In the matter of KCMT Machinery India Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 08.08.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) APPLICATION NUMBER : PETITION NUMBER : CP(IB)/187(CHE)/2023 NAME OF THE PETITIONER(S) : Liquidator of M/s KCMT Machinery India Pvt Ltd NAME OF THE RESPONDENTS : UNDER SECTION : Sec 59 of IBC, 2016 ORDER Present: None for the Petitioner / Liquidator. Vide separate order pronounced in Open Court, the company KCMT Machinery India 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)/187/(CHE)/2023 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016) In the matter of M/s. KCMT Machinery India Private Limited (In member’s voluntary liquidation)

KCMT Machinery India Private Limited CIN: U29309TN2018FTC120663 70/2A, 126 PH Road Velapanchavadi Chennai – 600 077

….Applicant

Present: For Applicant : Shri. Rengarajan, PCS

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

Order Pronounced on 8th August, 2024 ORDER (Heard through Hybrid mode)

This is a Company Petition filed by the Applicant in relation to the voluntary liquidation of M/s. KCMT Machinery India Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited (hereinafter referred to as “IBC, 2016”), seeking dissolution of the Company.

2. The Applicant Company was incorporated on 29.01.2018 under the provisions of the Companies Act, 2013. The main object of the Company was manufacturing, wholesale trading, trading, buying, selling, importing and exporting of machineries, industrial machineries, material handling equipment, tools, components, parts, engineering goods, accessories and other related products.

3. The authorised share capital of the Company is Rs.6,00,000/- (Six

Lakhs only) divided into 60,000 (Sixty Thousand) equity shares of Rs.

10/- (Rupees Ten only) each. The issued, subscribed and paid-up share capital of the Company is Rs.6,00,000/-(Rupees Six Lakhs only)

consisting of 60,000 (Sixty Thousand) equity shares of Rs. 10/- (Rupees

Ten only) each.

4. It is stated that the Company had not been carrying on its business from the preceding 2 years and not earning any profits. The Board of Directors considered the matter and was of the opinion that due to non-availability of business prospect and long term financial

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited resources it is not financially viable to carry on the business activities of the Company and proposed to close down the company by way of voluntary liquidation.

5. It is stated that, the Board of Directors of the Company in the meeting held on 12.11.2019 passed a proposal to liquidate the Company voluntarily.

6. It is stated that as required under the provisions of Section 59 of the IBC, 2016, majority of directors made a declaration of solvency on 12.11.2019. (Copy of declaration of solvency along with the statement of Company assets and liabilities as at 31.10.2019 is marked and annexed as Annexure B).

7. It is stated that as per the proposal of Board of Directors, the members of the Company in their Extra General Meeting held on 25.11.2019 passed a special resolution required under Section 59 of IBC,

2016 read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation process) Regultaions, 2019 to liquidate the CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

Company Voluntarily and appointed Mr. G. Porselvam Insolvency

Professional as liquidator of the Company.

8. It is stated that as required under regulations, the liquidator opened a Bank account in the name of "KCMT MACHINERY INDIA

PRIVATE LIMITED (UNDER LIQUIDATION)" with Shinhan Bank,

Kancheepuram Branch, Sriperambudur, Chennai for realisation and payment to the creditors and Members. (Copy of the Opening of the Bank account is attached Annexure E)

9. It is stated that the Liquidator published Form A Public announcement dated 29/11/2019 in both regional news paper Makkal

Kural,Chennai Edition dated 29/11/2019 and English paper Trinity

Mirror, Chennai Edition dated 29/11/2019. (Annexure F-copy of the advertisements)

10. It is stated that as per provisions of Section 178 of the Income

Tax Act, 1961, the liquidator intimated the commencement of liquidation and appointment of liquidator to the Income Tax Authority on 05.12.2019.

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited (Copy of No objection certificate from the Income tax, dtd. 22.03.2021 is enclosed and Marked as Annexure G)

11. It is stated that on the sad demise of Mr. G. Porselvam on 23.05.2021, the members of the company at an Extraordinary General

Meeting held on 14.07.2021 appointed Ms. Usha Balasubramanian, an Insolvency Professional. (Annexure H – appointment of Ms. Usha

Balasubramanian as liquidation of the Company)

12. It is stated that due to the sad demise of Ms. Usha

Balasubramanian due to ill health on 26.12.2021, the members of the company at an Extraordinary General Meeting held on 21.01.2022 appointed Mr. K K Balasubramanian, an Insolvency Professional, having IP registration No.IBBI/IPA-001/IP/P-P01544/2018-19/12401 to act as liquidator of the Company in order to complete the winding up process. (Copies of special resolution along with notice of extraordinary general meeting are enclosed herewith and marked as Annexure I)

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

13. It is stated that the Applicant has filed an additional document of minutes of shareholders approving the extension of liquidation timeline till 24.11.2023.

14. It is stated that, there are no creditors and as such their consent confirming their special resolution passed by the members of the Company for the liquidation is not required. It is further stated that the liquidator has not received any claims from the creditors of the Company.

S.NO COMPLIANCE AVERMENTS PAGE NO. IN THE APPLICATION Declaration by way of an 1 Sec. 59 (3)(a) 41-44 Affidavit by Directors Audited Financial statements for the years Sec. 59 2 2019-2020, 2020- 90-132 (3)(b)(i) 2021,2021-2022

Valuation report to be NOT APPLICABLE 3 Sec.59(3)(b)(ii) filed –SINCE NO ASSETS Three separate special EGM approving the resolutions voluntary liquidation Sec 59 (3) (c)(i) passed due to and appointment of 4 And Reg 3 demise of first liquidator dated (1)(c) and second 21.01.2022 liquidator. 1. Porselvam – as per EGM

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

25.11.2019 2. Usha Balasubraman ian – EGM- 14.7.2021 3. KK Balasubraman ian – EGM dated 21.01.2022 Declaration of solvency Section 59 (4) filed with ROC in Form 5 45-48 and Reg 3 (2) GNL-2

Intimation to IBBI dated 6 Section 59(4) 136 29.05.2023 Special Resolution for voluntary liquidation Section 59 (4) 61-75 7 passed by shareholders and Reg 3 in EGM vide Form MGT- 14 Form A Public 53-54 8 Regulation 14 Announcement dated 29.11.2019 Intimation and obtaining No objection certificate Section 178 of 9 from IT department 55 IT Act, 1961 dated 22.03.2021

Preliminary report dated 10 Reg 9 76-79 06.01.2020 Opening of Voluntary Liquidation Bank 11 Reg34 Account 52 “701 000 027226 – Shinhan Bank” Proof of Closing of 12 141 Liquidation Bank

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

Account of Shinhan Bank - 701 000 027226 - 06.10.2022 Final report dated 13 Reg 38 133-135 25.10.2022 Final report in GNL-2 14 Reg 38 137-140 filed with the ROC Submission of Final 15 Reg 38 Report to IBBI – 136 29.05.2023 Form-H – Compliance 16 Reg 38 10-19 certificate

15. The details of Realization during the Voluntary Liquidation

Process are as below;

16. The details of Distribution to the stakeholders during the Voluntary Liquidation Process are as below;

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

17. We have perused the documents. From the Auditors Certificate on receipts and payments pertaining to voluntary Liquidation, we find that the details of receipts are matching with the details of payments and the same are reproduced hereunder:-

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

18. Thus, on examining the submissions made by the Applicant and 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 IBC, 2016, we order dissolution of KCMT Machinery India Private Limited (CIN -

U29309TN2018FTC120663). The Applicant Company shall stand dissolved from the date of this order. Accordingly, the CP(IB)/187/CHE/2023 stands allowed. CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited

19. 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.

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VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Kishore P

CP(IB)/187(CHE)/2023 In the matter of KCMT Machinery India Private Limited