The case pertains to a company petition filed by the liquidator for the voluntary liquidation of Systems Technology Group (India) Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was originally incorporated in 1998 and sought dissolution. An earlier attempt at voluntary liquidation was dismissed due to the company's insolvency. The company then addressed the issues raised in the previous dismissal, including converting debt owed to a promoter shareholder into equity shares to achieve solvency.
Systems Technology Group (India) Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 09.12.1998 with the main object of developing computer software. The authorized share capital was Rs.1,30,00,000/-, and the issued paid-up capital was Rs.1,29,96,870/-. An earlier voluntary liquidation petition was dismissed because the company had existing debt of Rs.99,96,870/- towards its Director and was deemed insolvent. The company then held a board meeting on 17.10.2023 and an Extraordinary General Meeting on 03.11.2023 to re-initiate the voluntary liquidation process. To address the solvency issue, the company converted the debt owed to the promoter shareholder into equity shares. The
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Systems Technology…
The company discontinued…
The case pertains to a company petition filed by the liquidator for the voluntary liquidation of Systems Technology Group (India) Private Limited under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was originally incorporated in 1998 and sought dissolution. An earlier attempt at voluntary liquidation was dismissed due to the company's insolvency. The company then addressed the issues raised in the previous dismissal, including converting debt owed to a promoter shareholder into equity shares to achieve solvency.
Systems Technology Group (India) Private Limited sought voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016. The company was incorporated on 09.12.1998 with the main object of developing computer software. The authorized share capital was Rs.1,30,00,000/-, and the issued paid-up capital was Rs.1,29,96,870/-. An earlier voluntary liquidation petition was dismissed because the company had existing debt of Rs.99,96,870/- towards its Director and was deemed insolvent. The company then held a board meeting on 17.10.2023 and an Extraordinary General Meeting on 03.11.2023 to re-initiate the voluntary liquidation process. To address the solvency issue, the company converted the debt owed to the promoter shareholder into equity shares. The
…Systems Technology…
The company discontinued…