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NCLT Delhi Allows Voluntary Liquidation Of Mehra Bandhu Creations Private Limited
Udai Yashvir Singh
22 March 2023 5:45 AM GMT
NCLT Delhi Bench comprising of Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member) has allowed the voluntary liquidation of Mehra Bandhu Creations Private Limited (‘Company’) and has ordered the Company to be dissolved under section 59(7) of the Insolvency & Bankruptcy Code, 2016 (‘IBC’) r/w Insolvency and...
NCLT Delhi Bench comprising of Chief Justice (Retd.) Ramalingam Sudhakar (Judicial Member) and Shri Avinash Kumar Srivastava (Technical Member) has allowed the voluntary liquidation of Mehra Bandhu Creations Private Limited (‘Company’) and has ordered the Company to be dissolved under section 59(7) of the Insolvency & Bankruptcy Code, 2016 (‘IBC’) r/w Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (‘Voluntary Liquidation Regulations’)
The Board of Directors of the Company passed a Resolution in a meeting held on 31.07.2021 vide which they approved the voluntary liquidation of the Company as it was not carrying any of its businesses and its directors were not interested to do any business in the future. A Special Resolution required under Section 59 of IBC read with the Voluntary Liquidation Regulations was passed in the Annual General Meeting on 04.08.2021 and an Insolvency Professional was appointed to act as a Liquidator. There were no creditors of the company at the time of Liquidation and public announcement in newspapers of the commencement of Liquidation was made.
After payment of Liquidation Expenses and Advance Tax to Income Tax Authorities on the accumulated profit of Rs. 3,09,00,471/- on investment in share capital, the profit was paid to the members of the Company on 26.11.2021. The Final Report was submitted to the Registrar of Companies stating that the Company does not have any Fixed Assets which are required to be disposed of and realized and no litigation, inquiries, instigations or proceedings are pending against the company as on the Liquidation commencement date.
The Tribunal being satisfied that the affairs of Company were completely wound up and its assets were completely liquidated ,allowed the application.
The Company was engaged in the business to buy, sell, import and export all kinds of garments, fabrics and textiles, etc.
Case No. CP (IB) – 343(PB)/2022
Case Name:In the Matter of Mehra Bandhu Creations Private Limited And In the Matter of Mukesh Chand Jain (Liquidator for Mehra Bandhu Creations Private Limited)
