ORDER

C.P. (IB)/489(MB)2023 1) Mr. Devarajan Raman, Practicing Company Secretary for the Applicant, Liquidator , Mr. Chirag Shah , is present.

2) The present Company Petition has been filed under section 59 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called “Code”) by a Corporate person, named Unit Trust of India Investment Advisory Services (UTI IAS) Limited having CIN: U65993MH1988GOI047756 through the Liquidator Mr. Chirag Shah , the Insolvency Professional, having Registration No: IBBI/IPA-001/IP-P01169/2018-19/11837 to initiate Voluntary Liquidation Proceedings under Code.

3) The Corporate Person has complied with requisite formalities and procedure of liquidation as per law and has filed this Petition for its dissolution under section 59 of the Code.

4) The Corporate Person was incorporated, under the provisions of Companies Act, 1956, in 1988 , with Registrar of Companies, as a wholly owned subsidiary of erstwhile Unit Trust of India, the Statutory Corporation established in 1963 towards mobilizing saving of public and channelizing them into the growth and development of Industries in the Country. UTI IAS initially took up the role of Investment Advisor for the Off-shore Funds floated by UTI and was registered with Securities Exchange Commission of United States of America as an Investment Advisor, who acted as an Investment Advisor for India Growth Fund and provided the accounting and back-office services to India Growth Fund, India, Fund, India Access Fund, India IT Fund and India PSU Fund.

5) The Authorized Share capital of the company is Rs. 5,00,00,000/- and the Paid-up capital of the Corporate Debtor is Rs. 76,55,000/-.

6) The Registered office of the Company is situated at Unit No. 2, Block B, 1 st, Floor, JVPD Scheme Gulmohar Cross Road No. 9, Andheri – West, Mumbai – 400 049 . Email Address of the Company is utiias.vl@gmail.com.

7) The Company, at present, has Four (4) directors namely Mr. Viraf Rustom Mehta (DIN: 00352598), Mr. Madhava Kumar Kuzhiyil (DIN:

00791168), Mr. Luke Benedict Fernandez (DIN: 01110174), Mr.

Avinash Kumar (DIN: 08909755) .

8) It is sumbitted that the Company do not intend to continue the business of advisory services; hence, the Board of Director of the Company proposed to close down the operations and the wind up the Company by way of Voluntary Liquidation. The Board of Directors considered the matter at the meeting held on 16.11.2021 and formed an opinion that the Corporate Debtor has not committeed any default, it has no debt and that the Corporate Debtor is not being liquidated to defraud any person, proposed to wind up of the Corporate Debtor by way of Voluntary liquidation, for which meeting was held on 22.11.2021, and the Resolution has been passed to liquidate the Corporate Debtor voluntarily.

9) The Directors of the Company have declared on Affidavit dated 22.11.2021 that as per section 59(3) of the Insolvency and Bankruptcy Code, 2016, they have made full inquiry into the affairs of this Company and they have formed the opinion that either the company has no debt or that it will be able to pay its debts, as detailed below in full from the proceeds of assets to be realized or sold in the voluntary liquidation; and The company is not being liquidated to defraud any person. The details above have been filed by the Company with the Registrar of Companies in Form No. GNL-2 which is annexed to the present Company Petition on page No. 274 .

10) Pursuant to the decision of the Board of Directors and Extra Ordinary General Meeting of the members of the Company was held on 16.12.2021 and by a special Resolution it was resolved to voluntarily Liquidate the Corporate Debtor. In the said meeting, the Applicant herein was appointed to act as the Liquidator of the Corporate Debtor at a consolidated rem