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2019 (10) TMI 541 - Tri - Insolvency and BankruptcyAdmissibility of petition - Dissolution of the Company - Section 59(8) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - The Learned Liquidator has complied with all conditions and procedural requirements as specified under various provisions of Section 59 of the Insolvency 85 Bankruptcy Code, 2016, also as per clause 9 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, before initiating Voluntary Liquidation Process of the Corporate Person. Therefore, the Petition/Application deserves to be allowed as prayed for. The Corporate Person, M/s. Zettata Technologies Private Limited dissolved with immediate effect - petition disposed off.
Issues:
- Voluntary liquidation of M/s. Zettata Technologies Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. - Compliance with procedural requirements and conditions for voluntary liquidation. - Dissolution of the Corporate Person. Analysis: Issue 1: Voluntary liquidation of M/s. Zettata Technologies Private Limited under Section 59(7) of the Insolvency and Bankruptcy Code, 2016. The case involved a petition filed by the Liquidator seeking dissolution of the Company under Section 59(8) of the Insolvency and Bankruptcy Code, 2016. The Company was incorporated as a subsidiary of a US-based company with the main objective of providing E-commerce solutions. Due to termination of a key agreement with its parent company, the Board of Directors decided to initiate voluntary liquidation. The Liquidator followed all required procedures, including public announcements, informing relevant authorities, and maintaining necessary accounts. The liquidation process was meticulously detailed, including distribution of remaining funds to stakeholders and closure of bank accounts. The Liquidator submitted final reports as per regulations, demonstrating compliance with statutory requirements. Issue 2: Compliance with procedural requirements and conditions for voluntary liquidation. The Tribunal noted that the Liquidator had diligently complied with all conditions and procedural requirements specified under Section 59 of the Insolvency and Bankruptcy Code, 2016, and the relevant regulations before initiating the voluntary liquidation process of the Corporate Person. The Liquidator fulfilled obligations such as informing the Registrar of Companies, Income Tax Department, Reserve Bank of India, and other authorities, as well as distributing funds to stakeholders as per the statutory mechanism. The Tribunal found that the Liquidator had adhered to the provisions of the Code and the Rules made thereunder, ensuring a thorough and lawful liquidation process. Issue 3: Dissolution of the Corporate Person. Based on the compliance with statutory requirements and the detailed liquidation process followed by the Liquidator, the Tribunal decided to allow the petition for dissolution of the Corporate Person, M/s. Zettata Technologies Private Limited. The Tribunal, exercising powers under Section 59(8) of the Code, ordered the immediate dissolution of the Company. Additionally, directions were given to forward copies of the order to the Registrar of Companies and other relevant statutory authorities. The Tribunal's decision reflected the successful completion of the voluntary liquidation process in accordance with the legal framework. This comprehensive analysis highlights the meticulous adherence to legal procedures, the successful completion of the voluntary liquidation process, and the dissolution of the Corporate Person as per the judgment of the National Company Law Tribunal, Bengaluru Bench.
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