NCLT dissolves Teil Projects after successful voluntary liquidation and creditor payments.
The National Company Law Tribunal (NCLT), Delhi, allowed the dissolution of Teil Projects following completion of voluntary liquidation under Chapter XXII of the Companies Act, 2013. All creditors were paid in full, and the liquidator submitted a final report.
The tribunal confirmed that once the liquidation process is complete and assets distributed, dissolution is warranted. However, it preserved the right to pursue proceedings against directors or liquidators for false affidavits concerning unpaid dues.
Voluntary liquidation offers a viable exit route for solvent companies. Legal teams must ensure accurate reporting and documentation to avoid post-dissolution liabilities.
Citations
- Companies Act, 2013, Chapter XXII