IN RE Vs. PRANAV DAMANIA

JUDGEMENT

(1.) Oral Order dictated in the open court on 8.12.2017 It's a Company Petition filed under Section 59 (7) of the Insolvency and Bankruptcy Code, 2016 by a Corporate Person, namely Raay Hospitality Pvt. Ltd. through Insolvency Professional namely, Mr. Pranav Damania for dissolution of the corporate person through voluntary liquidation of the corporate person on the ground that this company incorporated on 9.4.2015 as a Private Limited Company with the objective of rendering entertainment and hospitality services in India has ceased to carry out any business operations in India, therefore, it has not intended to carry on any business or operations in India owing to lack of work at the company's facility, accordingly it has proposed for voluntarily winding up of the company under Section 59 of the Insolvency and Bankruptcy Code, 2016 read with Rules and Regulations therein. Having the company completed the procedure of liquidation in compliance of law, the applicant has filed this petition for dissolution of the corporate person under Section 59(7) of the Insolvency and Bankruptcy Code, 2016.

(2.) On perusal of this Company petition, it appears that this Corporate Person was incorporated on 9.4.2015 with the objective aforesaid with the Registered office situated at Pune, Maharashtra, India. Whereas, the company having failed to take off its business, this corporate person intended to liquidate itself voluntarily. It has not either borrowed any money or any kind of consideration from anybody or committed defaulting in discharging its obligations till date. To give effect to their intendment, the majority of directors, after having made full enquiry into the affairs of the company formed an opinion that this company has no debt existing to pay from the assets of the liquidation by declaring that the company is not being liquidated to defraud any person. And the Board enclosed audited financial statements and record of the business operations for the period since its incorporation and also the report of valuation stating that this company has only one asset which is in the form of Mutual Fund with ICICI for an amount of ?60,61,744, Within four weeks from the date of declaration as mentioned above, the Extra Ordinary General Meeting was held on 3.7.2017 wherein a resolution was passed with a special majority for liquidation of the company by appointing this Insolvency professional to act as Liquidator. It has been further declared that this Corporate Person having not owed to any person, no occasion arose to this company to obtain resolution from the Creditors. (Compliance of Section 59 (1-3) read with Regulation 3 of IBBI (Voluntary Liquidation) Regulations) .

(3.) Within seven days thereof, it was notified to the Registrar of Companies, Pune and Insolvency and Bankruptcy Board of India about passing special resolution on 3.7.2017 to liquidate the Corporate Person, by virtue of passing such resolution on 3.7.2017, liquidation proceedings commenced from 3.7.2017. Since business has not taken up as reflected in the objective of the company, the question of stopping doing the business from the liquidation commencement date has not arisen. (Compliance of Section 59 (4 & 5) read with Regulation 3 (2 & 3) of IBBI Regulation. Since this Liquidator has been appointed on 3.7.2017, after verification of the antecedents of the professional as mentioned under the IBBI Voluntary Liquidation Process Regulations, 2017, the remuneration of the Liquidator was fixed as ?1,75,000 (Regulation 4 of IBBI (Voluntary Liquidation) Regulations) .