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CS Professional · Insolvency and Bankruptcy - Law and Practice · Voluntary Liquidation of Companies

Himalaya Textiles Ltd is in voluntary liquidation under the IBC. The liquidator has completely wound up its affairs and fully liquidated its assets. To whom should the liquidator apply for dissolution of the company?

The liquidator applies to the Adjudicating Authority. Under section 59(7), when the corporate person's affairs are completely wound up and its assets completely liquidated, the dissolution application goes to the Adjudicating Authority, not the Registrar, the Board or the members.

  1. AThe Registrar of Companies
  2. BThe Insolvency and Bankruptcy Board of India
  3. CThe Adjudicating AuthorityCorrect
  4. DThe members in a general meeting

Explanation

Section 59(7) provides that once affairs are completely wound up and assets completely liquidated, the liquidator applies to the Adjudicating Authority for dissolution. The Registrar only receives a copy of the dissolution order afterwards, so option A is wrong.

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