Company dissolved under Insolvency Code after Liquidator's application approved. Documents preserved, order filed, and file consigned.

The Tribunal granted the Liquidator's application for dissolution of the company under section 59 of the Insolvency and Bankruptcy Code, 2016. The company was dissolved immediately, following completion of all necessary steps for voluntary liquidation, including approval by Directors and Members, regulatory compliance, and distribution of proceeds to equity shareholders. The Liquidator was directed to preserve relevant documents for a specified period, file the order with the Registrar of Companies within the statutory period, and consign the file to the Record Room.

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Issues:
Application for dissolution of a company under section 59 of the Insolvency and Bankruptcy Code, 2016.

Analysis:
The application filed by the Liquidator sought the dissolution of the company under section 59 of the Insolvency and Bankruptcy Code, 2016, in accordance with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The company in question was incorporated under the Companies Act, 2013, with a specific business objective. The Directors of the company, after considering the lack of business prospects and financial resources, decided to voluntarily liquidate the company. They made a declaration of solvency, filed necessary documents with the Registrar of Companies, and obtained approval for voluntary liquidation.

The Directors and Members of the Company, in an Extraordinary General Meeting, approved the voluntary liquidation and appointed the Liquidator. The Liquidator fulfilled all regulatory requirements, including notifying the authorities, making public announcements, opening a bank account for liquidation proceeds, and submitting reports to the relevant authorities. The Liquidator also informed the Income Tax authorities and obtained a No Objection Certificate. After realizing funds, the Liquidator distributed the proceeds among equity shareholders, obtained a certificate from the Statutory Auditor, and closed the bank account used in the liquidation process.

Despite the Registrar of Companies not filing a report or raising objections, the Tribunal found that all necessary steps had been taken for the voluntary liquidation. As a result, the Tribunal allowed the Liquidator's prayer for dissolution of the company under section 59 of the IBC. The company was dissolved with immediate effect, and the Liquidator was directed to preserve relevant documents for a specified period. A copy of the order was to be filed with the ROC within the statutory period, and the file was to be consigned to the Record Room.

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