Disposed

In the matter of Genuine Constructions Private Limited [IB-91(PB)-2024]

NCLT21 Feb 2024IB-91(PB)-2024

Case brief

AI extract

What is this about?

The Tribunal issued notice to the ROC and Income Tax Authority, directed the applicant to prepare a gist of the matter, and issued a detailed compliance checklist covering declaration, financial statements, valuation, creditor approval, intimation, announcements, stakeholder lists, and liquidation reports under the IB Code.

What did the court decide?

Notice issued to ROC and Income Tax Authority; applicant directed to prepare matter gist and submit compliance checklist including declaration, financials, valuation, and creditor approvals.

In the matter of Genuine Constructions Private Limited… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL: NEW DELHI PRINCIPAL BENCH

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ITEM No. 101 (IB)-91(PB)/2024

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IN THE MATTER OF:

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Genuine Constructions Private Limited

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… Applicant/Petitioner

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Order under Section 59 of Insolvency & Bankruptcy Code, 2016.

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Order delivered on 21.02.2024

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CORAM:

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JUSTICE RAMALINGAM SUDHAKAR HON’BLE PRESIDENT

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SH. AVINASH K. SRIVASTAVA HON’BLE MEMBER (TECHNICAL)

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(HEARING THROUGH PHYSICAL MODE & VC)

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PRESENT:

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For the Applicant : CS Yogita Bhatia for Liquidator, Mr. Gagan Gulati For Respondent : ORDER

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Ld. Counsel Ms. Yogita Bhatia, CS appeared for the applicant. Notice be issued to the ROC and Income Tax Authority for their response.

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The applicant is directed to prepare the gist of the matter, as per the checklist extracted below:

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SYNOPSIS

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S No. (1)	Compliance (2)	(Yes / No) (3)	Reference (4)
1.	(Sec. 59(3)(a) read with Regulation 3(4)) Declaration by way of an Affidavit from majority of the Directors to befiled.
2.	(Sec. 59(3)(b)(i)) Audited Financial Statements and record of business operations for the previous two years to befiled.

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3.	(Sec. 59(3)(b)(ii)) Valuation Report to befiled.
4.	(Sec. 59(3)(c)(i))
	Special Resolution requiring
	the Company to be
	liquidated voluntarily and
	appointing an insolvency
	professional within 4 weeks
	from the Declaration made
	under Section 59(3)(a).
5.	(Proviso to Sec. 59(3)(c))
	Approval of Resolution passed
	under Section 59(3)(c) by creditors (2/3^rdin value) if any, within 7 days from the date of Resolution.
6.	(Sec. 59(4)) Intimation to RoC & IBBI within 7 days from the date of the Resolution under 59(3)(c) or after approval of the creditors
7.	(Regulation 14) Proof of Public Announcement
	made in ‘Form - A’ within 5
	days from the date of
	appointment
8.	(Regulation 30) List of Stakeholders in case of claims under Chapter V of the Regulations
9.	(Regulation 9) ‘Preliminary Report’ along with
	proof of submission of the same to the Company within 45 days from the LCD
10.	(Regulation 34) Opening of Bank Account in the name of the Company followed
	by the words ‘in liquidation’ in a Scheduled Bank

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11.	Proof of Closure of the above Bank Account and any other account in the name of the Company
12.	(Regulation 35) Proof of distribution within six months from the receipt of realization
13.	(Regulation 38) ‘Final Report’ along with proof of submission of the same to RoC & IBBI
14.	(Regulation 37) Completion of liquidation process within twelve months from LCD
15.	(Regulation 37) Annual Status Report prepared (if any)

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16. REALISATION:

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Sl. No.	Particulars	Amount(Rs)
(1)	(2)	(3)
1	Sale of Assets
2	Refund from Statutory Authorities
3	Cash/Bank balance
4	Realization of uncalled/unpaid capital contribution
5	Distribution of unsold asset
6	Anyother(Please specify)
	Total

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17. DISTRIBUTION:

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Sl.	Stakeholders*	und	er Amo	Amou	Amount	Amount	Remar
No.	Section 52 and 53	(1)	unt Clai med	nt Admitt ed	Distribu ted	Distribu ted to the Amount	ks

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					Claimed (%)
(1)	(2)	(3)	4)	(5)	(6)	(7)
1	Realization of Security Interest
2	Liquidation Cost [Sec. 53(1)(a)]
3	Workmen’s Dues [Sec. 53(1)(b)(i)]
4	Debts of Secured Creditors [Sec. 53(1)(b)(ii)]
5	Wages and Unpaid Dues to Employees[Sec 53(1)(c)]
6	Debts of Unsecured Financial Creditors [Sec. 53(1)(d)]
7	Government Dues + Amount Unpaid following Enforcement of Security Interest [Sec.53(1)(e)]
8	Any remaining Debts and Dues [Sec. 53(1)(f)]