HMT Chinar Watches Limited
The wind-down at a glance. Follow the recorded outcome, financials and people behind this company.
What did the wind-down return?
Reported financials Rs crore, shown in lakh below Rs 1 crore
Where the money went
Share of realisationAmount due to creditors: Rs 10.00 L. Reported payout equals 100.0% of dues.
All financial figures & reading notes
| Realisation of assets | Rs 8.04 Cr |
|---|---|
| Amount due to creditors | Rs 10.00 L |
| Amount paid to creditors | Rs 10.00 L |
| Liquidation expenses | Rs 19.00 L |
| Surplus to members | Rs 7.75 Cr |
"Not reported" means no figure is available. A reported zero is shown as zero. Registry capital further down the page is separate from liquidation proceeds, and so are any figures read from the NCLT order.
Where this wind-down sits
against every completed s.59 on the register463 days slower than the median of 618 days across 1,597 completed wind-downs
the median is 9.5%
72% of completed wind-downs returned a surplus to members
above the median realisation of Rs 66.00 L
This is a voluntary liquidation under IBC Section 59 — a solvent company choosing to wind up. Creditors are paid in full and costs met before any surplus returns to members; there is no haircut and no acquirer. Read assets realised, creditor payments, expenses and members' surplus separately. Here, Rs 7.75 Cr in surplus was returned to members.
The NCLT order
Read from the document itself
- Bench
- CHANDIGARH BENCH, CHANDIGARH
- Case number
- CP (IB) No.03/Vol./Chd/J&K/2020
- Order date
- 10 Mar 2022
Dissolved in terms of Section 59(8) of the Insolvency & Bankruptcy Code, 2016 with effect from the date of the present order.
Statutory observations
Income Tax Department reported no objection to the voluntary liquidation as no proceeding and no liability is pending against the assessee.
Why the company wound up
In the order's own words
Since the losses were piling up and losses were much more than the paid up capital, the Government of India decided to close down the company.
- What it was set up to do
- to deal in the business of all kinds of watches, timepieces, clocks, chronometers, horological instruments and other devices for measuring time and components.
- What it was doing by the end
- manufacturing of watches
The wind-down, stage by stage
10 dated stages
- 26 Feb 2019 Board resolution to wind up
- 25 Mar 2019 Liquidation commenced
- 29 Mar 2019 Public announcement
- 23 Apr 2019 Last date for creditors to claim
- 7 May 2019 Preliminary report
- 7 Aug 2020 Final report
- 13 Aug 2020 Final report filed with IBBI
- 19 Aug 2020 Final report filed with the ROC
- 10 Mar 2022 NCLT order
- 10 Mar 2022 Dissolved
Green marks a date from the IBBI register; blue marks a date read from an NCLT order.
The company behind the record
Identity, registration and capital
- MCA status
- Dissolved (Liquidated)
- Company class
- Public
- Category
- Company limited by shares
- Sub-category
- Non-government company
- Listing
- Unlisted
- State
- Jammu and Kashmir
- ROC
- ROC Jammu
- Industry
- Manufacturing (Machinery and Equipments)
- PIN
- 181133
- Incorporated
- 4 Sep 2000
- Authorised capital
- Rs 2.00 Cr
- Paid-up capital
- Rs 1.66 Cr
- CIN
- U29190JK2000PLC002088
- Registered office
- 2nd Floor,S.C.O Block,Industrial Complex Bari Brahmana,,Jammu,Jammu,Jammu & Kashmir,181133-India
Creditors and claims
As the order records them
Four claims received: Government of Karnataka - Commercial Taxes Department admitted partially and settled; Assistant Commissioner of Income Tax, Jammu settled; Jaiprakash admitted partially and settled; Sh. Ghulam Ahmad Gujree rejected.
Litigation and delays
The frictions the order records
Why it took as long as it did
The annual meeting got delayed due to the lockdown imposed due to COVID pandemic and was conducted after getting the accounts audited, soon after the lockdown was lifted.
Figures come from IBBI, NCLT, MCA and other official sources. Methodology · Report an error
See other companies in the voluntary liquidation register.