The National Company Law Tribunal at Bengaluru has ordered the dissolution of Chanel India Business Solutions Private Limited after finding that the company's affairs had been completely wound up and its assets entirely liquidated through the voluntary liquidation process.
A coram Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada held:
"On examination of the submissions and documents filed with the Petition, it is apparent that the affairs of the Petitioner have been completely wound up and its assets have been entirely liquidated and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59 of IBC, 2016, M/S. CHANEL INDIA BUSINESS SOLUTIONS PRIVATE LIMITED, is hereby dissolved”
The company's Board of Directors had decided to initiate voluntary liquidation, and executed the requisite declaration under Section 59(3) of the Insolvency and Bankruptcy Code.
Thereafter, the shareholders passed a special resolution at an Extra ordinary General Meeting approving the voluntary liquidation and appointed Insolvency Professional Hemant Jitendrarai Mehta as the Liquidator.
During the proceedings, the Tribunal took note of the status report submitted by the Registrar of Companies stating that no enquiry, inspection, complaint or legal action was pending against the company.
The Tribunal also noted that the Income Tax Department had informed it that there were no outstanding TDS demands against the company.
Accordingly, the Tribunal allowed the petition and dissolved the company.
The Tribunal directed the company's directors to file an affidavit undertaking to meet any legal liability that may arise against the company in the future.
It further directed the Liquidator to inform the Income Tax and GST Departments about the dissolution and surrender the company's PAN and GSTIN to the respective authorities.
For Petitioner: Advocate Hasti Bhanushali
For IT: Advocate Ganesh Ghale