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2020 (5) TMI 244 - Tri - Companies LawVoluntary Liquidation - no default committed - HELD THAT - As per section 59 of the Code, A Corporate Person, who intends to liquidate itself voluntarily and has not committed any default, may initiate voluntary liquidation proceedings under the provisions of Chapter V of the Code subject to fulfilment of conditions are prescribed thereunder. The Liquidator has complied with all the conditions and procedural requirements as specified under various provisions of section 59 of the Insolvency and Bankruptcy Code, 2016 and also Regulation 3 of IBBI (Voluntary Liquidation Process) Regulations, 2017 before initiating Voluntary Liquidation Process of the Corporate Person. The Liquidator has followed due process of law, and thus affairs of the Company were completely wound up, and its assets were completely liquidated - the instant Petition/Application deserves to be allowed - M/s. Viyes Consultancy Private Limited, Corporate Person is hereby dissolve with immediate effect.
Issues:
1. Voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016. Analysis: The case involved CP. No. 02/BB/2020 filed by M/s. Viyes Consultancy Private Limited for voluntary liquidation under section 59(7) of the IBC, 2016. The company was incorporated under the Companies Act, 1956, with the main objective of providing consultancy services. Due to regulatory issues regarding its portfolio investments, the company decided to liquidate voluntarily. The necessary declarations and resolutions were made as per the legal requirements. The liquidator conducted the liquidation process, including public announcements, opening a bank account, and submitting reports as mandated by the regulations. The liquidator informed the Income Tax Authority about the commencement of liquidation, received a no objection certificate, and proceeded with the liquidation process. The assets were liquidated, proceeds distributed among stakeholders, and expenses were met from the remaining funds. The liquidator filed a final report of liquidation, detailing the receipts and payments during the process. All assets were disposed of, debts were cleared, and no pending litigations were reported against the company. The Adjudicating Authority, after reviewing the pleadings and legal provisions, found that the liquidator had complied with all conditions and procedural requirements under the IBC, 2016 and relevant regulations. The Authority concluded that the liquidation process was conducted properly, and the company's affairs were completely wound up. Consequently, the petition for voluntary liquidation was allowed, and the company was dissolved with immediate effect. The Registry and the liquidator were directed to inform the relevant authorities about the dissolution of the company for further compliance.
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