Tribunal grants dissolution for Priharitam Technologies under IBC 2016 - Successful voluntary liquidation process The Tribunal granted the Application for dissolution under Section 59 of the IBC, 2016, for M/s. Priharitam Technologies Private Limited. The company ...
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Tribunal grants dissolution for Priharitam Technologies under IBC 2016 - Successful voluntary liquidation process
The Tribunal granted the Application for dissolution under Section 59 of the IBC, 2016, for M/s. Priharitam Technologies Private Limited. The company underwent voluntary liquidation due to business and financial challenges. The Liquidator fulfilled all statutory requirements, including tax obligations and reporting. Following the distribution of proceeds and closure of accounts, the Tribunal ordered the dissolution of the company, effective immediately. The Petition for dissolution was allowed, marking the successful conclusion of the voluntary liquidation process.
Issues: Application for dissolution of a company under Section 59 of the IBC, 2016, R/w. IBBI (Voluntary Liquidation Process) Regulations, 2017.
Analysis: The judgment pertains to an Application filed under Section 59 of the IBC, 2016, seeking the dissolution of a company, M/s. Priharitam Technologies Private Limited, through voluntary liquidation. The company, incorporated on 28.07.2018, decided to liquidate due to non-availability of business prospects and financial viability issues. The Board of Directors proposed voluntary liquidation, which was approved by the members in an Extra-ordinary General Meeting. Ms. Srilakshmi Purushotham was appointed as the Liquidator. The necessary declarations, resolutions, and filings were made in compliance with the IBC provisions and regulations.
The Liquidator undertook various steps, including making a public announcement of liquidation, opening a bank account for realization and payments, submitting reports to regulatory authorities, and closing the liquidation account after distributing proceeds to shareholders. The Liquidator also complied with tax regulations, obtaining a 'No Objection Certificate' from the Income Tax Department. The Final Report, as required under Regulation 38 of the IBBI Regulations, was submitted to the IBBI and ROC within the stipulated timelines.
The Liquidator provided a report from the Income Tax Department confirming no outstanding taxes. All necessary compliances under Section 59 and other relevant provisions of the IBC, 2016, were completed within 12 months of commencing liquidation proceedings. The Application for dissolution was supported by the Liquidator's affidavit, confirming the distribution of proceeds and closure of the account. The Tribunal, satisfied with the compliance and the Liquidator's submission, ordered the dissolution of the Applicant Company, effective from the date of the order.
The judgment directed the filing of a copy of the order with the ROC within the statutory period. The Petition for dissolution was allowed, concluding the voluntary liquidation process and the subsequent dissolution of the company.
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