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2022 (6) TMI 51 - Tri - Insolvency and BankruptcySeeking dissolution of the Company - Section 59 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - The Liquidator has not received any claims and the Corporate Person has neither secured creditor nor unsecured creditors as on date of liquidation. The Liquidator distributed the amounts to the shareholders of the Company and the details of amounts distributed to shareholders - It is noted that the Liquidator has submitted the preliminary report as required under the Regulation 9 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 to the Corporate Person. It is noted that the Liquidator having completed the distribution closed the Bank Account with Kotak Mahindra Bank, Hyderabad on 12.01.2022 and the Liquidator has submitted the Final report dated 09.02.2022 of realisation and distribution to Registrar of Companies, Hyderabad and to IBBI - It is noted that the Corporate Person have been completely wound up and its assets completely liquidated. It is directed that this Corporate Person through its Liquidator, voluntarily liquidated itself so as to get dissolved - application allowed.
Issues Involved:
Petition for dissolution of a Company under Section 59 of the Insolvency and Bankruptcy Code, 2016. Analysis: Issue 1: Petition for Dissolution The petition was filed by the Corporate Person through its Liquidator under Section 59 of the Insolvency and Bankruptcy Code, 2016, seeking the dissolution of the Company. The Company was incorporated under the Companies Act, 1956 with the objective of operating hospitals and providing medical relief. The Board of Directors approved the declaration of solvency and passed a special resolution for voluntary liquidation, appointing an Insolvency Professional as the Liquidator. Issue 2: Liquidation Process The Liquidator made a Public Announcement inviting claims from stakeholders in compliance with the Code. No claims were received, and the Company had no secured or unsecured creditors at the time of liquidation. The Liquidator distributed the remaining amounts to the shareholders and submitted the required reports, including the preliminary and final reports, to the relevant authorities. Issue 3: Dissolution and Directions Having completed the distribution and winding up of the Company's assets, the Tribunal found that the Corporate Person had been completely wound up and its assets liquidated. The Tribunal, under Section 59(7) of the Code, allowed the Company Petition for dissolution. The directions included the immediate dissolution of the Company, forwarding of the order to regulatory authorities, and preservation of relevant documents for a specified period post-dissolution. Conclusion The Tribunal allowed and disposed of the Company Petition, granting the dissolution of the Company and issuing specific directions to the Liquidator regarding the completion of the dissolution process and compliance with regulatory requirements. The judgment emphasized the completion of the voluntary liquidation process and the dissolution of the Corporate Person in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016.
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