The case pertains to the voluntary liquidation of Guwahati Real Estate Limited (GREL) under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. GREL, originally incorporated as Gauhati Stock Exchange Ltd, underwent a name change after SEBI allowed its exit as a stock exchange due to low trading turnover. The company's board of directors decided to wind up the company due to a lack of business prospects and financial viability. The application for dissolution was filed by the voluntary liquidator, Mr. Amit Pareek. The company had no creditors, and the members approved a special resolution for voluntary liquidation. The initial liquidator, Mr. Om Prakash Rathi, resigned due to health issues and later passed away, causing delays in the process. Mr. Pareek took over
…Guwahati Real Estate Limited (GREL), originally Gauhati Stock Exchange Ltd, sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 10,00,000.00, with a paid-up share capital of Rs. 5,90,000.00. The board decided to wind up due to a lack of business prospects. Mr. Amit Pareek was appointed as the liquidator, replacing Mr. Om Prakash Rathi, who resigned due to health issues and later passed away. The company had no creditors. A special resolution for voluntary liquidation was passed on February 14, 2019. Public announcements were made, and meetings of contributories were held. Unclaimed amounts of Rs. 9,09,596.00 were transferred to the IBBI-Corporate Voluntary Liquidation Account. All
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Guwahati Real…
SEBI issued a circular regarding voluntary…
The case pertains to the voluntary liquidation of Guwahati Real Estate Limited (GREL) under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. GREL, originally incorporated as Gauhati Stock Exchange Ltd, underwent a name change after SEBI allowed its exit as a stock exchange due to low trading turnover. The company's board of directors decided to wind up the company due to a lack of business prospects and financial viability. The application for dissolution was filed by the voluntary liquidator, Mr. Amit Pareek. The company had no creditors, and the members approved a special resolution for voluntary liquidation. The initial liquidator, Mr. Om Prakash Rathi, resigned due to health issues and later passed away, causing delays in the process. Mr. Pareek took over
…Guwahati Real Estate Limited (GREL), originally Gauhati Stock Exchange Ltd, sought voluntary liquidation under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company's authorized share capital was Rs. 10,00,000.00, with a paid-up share capital of Rs. 5,90,000.00. The board decided to wind up due to a lack of business prospects. Mr. Amit Pareek was appointed as the liquidator, replacing Mr. Om Prakash Rathi, who resigned due to health issues and later passed away. The company had no creditors. A special resolution for voluntary liquidation was passed on February 14, 2019. Public announcements were made, and meetings of contributories were held. Unclaimed amounts of Rs. 9,09,596.00 were transferred to the IBBI-Corporate Voluntary Liquidation Account. All
…Guwahati Real…
SEBI issued a circular regarding voluntary…