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2022 (5) TMI 806 - Tri - Insolvency and BankruptcyDissolution of Corporate Debtor - Section 59 of Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Regulation 38 of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017 - HELD THAT:- It is noted that the Board of Directors of the Corporate Person has taken a conscious decision for closing down the Corporate Person because the shareholders of the Corporate Person do not want to continue with the business as they do not see any business opportunity in upcoming years. Hence, the Board of Directors vide its Extra Ordinary General Meeting dated 15.12.2020 passed a Special Resolution to voluntarily liquidate the Company and to appoint Mr. Bhupendra Singh Narayan Singh Rajput as liquidator. It also appears that the liquidator, after his appointment, has duly performed his duties and completed the necessary formalities to complete the liquidation process of the Corporate Person -Applicant. It also appears that the realized amount has been duly distributed between the shareholders as per their claims. Since there are no Creditors in the Corporate Person, no claims is received. It also appears that no objection is received from any person opposing the proposed voluntary liquidation either from the side of the shareholders or from creditors nor any adverse comment is received from the public at large against such liquidation - After distributing the proceeds of the Corporate Person, the liquidator files its final report wherein it is clearly stated that nothing remains to be realized in the Corporate Person. This Adjudicating Authority in exercise of power conferred to it under Section 59(8) of the IBC, 2016 orders that the Corporate Person (Applicant Company) "M/s. Sohangiri Metals and Alloys Private Limited shall stand dissolved from the date of this order - Application allowed.
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