NATIONAL COMPANY LAW TRIBUNAL COURT ROOM NO. 1, MUMBAI BENCH Item No. 18 C.P. (IB)/495(MB)2023 CORAM:

SH. PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT (Retd.) HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 03.10.2023 NAME OF THE PARTIES: SUDHA P. NAVANDAR LIQUIDATOR OF ASC AIRLINE SERVICE CENTER PRIVATE LIMITED UNDER VOLUNTARY LIQUIDATION Section 59 of the Insolvency & Bankruptcy Code, 2016 ________________________________________________________________

ORDER

C.P. (IB)/495(MB)2023

1) Ms. Shaila Taware a/w Devarajan Raman, Advocate for the Petitioner 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 ASC AIRLINE SERVICE CENTER PRIVATE LIMITED having CIN: U72900MH2008FTC183778 through Liquidator Ms. Sudha P.

Navandar, the Insolvency Professional, having registration No: IBBI/IPA- 001/IP-P00451/2017-18/10794 to initiate Voluntary Liquidation Proceedings under Code. 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 Insolvency and Bankruptcy Code, 2016.

3) The Petitioner Company was incorporated, under the provisions of Companies Act, 1956, on 20.06.2008, with Registrar of Companies, Mumbai. The Authorized Share capital of the company is Rs. 20,00,00,000/- and the Paid-up capital of the Corporate Debtor is Rs. 14,00,00,000/- The Registered office of the Company is situated at A Wing, 2^nd Floor, Time Square Andheri Kurla Road, Andheri (East) Mumbai 400 059

4) The Company, at present, has Four (4) directors namely Mr. Vinod Kumar Gattani (PAN: AGVPG0901F), Mr. Rangesh Govindarajan Embar (DIN: 03098438), Mr. Ruth Birkin (DIN: 03547952) and Mr. Aal Rashed Mohamed Alsuwaidi (DIN: 06601265)

5) It is sumbitted that the Company has stopped their Operations in India in June, 2014. Accordingly, the Directors of the Company decided to Liquidate the Company, which is in the interest of all Stakeholders. The Board of Directors approved the voluntary Liquidation of the Company in their meeting held on 28.03.2018, subject to the Approval of Shareholders of the Company. Subsequently, the shareholders of the Company, in the Extra-Ordinary General Meeting held on 03.04.2018 accorded their consent for Voluntary Liquidation of the Company under Section 59 of the Code.

6) The Directors of the Company have declared on Affidavit dated 15.02.2018 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 this Company will be able to pay its debt in full within Twelve (12) months from the commencement of winding up and appended a statement of Company’s assets and liabilities as on 31.03.2017. The details above have been filed by the Company with the Registrar of Companies in Form No. GNL-2 vide SRN No G83059741 on 09.04.2018.

7) Pursuant to the decision of the Board of Directors, an Extra Ordinary General Meeting (EoGM) of the members of the Company was held on 03.04.2018 and passed a Special Resolution to Liquidate the Company voluntarily and to appoint Ms. Sudha P. Navandar, the Insolvency Professional, having registration No: IBBI/IPA-001/IP-P00451/2017-18/10794, with a remuneration to the tune of Rs. 6,82,500/- plus applicable taxes, which may be subject to revision as may be mutually decided between the Parties.

8) 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 Business Standard, Mumbai (in English Language) and Lakshadweep (in Marathi Language) on 06.04.2018, inviting for the submission of claims by the Stakeholders, if any, within 30 days from the date of commencement of Liquidation i.e. 03.04.2018. The