In the matter of Everest Gold Loans Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 28.06.2024 THROUGH VIDEO CONFERENCE PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) Application No : Petition No : CP(IB)/67(CHE)2024 Name of Petitioner : & Liquidator of M/s Everest Gold Loans Pvt Ltd Name of Respondent : Section : Sec 59 of IBC, 2016 ORDER Present: None for the parties. Vide separate order pronounced in open Court, the petition is allowed. The company viz., M/s Everest Gold Loans Pvt Ltd is dissolved. File be consigned to records.

-sd- -sd- [VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN] MEMBER (TECHNICAL) MEMBER (JUDICIAL) MS

DIVISION BENCH – I, CHENNAI CP (IB)/67(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016) In the matter of M/s. Everest Gold Loans Private Limited Mr. Vasudevan Gopu Voluntary Liquidator of M/s. Everest Gold Loans Private Limited “G.V. Enclave”, 18/30, Ramani Street, K.K.Pudur, Saibaba Colony, Coimbatore – 641 038 … Applicant Present: For Applicant : Mr. A.G.Sathyanarayana, Advocate

CORAM: SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) Order Pronounced on 28th June, 2024

O R D E R (Hearing Conducted through VC)

This is a Company Petition filed by the Liquidator of M/s. Everest

Gold Loans Private Limited with CIN: U65929TZ2012PTC018177 under

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

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

2. The Company was incorporated on 26.04.2012 under the Companies Act, 1956 having its Registered Office at D.No.12, Periyar

Nagar, Erode, Tamil Nadu – 638 001 with Authorized Capital of Rs.2,00,00,000/- divided into 2,00,000 Equity Shares of Rs.100/- each and Issued, Subscribed and Paid-up Capital of Rs. Rs.2,00,00,000/- divided into 2,00,000 Equity Shares of Rs.100/- each. The main object of the Company was to carry on the business of lending money and financing against the security of gold and other precious metals and gems etc.,

Details of the main objects of the company are set out in the Memorandum of Association which is filed along with the typed set.

3. It is stated that the Company could not continue its business as the main promoter of the company Mr. K. M. Kannan who was instrumental in giving life to the idea of NBFC Company demised on 22.05.2022. As the other promoters/shareholders are not interested in continuing this business, they proposed to close the company voluntary winding up. The Board of Directors in the meeting dated 26.04.2023, passed a Resolution for voluntary liquidation of the company under

Section 59 of the IBC.

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

4. Further, it was observed from the Auditors Report that after the rejection of company's re-submission of application for registration as NBFC with Reserve Bank of India, it was informed that only an appeal could be preferred before the Appellate authority, Central Government.

Hence, the appeal filed by the company was heard through video conference on 07.09.2021. It was later ordered that the rejection of application by RBI should not be a bar on the appellant to apply afresh for grant of Certificate of Registration. Meanwhile one of the promoter and major shareholder of the company Sri. K. M. Kannan deceased on 22.05.2022 and the other shareholders were not interested in continuing the business fresh application was not made and they are in the process of voluntary liquidation of the company.

5. It is stated that the Annual General Meeting held on 24.06.2023, shareholders approved to appoint the Applicant to act as Liquidator to conduct the voluntary liquidation process of the Company.

6. It is stated that as on the date of commencement of voluntary liquidation, the company had total asset with book value of INR

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

2,36,73,152.96/- and an outstanding debt of INR 30,000/-. The details of assets and liabilities statement are hereunder:

7. It is stated that applicant had sent notice to Income tax assessing officer under Section 178 of the Income Tax Act, 1961 communicating the commencement of voluntary liquidation process of the company.

The Income tax department issued "no due certificate and also instructed the company to file Income tax returns for the assessment year 2023 -2024 the Company filed Income Tax return till the Assessment year 2023-24. A copy of the acknowledgement for serving notice to the authorities, No due certificate and Income tax return filing acknowledgement for the assessment year 2023-2024 are enclosed with this application.

8. It is stated that as on Liquidation commencement date, the Equity

Shareholders of the company were only the stakeholders for final

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited distribution of liquidated assets. The liquidator has prepared the "List of stakeholders" as on 08.08.2023. The same is annexed along with this application.

9. It is stated that the liquidator opened a Bank account in the name as 'Everest Gold Loans Private Limited in Voluntary Liquidation' with the Axis Bank - Coimbatore branch, for the purpose of realization of the liquidation assets and payment of the liquidation proceeds to entitled stakeholders and the Bank detailed statement is enclosed with this application.

10. It is stated that the Applicant has conducted the voluntary liquidation process in respect of the Company in accordance with the compliance of IBBI (Voluntary Process) Regulations, 2017. Details of relevant compliances as mandated under Section 59 of IBC r/w IBBI

Regulations, 2017 are as below:

S.NO COMPLIANCE AVERMENTS PAGE NO. IN THE APPLICATIO N Board Meeting dated 26.04.2023 Para 7 of the 1 Sec. 59 (3) Application

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

Audited Financial Statements for the period 31.03.2022 and 2 Sec. 59 (3) 85-137 31.03.2023 Sec 59 (3) (c) EGM dated 24.06.2023 3 And Reg 3 (1)(c) 138-139

Section 59 (4) and Declaration of solvency GNL-2 4 Reg 3 (2) 147-150 Special Resolution for voluntary Section 59 (4) and 5 liquidation vide form MGT-14 151-158 Reg 3 Form-A Public Announcement in newspapers dated 26.06.2023 in 6 Regulation 14 “Business Standard” (English) & 143-146 “Dinamalar” (Tamil) Intimation to Income Tax Section 178 of IT department and other statutory 7 163-170 Act, 1961 authorities on 06.07.2023 Filing of Preliminary Report 8 Reg 9 dated 07.08.2023 171-177 Opening of Bank Account in the name of the Company followed Para 20 of the 9 Reg 34 by the words in liquidation in application “Axis Bank Limited ” Closure of liquidation bank 235-260 10 Reg 34 account in Axis Bank Limited Filing of Final Report dated 11 Reg 38 27.02.2024 217-223 Final Report in GNL-2 filed with 12 Reg 38 the ROC 225-228 Submission of Final Report to 13 Reg 38 IBBI 224

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

Form-H (Compliance Certificate) 14 Reg 38 229-234

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

Realization:

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

Distribution:

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited

12. Thus on examining 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 and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of the IBC, 2016, we order the dissolution of M/s. Everest Gold Loans Private Limited. The Applicant Company shall stand dissolved from the date of this order. The Company Petition is accordingly allowed.

13. The Registry and Liquidator are directed to serve a copy of this order upon Registrar of Companies, Coimbatore and also to IBBI within

14 days from the date of this order.

-Sd- Sd- VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL) VinitaVarshini.K

CP(IB)/67(CHE)/2024 Everest Gold Loans Private Limited