2021 (7) TMI 1178 - Tri - Insolvency and Bankruptcy

Dissolution of the Company - voluntary liquidation - Section 59(7) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - On examining the submissions made by the Learned Liquidator and after perusing the documents annexed to the Application it appears that the affairs of the Company have been completely wound up and the assets of the Applicant Company have been completely liquidated and as such the Applicant Company deserves to be dissolved. Accordingly, in exercise of the powers conferred under Section 59(8) of IBC, 2016, the dissolution of M/s. Angalaparameswari Finance Private Limited is ordered and the Applicant Company shall stand dissolved from the date of this order. Application allowed.

Summary

Issues:
Company Application filed by Liquidator for voluntary liquidation under Section 59(7) of IBC, 2016 seeking dissolution of the Company.

Analysis:
The Applicant Company was incorporated for financial business but faced rejection from RBI for registration, leading to voluntary winding up. The Extraordinary General Body Meeting appointed the Liquidator for voluntary liquidation process. Compliance with IBC, 2016 and IBBI Regulations included verifying solvency, submitting financial statements, passing Special Resolution, issuing public announcements, notifying authorities, and submitting reports.

The Liquidator received claims from shareholders, opened a bank account, distributed assets to shareholders, and made necessary payments. After completion of the liquidation process, a Final Report was prepared and filed with RoC and IBBI. The Tribunal examined the submissions, documents, and found the Company's affairs completely wound up with assets liquidated, leading to the Company's dissolution under Section 59(8) of IBC, 2016. The Company Application was allowed, and the Registry and Liquidator were directed to serve the order to relevant authorities within 14 days.