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CP (IB) No.04/Vol./Chd/Pb/2019

THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH BENCH, CHANDIGARH

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

(through web-based video conferencing platform)

CP (IB) No.04/Vol./Chd/Pb/2019

Under Section 59 of the Insolvency

and Bankruptcy Code, 2016

In the matter of :

Sakhi Resorts and Farmlands Private Limited

having its registered office at

Sakhi House, M-47, Green Avenue,

Amritsar-143001

CIN: U55101PB1998PTC021083

… Petitioner Company

Judgment delivered on: 17.03.2022

Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL)

For the Petitioner Company :

Mr. Sunil Dhawan, Practising Company

Secretary.

Per: Subrata Kumar Dash, Member (Technical)

JUDGMENT

This Company Petition is filed under Section 59 of the Insolvency and

Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of

India (Voluntary Liquidation Process) Regulations, 2017 and applicable rules of

the National Company Law Tribunal Rules, 2016 (“Rules”) by the liquidator of

Sakhi Resorts and Farmlands Private Limited for dissolution of the Petitioner

Company.

2.

The aforementioned Sakhi Resorts and Farmlands Private Limited is a

private limited company incorporated on 18.02.1998 under the provisions of

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CP (IB) No.04/Vol./Chd/Pb/2019

Companies Act, 1956 having CIN: U55101PB1998PTC021083. The registered

office of the Company is presently situated at Sakhi House, M-47, Green Avenue,

Amritsar-143001, which lies within the territorial jurisdiction of this Bench. The

main objects of the company are to deal in the business of Hotels, Resorts,

Banquet Hall, Holiday homes, guest house, restaurant, café, tavern, beer house,

boarding and lodging housekeepers, licensed victuallers, wine, beer and spirit

merchants, malsters, manufactures of aerated mineral and artificial waters and

other soft drinks, purveyors, caterers beauty parlours and health clubs, Bar,

Swimming Pool, play grounds and places of amusements and recreation and

sports, entertainment, theatrical and opera-house proprietors and general agents

and to provide services for the tourists of all kinds. The Memorandum of

Association and Articles of Association of the Company are attached as Annexure

A-1.

3.

It is submitted that the company was incorporated to carry on business of

hotels, restaurants, resorts and guest houses etc. However, due to certain

reasons the company is not carrying on its business activities from the past four

years, therefore the management has decided to liquidate the company

voluntarily. Even before the period of four years the company was not getting

adequate bookings to fulfill its day to day expenditures so only the resort cum

banquet hall was sold by the company on 29.12.2015.

4.

The Board of Directors of the Company in its meeting on 16.01.2019 has

passed a resolution for Voluntary Liquidation of the Company in terms of Section

59 of the IBC, 2016 and for filing the declaration of solvency for voluntary

liquidation as well as for appointing Mr. Rajesh Dhawan as liquidator of the

company in terms of Regulation 5 of the IBBI Regulations (Regulation 14 of the

Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process)

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CP (IB) No.04/Vol./Chd/Pb/2019

Regulations, 2017, subject to the approval of members in the EOGM in the

Company. The copy of the Board Resolution dated 16.01.2019 is attached as

Annexure- A3 of the petition.

5.

The Declaration of Solvency as required under Section 59 (3) (a) of the code

was signed by the directors and accordingly filed with the Registrar of

Companies, Punjab and Chandigarh. The copy of E-Form MGT-14 and GNL-2

along with the challan and dec