2022 (3) TMI 281 - Tri - Insolvency and Bankruptcy

Voluntary Dissolution - section 59 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 (IBBI Regulations) - HELD THAT - Pursuant to the service of the notices to the ROC and IBBI, no objection has been raised by them. The voluntary liquidator has filed an affidavit confirming that neither he nor the Company has received any objection with regard to the present liquidation proceedings of the company from any authority whatsoever - the applicant states that necessary compliances of Section 59 and other relevant provisions of the Insolvency and Bankruptcy Code, 2016 read with the regulations have been stated within time, more specifically submission of the Form GNL-2 to the ROC and the intimation to the IBBI vide email, after realisation and distribution of the assets to its members and closure of the Bank account. In view of the satisfaction accorded by the voluntary liquidator by way of the present application, the said company is hereby dissolved with effect from the date of the present order - Petition allowed.

Summary

Issues:
1. Application under section 59 of the Insolvency and Bankruptcy Code, 2016 seeking dissolution of a company.

Analysis:
The judgment pertains to an application filed under section 59 of the Insolvency and Bankruptcy Code, 2016, along with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, by the Voluntary Liquidator for the dissolution of a specific company. The company in question, M/s. Shivalik Medico Private Limited, was incorporated under the Companies Act, 1956 with specific details regarding its authorized share capital and corporate identification number provided in the judgment.

The petition for voluntary liquidation was based on the decision of the Board of Directors due to the lack of significant business operations. The process involved convening an Extra Ordinary General Meeting to approve the Voluntary Liquidation, appointing an Insolvency Professional as the Voluntary Liquidator, and making necessary declarations and filings with regulatory authorities. Various steps were taken as per the provisions of the Code and the IBBI Regulations, including publication of notifications, opening and closing of a dedicated bank account, submission of reports, and compliance with regulatory requirements.

The judgment highlights the key actions taken during the voluntary liquidation process, such as serving notices to the Registrar of Companies (RoC), submission of reports to the RoC and IBBI, and the absence of objections from relevant authorities. It also emphasizes the completion of necessary compliances within the stipulated time frame, including the submission of required forms and intimations post asset realization and distribution. Ultimately, based on the satisfaction of the voluntary liquidator and compliance with legal provisions, the Tribunal ordered the dissolution of the company, directing the filing of the order with the RoC within the statutory period.

In conclusion, the judgment provides a detailed account of the voluntary liquidation process undertaken for the dissolution of M/s. Shivalik Medico Private Limited, ensuring adherence to legal requirements and regulatory frameworks as prescribed under the Insolvency and Bankruptcy Code, 2016 and the relevant IBBI Regulations.