M/s. Climate Change Association Of India Vs

Hemant Kumar Sarangi, Member (Technical)

The present application is being filed by M/s. Climate Change  Association India (hereinafter referred to as "Corporate Person"), under section 59(7) of the Insolvency 86 Bankruptcy Code, 2016 read with regulation 38 of IBBI (Voluntary Liquidation Process) Regulations,  2017 by the Liquidator Mr. Vivek Raheja, praying for the following reliefs:

a.  That   the   applicant, CLIMATE   CHANGE  ASSOCIATION  INDIA (in voluntary liquidation) may kindly be ordered to be dissolved;

b.  To  Pass such order or further order(s) with this Hon'ble  Tribunal may deem fit, proper and just under the facts and circumstances of the case.

The Applicant states that   the Board   of   Directors of   the  Corporate Person made all possible efforts, in order to keep the Corporate Person a going concern.  However, in the absence of steady funding  the  Corporate  Person  failed to  accomplish its main objective to combat climate change, despite all intentions of the Board of Directors. The Board of Directors made all the possible efforts in order to sustain during this stressful span of time but due to lack of financial support from any prospective source,  the  Company could not accomplish its main objective and ultimately lost its substratum, therefore, Board of Directors were left with no other choice but to seek to voluntary Liquidate the  Corporate  Person  section  59  of the  I  85 B  Code,  2016 by voluntary liquidation process.

The   Applicant   states   that   as   proposed   by   the   Board,   the  members   of  the   Company  in  their  Extra  Ordinary  General Meeting   held on  19.04.2019, passed a   special   resolution required under section 59 of the I &, B, Code read with the IBBI (Regulations),  to  liquidate  the  company  voluntarily  and appointed Mr. Vivek Raheja, an Insolvency Professional, having IF registration No. IBBI/ IPA-001/ IP-P00055/ 2017-18/ 10133, to act as liquidator of the Company.

The  Public Announcement in Form A as per Regulation  14 of  the IBBI (Voluntary Liquidation Process) Regulations, 2016 was published  on  23.04.2019  in  two  newspapers  "Financial Express" (English) and "Jansatta" (Hindi). It is stated that since there  were no actual creditors in the company on the Liquidation   commencement   date,   therefore,   no   claims   were received from creditors.

The   Company  has   also   filed  intimation  with  respect  to  the  commencement   of  liquidation  with  the  IBBI  on  27.04.2019, along  with  certified  extracts  of the  resolution  passed  in  the meetings  of the  Board  of   Directors and  Members. The intimation  to  the  Registrar  of Companies  with respect to the commencement of liquidation of the Company and appointment of Liquidator was  made  on 09.05.2019 in e-form GNL-2 and e-form MGT-14  along with challans. The claim forms from the shareholders were received on 30.05.2019.

The  Applicant  states  that  a  Letter  for  initiation  of voluntary  liquidation, appointment   of  liquidator   and   seeking  that  no objection  was  submitted  with  the  office  of  the jurisdictional Income Tax Officer on 09.05.2019, in terms of the provisions of Section 178 of the Income Tax Act,  1961. Till date no objection concerning  the  liquidation  of the  Corporate  Person has  been received by the Liquidator from the office of the Jurisdictional Income Tax Officer.

As  required  under  the  provisions  of Section  59  of the  I  86 B  Code, 2016, the   Board   of   Directors   filed   a   declaration   of solvency  along with  audited financial statements as on 19.04.2019 and record of business operations of the Corporate Person,   with   the   Registrar   of  Companies,   NCT   of  Delhi 86 Haryana.

The Applicant states that all dues have been duly paid off and  so  there  remains  no amount which is payable to any stakeholder.  After making all the payments towards the liquidation  expenses  and others, liquidator prepared and submitted  accounts  of the  liquidation,  showing  receipts  and payments  account  pertaining to liquidation process  since the liquidation  commencement  date  i.e. 19.04.2020  upto liquidation commencement date i.e. 31.08.2020, to M/s. Singhi 86  Co.  Chartered Accountants,  for audit purposes. They submitted  their  audit report on the accounts on 08.09.2020, the same has been annexed along with the application.

The  Liquidator  prepared  final  report  on  completion  of  liquidation process, in terms of the provisions of Rule 38 of the Insolvency  and  Bankruptcy  Board  of  India  (Voluntary Liquidation Process) Regulations, 2017 (as amended from time to   time)   and   have   also   submitted  the  final  report  with  the Registrar of   Companies,  NCT of   Delhi and Haryana   on 01.12.2020, and to IBBI on 10.11.2020 respectively.

In view of the above, all necessary compliances are met by the  'company under liquidation' and the liquidator. Therefore, this   Authority,   in   exercise   of  the   powers   conferred   under Sub-section  (8)  of Section 59 of I 86 B Code, 2016, do hereby orders the 'dissolution' of the Corporate Person.

Accordingly, the corporate person stands 'dissolved' and the Liquidator stands relieved. He is directed to preserve a physical or  an  electronic  copy  of the  reports,  registers  and  books  of account referred to in Regulations 8 and 10 of IBBI (Voluntary Liquidation Process) Regulations, 2017, for at least eight years after the dissolution of the Corporate Person, either with himself or with an information utility.

The Liquidator and the counsel will forward a copy of this  order, to the RoC with which the corporate person is registered.

Accordingly, TB-  1125 (PB)/ 2020 stands disposed of in terms of the above order.

Let a copy of order be served to parties.