Voluntary liquidation compliance confirmed as dissolution follows completion of statutory requirements and asset distribution.

A corporate person was found to have complied with the statutory requirements for voluntary liquidation under the Insolvency and Bankruptcy Code, 2016, having passed the special resolution, filed the declaration of solvency, produced audited financial statements, issued notices to the registrar and insolvency regulator, invited claims by public announcement, and completed the liquidation process. The liquidator reported no creditors, no pending litigation, no outstanding liabilities, and full realisation and distribution of assets in accordance with the liquidation regulations. On this record, the tribunal held that the preconditions for dissolution were satisfied and directed dissolution of the corporate person.

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Issues: Whether the corporate person had complied with the statutory requirements for voluntary liquidation and was entitled to an of dissolution under the Insolvency and Bankruptcy Code, 2016.

Analysis: The corporate person had passed the requisite special resolution, filed the declaration of solvency, produced audited financial statements, notified the registrar and the insolvency regulator, invited claims by public announcement, and completed the liquidation process. The liquidator reported that there were no creditors, no pending litigation, no outstanding liabilities, and that the available assets had been realised and distributed in accordance with the applicable liquidation regulations. The materials on record showed compliance with the statutory preconditions and completion of the voluntary liquidation process.

Conclusion: The requirements for dissolution were satisfied, and the petition for voluntary liquidation was allowed by directing dissolution of the corporate person.

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