In the matter of Emmsons Dyes Trading Company Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 25.09.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) APPLICATION NUMBER : PETITION NUMBER : CP(IB)/181(CHE)/2024 NAME OF THE PETITIONER(S) : Liquidator of M/s Emmsons Dyes Trading Company Pvt Ltd NAME OF THE RESPONDENTS : UNDER SECTION : Sec 59 of IBC, 2016 ORDER Present: Ld. Counsel Ms. Aishwarya for the Petitioner. Vide separate order pronounced in Open Court, the petition is allowed. The Company M/s. Emmsons Dyes Trading Company Pvt Ltd is dissolved. File be consigned to records.

Sd/- Sd/- (VENKATARAMAN SUBRAMANIAM) (SANJIV JAIN) MEMBER (TECHNICAL) MEMBER (JUDICIAL) MG

DIVISION BENCH – I, CHENNAI CP(IB)/181/(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016)

In the matter of M/s. Emmsons Dyes Trading Company Private Limited

Mr. Vasudevan Gopu Liquidator of Emmsons Dyes Trading Company Private Limited GV Enclave, Ramani Street, KK Pudur, Saibaba Colony (4th Right opposite Road to Saibaba Colony Hotel, Annapoorna Road) Coimbatore-641 038. … Applicant Present: For Applicant : A.G.Sathiyanarayana, Liquidator

CORAM: SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

Order Pronounced on 25th September 2024

O R D E R (Heard through -VC-) This is a Company Petition filed by the Liquidator in relation to the voluntary liquidation of M/s. Emmsons Dyes Trading Company

Private Limited with CIN: U24114TZ1992PTC003610, under Section

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”), seeking dissolution of the Company.

2. The Applicant Company was incorporated on 29.01.1992 under the provisions of the Companies Act, 1956 with authorized share capital and issued share capital as follows.

Particulars Amount in INR Authorized Share Capital: 5,00,000 Equity Shares of Rs.10/- each 50,00,000 Issued, Subscribed and paid up share capital: 5,00,000 Equity Shares of Rs.10/- 50,00,000 each

3. The objects of the Company were to engage in the business of:

a. To manufacture, produce, formulate, buy, sell, export, import or otherwise deal in all kinds and classes of Dyes and Chemicals including textile auxiliaries, pigment emulsion, reactive colours, optical whitener, seizing chemicals, bleaching powder and other allied products. b. To carry on the business of acting as wholesale or retail stockists, Area distributor’s agents, Consignments agents, brokers for the manufacturer of above referred dyes and chemicals.

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

c. To take over the assets and liabilities of any existing business concerns and carrying on with similar objects as that of this company either on the dissolution of such firm(s) or by absorption or in amalgamation therewith or otherwise.

Further details of the main objects are set out in the Memorandum of Association and the same is filed along with the Application typed set.

3. It is stated that as the company faced continuous losses and could not make profit, the management was left with no option but to close the business operations. Hence, a Board meeting was held on 12.02.2024 to consider winding up and voluntary liquidation of the Company as per the provisions contained under Section 59 of the Insolvency and Bankruptcy Code, 2016, where a Resolution was passed to conduct the Extraordinary General Body Meeting on 20.02.2024.

4. It is stated that the Extraordinary General Meeting of the Shareholders of the Company took place on 20.02.2024 where it was resolved to appoint the Applicant herein to act as a liquidator for conducting voluntary liquidation process in relation to the Company under Section 59 of IBC, 2016.

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

5. It is stated that the Applicant herein has conducted the Voluntary Liquidation process in respect of the Company in accordance with the IBBI (Voluntary Liquidation Process) Regulations,

2017. The details of the relevant compliances as mandated under

Section 59 of the IBC, 2016 read with the IBBI (Voluntary Liquidation

Process) Regulations, 2017 are listed hereunder:-

S.NO COMPLIANCE AVERMENTS PAGE NO. IN THE APPLICATION Board Meeting approving voluntary liquidation and SR NO.4473 1 Sec. 59 (3) notice for Extraordinary DATED general meeting dated 06.09.2024 12.02.2024 Audited Financial statements for the years 2 Sec. 59 (3) ANNEXURE 7 31.03.2022 and 31.03.2023.

EGM dated 20.02.2024 Sec 59 (3) (c) approving the voluntary 3 And Reg 3 ANNEXURE 8 liquidation (1)(c) Declaration of solvency Section 59 (4) filed with ROC in Form 4 ANNEXURE 12 and Reg 3 (2) GNL-2 dated 01.04.2024.

Special Resolution for voluntary liquidation ANNEXURE 13 Section 59 (4) 5 passed by shareholders in and Reg 3 EGM vide Form MGT-14 dated 29.03.2024.

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

Form A Public Announcement in Business 6 Regulation 14 Standard (English) dated ANNEXURE 11 and Malai Murasu (Tamil) and IBBI website. Intimation to the Income Section 178 of Tax Department dated 7 ANNEXURE 15 IT Act, 1961 26.02.2024

Date of filing of 8 Reg 9 preliminary report dated ANNEXURE 16 28.03.2024. Proof of closure of Liquidation Bank Account ANNEXURE 18 9 Reg34 of Axis Bank, Peelamedu. &23

Filing Final report dated 10 Reg 38 ANNEXURE 21 10.07.2024. Final report in GNL-2 filed 11 Reg 38 ANNEXURE 21 with the ROC Submission of Final Report 12 Reg 38 ANNEXURE 21 to IBBI Form-H – Compliance 13 Reg 38 ANNEXURE 22 certificate dated 31.07.2024

6. The realization from the voluntary liquidation process as stated in the Application is as follows:-

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

7. It is stated that, after making various payments including liquidation costs paid in full as per the provisions of Section 53(1) of IBC, 2016, the Liquidator has distributed the funds among the shareholders as detailed below:

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.

8. Thus, on considering 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. As such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under

Section 59(8) of IBC, 2016, we order for the dissolution of Emmsons

Dyes Trading Company Private Limited. The Applicant Company shall stand dissolved from the date of this order. The Company

Petition is accordingly allowed.

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

Sd/- Sd/- VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL) Vinita Varshini. K

CP(IB)/181(CHE)/2024 In the matter of Emmsons Dyes Trading Company Private Limited.