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2021 (1) TMI 111 - Tri - Insolvency and BankruptcyDissolution of the Corporate Person through voluntary liquidation - Section 59(8) of the I B Code, 2016 - HELD THAT - The Applicant Company had not conducted any business or operations for quite some time, the scope of business that the Company was expecting from its parent Company had reduced and therefore it was no longer viable to run the business and that the Board of Directors upon discussions, approved the proposal to voluntarily liquidate the Company. 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 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, before initiating Voluntary Liquidation Process of the Corporate Person, and the due Liquidation process is completed. Thus, the Petition / Application deserves to be allowed, as prayed for. The Corporate Person, M/s. Flocare Labs India Private Limited, is hereby dissolved, with immediate effect - Application disposed off.
Issues:
1. Voluntary liquidation petition under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 for dissolution of the Corporate Person. Analysis: The Company Petition filed under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 sought the dissolution of the Corporate Person through voluntary liquidation. The case involved M/s. Flocare Labs India Pvt. Ltd., which decided to commence voluntary liquidation due to the lack of business operations and reduced viability. The Board of Directors approved the proposal for voluntary liquidation, and a Special Resolution was passed by the shareholders appointing Mr. Vinod Sunder Raman as the Liquidator. The Company had no debts at the commencement of winding up, and all necessary steps were taken, including informing the Registrar of Companies and the Insolvency and Bankruptcy Board of India about the voluntary liquidation. The Liquidator, in compliance with the IBBI (Voluntary Liquidation Process) Regulations, 2017, conducted a Public Announcement, maintained bank accounts, and informed relevant authorities like the Income Tax Department and the Reserve Bank of India about the liquidation process. The Liquidator also prepared reports, maintained necessary books, and completed all required steps for the liquidation process. The final accounts were audited, and the Liquidator's Statement of Account showed the receipts and payments during the liquidation period. The Liquidator distributed the surplus funds as per the priority of payments prescribed in Section 53 of the Code. The final accounts were prepared, audited, and submitted to the Registrar of Companies and IBBI. With all obligations fulfilled and affairs wound up, the Liquidator requested an order of dissolution for the Company. After considering the material on record and relevant provisions, the Tribunal allowed the petition and ordered the immediate dissolution of M/s. Flocare Labs India Private Limited. The Registry was directed to forward the order to the Registrar of Companies Karnataka, Bengaluru, and the Liquidator was instructed to inform all other Statutory Authorities connected with the Company's affairs.
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