In the matter of Samrat Rubbers Private Limited

Vide separate order pronounced in open Court, the petition is allowed. The company viz., M/s Samrat Rubbers 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)/47/(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016)

In the matter of M/s. Samrat Rubbers Private Limited

Mr. Sankar Varadharajan Liquidator of M/s Samrat Rubbers Private Limited Address: B2, Santhosh Apartments, 56, Thamizh Salai, Egmore, Chennai-600 008. … Applicant Present: For Applicant : Sankar Varadharajan, Liquidator

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

Order Pronounced on 28th June 2024

O R D E R (Heard through -VC-) This is a Company Application filed by the Liquidator in relation to the voluntary liquidation of M/s. Samrat Rubbers Private

Limited with CIN:U25199TN1983PTC010232, under Section 59(7) of the CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.

Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC,

2016”), seeking dissolution of the Company.

2. The Applicant Company was incorporated on 09.08.1983 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: 5000 Equity Shares of Rs.10/- each 5,00,000 Issued, Subscribed and paid up share capital: 3600 Equity Shares of Rs.10/- each 3,60,000

3. The main object of the Company was to carry on the business of manufacturers, dealers in rubber, synthetic rubber, India rubber and any or all kinds of rubber products, rubber by-products, latex, foam, baloons, gloves, toys, rubber solution, adhesives and other products current in the market allied to the above etc. The details of the main objects are set out in the Memorandum of Association which is filed along with the Application typed set.

CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.

3. It is stated that as the business is no longer viable, the management is left with no option but to close down the business operations. Hence, a Board meeting was held on 30.10.2023 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, wherein a Resolution was passed to conduct the Extraordinary General Body Meeting on 20.11.2023.

4. The Extraordinary General Meeting of the Shareholders of the Company took place on 20.11.2023 wherein it was unanimously 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.

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:-

CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.

S.NO COMPLIANCE AVERMENTS PAGE NO. IN THE APPLICATION Board Meeting approving voluntary liquidation and SR NO.2864 1 Sec. 59 (3) notice for Extraordinary DATED general meeting dated 12.06.2024 30.10.2023 Audited Financial statements for the years ANNEXURE 4, 5, 2 Sec. 59 (3) 2021-22 and 2022-2023. 5A, 5B

EGM dated 30.10.2023 Sec 59 (3) (c) approving the voluntary 3 And Reg 3 ANNEXURE 6 liquidation (1)(c) Declaration of solvency Section 59 (4) filed with ROC in Form 4 ANNEXURE 7 and Reg 3 (2) GNL-2 dated 12.10.2020.

Special Resolution for voluntary liquidation ANNEXURE 9 Section 59 (4) 5 passed by shareholders in and Reg 3 EGM vide Form MGT-14 dated Form A Public Announcement in Business Standard (English) dated 6 Regulation 14 and Makkal Kural (Tamil) ANNEXURE 8 and IBBI website dated 22.11.2023.

Intimation to the IT Section 178 of Department and request for ANNEXURE 10 & 7 IT Act, 1961 NOC dated 27.11.2023 11

8 Reg 9 Date of filing of ANNEXURE 14

CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.

preliminary report dated 26.12.2023. Proof of closure of Liquidation Bank Account 9 Reg34 ANNEXURE 15 of Canara Bank, Egmore

Filing Final report dated 10 Reg 38 PAGE 128-134 21.02.2024 Final report in GNL-2 filed 11 Reg 38 ANNEXURE 17 with the ROC Submission of Final Report 12 Reg 38 ANNEXURE 19 to IBBI Form-H – Compliance 13 Reg 38 ANNEXURE 18 certificate dated 26.07.2022

6. It is stated in Form H that, there is “NIL” realization from the Voluntary Liquidation process and the same is as follows

7. It is stated that, the Liquidator has not received any claims during the process of liquidation. Further, it was stated that after making various payments including liquidation costs paid in full as CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.

per the provisions of Section 53(1) of IBC, 2016, the Liquidator has distributed the funds among the shareholders as detailed below:

8. 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 CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.

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 the dissolution of Samrat Rubbers

Private Limited. The Applicant Company shall stand dissolved from the date of this order. The Company Application is accordingly allowed.

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

Vinita Varshini. K

CP(IB)/47 (CHE)/2024 In the matter of Samrat Rubbers Private Limited.