Case Note & Summary
The National Company Law Tribunal, Chennai Division Bench, allowed a petition filed by the Liquidator, Mrs. Aneetha Subramaniam, under Section 59(7) of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of TS Shape India Private Limited. The company was incorporated on 01.08.2016 under the Companies Act, 2013, and had undergone voluntary liquidation. The Tribunal, after hearing the counsel for the Liquidator and being satisfied that the liquidation process was completed in accordance with the IBC, 2016, pronounced the order allowing the petition and dissolving the company. The file was consigned to records.
Headnote
A) Insolvency Law - Voluntary Liquidation - Dissolution of Company - Section 59(7) of the Insolvency and Bankruptcy Code, 2016 - The Liquidator filed a petition seeking dissolution of the company after completion of voluntary liquidation. The Tribunal, upon being satisfied that the liquidation process was duly completed and all statutory requirements were met, allowed the petition and ordered dissolution of the company. (Paras 1-8)
Issue of Consideration
Whether the company TS Shape India Private Limited should be dissolved under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 upon completion of voluntary liquidation proceedings.
Final Decision
The petition is allowed. The Company TS Shape India Pvt Ltd is dissolved. File be consigned to records.
Law Points
- Voluntary liquidation
- dissolution of company
- Section 59(7) IBC
- 2016
- compliance with IBC provisions
