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2022 (5) TMI 410 - Tri - Insolvency and BankruptcySeeking voluntary liquidation of the Petitioner/Corporate Person - section 59 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - On perusal of the documents annexed to the petition, it appears that the affairs of the Corporate Person have been completely wound up and its assets have been completely liquidated. No liabilities have been left unsatisfied. It is satisfying from the documents on record that the voluntary liquidation is not with the intent to defraud any person. The Corporate Person is required to be dissolved and it is ordered accordingly - Liquidator of the Corporate Person is further directed to serve a copy of this order upon the Registrar of Companies (RoC), West Bengal immediately and, in any case, within fourteen days of receipt of this order - Petition allowed.
Issues Involved:
Voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016 Detailed Analysis: 1. Background and Filing of Company Petition: The Company Petition was filed for voluntary liquidation by Rusi & Zarin Gimi Family Holdings Private Limited through a Liquidator. The purpose was to obtain the Tribunal's sanction for voluntary liquidation as per the provisions of the Insolvency and Bankruptcy Code, 2016 along with the relevant regulations. 2. Procedural Compliances: The Board of Directors proposed the voluntary liquidation in a meeting and made a declaration of solvency. Subsequently, a special resolution was passed by the members of the Company in an Extraordinary General Meeting to appoint a Liquidator and initiate the liquidation process. Various documents, including financial statements, valuation reports, and creditor consents, were filed with the Registrar of Companies to comply with legal requirements. 3. Public Announcement and Tax Compliance: The Liquidator made a public announcement of the liquidation process, inviting stakeholders to submit claims. Additionally, compliance with the Income Tax Act was ensured by intimating the Income Tax Authority about the liquidation and seeking a No Objection Certificate. Despite reminders, the Assessing Officer did not raise any tax-related concerns. 4. Asset Distribution and Closure: The assets of the Company, mainly investments in private limited companies, were distributed by transferring shares to the sole shareholder. After settling liabilities and liquidation costs, the remaining bank balance was transferred to the shareholder. The liquidator closed the liquidation account post the distribution to members and submitted a final report to the Registrar of Companies. 5. Dissolution and Order: Upon reviewing the documents and submissions, the Tribunal found that the affairs of the Corporate Person were concluded satisfactorily without any pending liabilities. It was noted that the voluntary liquidation was not intended to defraud anyone. Consequently, the Tribunal ordered the dissolution of the Corporate Person and directed the Liquidator to inform the Registrar of Companies for further necessary actions. 6. Disposal of Company Petition: The Company Petition was disposed of by the Tribunal, and directions were given for the issuance of certified copies of the order to concerned parties. The Registry was instructed to send copies of the order to all relevant parties for information and compliance. 7. Conclusion: The Tribunal's decision to dissolve the Corporate Person after completing the voluntary liquidation process highlights the importance of procedural compliance, asset distribution, and regulatory adherence in such cases to ensure a fair and transparent liquidation process.
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