Mr. Vasudevan Gopu vs M/s. Everest Gold Loans Private Limited

This is a Company Petition filed by the Liquidator of M/s. Everest Gold Loans Private Limited with CIN: U65929TZ2012PTC018177 under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”) seeking dissolution of the Company.

The Company was incorporated on 26.04.2012 under the Companies Act, 1956 having its Registered Office at D.No.12, Periyar Nagar, Erode, Tamil Nadu – 638 001 with Authorized Capital of Rs.2,00,00,000/- divided into 2,00,000 Equity Shares of Rs.100/- each and Issued, Subscribed and Paid-up Capital of Rs. Rs.2,00,00,000/- divided into 2,00,000 Equity Shares of Rs.100/- each. The main object of the Company was to carry on the business of lending money and financing against the security of gold and other precious metals and gems etc., 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 the Company could not continue its business as the main promoter of the company Mr. K. M. Kannan who was instrumental in giving life to the idea of NBFC Company demised on 22.05.2022. As the other promoters/shareholders are not interested in continuing this business, they proposed to close the company voluntary winding up. The Board of Directors in the meeting dated 26.04.2023, passed a Resolution for voluntary liquidation of the company under Section 59 of the IBC.

Further, it was observed from the Auditors Report that after the rejection of company's re-submission of application for registration as NBFC with Reserve Bank of India, it was informed that only an appeal could be preferred before the Appellate authority, Central Government. Hence, the appeal filed by the company was heard through video conference on 07.09.2021. It was later ordered that the rejection of application by RBI should not be a bar on the appellant to apply afresh for grant of Certificate of Registration. Meanwhile one of the promoter and major shareholder of the company Sri. K. M. Kannan deceased on 22.05.2022 and the other shareholders were not interested in continuing the business fresh application was not made and they are in the process of voluntary liquidation of the company.

It is stated that the Annual General Meeting held on 24.06.2023, shareholders approved to appoint the Applicant to act as Liquidator to conduct the voluntary liquidation process of the Company.

It is stated that as on the date of commencement of voluntary liquidation, the company had total asset with book value of INR 2,36,73,152.96/- and an outstanding debt of INR 30,000/-. The details of assets and liabilities statement are hereunder:

It is stated that applicant had sent notice to Income tax assessing officer under Section 178 of the Income Tax Act, 1961 communicating the commencement of voluntary liquidation process of the company. The Income tax department issued "no due certificate and also instructed the company to file Income tax returns for the assessment year 2023 -2024 the Company filed Income Tax return till the Assessment year 2023-24. A copy of the acknowledgement for serving notice to the authorities, No due certificate and Income tax return filing acknowledgement for the assessment year 2023-2024 are enclosed with this application.

It is stated that as on Liquidation commencement date, the Equity Shareholders of the company were only the stakeholders for final distribution of liquidated assets. The liquidator has prepared the "List of stakeholders" as on 08.08.2023. The same is annexed along with this application.

It is stated that the liquidator opened a Bank account in the name as 'Everest Gold Loans Private Limited in Voluntary Liquidation' with the Axis Bank - Coimbatore branch, for the purpose of realization of the liquidation assets and payment of the liquidation proceeds to entitled stakeholders and the Bank detailed statement is enclosed with this application.

It is stated 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:

Form-H (Compliance Certificate) 14 Reg 38 229-234

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 realized and distributed the funds among the shareholders as detailed below:

Thus on examining the submissions made by the Learned Counsel for the Applicant and after perusing the documents annexed to the application, we find 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. Everest Gold Loans Private Limited. The Applicant Company shall stand dissolved from the date of this order. The Company Petition is accordingly allowed.

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