Company granted voluntary liquidation leading to successful dissolution under IBC, 2016

The Tribunal allowed the Company Application for voluntary liquidation under Section 59(7) of IBC, 2016, leading to the dissolution of the Company under Section 59(8). The Liquidator successfully completed the liquidation process, including verifying solvency, distributing assets, and filing the Final Report with RoC and IBBI. The Company's affairs were found to be completely wound up, resulting in its dissolution. The Registry and Liquidator were directed to serve the order to relevant authorities within 14 days.

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Issues:
Company Application filed by Liquidator for voluntary liquidation under Section 59(7) of IBC, 2016 seeking dissolution of the Company.

Analysis:
The Applicant Company was incorporated for financial business but faced rejection from RBI for registration, leading to voluntary winding up. The Extraordinary General Body Meeting appointed the Liquidator for voluntary liquidation process. Compliance with IBC, 2016 and IBBI Regulations included verifying solvency, submitting financial statements, passing Special Resolution, issuing public announcements, notifying authorities, and submitting reports.

The Liquidator received claims from shareholders, opened a bank account, distributed assets to shareholders, and made necessary payments. After completion of the liquidation process, a Final Report was prepared and filed with RoC and IBBI. The Tribunal examined the submissions, documents, and found the Company's affairs completely wound up with assets liquidated, leading to the Company's dissolution under Section 59(8) of IBC, 2016. The Company Application was allowed, and the Registry and Liquidator were directed to serve the order to relevant authorities within 14 days.

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