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2022 (1) TMI 360 - Tri - Insolvency and BankruptcyVoluntary liquidation of Corporate Person through its liquidator(Insolvency Professional) - Section 59 of the Insolvency and Bankruptcy Code, 2016 (Code) read with Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 - HELD THAT:- In the present case, it may be seen from the records the main intention for the company to wind up its services is that company decided to close down its business operations in India and doesn’t intend to carry on its business operations and pursue objects for which it was incorporated. Further, the applicant has informed the concerned authorities i.e. IBBI, RoC and Income Tax Department and has also made paper publication in Form-A in two newspapers. The Liquidator has completed the final distribution of assets and has also closed the bank account. The Liquidator has also prepared and submitted the final report to the IBBI and RoC. The Application is duly supported by the affidavit of the Liquidator. Income Tax Department has issued No Objection Certificate on 15.06.2020 and no litigation is pending against the corporate person as on signing of the final report. That, all the assets have been realized and liabilities have been paid off and remaining balance had been repatriated to the shareholders of the company and the bank balance is nil. Also the Board has stated that only requirement as per Section 59(4) is to notify the Board about the resolution passed by the company within seven days of such resolution. The Board has no other role in the liquidation proceedings before the Adjudicating Authority. The concerned RoC has also submitted in its report that as per data available and maintained, no inquiry/inspection/complaint/legal action has been proceeded/pending against the subject company. The applicant Company is hereby dissolved in terms of Section 59(8) of the Insolvency & Bankruptcy Code, 2016 with effect from the date of the present order - Application allowed.
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