2022 (7) TMI 610 - Tri - Insolvency and Bankruptcy

Company successfully liquidated under Insolvency & Bankruptcy Code after board approval and stakeholder settlement.

In Re : Aneja Food Products Private Limited

The Company's petition for voluntary liquidation under section 59 of the Insolvency & Bankruptcy Code, 2016 was successful. Aneja Food Products ... Seeking Voluntary Liquidation of the Petitioner/Corporate person - section 59 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- On perusing the documents annexed to the petition, it appears that the affairs of the Corporate Person have been completely wound up and its assets have been completely liquidated. No liabilities have been left unsatisfied. It is satisfying from the documents on record that the voluntary liquidation is not with the intent to defraud any person. There are no impediments to the dissolution of the Corporate Person and it is ordered accordingly - Application allowed. Issues:Company petition for voluntary liquidation under section 59 of the Insolvency & Bankruptcy Code, 2016.Analysis:The Company Petition was filed by Aneja Food Products Private Limited for voluntary liquidation. The company was incorporated under the Companies Act, 1956, with the registered office in Bihar. The main objects of the company included dealing in milk and milk products, grains, and agricultural produce. The authorized share capital was Rs. 25,00,000. The decision for voluntary liquidation was taken due to the company not carrying out business activities for the last five years. The board of directors passed a resolution for voluntary liquidation, and procedural compliances were duly followed.The directors approved the Declaration of Solvency and resolved to wind up the company. Financial statements for various years were submitted along with the necessary forms to the Registrar of Companies. Shareholders passed a Special Resolution for liquidation and appointed an Insolvency Professional as Liquidator. Public announcements were made, and claims from stakeholders were settled. The Liquidator notified the Income Tax Authority and filed reports stating realization and payments made to creditors and members, confirming no pending litigation. All liabilities were paid in full during the liquidation process.The Adjudicating Authority ordered the publication of the petition notice, and after rectifying a defect in the affidavit, the dissolution of the company was ordered. The Liquidator was directed to inform the Registrar of Companies, Bihar, and the Company Petition was disposed of accordingly. The order was to be sent to all parties, and a certified copy could be issued upon compliance.