In the matter of Shri Karpaga Vinayagar Movers Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH–I, CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 31.05.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) APPLICATION NUMBER : PETITION NUMBER : CP(IB)/73/CHE/2024 NAME OF THE PETITIONER(S) : Liquidator of M/s. Shri Karpaga Vinayagar Movers Pvt. Ltd. NAME OF THE RESPONDENT(S) : UNDER SECTION : Sec 59 of IBC, 2016 ORDER Present: None for the Petitioner/Liquidator. Vide separate order pronounced in Open Court, the petition is allowed. The Company M/s. Shri Karpaga Vinayagar Movers Pvt. Ltd. stands dissolved. The petition be consigned to records.

Sd/- Sd/- VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL) VS

DIVISION BENCH – I, CHENNAI

CP(IB)/73(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016) In the matter of Shri Karpaga Vinayagar Movers Private Limited Shanmugakani Saraskumar(IBBI/IPA-002/IP-N00265/2017-18/10778) Liquidator of Karpaga Vinayagar Movers Private Limited, Having Registered Office at 1/571, GST Road, Vandallur, Chennai, Tamil Nadu 600048 … Applicant/Liquidator Present: For Applicant: M/s. Balu Sridhar, PCS Order Pronounced on 31st May, 2024

CORAM: SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) O R D E R (Hearing Conducted through Hybrid Mode) This is a Petition filed by the Liquidator of Karpaga Vinayagar

Movers Private Limited with CIN: U63090TN2005PTC056911 under

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 is a private limited company. It was incorporated on 12.07.2005 under the Companies Act, 2013 having its CP(IB)/73(CHE)/2024 In the matter of Karpaga Vinayagar Movers Private Limited

Registered Office 1/571, GST Road, Vandalur, Chennai, Tamil Nadu

600048 with Authorized Capital of Rs.15,00,000/- divided into Equity

Shares of Rs.100/- each. The main object of the Company was to carry on the business as shipping, clearing, forwarding and warehousing agents, freight forwarders, steamer agents, freight brokers, logistics, non-vessel owned container, etc,. Details of the main objects of the company are delineated in the Memorandum of Association which is filed along with the typed set.

3. It is stated that Board of Directors in the meeting dated

07.03.2023 passed a Resolution for voluntary liquidation of the company under Section 59 of the IBC. It is stated that, the Company discontinued its business operations with effect from 01st April, 2022.

4. It is stated that, the Extra-ordinary General Meeting was held on 15.03.2023 wherein, the shareholders passed special resolution approving the voluntary winding up of the company and to appoint the Applicant, Mr. Shanmugakani Saraskumar, Insolvency

Professional having registered no. IBBI/IPA-002/IP-N00265/2017-

CP(IB)/73(CHE)/2024 In the matter of Karpaga Vinayagar Movers Private Limited

18/10778, to act as the Liquidator for conducting 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 07.03.2023 Annexure 5 1 Sec. 59 (3) Page no 54-56 Audited Financial Statements for the 2 Sec. 59 (3) previous two Financial Year 57-133 (2020-2021 and 2021-2022) Sec 59 (3) (c) EGM dated 15.03.2023 3 And Reg 3 (1)(c) 173-184

Section 59 (4) and Declaration of solvency GNL-2 4 Reg 3 (2) 154-159

Special Resolution for voluntary Section 59 (4) and 5 liquidation vide form MGT-14 173-184 Reg 3 Form-A Public Announcement in newspapers dated 17.03.2023 6 Regulation 14 “Business Standard” (English) & 200-201 “Tamil Murasu” (Tamil) Intimation to Registrar and IBBI on Section 178 of IT Act, 7 17.03.2023 189-199 1961 Filing of Preliminary Report dated 8 Reg 9 26.04.2023 211-216

CP(IB)/73(CHE)/2024 In the matter of Karpaga Vinayagar Movers Private Limited

Opening of Bank Account in the name of the Company followed by the words “in voluntary liquidation” Para 15 of the 9 Reg 34 in Indian Overseas bank on application 21.09.2023 Closure of liquidation bank account Annexure 18, 10 Reg 34 in Indian Overseas Bank Page 221 Filing of Final Report dated Annexure 19, in 11 Reg 38 02.01.2024 Page 220-225 Final Report in GNL-2 filed with the Annexure 20, 12 Reg 38 ROC dated 11.01.2024 Page: 226-229 Submission of Final Report to IBBI on Annexure 21, 13 Reg 38 11.01.2024 Page: 230 Form-H (Compliance Certificate) 14 Reg 38 231-238

6. It is stated that, the Company in liquidation had no stakeholders.

Further, in response to public announcement the liquidator has not received claims from any creditor/stakeholders till the date of this Application. The Applicant has annexed the list of stakeholders and the list of claim verified as Annexure-14.

7. 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 and the receipt and payments provided by Liquidator is reproduced here below:

CP(IB)/73(CHE)/2024 In the matter of Karpaga Vinayagar Movers Private Limited

8. It is stated that 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.

9. 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

CP(IB)/73(CHE)/2024 In the matter of Karpaga Vinayagar Movers Private Limited conferred under Section 59(8) of the IBC, 2016, we hereby order the dissolution of Karpaga Vinayagar Movers Private Limited with CIN

No:U63090TN2005PTC056911. The Applicant Company shall stand dissolved from the date of this order. Accordingly, the Company

Petition CP(IB)/73/CHE/2024 stands allowed.

10. 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)/73(CHE)/2024 In the matter of Karpaga Vinayagar Movers Private Limited