2021 (3) TMI 748 - HC - Insolvency and Bankruptcy

Liquidation of Corporate Debtor - Section 33 (2) of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - Since the petitioner Company stands liquidated by order of National Company Law Tribunal, Special Bench II, Chennai ('NCLT') dated 29.05.2020, this writ petition is closed.

Summary

Issues:
- Liquidation order by NCLT
- Notice issued to JDGFT
- Response from JDGFT

Analysis:
The judgment revolves around the liquidation of the petitioner company as ordered by the National Company Law Tribunal (NCLT) in a previous decision. The NCLT's order for liquidation was passed under Section 33(2) of the Insolvency and Bankruptcy Code, 2016. Mr. K.C. Senthil Kumar was appointed as the Liquidator to oversee the liquidation process. The petitioner filed a memo stating the details of the NCLT's order and the appointment of the Liquidator. The Resolution Professional, on behalf of the petitioner, issued a notice to the Joint Director General of Foreign Trade (JDGFT) on 04.06.2020 regarding the liquidation order. However, the JDGFT did not respond to the notice.

The High Court, considering the liquidation order by the NCLT, decided to close the writ petition. It was noted that the Resolution Professional had duly notified the JDGFT about the liquidation, and the JDGFT did not appear in response. The court mentioned that the JDGFT is free to take necessary actions, as per the law, to assert any claims before the authorities. The judgment concluded by closing the connected Miscellaneous Petition without imposing any costs.