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2021 (1) TMI 111 - Tri - Insolvency and BankruptcyDissolution of the Corporate Person through voluntary liquidation - Section 59(8) of the I&B Code, 2016 - HELD THAT:- The Applicant Company had not conducted any business or operations for quite some time, the scope of business that the Company was expecting from its parent Company had reduced and therefore it was no longer viable to run the business and that the Board of Directors upon discussions, approved the proposal to voluntarily liquidate the Company. The Liquidator has complied with all the conditions and procedural requirements as specified under various provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016 and of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, before initiating Voluntary Liquidation Process of the Corporate Person, and the due Liquidation process is completed. Thus, the Petition / Application deserves to be allowed, as prayed for. The Corporate Person, M/s. Flocare Labs India Private Limited, is hereby dissolved, with immediate effect - Application disposed off.
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