Dissolution Order Issued for Manraj Tradecom Pvt Ltd under Insolvency Code

The Tribunal ordered the dissolution of Manraj Tradecom Private Limited under Section 59(8) of the Insolvency and Bankruptcy Code, 2016, after confirming the completion of the liquidation process with no pending litigations. The Liquidator complied with all legal requirements, and despite issuing notices, no objections were raised by authorities. The Registry was directed to communicate the dissolution order to relevant authorities for further action.

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Issues:
Approval for dissolution of a Corporate Person under Section 59(7) of the Insolvency & Bankruptcy Code, 2016.

Analysis:
The application was filed seeking approval to dissolve the Corporate Person, Manraj Tradecom Private Limited, after its affairs were completely wound up and assets liquidated. The company was incorporated in 2007 and dealt with wholesale trading. Directors declared solvency in 2019, stating no debt or outside liability, ensuring assets covered shareholders' money in full. The voluntary liquidation was initiated by shareholders' resolution in 2019, appointing Mr. Kamal Nayan Jain as the Liquidator.

Analysis:
The Liquidator made a public announcement and received claims only from shareholders, which were admitted after verification. Assets, including fixed assets and investments, were liquidated, and proceeds transferred to a bank account. The Liquidator appointed an auditor to review all transactions, confirming full disposal of the company's affairs. A final report was prepared, stating completion of the liquidation process, with no pending litigations.

Analysis:
The Liquidator complied with all legal requirements, including filing necessary documents, final statement of accounts, and seeking dissolution from 2019. Despite issuing notices, no objections were raised by authorities. The Tribunal, after thorough review of documents and absence of liabilities or fraud, ordered the dissolution of Manraj Tradecom Private Limited under Section 59(8) of the Insolvency and Bankruptcy Code, 2016. The Registry was directed to communicate the order to relevant authorities for further action.

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