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   Voluntary Liquidation of Corporate Persons

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Distribution of part funds to Contributories

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The Company is under Voluntary Liquidation Process for more than a year. All the Assets have been realized and Liabilities are met. The Annual Status Report has been Approved. Only some Liquidation Expenses are to be paid. However a Refund of Rs. 15 Lacs is yet to be released by the IT Department in favour of the company. The Contributories are demanding payment. If the Liquidator can disburse part payment proportionately to contributories by keeping a sufficient surplus to meet liquidation expenses.

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6/16/2020 12:59:56 PM Click to view reply

Auditor for auditing the accounts of the company under voluntary liquidation

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Please clarify that if the continuing Auditor can audit the accounts of the company for the period of commencement of voluntary liquidation till the completion of liquidation or annual status report particularly in view of regulation 11(2) of the IBBI Voluntary Liquidation Process), Regulations 2016

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4/13/2020 11:14:20 AM Click to view reply

SUBMISSION OF PRELIMINARY REPORT TO NCLT IN VOLUNTARY LIQUIDATION AS PER VOLUNTARY LIQUIDATION REGULATION

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Whether Preliminary Report by liquidator is required to be submitted to Honorable NCLT before completion of liquidation process as in Regulation the same is required to submit to the Corporate person within 45 days. If yes, how to file the same.

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2/22/2020 2:05:16 PM Click to view reply

Annual Status Report of the Voluntary Liquidation process

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Under Section 59, if the voluntary Liquidation process is not complete within 12 monthe of its comm\encement, the Liquidator has to submit Annual Status Report. In my case, I have completed the process of distribution and filed the petition for dissolution order with NCLT well before 12 months but the NCLT Judge has not heard the case even after 5 dates of hearing, by virtue of which it exceeded the timelimit of 12 mnths Everytime Judge gives a future date which is 30-35 days from the peceding date of hearing. In such a case where I have completed the process of liquidation before 12 monthe except the pending dicolution order, whether Annual Status Report needs to be filed?

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2/15/2020 1:27:34 PM Click to view reply

NOC not received from the Government Department

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PF and ESI have not provided the NOC even after the repeated reminders have been submitted with the said department(s), however NOC have already been received from the GST, Income Tax etc. and there are no creditors, then in such a case can a application be filed before IBBI/NCLT.

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2/5/2020 12:07:41 PM Click to view reply

Voluntary Liquidation

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Can a Director who has signed declaration of Solvency resign during the liquidation of the company if company have only two directors

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1/31/2020 7:53:52 PM Click to view reply

Financial Statements of company under Liquidation

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The Voluntary liquidation of the Company was started on 05-4-2019 and the balance sheet for the F.Y. ending 31-03-2018 was submitted with IBBI, now the company wishes to file the balance sheet for the F.Y. ending 31-03-2019-a)the said balance sheet is signed by the directors, is the Liquidator required to sign the balance sheet; b) The status of the company at ROC is showing Company under Liquidation, is the company required to file the Income tax return for the F.Y. ending 31-03-2019

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9/3/2019 4:59:31 PM Click to view reply

CIR Process

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CD is not carrying any business, all plant and machinery & Land and Machinery disposed off no assets except few debtors and loss and sundry creditors. even though valuation is required? Form - G needs to published? kindly clarify.

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9/1/2019 10:50:45 PM Click to view reply

What can be done in case no response from government department

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In the proceedings of Voluntary Liquidation while dealing with the Statutory Authorities, we have received No dues Certificate from Income Tax Department and GST Department. The Company has already paid off its dues towards PF & ESI but even after following up for months, sending them registered letters, delivery by hand, requesting these departments to send the No Dues Certificates. They are not responding, what are the options available to the Liquidator to complete the liquidation process.

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8/27/2019 11:19:47 AM Click to view reply

Property distribution and requirement for Valuation Report

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2. In case of voluntary liquidations, there is a property taken by the company on long term lease which was registered in the name of its MD who has already expired and as per his will now his wife is the owner who wants it to apportioned between her and her son (both of them shareholders) of the property can be apportioned without actually selling the properties, if yes what will be repercussions as relating to stamp duty payable on transfer of property and any other tax payable on it and do we require to obtain valuation report of the property.

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8/21/2019 6:16:16 PM Click to view reply

Tax to be paid on balance amount

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1. In case of Voluntary liquidation after releasing all the assets of the company and paying off all the liabilities and after deducting liquidation costs. The balance has to be distributed among the shareholders. If the Balance amount payable is subject to tax generally levied on dividend or the same can be paid to them without deducting dividend tax

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8/21/2019 6:15:30 PM Click to view reply

Valuation Report in case of FDR

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In case of Voluntary liquidation of a company if the only asset is FDR, do we need to have Valuation report from registered valuer.

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8/14/2019 5:29:10 PM Click to view reply

Distribution of a Fixed Asset among shareholders without selling

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In case of Voluntary Liquidation if there is a building which is required to be distributed among the shareholders, can it be done without selling the building and after valuation it may be apportioned between them keeping in view their respective shareholdings

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8/14/2019 5:22:08 PM Click to view reply

Valuation of shares

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A Pvt. Ltd. is under Voluntary Liquidation and has investment in B Pvt. Ltd. of Rs.10,000/- (in 1,000 shares). B Pvt. Ltd. is also under Voluntary Liquidation and has investment in A Pvt. Ltd. of Rs.10,000/- (in 1,000 shares). Both the Companies started Voluntary Liquidation from same date and both the companies are under same group. Above shares represents <1% stake in the investee company. Whether in this case, valuation of shares is required from Registered Valuer?

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5/29/2019 11:09:28 AM Click to view reply

Only Bank Balance is there Still Valuation report is required ?

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The company has only Bank balance to be distributed after the liqudation fees and cost ? in this case seem valuation report from Registered Valuer is not required . as the section say if required . plz guide thanks

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5/16/2019 11:51:46 AM Click to view reply

Voluntary liquidation

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After completing the process of voluntary liquidation, Final Report is required to be sent to NCLT. Whether before it any information or Report is to be sent to NCLT, as there's no such reference in Code or Regulations.

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5/15/2019 9:00:52 PM Click to view reply

Voluntary Liquidation Process

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I am doing one case of Voluntary Liquidation Process . As per the IBC, Section 59, we need not report to NCLT in the initial stages and only at the time of closure i.e. after completing the distribution of assets only we need to approach NCLT vide "Section 59 (7) Where the affairs of the corporate person have been completely wound up, and its assets completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate person." It appears the entire process the Liquidator under Voluntary Liquidation is not reporting to NCLT. Liquidator will report to NCLT only after distribution of assets. Whether this assumption is correct. Please clarify.

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5/15/2019 8:47:20 PM Click to view reply



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