In re BSE Institute of Research Development & Innovation Private Limited (NCLT Mumbai)
NCLT Mumbai Finds Voluntary Liquidation Formalities Complied With
BSE Institute of Research Development & Innovation Private Limited filed a Company Petition under Sections 59(7) and 59(8) of the Insolvency and Bankruptcy Code, 2016, read with the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017, seeking dissolution of the Corporate Person. The Company was incorporated on 05.12.2019. Pursuant to a Special Resolution passed at its Extraordinary General Meeting on 11.12.2024, voluntary liquidation was initiated and Mr. Balaji Shrirang Sagar was appointed as Liquidator.
Voluntary Liquidation Process and Compliance
The Applicant submitted that the directors had made a declaration of solvency by affidavit dated 10.12.2024 under Section 59(3)(a) of the IBC. It stated that there were no debts owed by the Corporate Person and therefore approval under Section 59(3)(c) was not required. The audited financial statements, statement of affairs and other records were placed before the Tribunal.
The special resolution was intimated to the RoC and IBBI through the prescribed filings. The Liquidator also intimated the Income-tax Authority under Section 178 of the Income-tax Act, 1961. A public announcement was published in Business Standard and Navshakti on 13.12.2024 inviting claims. The Liquidator submitted the preliminary report on 24.01.2025 and the final report dated 23.05.2025 to the RoC and IBBI on 26.05.2025.
