Allowed

In the matter of Mitra Renewables Private Limited [C.P. (IB)/190/CHE/2023]

NCLT16 Feb 2024C.P. (IB)/190/CHE/2023

Case brief

AI extract

What is this about?

The NCLT allowed the application filed by the Liquidator of Mitra Renewables Private Limited for its dissolution. The Tribunal noted that the voluntary liquidation process was fully completed, assets were liquidated, funds distributed, and all mandatory compliances under IBC were met, ordering the company to be dissolved from the date of the order.

What did the court decide?

Order of dissolution of M/s. Mitra Renewables Private Limited effective from the date of this order.

In the matter of Mitra Renewables Private Limited [C.P… — Insolvency and Bankruptcy | NCLT (2024)

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IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH – II, CHENNAI

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CP (IBC) / 190 (CHE) 2023

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(Filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 r/w

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Rule 11 of the NCLT Rules, 2016)

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In the matter of MITRA RENEWABLES PRIVATE LIMITED

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Mr. Vasudevan Gopu, (IBBI/IPA – 002/IP – N00291/2017 – 18/10849), Liquidator of M/s. Mitra Renewables Private Limited, (In Voluntary Liquidation) G. V. Enclave, 18/30, Ramani Street, K. K. Pudur, Saibaba Colony, (4^th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road), Coimbatore, Tamil Nadu – 641 038 … Applicant

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… Applicant

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CORAM

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SHRI. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL) SHRI. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

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Present:

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For Applicant: A. G Sathyanarayana, Advocates

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Order Pronounced on 16^th February 2024

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O R D E R

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This is a Company Application filed by the Liquidator in relation to

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the voluntary liquidation of M/s. Mitra Renewables Private Limited with CIN: U40108TZ2013PTC019674, having registered office at No.176, Athipalayam

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Road, Keeranatham – Pudupalayam PO, Coimbatore, Tamil Nadu, India – 641 035, within the RoC, Coimbatore, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC,

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CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited

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2016”), seeking dissolution of the Company.

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The brief facts are, that the Applicant Company was incorporated on 12.07.2013 under the provisions of the Companies Act, 1956. The main object of the Company is to carry on and generate power supply through renewable energy sources such as solar, photo voltaic, windmill and/or any other means, distribute, supply and sell such power either directly or through facilities or central/state governments or private companies or electricity boards generally to distribute, sell and supply power. The elaborate details of the main objects are set out in the Memorandum of Association which is filed along with the typed set.

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The Shareholding pattern of the Company as on 23.08.2023 as follows;

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S.No	Particulars	No. of. Shares	Amount in INR
1	Authorised share capital (Divided into Equityshares of Rs.10 /- each)	50,000	5,00,000
2	Paid up share capital (Divided into Equityshares of Rs.10 /- each)	20,000	2,00,000
S.No	Name of the Share holder	No. of. Shares	% of Holding
1	Narayanan Venkateswaran	8680	43.40%
2	Senthilmurugan S	7810	39.05%
3	Mallikarjun Shivaraya Kande	3510	17.55%
	Total	20,000	100%

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It is submitted that the Petitioner Company had an objective to engage

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in solar power plant projects. However in-viability of the company to commence its business as expected and no further plan of operations forced

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CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited

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the management to opt for dissolution and winding up of the company. On 10.07.2023, the directors cum shareholders of the company, in its 9^th Annual General Meeting (AGM), unanimously passed a special resolution for winding up and voluntary liquidation of the Company as per the provisions contained under Section 59 of the Insolvency and Bankruptcy Code, 2016.

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In the same AGM, it was resolved to appoint the Applicant herein to act as a liquidator for conducting voluntary liquidation process in relation to the Company under Section 59 of IBC, 2016. (Annexure - 8 of the Paper book)

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It was submitted that the Applicant herein has completed the Voluntary Liquidation process in respect of the Company in Liquidation in accordance with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The details the relevant compliances as mandated under Section 59 of the IBC, 2016 read with the IBBI (Voluntary Liquidation Process) Regulations,

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2017 are listed hereunder:-

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S.NO	COMPLIANCE	AVERMENTS	PAGENO. IN THE APPLICATION
1	Sec 59(3)(c)(i) and Reg3(1)(c)(i)	AGM dated 10.07.2023 approving the voluntary liquidation	115 – 115A
2	Sec. 59(3)(b)(i)	^{Audited Financial statements for the years} 2021 – 2022 & 2022 -2023.	85 - 114
3	Sec 59(3)(c)	Approval of Resolution passed in AGM by Creditors(2/3^rd )in value dated 17.07.2023	118 - 119
4	Section 59(3)(a) and Reg3(4)	Declaration of solvency filed by majority of the Directors in the form of Affidavit	4 – 13 of the Compliance Typeset
5	Section 59(4) and Reg3(2)	Intimation to RoC and IBBI, the Special Resolution for voluntaryliquidationpassed	128 - 140

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CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited

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		by shareholders in AGM vide Form MGT-14 dated 05.08.2023 and Form IP-1 dated 14.07.2023 Form-A Public Announcement in Financial
6	Regulation 14	Express (English), Tamil Murasu (Tamil) and IBBI website dated 15.07.2023.	120 - 123
7	Section 178 of IT Act, 1961	Intimation of Voluntary Liquidation process to the Income Tax Department dated 27.07.2023	141 - 147
8	Regulation 9	Preliminaryreport dated 23.08.2023.	149 - 154
9	Regulation 30	List of Stakeholders and details of claims	155 - 159
10	Regulation 34	Closure of Current account and Liquidation Account maintained with Indian Bank, Kovilpatti Branch dated 07.10.2023 and 19.10.2023 respectively.	192 - 193
11	Regulation 38	FilingFinal report dated 06.11.2023	181 - 185
12	Regulation 38	^{Final report in GNL-2 filed with the ROC} dated 07.11.2023	179 – 179C
13	Regulation 38	^{Submission of Final Report to IBBI dated} 07.11.2023	180
14	Regulation 38	^{Form-H – Compliance certificate dated} 08.11.2023	186 - 191

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It is submitted that, the Applicant/ Liquidator has received one claim from “T V Subramanian & Associates, Chartered Accounts” during the process of liquidation. The Said claim was fully admitted and distributed in the process. Further, it was stated that after making various payments including liquidation costs in full as per the provisions of Section 53(1) of

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IBC, 2016, the Liquidator has distributed the funds among the stakeholders

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as detailed below:

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CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited

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Thus, on examining the submissions made by the Applicant and after perusing the documents annexed, it appears that the affairs of the Company have been completely wound up and the assets of the Applicant Company

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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 order the dissolution of

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CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited

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M/s. Mitra Renewables Private Limited and the Applicant Company shall

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stand dissolved from the date of this order. Accordingly, the Company

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Application stands allowed .

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The Registry and the Liquidator are directed to serve a copy of this order upon the Registrar of Companies, Chennai, and also to IBBI, within 14

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days from the date of this Order.

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-Sd/-

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-Sd/-

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RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited

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In the matter of Mitra Renewables Private Limited [C.P. (IB)/190/CHE/2023]

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In the matter of Mitra Renewables Private Limited [C.P. (IB)/190/CHE/2023]

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