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2020 (5) TMI 274 - Tri - Insolvency and BankruptcyVoluntary liquidation of the corporate person - compliance with the provisions of section 59 of the Insolvency and Bankruptcy Code, 2016 read with regulation 3 of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 before dissolution of the company or not - HELD THAT:- As per section 59(3)(a) of the Code, a declaration from the majority of the directors of the company verified by an affidavit to the effect that, they have made a full inquiry in to the affairs of the company and they have formed an opinion that, either the company has no debt or that it will able to pay its debt in full from the proceeds of the assets to be sold in the voluntary liquidation and the company is not being liquidated to defraud any person has to be filed - The directors of the company passed a resolution for voluntarily liquidating the company. The liquidator also filed the declaration of solvency by directors dated March 31, 2018, i. e., Mr. Gunupati Venkateswara Prasad and Ms. Gunupati Anuradha, who have given their declaration of solvency as contemplated under section 59(3)(a) of the Insolvency and Bankruptcy Code, 2016. The concerned Income-tax Officer vide his letter dated October 22, 2019 has conveyed to the liquidator stating that there are no tax arrears out-standing against M/s. Good Earth Properties and Services P. Ltd., and the said office has no objection to the liquidation process involving the said assessee - The liquidator stated in its application that company did not have any creditors as on the date of liquidation commencement. The liquidator has complied with the liquidation process as per the provisions of section 59 of the Code and also as per the IBBI (Voluntary Liquidation Process) Regulations, 2017 and moved this application under section 59(7) for seeking dissolution of the corporate person "Good Earth Properties and Services P. Ltd.". Therefore, the said corporate person stands dissolved - "Good Earth Properties and Services P. Ltd." is ordered to be dissolved with effect from November 6, 2019 - Application allowed.
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