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2022 (3) TMI 1219 - Tri - Insolvency and BankruptcyDissolution of the Applicant Company - Section 59 of the IBC, 2016, R/w. IBBI (Voluntary Liquidation Process) Regulations, 2017 - HELD THAT - The liquidator has produced the report of Income Tax Department dated 07.12.2020 stating that no outstanding taxes as per the records available in this office - It is further deposed that necessary compliances of Section 59 and other relevant provisions of the IBC, 2016 r/w. Regulations have been made within 12 months from the date of commencement of the liquidation proceedings. The Application is duly supported by the affidavit of the Liquidator. The Liquidator has distributed all the proceeds to the shareholders and has closed the Account. Further, in terms of Regulation 38 of the IBBI Regulations, the liquidator has submitted the Final Report to the IBBI through email on 23.02.2021 and ROC in Form GNL-2 on 19.02.2021. In view of the satisfaction accorded by the Liquidator by way of the present Application, duly accompanied by her affidavit, the said Applicant Company is hereby dissolved with effect from the date of the present order - petition allowed.
Issues:
Application for dissolution of a company under Section 59 of the IBC, 2016, R/w. IBBI (Voluntary Liquidation Process) Regulations, 2017. Analysis: The judgment pertains to an Application filed under Section 59 of the IBC, 2016, seeking the dissolution of a company, M/s. Priharitam Technologies Private Limited, through voluntary liquidation. The company, incorporated on 28.07.2018, decided to liquidate due to non-availability of business prospects and financial viability issues. The Board of Directors proposed voluntary liquidation, which was approved by the members in an Extra-ordinary General Meeting. Ms. Srilakshmi Purushotham was appointed as the Liquidator. The necessary declarations, resolutions, and filings were made in compliance with the IBC provisions and regulations. The Liquidator undertook various steps, including making a public announcement of liquidation, opening a bank account for realization and payments, submitting reports to regulatory authorities, and closing the liquidation account after distributing proceeds to shareholders. The Liquidator also complied with tax regulations, obtaining a 'No Objection Certificate' from the Income Tax Department. The Final Report, as required under Regulation 38 of the IBBI Regulations, was submitted to the IBBI and ROC within the stipulated timelines. The Liquidator provided a report from the Income Tax Department confirming no outstanding taxes. All necessary compliances under Section 59 and other relevant provisions of the IBC, 2016, were completed within 12 months of commencing liquidation proceedings. The Application for dissolution was supported by the Liquidator's affidavit, confirming the distribution of proceeds and closure of the account. The Tribunal, satisfied with the compliance and the Liquidator's submission, ordered the dissolution of the Applicant Company, effective from the date of the order. The judgment directed the filing of a copy of the order with the ROC within the statutory period. The Petition for dissolution was allowed, concluding the voluntary liquidation process and the subsequent dissolution of the company.
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