Viyes Consultancy Pvt Ltd Voluntary Liquidation Approved under IBC 2016 The Adjudicating Authority allowed the petition for voluntary liquidation under section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company, ...
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Viyes Consultancy Pvt Ltd Voluntary Liquidation Approved under IBC 2016
The Adjudicating Authority allowed the petition for voluntary liquidation under section 59(7) of the Insolvency and Bankruptcy Code, 2016. The company, M/s. Viyes Consultancy Private Limited, successfully completed the liquidation process in compliance with all legal requirements. The liquidator's actions were found to be in accordance with the IBC, 2016 and relevant regulations. As a result, the company's affairs were fully wound up, all assets were liquidated, debts were settled, and there were no pending litigations. The company was dissolved immediately following the Authority's decision.
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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