Joby Chacko vs BF Precision Private Limited

This is a Company Petition filed by the Liquidator in relation to the voluntary liquidation of BF Precision Private Limited with CIN: U29253TZ2016PTC022193 under section 59(7) of Insolvency and Bankruptcy Code, 2016 (herein after referred to as “IBC, 2016”) seeking dissolution of the company namely BF Precision Private Limited.

It is submitted that the applicant company was incorporated on 18.01.2016 under the provisions of the Companies Act, 2013 under the style and name of “BF Precision Private Limited”, and engaged in the business of producing coal forging automobile components for Indian two-wheeler manufactures. The registered office of the applicant company is situated at SF 275/1 B, Malumachampatty P.O., Ganesh Nagar, Pollachi Road, Coimbatore south, Tamil Nadu, India-641021.

It is submitted that the main objects of the company is to carry on all or any of the business of manufactures, processors, fabricators, forgers, dealers, importers, exporters, traders and /or otherwise deal in any other capacity in pipes, machinery components, machine tool components, precision components, machined components and all other types of components, machineries of all kinds and description, machinery parts, and components, patterns, valves, toys, and other educational instruments, pimps and products of all kinds and description manufactured out of any wood, plastic, non-metals, and their alloys and the detailed objects of the company are set out in memorandum and articles of association of the company and the same has been annexed as Annexure A.

It is submitted that the authorised share capital of the applicant company is as follows:

It is submitted that, manufacturing facility of the company was located on leased premises and served a solitary customer and the lease of factory premises was expired on September 2023. Consequently, the Board of the company was of the opinion to establish a new factory at a new location for small operations.

It was further submitted that the company namely, BF precision Pvt Ltd has decided to wind up the voluntarily as there was no future business prospects.

It is submitted that the Board of Directors of the company has passed a resolution for voluntary liquation in the meeting which held on 19.03.2024, and the relevant portion of the meeting is as follows:

The Applicant submits that there were three directors at the time of commencement of voluntary liquidation in the company namely, BF Precision Pvt Ltd. It is further submitted that, declaration of solvency was made by the “Mr. Kiyath Jayaprakash and Mr. Manoj Mullassery Menon", being the majority Directors of the company as required under section 59(3) of Insolvency and Bankruptcy code, 2016.

It is submitted that the Extradinary General Meeting of the members of BF Percision Pvt Ltd held on 22.03.2024 and passed a special resolution as required under section 59(3) (c) of IBC, 2016 read with Insolvency and Bankruptcy Board of India (Voluntarily Liquidation Process) Regulations, 2017 to liquidate the company voluntarily and has resolved to appoint the applicant herein to act as the liquidator for conducting voluntary liquidation process of the company.

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

It is submitted that the Liquidator has not received any claims during the process of Liquidation except from one of the shareholder of the company i.e., CIE Automotive India Limited.

It is further submitted that the company has no assets other than the balance in Bank Account Rs.63,04,892,10/- and a refund receivable from income tax as on the date of commencement of Liquidation.

The applicant submits that refund from Income Tax was received on 08.08.2024 and the amount available in the liquidation bank account after paying the liquidation cost in full as per the provisions of Section 53(1) of IBC, 2016, Liquidator has returned the balance amount to the shareholder after deducting applicable TDS. The detailed extract is as follows:

Applicant submits the Auditors certificate on receipts and payments pertaining to voluntary liquidation and the detailed extract is as follows:

It is further submitted that the Bank account in the name of Corporate debtor is closed.

It is further submitted that there were no PUFE application pending in relation to the company in liquidation and Form H- Compliance certificate shows the same as below:

Thus, on examining the submissions made by the learned counsel for the applicant and after perusing the documents annexed to the Petition, 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 BF Precision Private Limited. The Applicant Company shall stand dissolved from the date of this order.

Accordingly, the Company Petition CP/IB/206/2024 stands Allowed and Disposed of.

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