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2020 (2) TMI 1120 - Tri - Insolvency and BankruptcyDissolution of company - Section 59(7) of the Insolvency and Bankruptcy Code - HELD THAT - The Liquidator has placed on record the Final Report showing realization and payment to the stakeholders, containing details as required under Regulation 38 of IBBI (Voluntary Liquidation Process) Regulations 2017. Besides that, copy of the Final Report, dated 28.03.2019, was submitted to the RoC in Form GNL - 2 and sent to IBBI through e-mail and by registered post. Subsequent to the payment to creditors and members of the Applicant, the balance in the liquidation account is NIL and an application w.r.t. closure of the bank account has been made by the Liquidator. In view of the necessary compliances made by the Company and the Liquidator, this Authority in exercise of the powers conferred under Sub-section (8) of Section 59 of I B Code, 2016, do hereby order the dissolution of the Corporate Person viz., Yosun India Private Limited, from the date of this Order i.e.04.11.2019 - the Corporate Person stands dissolved and the Liquidator stands relieved. Application disposed off.
Issues:
1. Application for Dissolution of a Company under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. Analysis: The judgment pertains to an application filed by the Liquidator seeking the dissolution of a company, Yosun India Private Limited, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The Liquidator contended that the company had not been carrying on any business for the past five years and had only been incurring costs related to compliances and resources, earning meager income from investments. An Extraordinary General Meeting (EOGM) of the company was held, where shareholders passed a resolution for voluntary liquidation in accordance with the relevant regulations. The Liquidator was appointed, and all necessary procedures for voluntary liquidation were duly followed, including the submission of reports, opening a liquidation account, and receiving claims from creditors. The Liquidator submitted preliminary and final reports, showing realization and payment to stakeholders, with no outstanding income tax payments or objections from regulatory authorities. The Liquidator complied with all requirements under the Insolvency and Bankruptcy Code and relevant regulations, including submitting reports, opening a liquidation account, and making payments to creditors and members. The Liquidator also received a no-objection report from the Registrar of Companies and finalized the list of stakeholders within the specified timeframe. After completing all necessary steps for voluntary liquidation, including submitting final reports and making payments, the Liquidator applied for the closure of the bank account. The Tribunal, after reviewing the compliance and reports submitted by the Liquidator, exercised its powers under Section 59(8) of the Insolvency and Bankruptcy Code, 2016, and ordered the dissolution of the company, Yosun India Private Limited, effective from the date of the order. The Liquidator was directed to preserve relevant documents for a specified period post-dissolution, and the Registry was instructed to forward a copy of the order to the Registrar of Companies for necessary action. The case was thereby disposed of, concluding the voluntary liquidation process for the company.
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