2022 (3) TMI 1266 - Tri - Insolvency and Bankruptcy

Seeking Voluntary Dissolution - section 59 of the Insolvency and Bankruptcy Code, 2016 read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 - HELD THAT - 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 - Application allowed.

Summary

Issues:
1. Application under section 59 of the Insolvency and Bankruptcy Code seeking dissolution of a company.
2. Compliance with regulations for voluntary liquidation process.
3. Confirmation of no objections from relevant authorities.
4. Dissolution of the company based on satisfaction of the voluntary liquidator.

Analysis:
1. The application was 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 the company, M/s. A.B.S Enterprise Private Limited. The company was incorporated under the Companies Act, 1956, with specific details regarding its share capital and corporate identification number provided.

2. The petition detailed the decision to voluntarily liquidate the company due to no significant business operations in the preceding financial years. The necessary steps were taken, including the approval of voluntary liquidation by an Extra Ordinary General Meeting, appointment of an Insolvency Professional as the Voluntary Liquidator, filing of Declaration of Solvency with the Registrar of Companies, and compliance with various regulations such as publication of notifications, submission of reports, and opening and closing of a bank account.

3. Upon issuing notices to the Registrar of Companies (RoC) and the Insolvency and Bankruptcy Board of India (IBBI), no objections were raised by them. The voluntary liquidator also confirmed the absence of objections from any authority regarding the liquidation proceedings. The compliance with Section 59 of the Code and other relevant provisions, including submission of required forms and intimation to IBBI post asset distribution and bank account closure, was emphasized.

4. Based on the satisfaction of the voluntary liquidator and the completion of necessary compliances within the stipulated time, the Tribunal ordered the dissolution of the company with immediate effect. It was directed to file a copy of the order with the RoC within the statutory period. The judgment highlighted the meticulous adherence to regulations and the absence of objections as key factors leading to the decision of dissolution.

This detailed analysis of the judgment showcases the procedural steps, regulatory compliance, and confirmations leading to the dissolution of the company through voluntary liquidation as per the provisions of the Insolvency and Bankruptcy Code.