Tribunal grants application for dissolution of M/s. Shivalik Medico Private Limited

The Tribunal granted the application for dissolution of M/s. Shivalik Medico Private Limited under section 59 of the Insolvency and Bankruptcy Code, 2016. The decision was based on the completion of necessary steps in the voluntary liquidation process, including approval at a meeting, appointment of an Insolvency Professional, compliance with regulatory filings, and absence of objections. The Tribunal ordered the company's dissolution, emphasizing adherence to legal provisions and timely compliance with regulatory requirements.

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Issues:
1. Application under section 59 of the Insolvency and Bankruptcy Code, 2016 seeking dissolution of a company.

Analysis:
The judgment pertains to an application filed under section 59 of the Insolvency and Bankruptcy Code, 2016, along with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, by the Voluntary Liquidator for the dissolution of a specific company. The company in question, M/s. Shivalik Medico Private Limited, was incorporated under the Companies Act, 1956 with specific details regarding its authorized share capital and corporate identification number provided in the judgment.

The petition for voluntary liquidation was based on the decision of the Board of Directors due to the lack of significant business operations. The process involved convening an Extra Ordinary General Meeting to approve the Voluntary Liquidation, appointing an Insolvency Professional as the Voluntary Liquidator, and making necessary declarations and filings with regulatory authorities. Various steps were taken as per the provisions of the Code and the IBBI Regulations, including publication of notifications, opening and closing of a dedicated bank account, submission of reports, and compliance with regulatory requirements.

The judgment highlights the key actions taken during the voluntary liquidation process, such as serving notices to the Registrar of Companies (RoC), submission of reports to the RoC and IBBI, and the absence of objections from relevant authorities. It also emphasizes the completion of necessary compliances within the stipulated time frame, including the submission of required forms and intimations post asset realization and distribution. Ultimately, based on the satisfaction of the voluntary liquidator and compliance with legal provisions, the Tribunal ordered the dissolution of the company, directing the filing of the order with the RoC within the statutory period.

In conclusion, the judgment provides a detailed account of the voluntary liquidation process undertaken for the dissolution of M/s. Shivalik Medico Private Limited, ensuring adherence to legal requirements and regulatory frameworks as prescribed under the Insolvency and Bankruptcy Code, 2016 and the relevant IBBI Regulations.

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