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2019 (12) TMI 283 - Tri - Insolvency and BankruptcyLiquidation order - prayer is made seeking appropriate direction upon the ROC for accepting Form INC-28 for compliance of liquidation of company - HELD THAT - It is a matter of record that the CP(IB) 219 of 2018 was admitted on 25.7.2018 and during the pendency of Corporate Insolvency Resolution Process, the Company is struck off' from the register of ROC. The said fact is very much in the knowledge of then RP, now liquidator, but so far he has not taken any steps to restore the company for completing the liquidation process. Knowing fully well that when the company is struck off, the software is not going to accept Form INC-28 in any manner. Under such circumstances, the application so filed by the liquidator seeking direction upon the ROC is a futile exercise and is a mere wastage of resources of the Bench and its time. The instant application is not maintainable at this stage - Application dismissed.
Issues:
1. Application for directions to Registrar of Companies for compliance of liquidation process. 2. Admissibility of the application after the company is struck off by the Registrar of Companies. Analysis: 1. The Applicant, represented by learned counsels, filed an application seeking directions for various matters related to the liquidation process of a Corporate Debtor. The prayer included allowing the filing of Form INC-28 for compliance of liquidation, permission to realize, sell, and dispose of assets, and to open a bank account for distributing proceeds among creditors as per the Insolvency and Bankruptcy Code, 2016. 2. The Tribunal noted that the Corporate Debtor had been struck off by the Registrar of Companies prior to the application. The Corporate Insolvency Resolution Process was ongoing when the company was struck off. The Tribunal observed that the liquidator had not taken steps to restore the company for completing the liquidation process despite being aware of the company's struck-off status. 3. The Tribunal emphasized that when a company is struck off, the software does not accept Form INC-28. Therefore, seeking directions from the Registrar of Companies in such a situation was deemed a futile exercise and a waste of resources. The Tribunal concluded that the application was not maintainable at that stage and dismissed it. The liquidator was advised to take appropriate steps to address the situation effectively.
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