NCLT Mumbai Order Dissolution Of Proterra Investment Advisors Private Limited Under Section 59 Of IBC
Udai Yashvir Singh
14 April 2023 8:14 PM IST
NCLT Mumbai has ordered for dissolution of Proterra Investment Advisors Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Mumbai through its Liquidator for initiation of voluntary liquidation proceedingsThe Company was neither carrying any business and nor earning any profits. The Board of...
NCLT Mumbai has ordered for dissolution of Proterra Investment Advisors Private Limited (“the Company”) under section 59 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016). The Company filed a petition before NCLT Mumbai through its Liquidator for initiation of voluntary liquidation proceedings
The Company was neither carrying any business and nor earning any profits. The Board of Directors of the Company resolved to voluntarily liquidate the Company on 31.07.2021. The Company had two directors, who filed an affidavit dated 04.08.2021 stating that they have made full inquiry into the affairs of the Company under section 59(3) of IBC, 2016, and according to them neither did the Company have any debts nor was the Company being liquidated to defraud any person.
A Special Resolution was passed in the Extra Ordinary General Meeting held on 19.08.2021to voluntarily liquidate the Company and appoint an Insolvency Professional. Public announcements were made for commencement of liquidation proceedings and for invitation of claims.
No claims were received against The Company and it did not have any creditors. The Liquidator submitted the Preliminary Report dated 29.09.2021under Regulation 9(1) of IBBI (Voluntary Liquidation Process) Regulation, 2017 (“The Regulations, 2017”) stating that the Company was not doing any business and the books of accounts neither reflected any realizable assets nor any liabilities. The Final Report under Regulation 38 of The Regulations, 2017 was submitted on 31.12.2022.
Proterra Investment Advisors Private Limited was a Financial, Insurance, and Real Estate Industry based company.
Case No.
CP (IB) No.39/MB-IV/2023
Case Name
In the matter of Proterra Investment Advisors India Private Limited
