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2019 (9) TMI 453 - Tri - Insolvency and BankruptcyDissolution of the Corporate Person - Section 59 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Petition is filed by the Liquidator under Section 59 of the IB Code, 2016. This Adjudicating Authority has to see whether the liquidator has complied with all the provisions of Section 59 of the IB Code, 2016 read with Regulation 3 of the Regulations before initiating voluntary liquidation of the company.
It is on record that the board of directors have passed necessary resolution on 11.12.2017 to liquidate the company voluntarily and the directors have also executed the Declaration of Solvency dated 16.11.2017 by way of an affidavit in terms of provisions of Section 59(3)(a) of the IB Code, 2016 - The Company has issued notice to all the shareholders and an Extraordinary General Meeting was also held on 11.12.2017 in which the approval for liquidating the company was also given. The Company has also filed MGT 14 informing the special resolution passed by the members to the ROC. The voluntary liquidator has complied with the requirement of the provisions of section 59 of the IB Code, 2016 and filed this Petition under section 59(7) of the IB Code, 2016 to dissolve the Petitioner/Corporate Person viz., Cognistreamer Consulting India Private Limited. Petition disposed off.
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