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Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the corporate applicant had complied with the requirements for voluntary liquidation under Section 59(3) of the Insolvency and Bankruptcy Code, 2016 and the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 so as to justify dissolution.
Analysis: The application was supported by the declaration of solvency, the special resolution of the members, public announcement of liquidation, filings with the Registrar of Companies, intimation to the Income Tax Department, opening of the liquidation bank account, preliminary and final reports, and the closure certificate of the liquidation account. The reports filed by the Registrar of Companies and the Income Tax Department recorded no objection and no pending inquiry, inspection, complaint, legal action, or outstanding tax demand. The record showed that the assets had been fully realised and distributed, the liquidation process had been completed, and no litigation remained pending against the company.
Conclusion: The requirements for voluntary liquidation were satisfied and the company was directed to be dissolved with immediate effect.
Final Conclusion: The liquidation proceedings were brought to a close by judicial approval of dissolution, and the application was allowed.
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