Application under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 read with the Regulation 38 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)

Regulations, 2017.

IN THE MATTER OF

Dhanshyam Kantilal Patel,

Liquidator for

M/S MUELLER PROST

SHARED SERVICES PRIVATE

LIMITED

… Petitioner

Order Delivered On: 30.04.2025

Coram:

Hon’ble Ashish Kalia, Member (Judicial) Hon’ble Sanjiv Dutt, Member (Technical)

Appearances (Hearing in Hybrid Mode):

For the Company: Adv. T.N. Chandrassekhar

ORDER Per: Ashish Kalia, Member (Judicial)

1. The present Company Petition has been filed under section 59 of the Insolvency and Bankruptcy Code, 2016, (hereinafter called "Code") by the Company, Mueller Prost Shared Services Private Limited having CIN: U74999MH2017FTC294562, through the Liquidator Mr. Dhanshyam Kantilal Patel an Insolvency Professional, having Registration No: IBBI/IPA-001/IP-P01373/2018-2019/12155; AFA Valid up to 31/12/2025, to initiate Voluntary Liquidation Proceedings under Code.

2. The Company was incorporated, under the provisions of Companies Act, 2013, on 02/05/2017 with Registrar of Companies, Mumbai as a Private Company limited by shares. The Authorized Share capital of the company is Rs.60,00,000/- and Paid-up capital of the Company is Rs.1,13,220/-

3. The Registered office of the Company is situated at 4/B, G, Mayfair

26, S.V. Road, Bandra, Mumbai 400050. The Company, at present, has Three (3) Directors viz., PRASHANT KHESKANI DIN: 02589654

4. The Company was incorporated to carry on, inter alia, the business of providing back office, administrative, logical and other support services.

5. It is submitted that the Company wished to discontinue the operations as the business was not generating any revenue for the last two years. The Board of Directors in its meeting held on 23/07/2024 resolved to close down the Company by voluntary liquidation u/s 59 of IB Code, 2016 and repatriate the proceeds to the shareholders.

6. In the said Board Meeting dated 23/07/2024 the Applicant was appointed as the Liquidator which was confirmed by a Special Resolution in the Annual General Meeting held on 24/07/2024. The Shareholders of the Company has also accorded their consent to the Special Resolution passed for Voluntary Liquidation of the Company under Section 59 of the Code.

7. Two Directors made a declaration of solvency dated 01/07/2024 as required under Section 59(3) (a) of the Insolvency and Bankruptcy Code, 2016 through an Affidavit that they have made a full enquiry into the affairs of this Company and that having done so, they have formed the opinion that the Company has no debt and the Company is not being liquidated to defraud any person and filed a declaration to that effect.

8. The Petitioner has intimated to the following authorities about the commencement of Voluntary Liquidation and the appointment of the Applicant as the Liquidator, which have been attached as part of the Petition:

a) Intimation to IBBI by e Mail/Letter dated 29/07/2024 b) Intimation to Income tax Department by Letter dated

29/07/2024 c) Intimation to IBBI by the Company dated 30/07/2024 d) Intimation to GST Department Mumbai and Ahmedabad by Letter dated 29/07/2024 e) Intimation to ROC on 27/07/2024 through on line forms MGT-

14 (SRN: AA9483033) and GNL-2 (SRN: AB0294790 on Resolutions and Affidavit of Solvency Certificate.

9. The Liquidator made a Public Announcement of commencement of Liquidation in Form A of Schedule I, as per regulation 14 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 in the Financial Express (in English Language) and Mumbai Lakshadweep (in Marathi Language) on 27/07/2024, inviting for the submission of claims by the Stakeholders, if any, within 30 days from the date of commencement of Liquidation.

10. The Public Announcement was simultaneously submitted to the Insolvency and Bankruptcy Board of India to place the same on its website. It is submitted that no objections have bee