IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH – I, CHENNAI (Filed under Sec. 59(7) of the Insolvency and Bankruptcy Code, 2016)

In the matter of M/s. Gokul Granites Private Limited Ayampalayam Venkatesan Arun Regn No :IBBI/IPA-001/IP-P01079/2017-18/11792 Voluntary Liquidator of M/s. Gokul Granites Private Limited Having office at Rams Court, 10/2, Balaji Nagar 1st Cross, Advaitha Ashram Road, Salem, Tamilnadu-636 004 … Applicant Present:

Applicant : Shri. Siddarth , Advocate Shri. Akhil Bansali, Advocate CORAM:

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

Order Pronounced on 9th February, 2024

O R D E R

(Hearing Conducted through VC)

This is a Company Petition filed by the Liquidator of M/s. Gokul Granites Private Limited with CIN:

U14102T21987PTC001979 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 14th April 1987 under the Companies Act, 1956 having its Registered Office at Door No 1/52, Brindavan Road, Fairlands, Salem-636 016. The Authorized Share Capital of the company was initially Rs.2,50,000/- divided into 25,000 shares of Rs. 10 each, which was later increased to Rs.25,00,000/- divided into 2,50,000 Equity Shares of Rs.10/- each. The Company was promoted with the objective of carrying on the business as Miners, Manufacturers, Producers, Processors, Stuckists, Agencies, Importers, Exporters, Traders, Wholesalers, Retailers, Distributors, Concessionaires, Dealers of Granite Stones and other Granite products of all and every kind of description.

3. It is stated that Mrs. Gopal Lakshmi Vanaja & Mr. Durgam Govindarajalu Gopal, Directors had given Solvency declaration on

20.12.2021.

4. It is stated that the company had ceased business operations since last few years and the Board of Directors did not visualize any fresh or sustainable business for the future. It is stated that as the company had accumulated losses and as its net worth was completely eroded, the company became a sick company as per Sec 3(1)(0) of the Sick Industrial Companies ( Special Provisions) Act 1965 and had to make necessary reference regarding the sickness with the concerned authorities as referred in the Act. However, it is stated that on 17.11.2021, the industrial shed belonging to Corporate Person was sold for Rs.1.25cr, which resulted in wiping out the accumulated losses. As per the financial accounts filed, the accumulated loss of Rs.30.72 lakhs as on 31.03.21 turned into profit of Rs. 67.97 lakhs as on 20.12.2021.

5. It is stated that the Board of Directors after due deliberations decided to liquidate the company to realize the share capital invested into the company on the Board Meeting held on 12.01.2022. Further it is stated that the applicant company did not have any creditors and no litigation was pending against the applicant company.

6. It is stated in the Extra-ordinary General Meeting held on 12.01.2022, shareholders approved the Voluntary Liquidation and decided to appoint the Applicant to act as the Liquidator to conduct the voluntary liquidation process of the Company.

7. The Applicant states that Public Announcement was made on 17.01.2022 and the last date for submission of claim stipulated in public announcement was 15.02.2022. As no claims were received, preparation of List of Stakeholders under Regulation 30 is not applicable. Further as the company only cash and bank balance and no other assets, Valuation Report as per Sec 59(3)(b)(ii) has not been obtained.

8. As per provisions of Section 178 of Income Tax Act 1961, the applicant intimated the commencement of Voluntary Liquidation to the Income Tax authority on 21.02.2022 and No objection letter dated

18.12.2019 was received from Income Tax Department.

9. It is stated that Voluntary Liquidation of Gokul Granites Private Limited was filed initially vide CP/IB/117/CHE/2022. However, NCLT vide its order dated 13.09.2022, di