Ayampalayam Venkatesan Arun

This is a Company Petition filed by the Liquidator of M/s. Gokul Granites Private Limited with CIN: U14102T21987PTC001979 under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”) seeking dissolution of the Company.

The Applicant Company was incorporated on 14^th April 1987 under the Companies Act, 1956 having its Registered Office at Door No 1/52, Brindavan Road, Fairlands, Salem-636 016. The Authorized Share Capital of the company was initially Rs.2,50,000/- divided into 25,000 shares of Rs. 10 each, which was later increased to Rs.25,00,000/-divided into 2,50,000 Equity Shares of Rs.10/- each. The Company was promoted with the objective of carrying on the business as Miners, Manufacturers, Producers, Processors, Stuckists, Agencies, Importers, Exporters, Traders, Wholesalers, Retailers, Distributors, Concessionaires, Dealers of Granite Stones and other Granite products of all and every kind of description.

It is stated that Mrs. Gopal Lakshmi Vanaja & Mr. Durgam Govindarajalu Gopal, Directors had given Solvency declaration on 20.12.2021.

It is stated that the company had ceased business operations since last few years and the Board of Directors did not visualize any fresh or sustainable business for the future. It is stated that as the company had accumulated losses and as its net worth was completely eroded, the company became a sick company as per Sec 3(1)(0) of the Sick Industrial Companies ( Special Provisions) Act 1965 and had to make necessary reference regarding the sickness with the concerned authorities as referred in the Act. However, it is stated that on 17.11.2021, the industrial shed belonging to Corporate Person was sold for Rs.1.25cr, which resulted in wiping out the accumulated losses. As per the financial accounts filed, the accumulated loss of Rs.30.72 lakhs as on 31.03.21 turned into profit of Rs. 67.97 lakhs as on 20.12.2021.

It is stated that the Board of Directors after due deliberations decided to liquidate the company to realize the share capital invested into the company on the Board Meeting held on 12.01.2022. Further it is stated that the applicant company did not have any creditors and no litigation was pending against the applicant company.

It is stated in the Extra-ordinary General Meeting held on 12.01.2022, shareholders approved the Voluntary Liquidation and decided to appoint the Applicant to act as the Liquidator to conduct the voluntary liquidation process of the Company.

The Applicant states that Public Announcement was made on 17.01.2022 and the last date for submission of claim stipulated in public announcement was 15.02.2022. As no claims were received, preparation of List of Stakeholders under Regulation 30 is not applicable. Further as the company only cash and bank balance and no other assets, Valuation Report as per Sec 59(3)(b)(ii) has not been obtained.

As per provisions of Section 178 of Income Tax Act 1961, the applicant intimated the commencement of Voluntary Liquidation to the Income Tax authority on 21.02.2022 and No objection letter dated 18.12.2019 was received from Income Tax Department.

It is stated that Voluntary Liquidation of Gokul Granites Private Limited was filed initially vide CP/IB/117/CHE/2022. However, NCLT vide its order dated 13.09.2022, dismissed the petition for lack of mandatory documents like Form H, with a liberty to file a fresh application. Hence the present petition dated 09.11.2022, was e-filed on 06.12.2022 and physical copies submitted on 08.06.2023.

It is stated that date of commencement of Voluntary Liquidation was 12.01.2022 and the Applicant conducted the voluntary liquidation process in respect of the Company in accordance with the compliance of IBBI (Voluntary Process) Regulations, 2017. Details of relevant compliances as mandated under Section 59 of IBC r/w IBBI Regulations, 2017 are as below:

It is stated that assets of the corporate debtor have been fully disposed of. There are no debts outstanding in respect of Corporate Person as on 15.03.2022. The amount lying has been distributed amongst the shareholders as under:

It was submitted by the Applicant that the surplus money has been distributed as under, as there were no claims received. The Receipts and payments are as under:

Thus on examining the submissions made by the Learned Counsel for the Applicant and 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 the IBC, 2016, we order the dissolution of M/s. Gokul Granites Private Limited and the Applicant Company shall stand dissolved from the date of this order. Accordingly, the Company Petition CP IB 123 CHE 2023 stands allowed.

The Registry and Liquidator are directed to serve a copy of this order upon Registrar of Companies, concerned and also to IBBI within 14 days from the date of this order.