Voluntary liquidation compliance under the Insolvency and Bankruptcy Code can lead to corporate dissolution when no claims or impediments remain.

Completion of voluntary liquidation in accordance with the Insolvency and Bankruptcy Code, 2016 and the applicable regulations entitled the corporate person to dissolution under section 59. The materials showed compliance with the required steps, including board and special resolutions, appointment of a liquidator, public announcement, declaration of solvency, notice to statutory authorities, absence of stakeholder claims, realisation and distribution of assets, closure of the liquidation bank account, and filing of the final report with the Registrar of Companies and the Insolvency and Bankruptcy Board of India. As no legal impediment survived, the company was dissolved and the liquidation records were directed to be preserved.

---

---

Issues: Whether the company, having completed the voluntary liquidation process and complied with the statutory requirements, was liable to be dissolved under section 59 of the Insolvency and Bankruptcy Code, 2016.

Analysis: The application was supported by the sequence of steps required for voluntary liquidation, including the board resolution, special resolution, appointment of a liquidator, public announcement, declaration of solvency, intimation to statutory authorities, absence of claims from stakeholders, conversion and closure of the liquidation bank account, preparation of the preliminary and final reports, and filing of the final report with the Registrar of Companies and the Insolvency and Bankruptcy Board of India. The materials also indicated that the assets had been realised, proceeds distributed, and no legal impediment remained to dissolution.

Conclusion: The statutory requirements for voluntary liquidation were satisfied, and the company was ordered to be dissolved with effect from the date of the order.

Final Conclusion: The liquidation proceedings were brought to a close by judicial dissolution of the corporate person, with directions to preserve the liquidation records and to file the order with the Registrar of Companies.

Ratio Decidendi: Where the voluntary liquidation process is completed in accordance with the Insolvency and Bankruptcy Code, 2016 and the applicable regulations, and no claims or outstanding impediments survive, the company is entitled to dissolution under section 59.

---