

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CP(IB)/110(AHM)/2022

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Limited Company under the provisions of the Companies Act, 1956, on 15.12.1987, bearing CIN U24231GJ1987PTC010193 having Registered Office at N H No. 8, Village Khokhra Valsad Gujarat- 396001.

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ii. The Directors of the Corporate person are as

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follows:

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Name	DIN	Address	Designation
Uday Ratilal Shah	0009 8932	303, Amardeep Apartment, Dhobiwad, V.P. road, Valsad- 396001	Director
Sunilkumar Rambhai Patel	08467034	Patel Falia, Jujwa, Vasad- 396007, Gujarat	Director

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iii. The Shareholders of the Corporate Person are as

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follows:

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Sr.	Details of Shareholders	No. of Shares
1	Ratanji Nathubhai Chavsarewala Free Eye	1887
	Hospital (Also known as
	RNC Free Eye Hospital)
	through Dr. Pesi B. Fulwadiwala
	Address: Dr. Paragji Desai
	Road, Opp. Mamlatdar Office, Valsad-396001 Gujarat
2	Mr. Rajiv Tulsidas Bhalani Address: D-43, Marutinandan	3113
	Vila, Near Govt. Tubewell,
	Bopal Daskroi, Ahmedabad- 380058, Gujarat
	Total	5000

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iv. The Authorized Share capital & Paid up Share Capital of the Company are Rs. 5,00,000/- (Rupees Five lacs Only). The Corporate Person is carrying out business of Manufacturing of non-pareil seeds. However, there has been no business operation in the Corporate Person for more than last 10 years except some income from other sources there was no revenue from business operations for many years.

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v. The Board of Directors considering the financial position of the Company formed an opinion that the affairs of the Company should be wound up. The Directors have made a declaration of solvency by an affidavit. The record of business operations i.e. Annual Returns, Documents, reports etc. were prepared under Section 134 and the Audited Financial statements for financial year ended 31^st March, 2020 and also the Audited Financial statement for the period from 1^st April, 2020 to 31^st March, 2021 alongwith Statement of assets at estimated realizable values and liabilities expected to rank

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as at 30^th April, 2021 have been approved by the Board of Directors. The Board of Directors in their meeting held on 10th May, 2021 passed a proposal to liquidate the Company Voluntarily under the provisions of the IBC, 2016.

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vi. The Declaration by all the existing Directors alongwith audited financial statements and record of business operations of the Company for the previous two years were filed with Registrar of Companies, Gujarat in Form no. GNL-2 on 13^th May, 2021 vide SRN T18727263.

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vii. The Board of Directors in their Extraordinary General Meeting held on 25^th May, 2021 passed a Special Resolution required under Section 59 of the Code r.w IBBI (Voluntary Liquidation Process) Regulation, 2017 (Regulations) to liquidate the Company Voluntarily and appointed Mr. Hemanshu L. Kapadia, as Insolvency Professional, having IP registration No. IBBI/IPA002/IP-N00318/2017-18/10923 to act as Liquidator of the Company. The Board of Directors has filed Declaration of Solvency stating that there are NIL operational creditors and

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financial creditors in the Company. (annexed with the application at page no. 54).

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viii. The Liquidator made a public announcement of commencement of liquidation in Form A of Schedule I as per Regulation 14 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 in English, “ Economics Times ” and in Gujarati, “ Gujarat Mitra ” dated 27^th May, 2021, to call upon the stakeholders to submit their claims within 30 days from the date of commencement of liquidation i.e. 24^th June, 2021. The Public announcement was also submitted to the IBBI.

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ix. The commencement of liquidation and appointment of liquidator were submitted to the ROC, Gujarat in Form MGT-14 on 1^st June, 2021 vide SRN : T20915096 and Form GNL-2 on 1^st June, 2021 vide SRN: T20915005 respectively.

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x. As required under Regulation 9 of the Regulations, the liquidator had submitted 6 | P a g e

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Preliminary Report dated 5^th July, 2021. A copy of Preliminary report is attached with the application at page no. 119-122).

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xi. As per provisions of Section 178 of the Income Tax Act, 1961, the liquidator intimated the commencement of liquidation and appointment of Liquidator to the Income Tax Authority vide letter dated 25^th May, 2021 and the same was acknowledged by Income Tax on 28^th May,2021. Pursuant to this, the Income Tax Authority issued No Objection Certificate on 6^th August, 2021.

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xii. The audited statement of accounts of liquidation showing receipt and payment pertaining to liquidation period signed by the Liquidator and Auditor of the Company on 24^th February, 2022.

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xiii. A final report submitted by the Liquidator on 5^th March, 2022 under Regulation 38 of the Regulation, showing receipt and payment pertaining to liquidation and other details required under such regulation are as under:

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a) There were no fixed assets on the date of

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commencement of voluntary liquidation.

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Hence there was no question of disposing of them.

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b) There were no Creditors of the Corporate person as on the commencement of voluntary liquidation. Hence there is no question of discharging them to the satisfaction of Creditor and

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c) No litigation is pending against the

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corporate person as on date of Report.

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xiv. The Liquidator had opened a bank account in Axis Bank bearing account no. 920020068716761 in the name of “ Dastoor

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Medichem Private Limited in Voluntary

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Liquidation ”. The same account has been closed on 18.02.2022 and closure certificate has been issued by the concerned bank.

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xv. The Company had created charge on 6^th June, 1988 and registered with ROC vide charge no. 90111976. The Company settled its dues in the cash credit facility in full alongwith interest and was in process of uploading the form CHG 4 on

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MCA portal, since the present status of Company on MCA portal in “under liquidation” the system does not allow to file the said form CHG-4. A letter was submitted to the ROC, Gujarat.

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xvi. As per the directions issued by this Tribunal vide daily order dated 18.08.2023, the Applicant has to attached Form–H (compliance certificate) under Regulation 38(3) of the IBBI Regulations, 2016 & copy of paper publication filed with IBBI.

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Heard Learned PCS Mr. Umesh Ved for the Applicant/Corporate Person & perused the material available on record. After perusing the documents annexed to the Application, it appears that the affairs of the Company have been completely wound up and the assets of the Applicant Company have been completely liquidated and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC, 2016, we hereby pass following order :

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O R D E R

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i. M/s. Dastoor Medichem Private Limited CIN No. U24231GJ987PTC010193, the Applicant Company shall stand dissolved from the date of this order.

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ii. The Liquidator is directed to file this order with the concerned Registrar of Companies, Income Tax Department and IBBI within 14 days from the date of receipt of an authentic copy this order, for information and necessary action.

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iii. The Liquidator is also directed to file this order with all other Statutory Authorities connected with the affairs of the Company.

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iv. The Liquidator shall preserve a physical or an electronic copy of the reports, registers and books of account referred to in Regulations 8 and 10 of IBBI Regulations for at least eight years after the dissolution of

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the Corporate Person, either with himself or with an information utility.

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