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2022 (5) TMI 757 - Tri - Insolvency and BankruptcySeeking dissolution of Corporate Person - voluntary liquidation - section 59 of IBC - HELD THAT - The Counsel drew the attention of this Tribunal to the declarations and the special dissolution as required under Section 59 and also about the information given to the Registrar of Companies (RoC) and the Board. The intimation given to the RoC is also filed. The final report submitted by the Liquidator is also placed before this Tribunal. The CIRP costs were also recorded and the closure of the bank account is also done. Hence, it can be seen that the requirements under Section 59 are complied with by the Applicant and hence, there need not be any demur to allow the Application and grant the reliefs as sought for. The Petition is allowed and Corporate Person shall stand dissolved from the date of this order - decided in favor of petitioner.
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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