TMI Blog2021 (2) TMI 118X X X X Extracts X X X X X X X X Extracts X X X X ..... oduced the email sent to the Registrar of Companies and the Insolvency Bankruptcy Board of India intimating the voluntary liquidation of the Corporate Debtor. He has also produced the screenshot of approval by IBBI on the aforesaid intimation along with a copy of IP-1 filed by him to the IBBI. In the application filed by the Liquidator under Section 59 of the Code for dissolution of this Corporate Person, this Tribunal noticed that the affairs of the Corporate Person have been completely wound up and its assets were liquidated. Hence, this Tribunal is of the considered view that the Corporate Person, through its Liquidator, voluntarily liquidated itself so as to get dissolved. This Tribunal approves the dissolution of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions. The Board further found that the business of the Company was no longer capable of being revived in the immediate future and proposed to file application for voluntary liquidation. As required under the provisions of Section 59 of the Insolvency and Bankruptcy Code, 2016, all the Directors of the company namely Dr. Isac John, Mr. John Kuriakose, Mr. George Purappadathil Varghese and Mr. Giji Nellikuzhiyil George, made a declaration on 13.02.2020. 4. The Board of Directors of the Company in their Meeting held on 15.02.2020 approved the proposal to liquidate the Company voluntarily. The declaration by all the Directors of the Company along with audited financial statements and record of business operations of the company for the perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e same was published in the IBBI website. In addition to that the commencement of liquidation and the appointment of liquidator was intimated to the Registrar of Companies, Kochi in form MGT-14 and form GNL-2 on 17th March 2020. 7. The Liquidator filed Preliminary report to the Company on 27.04.2020. As required under the Regulations, the Liquidator submitted the List of Stakeholders to the Company on 25.05.2020. The Liquidator is required to realise the proceeds of the assets of the Corporate Person as mentioned under Regulation 32 of IBBI Regulations. The assets of the Company consist of cash in hand and cash at bank to the tune of ₹ 61,54,562/- as on 14.03.2020. The shareholders of the Company have filed their claims, claiming t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egulations has been annexed with the application. The Liquidator filed this application along with final report forwarding a copy of the final report to the Registrar of Companies, Kerala and IBBI in Compliance of Section 59(6) of the Code, read with Regulations 32 and 34 of IBBI Regulations. The liquidator has produced the email sent to the Registrar of Companies and the Insolvency Bankruptcy Board of India intimating the voluntary liquidation of the Corporate Debtor. He has also produced the screenshot of approval by IBBI on the aforesaid intimation along with a copy of IP-1 filed by him to the IBBI. 11. In the application filed by the Liquidator under Section 59 of the Code for dissolution of this Corporate Person, this Tribunal not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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