In the matter of Mitra Renewables Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH – II, CHENNAI CP (IBC) / 190 (CHE) 2023 (Filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the NCLT Rules, 2016) In the matter of MITRA RENEWABLES PRIVATE LIMITED Mr. Vasudevan Gopu, (IBBI/IPA – 002/IP – N00291/2017 – 18/10849), Liquidator of M/s. Mitra Renewables Private Limited, (In Voluntary Liquidation) G. V. Enclave, 18/30, Ramani Street, K. K. Pudur, Saibaba Colony, (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road), Coimbatore, Tamil Nadu – 641 038 … Applicant

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

Present: For Applicant: A. G Sathyanarayana, Advocates

Order Pronounced on 16th February 2024

This is a Company Application filed by the Liquidator in relation to the voluntary liquidation of M/s. Mitra Renewables Private Limited with CIN:

U40108TZ2013PTC019674, having registered office at No.176, Athipalayam

Road, Keeranatham – Pudupalayam PO, Coimbatore, Tamil Nadu,

India – 641 035, within the RoC, Coimbatore, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC,

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2016”), seeking dissolution of the Company.

2. The brief facts are, that the Applicant Company was incorporated on 12.07.2013 under the provisions of the Companies Act, 1956. The main object of the Company is to carry on and generate power supply through renewable energy sources such as solar, photo voltaic, windmill and/or any other means, distribute, supply and sell such power either directly or through facilities or central/state governments or private companies or electricity boards generally to distribute, sell and supply power. The elaborate details of the main objects are set out in the Memorandum of Association which is filed along with the typed set.

3. The Shareholding pattern of the Company as on 23.08.2023 as follows;

S.No Particulars No. of. Amount Shares in INR 1 Authorised share capital (Divided into 50,000 5,00,000 Equity shares of Rs.10 /- each) 2 Paid up share capital (Divided into 20,000 2,00,000 Equity shares of Rs.10 /- each)

S.No Name of the Share holder No. of. % of Shares Holding 1 Narayanan Venkateswaran 8680 43.40% 2 Senthilmurugan S 7810 39.05% 3 Mallikarjun Shivaraya Kande 3510 17.55% Total 20,000 100%

4. It is submitted that the Petitioner Company had an objective to engage in solar power plant projects. However in-viability of the company to commence its business as expected and no further plan of operations forced

CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited 2 of 6 the management to opt for dissolution and winding up of the company. On 10.07.2023, the directors cum shareholders of the company, in its 9th Annual

General Meeting (AGM), unanimously passed a special resolution for winding up and voluntary liquidation of the Company as per the provisions contained under Section 59 of the Insolvency and Bankruptcy Code, 2016.

5. In the same AGM, 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. (Annexure - 8 of the Paper book)

6. It was submitted that the Applicant herein has completed the Voluntary Liquidation process in respect of the Company in Liquidation in accordance with the IBBI (Voluntary Liquidation Process) Regulations, 2017.

The details 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 Sec 59(3)(c)(i) AGM dated 10.07.2023 approving the 1 and 115 – 115A voluntary liquidation Reg 3(1)(c)(i) Audited Financial statements for the years 2 Sec. 59(3)(b)(i) 85 - 114 2021 – 2022 & 2022 -2023. Approval of Resolution passed in AGM by 3 Sec 59(3)(c) 118 - 119 Creditors (2/3rd ) in value dated 17.07.2023 Section 4 – 13 of the Declaration of solvency filed by majority of 4 59(3)(a) and Compliance the Directors in the form of Affidavit Reg 3(4) Typeset Section 59(4) Intimation to RoC and IBBI, the Special 5 128 - 140 and Reg 3(2) Resolution for voluntary liquidation passed

CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited 3 of 6 by shareholders in AGM vide Form MGT-14 dated 05.08.2023 and Form IP-1 dated 14.07.2023 Form-A Public Announcement in Financial 6 Regulation 14 Express (English), Tamil Murasu (Tamil) 120 - 123 and IBBI website dated 15.07.2023. Intimation of Voluntary Liquidation Section 178 of 7 process to the Income Tax Department 141 - 147 IT Act, 1961 dated 27.07.2023 8 Regulation 9 Preliminary report dated 23.08.2023. 149 - 154 9 Regulation 30 List of Stakeholders and details of claims 155 - 159 Closure of Current account and Liquidation Account maintained with Indian Bank, 10 Regulation 34 192 - 193 Kovilpatti Branch dated 07.10.2023 and 19.10.2023 respectively. 11 Regulation 38 Filing Final report dated 06.11.2023 181 - 185 Final report in GNL-2 filed with the ROC 12 Regulation 38 179 – 179C dated 07.11.2023 Submission of Final Report to IBBI dated 13 Regulation 38 180 07.11.2023 Form-H – Compliance certificate dated 14 Regulation 38 186 - 191 08.11.2023

7. It is submitted that, the Applicant/ Liquidator has received one claim from “T V Subramanian & Associates, Chartered Accounts” during the process of liquidation. The Said claim was fully admitted and distributed in the process. Further, it was stated that after making various payments including liquidation costs in full as per the provisions of Section 53(1) of IBC, 2016, the Liquidator has distributed the funds among the stakeholders as detailed below:

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8. Thus, on examining the submissions made by the Applicant and after perusing the documents annexed, 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 IBC, 2016, we hereby order the dissolution of CP (IBC) / 190 (CHE) 2023 In the matter of M/s. Mitra Renewables Private Limited 5 of 6

M/s. Mitra Renewables Private Limited and the Applicant Company shall stand dissolved from the date of this order. Accordingly, the Company

Application stands allowed.

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

-Sd/- -Sd/- RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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