Voluntary liquidation compliance under the Insolvency and Bankruptcy Code led to dissolution of the corporate person.

Full compliance with the voluntary liquidation framework under the Insolvency and Bankruptcy Code, 2016 justified dissolution of the corporate person. The Tribunal noted completion of the declaration of solvency, special resolution, appointment of the liquidator, public announcement, verification and payment of claims, closure of the liquidation account, and filing of the final report. On these facts, it held that the affairs of the corporate person had been completely wound up and its assets fully liquidated, and therefore approved voluntary liquidation and ordered dissolution from the date of the order.

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Issues: Whether the corporate person had completed the voluntary liquidation process in accordance with law and was liable to be dissolved.

Analysis: The liquidation steps were shown to have been completed, including the declaration of solvency, special resolution for voluntary liquidation, appointment of the liquidator, public announcement, receipt and verification of claims, payment to creditors and members, closure of the liquidation account, and filing of the final report. The Tribunal found that the affairs of the corporate person had been completely wound up and its assets fully liquidated in accordance with the Insolvency and Bankruptcy Code, 2016 and the applicable voluntary liquidation regulations.

Conclusion: The application for voluntary liquidation and dissolution was approved, and the corporate person was ordered to stand dissolved from the date of the order.

Final Conclusion: The petition succeeded, resulting in approval of voluntary liquidation and dissolution of the corporate person.

Ratio Decidendi: Where the statutory requirements for voluntary liquidation are fully complied with and the affairs of the corporate person are completely wound up with all assets liquidated, the Tribunal may order dissolution under the Insolvency and Bankruptcy Code, 2016.

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