This case pertains to the voluntary liquidation of Entco Music Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 24.04.2019, faced financial difficulties due to the pandemic, leading to the sale of its assets to Canvas Talent Pvt. Ltd. in December 2021. Consequently, the management decided to voluntarily wind up the company's operations. The members of the company passed a special resolution on 05.07.2022 to liquidate the company and appointed Mr. Sunil Gajanan Nanal as the liquidator.
Entco Music Private Limited, incorporated on 24.04.2019, faced financial difficulties due to the pandemic. The company's authorized and paid-up share capital was ₹1,00,000/-. The company's primary business was event production, creative design, and music festivals. Due to the pandemic, the company incurred losses, leading to a slump sale agreement in December 2021, where most assets were sold to Canvas Talent Pvt. Ltd. On 05.07.2022, the company's members passed a special resolution to voluntarily liquidate the company and appointed Mr. Sunil Gajanan Nanal as the liquidator. The liquidator made a public announcement and informed relevant authorities. The only asset was a bank balance with HSBC Bank. The liquidator distributed the surplus amount to shareholders,
…Sign in to view the parties.
Entco Music Private…
Majority of the assets…
Sign in to view related legal provisions.
This case pertains to the voluntary liquidation of Entco Music Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company, incorporated on 24.04.2019, faced financial difficulties due to the pandemic, leading to the sale of its assets to Canvas Talent Pvt. Ltd. in December 2021. Consequently, the management decided to voluntarily wind up the company's operations. The members of the company passed a special resolution on 05.07.2022 to liquidate the company and appointed Mr. Sunil Gajanan Nanal as the liquidator.
Entco Music Private Limited, incorporated on 24.04.2019, faced financial difficulties due to the pandemic. The company's authorized and paid-up share capital was ₹1,00,000/-. The company's primary business was event production, creative design, and music festivals. Due to the pandemic, the company incurred losses, leading to a slump sale agreement in December 2021, where most assets were sold to Canvas Talent Pvt. Ltd. On 05.07.2022, the company's members passed a special resolution to voluntarily liquidate the company and appointed Mr. Sunil Gajanan Nanal as the liquidator. The liquidator made a public announcement and informed relevant authorities. The only asset was a bank balance with HSBC Bank. The liquidator distributed the surplus amount to shareholders,
…Entco Music Private…
Majority of the assets…
Sign in to view related legal provisions.