In the matter of Suguna Fincorp Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 08.11.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) APPLICATION NUMBER : PETITION NUMBER : CP(IB)/223(CHE)/2024 NAME OF THE PETITIONER(S) : Liquidator of M/s Suguna Fincorp Pvt Ltd NAME OF THE RESPONDENTS : UNDER SECTION : Sec 59(7) of IBC, 2016 ORDER Present: Ld. Counsel Ms. R. Anuradha for the Petitioner. Vide separate order pronounced in Open Court, the petition is allowed. The Company M/s Suguna Fincorp 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)/223/(CHE)/2024 (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016)

In the matter of M/s. Suguna Fincorp Private Limited

Mr. G Ramachandran, Liquidator of Suguna Fincorp Private Limited (Under Voluntary Liquidation) CIN: U65921TZ2013PTC019647 6th Floor, Jaya Enclave, 1057, Avinashi Road, Coimbatore- 641 018. … Applicant Present: For Applicant : R. Anuradha, PCS

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

Order Pronounced on 08th November 2024

(Heard through –VC-)

This Petition has been filed by the Liquidator in relation to the voluntary liquidation of M/s. Suguna Fincorp Private Limited with CP(IB)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited

CIN: U65921TZ2013PTC019647, 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 was incorporated on 03.07.2013 under the provisions of the Companies Act, 2013. The main object of the Company was to carry on and undertake the business of finance, investment, loan and to invest in acquire, subscribe, purchase, hold, sell, divest or otherwise deal in securities, shares, stocks, equity linked securities, debentures, debenture stock, bonds, commercial papers, acknowledgements, deposits notes, obligations, futures, calls, derivatives, currencies and securities of any kind whatsoever, whether issued or guaranteed by any person, company, firm, body, trust, entity, government, state, dominion sovereign, ruler, commissioner, public body or authority, supreme, municipal, local or otherwise, whether in India or abroad and to carry on all other business of NBFC allowed by Reserve Bank of India etc. The details of the main objects are set out in the Memorandum of Association which is filed along with the typed set.

CP(IB)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited

3. It is stated that, the Company was engaged in the business of making investment and registered as a Non-Banking Finance

Company with the Reserve Bank of India bearing Registration No. N-

07-00819 dated 24th June, 2016. The company also made investments in Alternate Investment Fund. It is stated that, there was no workman / employee in the company. The only asset of the company on the liquidation commencement date was the bank balance.

4. It is stated that, the Company had applied for voluntary surrender of Certificate of Registration to Reserve Bank of India on 5th of April 2024 and the Reserve Bank of India vide its order dated 31

July, 2024 cancelled the Certificate of Registration of the company bearing No. N-07-00819 dated 24th June, 2016. It is stated that, it was resolved to wind up the operations of the company and to distribute the assets lying with the company to shareholders as per their respective holding in the company.

5. It is stated that, a Board meeting was held on 28.03.2024 to consider winding up and voluntary liquidation of the Company as per

CP(IB)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited 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 15.04.2024.

6. It is stated that, the Extraordinary General Meeting of the Shareholders of the Company took place on 15.04.2024 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.

7. It is stated that the Applicant herein has conducted the Voluntary Liquidation process in respect of the Company in Liquidation 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:-

S.NO COMPLIANCE AVERMENTS PAGE NO. IN THE APPLICATION 1 Sec. 59 (3) Board Meeting approving 196

CP(IB)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited voluntary liquidation and notice for Extraordinary general meeting dated 15.04.2024 Audited Financial statements for the year 2 Sec. 59 (3) ended on 31.03.2022, 63-132 31.03.2023 and 27.03.2024.

EGM dated 15.04.2024 Sec 59 (3) (c) approving the voluntary 3 And Reg 3 59-132 liquidation (1)(c) Declaration of solvency Section 59 (4) filed with ROC in Form 4 133-136 and Reg 3 (2) GNL-2.

Special Resolution for Section 59 (4) voluntary liquidation 5 154-160 and Reg 3 passed by shareholders in EGM vide Form MGT-14. Form A Public Announcement in Trinity Mirror (English) and 6 Regulation 14 149-150 Makkal Kural (Tamil) dated 16.04.2024

Intimation to the IT Section 178 of Department and request for 7 168-169 IT Act, 1961 NOC.

Date of filing of 8 Reg 9 preliminary report dated 164-167 29.05.2024 Closure of Liquidation Bank Account of Kotak 9 Reg34 181 Mahindra Bank, RS Puram Branch

CP(IB)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited

Filing Final report dated 10 Reg 38 182-184 21.08.2024 Final report filed with the 11 Reg 38 192 ROC Submission of Final Report 12 Reg 38 193 to IBBI Form-H – Compliance 13 Reg 38 185-190 certificate dated 07.10.2024

8. It is stated that, the Liquidator has not received any claims during the process of liquidation. Further, after making various payments including liquidation costs paid in full 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)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited

9. Thus, on examining the submissions made by the Learned

Counsel for the Applicant and after perusing the documents annexed to the Petition, 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 CP(IB)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited dissolution of Suguna Fincorp Private Limited. The Applicant

Company shall stand dissolved from the date of this order.

Accordingly, the Company Application stands allowed.

10. The Registry and the Liquidator are directed to serve a copy of this order upon the concerned Registrar of Companies, 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)/223(CHE)/2024 In the matter of Suguna Fincorp Private Limited