In the matter of Kickstartup Credit Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH – I, CHENNAI CP(IB)/5(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016) In the matter of Kickstartup Credit Private Limited Chitra Perinkulam Ragavan IBBI/IPA-002/IP-N00720/2019-20/12558 Liquidator of Kickstartup Credit Private Limited, Having office at No.3 First Floor Second Street, Subba Rao Avenue Chennai-600 006 … Applicant/Liquidator Present: For Applicant:M/s. Avinash Krishnan Ravi, Advocate Order Pronounced on 09 February, 2024 CORAM: SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) O R D E R (Hearing Conducted through VC) This is a Company Petition filed by the Liquidator of Kickstartup

Credit Private Limited with CIN: U65929TN2020PTC134213under

Section 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 03/02/2020 under the Companies Act, 2013 having its Registered Office atNo.3 First Floor CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

Second Street, Subba Rao Avenue, Chennai-600 006 with Authorized

Capital of Rs.2,10,00,000/- divided into Equity Shares of Rs.100/- each.

The main object of the Company is to carry on the business as a Non-

Banking Finance Company for financing, leasing, hire-purchase, lending and advancing money through various channels or give credit on any terms or mode, with or without security to any individual, firm, limited liability partnership, body corporate or any other entity.

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 Board of Directors in their meeting dated

12.01.2021 passed a Resolution for voluntary liquidation of the company under Section 59 of the IBC. It is stated that, the Company could not continue to carry on its business since it could not get its required license from RBI and hence it will not be possible for the Company to carry on its business any longer due to market conditions and lack of demand and absence of viability in near future in carrying on the business.

CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

4. It is stated that, the Extra-ordinary General Meeting was held on 05/02/2021 wherein, the shareholders passed special resolution approving the voluntary winding up of the company and to appoint the Applicant, Ms. Chitra Perinkulam Ragavan, Insolvency

Professional having registered no. IBBI/IPA-002/IP-N00720/2019-

20/12558,to act as the Liquidator to conduct the voluntary liquidation process of the Company.

5. It is submitted 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 APPLICATION Board Meeting dated 12.01.2021 1 Sec. 59 (3) 42-51 Audited Financial Statements for the 2 Sec. 59 (3) previous two Financial Year 52-61 Sec 59 (3) (c) EGM dated 05-02-2021 3 And Reg 3 (1)(c) 66-70

Section 59 (4) and Declaration of solvency GNL-2 4 Reg 3 (2) 62-65

5 Section 59 (4) and Special Resolution for voluntary 75-79

CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

Reg 3 liquidation vide form MGT-14 Form-A Public Announcement in newspapers dated 06.02.2021 and 6 Regulation 14 07.03.2021 in “Trinity Mirror” 80-81 (English) & “Malai Malar” (Tamil) Intimation to Income Tax department Section 178 of IT Act, on 02.03.2021 and other statutory 7 71-74 1961 authorities on 08.02.2021 Filing of Preliminary Report dated 8 Reg 9 18.01.2023 98-100 Opening of Bank Account in the name of the Company followed by Para 11 of the 9 Reg 34 the words “in voluntary application liquidation”in “Karur Vysya Bank” Closure of liquidation bank account 130-131 10 Reg 34 in Karur Vysya Bank Filing of Final Report dated 11 Reg 38 03.11.2023 116-119 Final Report in GNL-2 filed with the 12 Reg 38 ROC dated 07.11.2023 120-124 Submission of Final Report to IBBI on 13 Reg 38 07.11.2023 125 Form-H (Compliance Certificate) 14 Reg 38 132-140

6. Further, 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 distributed the funds among the shareholders as detailed below:

CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

Realisation during Voluntary Liquidation Process:

Distribution to Stakeholders:

CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

7. Despite sending notice to the Income Tax Department for no due certificate, there had been no reply received by the Company. In pursuant to the Circular issued by Insolvency and Bankruptcy Board of India with Circular No. IBBI/LIQ/45/2021 on 15.11.2021, an Insolvency Professional handling voluntary liquidation process is not required to seek any NOC/NDS from Income Tax Department.

8. Thus on examining the submissions made by the Ld.Counsel for the Applicant and after perusing the documents annexed to the application, 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. Accordingly, in exercise of the powers conferred under Section 59(8) of the IBC, 2016, we hereby order the dissolution of KICKSTARTUP CREDIT PRIVATE LIMITED. The CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited

Applicant Company shall stand dissolved from the date of this order.

Accordingly, the Company Petition stands allowed.

9. The Registry and Liquidator are directed to serve a copy of this order upon 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)

Kishore P

CP(IB)/5(CHE)/2024 In the matter of Kickstartup Credit Private Limited