Dissolution order for M/s. ALEXANDRIA SERVICES (INDIA) PRIVATE LIMITED under Section 59

The Tribunal, after reviewing compliance with Section 59 of the Insolvency and Bankruptcy Code, ordered the dissolution of M/s. ALEXANDRIA SERVICES (INDIA) PRIVATE LIMITED effective 10.09.2020. All necessary steps for voluntary liquidation were taken, including public announcements, tax compliance, and submission of final reports. The Liquidator's efforts in conducting meetings, opening a liquidation bank account, and ensuring creditor claims were addressed resulted in the successful completion of the liquidation process. The Registry was instructed to update relevant authorities and the MCA website accordingly.

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Issues:
Liquidation of M/s. ALEXANDRIA SERVICES (INDIA) PRIVATE LIMITED under Section 59 (7) of Insolvency and Bankruptcy Code, 2016.

Detailed Analysis:

1. Compliance with Liquidation Process:
The Liquidator, an Insolvency Professional, filed a petition seeking dissolution of the company under Section 59 (7) of the Insolvency and Bankruptcy Code, 2016. The company's objective was to provide various services, and it was decided to voluntarily liquidate the company through a special resolution. The Liquidator conducted necessary meetings, made public announcements, and opened a new liquidation bank account. No claims were received from creditors, and the Liquidator submitted reports as per regulations.

2. Declaration of Solvency:
The Directors of the company filed a declaration of solvency in accordance with the Code and regulations. The Board passed a resolution for voluntary liquidation, and shareholders approved the same in an extraordinary general meeting. The Liquidator complied with the requirements of public announcements and notified the concerned authorities about the liquidation process.

3. Tax Compliance and Finalization:
The Liquidator confirmed the absence of tax liabilities and received a no-objection letter from the income tax officer. After distributing proceeds to the members and finalizing the liquidation process, the Liquidator prepared and submitted the final report to the Register of Companies and the Insolvency and Bankruptcy Board of India.

4. Tribunal Decision:
The Tribunal reviewed the compliance with Section 59 of the Code and regulations. Finding that all necessary steps had been taken for voluntary liquidation, the Tribunal ordered the dissolution of M/s. ALEXANDRIA SERVICES (INDIA) PRIVATE LIMITED with effect from 10.09.2020. The Registry was directed to inform the relevant authorities and update the MCA website accordingly.

This detailed analysis showcases the thorough compliance with legal requirements and procedures leading to the successful dissolution of the company as per the Insolvency and Bankruptcy Code, 2016.

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