2022 (3) TMI 1061 - Tri - Insolvency and Bankruptcy

Seeking voluntary dissolution of Company - 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 - This Bench had directed that notice be issued to the RoC. Pursuant to the service of the notices to the ROC, ROC has filed their status report dated 06.08.2021 and had no objection qua acceptance of the present Application. Necessary compliances of Section 59 and other relevant provisions of the Insolvency and Bankruptcy Code, 2016 read with the regulations have been made within time. More specifically, the submission of the Form GNL-2 to the ROC, after realisation and distribution of the assets to its members and closure of the Bank account. In view of the necessary compliances made and satisfaction accorded by the voluntary liquidator, the present company is hereby stands dissolved with effect from the date of the present order - the present petition for voluntary Liquidation stands allowed.

Issues: Voluntary liquidation of M/s. Jumoworld India Private Limited

1. Background and Company Information:
The application was filed under section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of M/s. Jumoworld India Private Limited. The company was incorporated under the Companies Act, 2013, on 15.05.2019, with a Corporate Identification number U74999DL2019FTC350092. The registered office is in New Delhi.

2. Decision to Voluntarily Liquidate:
The company suspended trading operations due to bleak business prospects, leading the Board of Directors to unanimously decide on voluntary liquidation on 08.02.2021. An Extraordinary General Meeting was held on 12.02.2021 to approve the decision after a thorough inquiry into the company's affairs.

3. Appointment of Voluntary Liquidator:
A special resolution passed on 12.02.2021 appointed Mr. Vikram Kumar, an Insolvency Professional, as the Voluntary Liquidator. The liquidator complied with the Income Tax Act, 1961, by informing the tax authorities and published notifications in newspapers as per IBBI Regulations.

4. Compliance and Reports:
The liquidator opened a bank account for the company, closed it after asset distribution, and filed necessary documents with the Registrar of Companies (ROC). Reports were submitted as required by IBBI Regulations, including a preliminary report and a final report to the ROC.

5. Dissolution and Compliance Confirmation:
After ensuring all compliances and receiving no claims from stakeholders, the company was dissolved as per the order. The ROC filed a status report with no objections, confirming compliance with relevant provisions of the Insolvency and Bankruptcy Code, 2016. The order for dissolution was effective immediately.

6. Conclusion:
The petition for voluntary liquidation was allowed, and the company was dissolved. The order was to be filed with the ROC within the statutory period. The file was to be archived for records.

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