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Judgment
O R D E R
This is a Company Petition filed by the Liquidator of Kickstartup Credit Private Limited with CIN: U65929TN2020PTC134213under 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 03/02/2020 under the Companies Act, 2013 having its Registered Office atNo.3 First Floor Second Street, Subba Rao Avenue, Chennai-600 006 with Authorized Capital of Rs.2,10,00,000/- divided into Equity Shares of Rs.100/- each. The main object of the Company is to carry on the business as a Non-Banking Finance Company for financing, leasing, hire-purchase, lending and advancing money through various channels or give credit on any terms or mode, with or without security to any individual, firm, limited liability partnership, body corporate or any other entity. Details of the main objects of the company are set out in the Memorandum of Association which is filed along with the typed set.
It is stated that Board of Directors in their meeting dated 12.01.2021 passed a Resolution for voluntary liquidation of the company under Section 59 of the IBC. It is stated that, the Company could not continue to carry on its business since it could not get its required license from RBI and hence it will not be possible for the Company to carry on its business any longer due to market conditions and lack of demand and absence of viability in near future in carrying on the business.
It is stated that, the Extra-ordinary General Meeting was held on 05/02/2021 wherein, the shareholders passed special resolution approving the voluntary winding up of the company and to appoint the Applicant, Ms. Chitra Perinkulam Ragavan, Insolvency Professional having registered no. IBBI/IPA-002/IP-N00720/2019-20/12558,to act as the Liquidator to conduct the voluntary liquidation process of the Company.
It is submitted that the Applicant has 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:
| S.NO | COMPLIANCE | AVERMENTS | PAGE NO. IN THE APPLICATION |
|---|---|---|---|
| 1 | Sec. 59 (3) | Board Meeting dated 12.01.2021 | 42-51 |
| 2 | Sec. 59 (3) | Audited Financial Statements for the previous two Financial Year | 52-61 |
| 3 | Sec 59 (3) (c) And Reg 3 (1)(c) | EGM dated 05-02-2021 | 66-70 |
| 4 | Section 59 (4) and Reg 3 (2) | Declaration of solvency GNL-2 | 62-65 |
| 5 | Section 59 (4) and Reg 3 | Special Resolution for voluntary liquidation vide form MGT-14 | 75-79 |
| 6 | Regulation 14 | Form-A Public Announcement in newspapers dated 06.02.2021 and 07.03.2021 in “Trinity Mirror” (English) & “Malai Malar” (Tamil) | 80-81 |
| 7 | Section 178 of IT Act, 1961 | Intimation to Income Tax department on 02.03.2021 and other statutory authorities on 08.02.2021 | 71-74 |
| 8 | Reg 9 | Filing of Preliminary Report dated 18.01.2023 | 98-100 |
| 9 | Reg 34 | Opening of Bank Account in the name of the Company followed by the words “in voluntary liquidation”in “Karur Vysya Bank” | Para 11 of the application |
| 10 | Reg 34 | Closure of liquidation bank account in Karur Vysya Bank | 130-131 |
| 11 | Reg 38 | Filing of Final Report dated 03.11.2023 | 116-119 |
| 12 | Reg 38 | Final Report in GNL-2 filed with the ROC dated 07.11.2023 | 120-124 |
| 13 | Reg 38 | Submission of Final Report to IBBI on 07.11.2023 | 125 |
| 14 | Reg 38 | Form-H (Compliance Certificate) | 132-140 |
Further, it is stated 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 among the shareholders as detailed below:
Realisation during Voluntary Liquidation Process:
Distribution to Stakeholders:
Despite sending notice to the Income Tax Department for no due certificate, there had been no reply received by the Company. In pursuant to the Circular issued by Insolvency and Bankruptcy Board of India with Circular No. IBBI/LIQ/45/2021 on 15.11.2021, an Insolvency Professional handling voluntary liquidation process is not required to seek any NOC/NDS from Income Tax Department.
Thus on examining the submissions made by the Ld.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 hereby order the dissolution of KICKSTARTUP CREDIT PRIVATE LIMITED. The Applicant Company shall stand dissolved from the date of this order. Accordingly, the Company Petition 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.