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Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (5) TMI Tri This

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2022 (5) TMI 757 - Tri - Insolvency and Bankruptcy


Issues:
Liquidation of a Private Limited Company under the Companies Act, 1956.

Analysis:
The Petition filed by the Liquidator for a Private Limited Company sought an order to take the Final Report of the Liquidator on records and dissolve the Corporate Person as per the Regulations. The Corporate Person was incorporated under the Companies Act, 1956, with specific share capital and business objectives related to hospitals and allied activities.

The majority of the Directors of the Corporate Person declared solvency and initiated voluntary liquidation under the provisions of the I&B Code. The Liquidator made necessary announcements, prepared reports, and conducted meetings with stakeholders as per the regulations. Assets, liabilities, cash, and property distribution among creditors and shareholders were managed in accordance with the special resolution and regulations.

The Liquidator maintained proper records, prepared a Final Report, and notified relevant authorities, including the ROC, IIIPICAI, and IBBI. Compliance with the Income Tax Act was also ensured by obtaining a "No Dues Certificate" from the Income Tax Department.

The Tribunal examined the declarations, special resolutions, notifications to authorities, final reports, and compliance with Section 59 of the I&B Code. Finding all requirements duly fulfilled, the Tribunal allowed the Petition, ordering the dissolution of the Corporate Person with immediate effect.

The directions issued by the Tribunal included forwarding the order to relevant authorities, preserving necessary documents for a specified period, and ensuring compliance with statutory obligations. The Liquidator was tasked with various responsibilities post-dissolution to maintain records and inform concerned parties.

Ultimately, the Corporate Person was dissolved, and the Liquidator was instructed to carry out specific actions to conclude the liquidation process effectively. The Tribunal granted the reliefs sought in the Petition, bringing closure to the matter and officially dissolving the Corporate Person.

 

 

 

 

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