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2021 (9) TMI 1245 - Tri - Insolvency and BankruptcySeeking dissolution of M/s. BSM India Private Limited - voluntary liquidation - 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:- The Special Resolution was passed by members on 17.02.2020 after a gap of 101 days from Declaration by Directors (08.11.2019) as against requirement of 28 days as per Section 59(3)(c) of the Code. After special resolution, petition with NCLT was filed after 17 months as against requirement of 12 months. It was orally submitted by the Counsel that the reasons for delay in conducting the liquidation process and the statutory compliance U/s. 59(3)(c) was neither intentional nor deliberate. Accordingly, the delay is condoned in completing the process of liquidation. There is no legal impediment in allowing the prayer of the applicant - the Liquidator is allowed to dissolve the Company U/s. 59 of the Code and the said company is hereby dissolved with effect from the date of the present order.
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