88d92abc67a9238b791a1970257dc448

Per: SANJIV JAIN, MEMBER (JUDICIAL)

This Petition has been filed by the Liquidator of Sumitomo Construction Machinery India Private Limited (hereinafter referred to as "The Company") having CIN: U52599TN2006PTC061876, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "IBC, 2016") seeking dissolution of the Company.

The Company was incorporated on 27.08.2008 under the provisions of the Companies Act, 1956. The Company was originally incorporated as Sumitomo (SHI) Construction Machinery India Limited. It changed its name to Sumitomo Construction Machinery India Private Limited w.e.f. 12.09.2019. The main object of the Company is to carry on the business of manufacturing, fabrication, assembling, repairing, servicing, alteration etc., of all types of machinery, parts and appliances for the construction, excavation and road industry. The details of the main objects are set out in the Memorandum of Association which is filed along with the typed set.

It is stated that the Board of Directors of the Company after detailed deliberations decided to liquidate the Company to realise the share capital invested into the company as they felt that the operations of the Company would not be foreseeable in future. Hence, in the Board meeting held on 23.09.2020, the Board of Directors of the Company decided to wind up the company by way of Voluntary Liquidation as Section 59 of the Insolvency and Bankruptcy Code, 2016.

In the Extraordinary General Meeting of the Shareholders of the Company which took place on 30.09.2020, Special Resolutions were passed wherein it was resolved to appoint the Applicant herein to act as a liquidator for conducting a voluntary liquidation process in relation to the Company under Section 59 of IBC, 2016.

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

It is submitted that there are no outstanding liabilities of the Company and that no claims were received by the Applicant during the process of liquidation and no investigation proceedings are pending or against the Company under any provisions of the Companies Act, 2013. Further, it is submitted that after making various payments including liquidation costs as per the provisions of Section 53(1) of IBC, 2016, the Liquidator has distributed the funds as detailed below:

Thus, on examining the submissions made by the Applicant and after perusing the documents annexed to the Application, we find that the affairs of the Company have been completely wound up and the assets of the Company have been completely liquidated and as such the Company deserves to be dissolved. Accordingly, in the exercise of the powers conferred under Section 59(8) of IBC, 2016, we hereby order the dissolution of Sumitomo Construction Machinery India Private Limited and the Company shall stand dissolved from the date of this order. Accordingly, the Company Petition stands allowed.

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 days from the date of this Order.