Voluntary liquidation compliance under the Insolvency and Bankruptcy Code led to dissolution of the corporate person.

The Tribunal found that the statutory requirements for voluntary liquidation and dissolution under the Insolvency and Bankruptcy Code, 2016 and the applicable liquidation regulations were satisfied. It relied on the directors' declaration, audited financial statements, valuation material, members' special resolution, public notice, service on statutory authorities, and the final report, and noted that the company had no operations, no subsisting liabilities, and no reported fraud. As no objection was received from the Registrar of Companies or the Income-tax authorities, dissolution was permitted and the corporate person was ordered to be dissolved under section 59(8).

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Issues: Whether the requirements for voluntary liquidation and dissolution of the corporate person under section 59 of the Insolvency and Bankruptcy Code, 2016 and the applicable liquidation regulations were satisfied.

Analysis: The Liquidator placed the declaration by the majority of directors, audited financial statements, valuation-related material, the special resolution of the members, public announcement, intimation to the statutory authorities, and the final report before the Tribunal. The record showed that the company had no operations, no subsisting liabilities were found, and neither the auditors nor the Liquidator reported any fraud. No objection was received from the Registrar of Companies or the Income-tax authorities after service of notice. On this basis, the Tribunal found that the statutory conditions for voluntary liquidation and dissolution stood complied with.

Conclusion: The application for dissolution was allowed and the corporate person was ordered to be dissolved under section 59(8) of the Insolvency and Bankruptcy Code, 2016.

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