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2019 (1) TMI 1777 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD BENCHVoluntary liquidation - Section 59 of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- A perusal of the material available on record, goes to show that the Board of Directors of the Company has taken a conscious decision to close down the company due to non-availability of business prospects and non-availability of long-term financial resources, thus, as per them, it would not be a wise decision to carry on the business activities of the company from the economic point of view. Therefore, Company's Board of Directors proposed to liquidate the company voluntarily by invoking the provisions of Section 59 of the IBC. Since there is no objection received from any angle opposing the voluntary liquidation of the company either from shareholders' side or from secured and unsecured creditors side or any adverse comments from public at large against such proposed liquidation, despite a public announcement was made by the liquidator in the website of the Insolvency and Bankruptcy Board of India (IBBI) - on perusal of the record of the present case, it is evident that the company is found not involved in any kind of business activities, wherein the public interest at large is involved or it is going to be affected adversely in case such dissolution of the company is ordered. Since nothing adverse is found from the material available on record in respect of opposing the proposed liquidation of the corporate person, the present application deserves to be allowed. This Adjudicating Authority in exercise of power conferred under Section 59 (8) of the Insolvency and Bankruptcy Code 2016, the Corporate Person (Applicant Company) " M/s. Shree Autotech Forge Pvt. Ltd." is ordered to be dissolved with effect from 16.01.2019 - Petition allowed.
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