Voluntary liquidation under the Insolvency and Bankruptcy Code permits dissolution when statutory requirements are fully complied with.

A corporate person may be dissolved on completion of voluntary liquidation under Section 59 of the Insolvency and Bankruptcy Code, 2016 where the liquidation is commenced by a valid declaration of solvency and special resolution, public notice is issued, claims are invited and addressed, the liquidator maintains the required reports and accounts, and the final report shows realisation and distribution of assets. On the stated facts, the statutory requirements for voluntary liquidation and dissolution were complied with, and the company was found entitled to dissolution.

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Issues: Whether the corporate person was entitled to be dissolved on completion of voluntary liquidation proceedings under Section 59 of the Insolvency and Bankruptcy Code, 2016.

Analysis: The liquidation process had been initiated by a valid declaration of solvency and special resolution. Public announcement was made, claims were invited and dealt with, the liquidator maintained the requisite reports and accounts, the final report showed realization and distribution of assets, and the affairs of the company stood completely wound up with all assets liquidated. The statutory requirements for voluntary liquidation and dissolution were found to have been complied with.

Conclusion: The company was found entitled to dissolution under Section 59 of the Insolvency and Bankruptcy Code, 2016 and the petition was allowed.

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