Inspirit IOT Technologies India Private Limited

Per: SAMEER KAKAR, MEMBER (TECHNICAL)

This is a Company Application filed by the Liquidator in relation to the voluntary liquidation of Inspirit IOT Technologies India Private Limited with CIN: U72900TN2018FTC124413, 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 06.09.2018 under the provisions of the Companies Act, 2013. The main object of the Company is to carry on in India and abroad the business of providing hardware accelerator solutions coupled with an advanced high-level synthesis and machine-learning optimization toolkit to enable smart Internet Of Things (IoT) applications and providing complete design of software solutions, new technologies, Artificial Intelligence & internet driven software products and services for mechanical, multimedia, telecommunications, networking and computer industry etc. 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 in the Petition that the Company has stopped its commercial operations on 31.08.2021 and has sold all its assets. Hence, a Board meeting was held on 28.02.2022 to consider winding up and voluntary liquidation of the Company as per the provisions contained under Section 59 of the Insolvency and Bankruptcy Code, 2016, wherein a Resolution was passed to conduct the Extraordinary General Body Meeting on 07.04.2022.

In the Extraordinary General Meeting of the Shareholders of the Company which took place on 07.04.2022 it was unanimously 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.

It was 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 was submitted by the Learned Counsel for the Applicant has the Liquidator has not received any claims during the process of liquidation. Further, it was 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 among the shareholders as detailed below:

For C N K and Associates LLP Chartered Accountants FRN: 0101961W / W-100034

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 IBC, 2016, we hereby order the dissolution of Inspirit IOT Technologies India Private Limited and the Applicant 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.