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

The Company's petition for voluntary liquidation under section 59 of the Insolvency & Bankruptcy Code, 2016 was successful. Aneja Food Products Private Limited, a company incorporated under the Companies Act, 1956, in Bihar, decided to wind up due to inactivity for five years. The board of directors approved the liquidation, followed necessary procedures, settled stakeholder claims, and paid off all liabilities. The Adjudicating Authority ordered dissolution after rectifying a defect, and the Liquidator informed the Registrar of Companies, Bihar. The Company Petition was disposed of, and compliance was required for the order to be sent to all parties.

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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.

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