In the matter of BF Precision Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH – II, CHENNAI CP(IB)/206/(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016) In the matter of BF Precision Private Limited JOBY CHACKO Liquidator of BF Precision Private Limited (under voluntary Liquidation) CIN: U29253TZ2016PTC022193 Having registered office at: SF 275/1B, Malumachampatti P.O., Ganesh Nagar, Pollachi Road, Coimbatore Industrial Estate, Coimbatore South, Tamil Nadu – 641 021 … Applicant/Liquidator

CORAM

SHRI JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL) SHRI RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present: For Applicant : Mr. Saji P John, Advocate Order Pronounced on 5th June 2025

(Heard through hybrid mode)

This is a Company Petition filed by the Liquidator in relation to the voluntary liquidation of BF Precision Private Limited with CIN: U29253TZ2016PTC022193 under section 59(7) of Insolvency and Bankruptcy Code, 2016 (herein after referred to as “IBC, 2016”) seeking dissolution of the company namely BF Precision Private CP(IB)/206(CHE)/2024 In the matter of BF Precision Private Limited

Limited. 2. It is submitted that the applicant company was incorporated on 18.01.2016 under the provisions of the Companies Act, 2013 under the style and name of “BF Precision Private Limited”, and engaged in the business of producing coal forging automobile components for Indian two-wheeler manufactures. The registered office of the applicant company is situated at SF 275/1 B, Malumachampatty P.O., Ganesh Nagar, Pollachi Road, Coimbatore south, Tamil Nadu, India-641021. 3. It is submitted that the main objects of the company is to carry on all or any of the business of manufactures, processors, fabricators, forgers, dealers, importers, exporters, traders and /or otherwise deal in any other capacity in pipes, machinery components, machine tool components, precision components, machined components and all other types of components, machineries of all kinds and description, machinery parts, and components, patterns, valves, toys, and other educational instruments, pimps and products of all kinds and description manufactured out of any wood, plastic, non-metals, and their alloys and the detailed objects of the company are set out in memorandum and articles of association of the company and the same has been annexed as Annexure A. 4. It is submitted that the authorised share capital of the applicant company is as follows: Description No. of Amount per share Total amount Equity (INR) (in INR) shares Authorised capital 1,00,000/- 10 10,00,000-

Issued, subscribed 10,000 10 1,00,000 and paid up capital (Fully paid up)

CP(IB)/206(CHE)/2024

5. It is submitted that, manufacturing facility of the company was located on leased premises and served a solitary customer and the lease of factory premises was expired on September 2023. Consequently, the Board of the company was of the opinion to establish a new factory at a new location for small operations.

6. It was further submitted that the company namely, BF precision Pvt Ltd has decided to wind up the voluntarily as there was no future business prospects.

7. It is submitted that the Board of Directors of the company has passed a resolution for voluntary liquation in the meeting which held on 19.03.2024, and the relevant portion of the meeting is as follows:

8. The Applicant submits that there were three directors at the time of commencement of voluntary liquidation in the company namely, BF Precision Pvt

Ltd. It is further submitted that, declaration of solvency was made by the “Mr.

Kiyath Jayaprakash and Mr. Manoj Mullassery Menon", being the majority Directors CP(IB)/206(CHE)/2024 of the company as required under section 59(3) of Insolvency and Bankruptcy code,

2016.

9. It is submitted that the Extradinary General Meeting of the members of BF

Percision Pvt Ltd held on 22.03.2024 and passed a special resolution as required under section 59(3) (c) of IBC, 2016 read with Insolvency and Bankruptcy Board of India (Voluntarily Liquidation Process) Regulations, 2017 to liquidate the company voluntarily and has resolved to appoint the applicant herein to act as the liquidator for conducting voluntary liquidation process of the company.

10. It is submitted that the applicant herein has conducted the Voluntary

Liquidation process in respect of the company in Liquidation in accordance with the IBBI (Voluntary Liquidation Process) Regulations, 2017. The details of the relevant compliances as mandated under Section 59 of IBC, 2016 read with IBBI (Voluntary

Liquidation Process) Regulations, 2017 are listed as follows:

PAGE NO. IN S.NO COMPLIANCE AVERMENTS THE APPLICATION Declaration by way of an Sec. 59 (3)(a) r/w affidavit from the majority 53 – 59 1. Regulation 3(4) of the directors as on 19.03.2024 Copy of Audited Financial statements for the year 60 – 152 2. Sec. 59 (3) (b)(i) ended 31.12.2022 & 31.12.2023. EGM dated 22.03.2024 approving the initiation of Sec 59 (3) (c) and 3. the voluntary liquidation 230-231 Regulation 3 (1)(c) and appointment of the Liquidator CP(IB)/206(CHE)/2024

Declaration of solvency filed 4. Section 59 (4) 232-238 with ROC in Form MGT -14 and Regulation 3 (2) Form A Public announcement in “Business Standard” 5. Regulation 14 243-244 (English) and “Makkal Kural” (Tamil) dated 23.03.2024 Intimation of Voluntary Liquidation process to the 6. Section 178 of IT 251 Income Tax Department Act,1961 dated 08.04.2024 Preliminary report dated 7. 254 – 261 Regulation 9 29.04.2024 Final report filed with the 8. Regulation 38 ROC on 17.09.2024 & 278 – 285 IBBI dated 18.09.2024 Closure of Voluntary Liquidation Bank Account 272 9. Regulation 34 A/c No.50200095407180 dt.11.09.2024 Form H- Compliance 10. Regulation 38 286-295 certificate dated

11. It is submitted that the Liquidator has not received any claims during the process of Liquidation except from one of the shareholder of the company i.e., CIE

Automotive India Limited.

12. It is further submitted that the company has no assets other than the balance in Bank Account Rs.63,04,892,10/- and a refund receivable from income tax as on the date of commencement of Liquidation.

13. The applicant submits that refund from Income Tax was received on 08.08.2024 and the amount available in the liquidation bank account after paying the liquidation cost in full as per the provisions of Section 53(1) of IBC, 2016, Liquidator CP(IB)/206(CHE)/2024 has returned the balance amount to the shareholder after deducting applicable TDS.

The detailed extract is as follows:

CP(IB)/206(CHE)/2024

14. Applicant submits the Auditors certificate on receipts and payments pertaining to voluntary liquidation and the detailed extract is as follows:

CP(IB)/206(CHE)/2024

15. It is further submitted that the Bank account in the name of Corporate debtor is closed.

16. It is further submitted that there were no PUFE application pending in relation to the company in liquidation and Form H- Compliance certificate shows the same as below:

16. Thus, on examining the submissions made by the learned counsel for the applicant and after perusing the documents annexed to the Petition, it appears 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.

CP(IB)/206(CHE)/2024

17. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC,

2016, we hereby order the dissolution of BF Precision Private Limited. The Applicant

Company shall stand dissolved from the date of this order.

18. Accordingly, the Company Petition CP/IB/206/2024 stands Allowed and Disposed of.

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

-SD- -SD- RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

CP(IB)/206(CHE)/2024