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Judgment
47 paragraphs · 469 words
This is a petition filed under Section 59 of the IBC. Heard Ld. Counsel for the Petitioner. The Petitioner is directed to file the information in the following template:-
SYNOPSIS
| S No. | Compliance | (Yes / No) | Reference |
|---|---|---|---|
| (1) | (2) | (3) | (4) |
| 1. | (Sec. 59(3)(a) read with Regulation 3(4)) Declaration by way of an Affidavit from majority of the Directors to be filed. | ||
| 2. | (Sec. 59(3)(b)(i)) Audited Financial Statements and record of business operations for the previous two years to be filed. | ||
| 3. | (Sec. 59(3)(b)(ii)) |
| Valuation Report to be filed. | |||
| 4. | (Sec. 59(3)(c)(i)) Special Resolution requiring the Company to be liquidated voluntarily and appointing an insolvency professional within 4 weeks from the Declaration made under Section 59(3)(a). | ||
| 5. | (Proviso to Sec. 59(3)(c)) Approval of Resolution passed under Section 59(3)(c) by creditors (2/3rd in value) if any, within 7 days from the date of Resolution. | ||
| 6. | (Sec. 59(4)) Intimation to RoC & IBBI within 7 days from the date of the Resolution under 59(3)(c) or after approval of the creditors | ||
| 7. | (Regulation 14) Proof of Public Announcement made in 'Form - A' within 5 days from the date of appointment | ||
| 8. | (Regulation 30) List of Stakeholders in case of claims under Chapter V of the Regulations | ||
| 9. | (Regulation 9) 'Preliminary Report' along with proof of submission of the same to the Company within 45 days from the LCD |
| 10. | (Regulation 34) Opening of Bank Account in the name of the Company followed by the words 'in liquidation' in a Scheduled Bank | ||
| 11. | Proof of Closure of the above Bank Account and any other account in the name of the Company | ||
| 12. | (Regulation 35) Proof of distribution within six months from the receipt of realization | ||
| 13. | (Regulation 38) 'Final Report' along with proof of submission of the same to RoC & IBBI | ||
| 14. | (Regulation 37) Completion of liquidation process within twelve months from LCD | ||
| 15. | (Regulation 37) Annual Status Report prepared (if any) |
16. REALISATION:
Sl. No. Particulars Amount (Rs) (1) (2) (3) 1 Sale of Assets 2 Refund from Statutory Authorities 3 Cash / Bank balance
4 Realization of uncalled/unpaid capital contribution 5 Distribution of unsold asset 6 Any other (Please specify) Total 17. DISTRIBUTION:
| Sl. No. | Stakeholders* under Section 52 and 53 (1) | Amount Claimed | Amount Admitted | Amount Distributed | Amount Distributed to the Amount Claimed (%) | Remarks |
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) |
| 1 | Realization of Security Interest | |||||
| 2 | Liquidation Cost [Sec. 53(1)(a)] | |||||
| 3 | Workmen's Dues [Sec. 53(1)(b)(i)] | |||||
| 4 | Debts of Secured Creditors [Sec. 53(1)(b)(ii)] | |||||
| 5 | Wages and Unpaid Dues to |
| Employees[Sec 53(1)(c)] | ||||||
| 6 | Debts of Unsecured Financial Creditors [Sec. 53(1)(d)] | |||||
| 7 | Government Dues + Amount Unpaid following Enforcement of Security Interest [Sec.53(1)(e)] | |||||
| 8 | Any remaining Debts and Dues [Sec. 53(1)(f)] | |||||
| 9 | Preference Shareholders [Sec. 53(1)(g)] | |||||
| 10 | Equity Shareholders [Sec.53(1)(h)] | |||||
| Total | ||||||
In the meantime, issue notice to the RoC & IBBI for filing their response and appearance. Notice be issued by all modes and proof of service be filed.
The Petitioner is also directed to file RoC record indicating that the Company is under liquidation and extract of IBBI website indicating that the Company is under liquidation. List the matter on 05.03.2025.