The case involves a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Banjara Hospital Private Limited, seeking voluntary liquidation. The company was incorporated in 1985 and decided to wind up its operations as it was not generating revenue. The Board of Directors passed a resolution for voluntary liquidation and made a declaration of solvency. The liquidator was appointed, and a public announcement was made inviting claims from stakeholders. The company had no assets remaining after settling debts and distributing the remaining amount to its members.
Banjara Hospital Private Limited, incorporated on November 18, 1985, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's management decided to wind up operations due to a lack of revenue generation for over five years. The Board of Directors declared solvency on October 5, 2019, and appointed Mr. Jagadees Kumar Morri as the liquidator on October 23, 2019. A public announcement was made on October 26, 2019, inviting stakeholder claims. The company notified IBBI, the Registrar of Companies, and the Income Tax Department of the special resolution to liquidate. After realizing assets, paying creditors, and covering liquidation expenses, Rs. 74,25,000 was distributed to members. The liquidator filed a final report, and
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Banjara Hospital…
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The case involves a company petition filed under Section 59 of the Insolvency and Bankruptcy Code, 2016, by Banjara Hospital Private Limited, seeking voluntary liquidation. The company was incorporated in 1985 and decided to wind up its operations as it was not generating revenue. The Board of Directors passed a resolution for voluntary liquidation and made a declaration of solvency. The liquidator was appointed, and a public announcement was made inviting claims from stakeholders. The company had no assets remaining after settling debts and distributing the remaining amount to its members.
Banjara Hospital Private Limited, incorporated on November 18, 1985, sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company's management decided to wind up operations due to a lack of revenue generation for over five years. The Board of Directors declared solvency on October 5, 2019, and appointed Mr. Jagadees Kumar Morri as the liquidator on October 23, 2019. A public announcement was made on October 26, 2019, inviting stakeholder claims. The company notified IBBI, the Registrar of Companies, and the Income Tax Department of the special resolution to liquidate. After realizing assets, paying creditors, and covering liquidation expenses, Rs. 74,25,000 was distributed to members. The liquidator filed a final report, and
…Banjara Hospital…
The Board of Directors made a Declaration of…
Sign in to view related legal provisions.