9911796707
|
Home
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 692 - Tri - Insolvency and BankruptcySeeking Dissolution of corporate debtor - section 54 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - Liquidator has filed necessary documents along with the application. Compliance certificate in form H is enclosed at page Nos. 62-66. The final report is filed at page Nos. 13-14. This IA is filed under regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 praying the Adjudicating Authority to order dissolution of the corporate debtor company since liquidation process is complete - The assets of the corporate person have been completely liquidated. As per the final report, the mode of sale of assets was private. There were no other assets to be disposed of and as such the operation of the corporate debtor has been completely wound up. It is evident that there are no other assets for disposal by the liquidator and as such it is a fit case for passing dissolution order in respect of the corporate debtor - the corporate debtor, viz., M/s. Taksheel Solutions Ltd., is ordered to be dissolved, from the date of this order, in terms of section 54(1) of the IBC, 2016, and the corporate applicant stands dissolved. Consequently, the liquidator stands relieved. Application disposed off.
Issues:
1. Application for dissolution of corporate debtor under section 54 of the Insolvency and Bankruptcy Code, 2016. Detailed Analysis: The Tribunal received an application from the resolution professional seeking an order for the dissolution of the corporate debtor, M/s. Taksheel Solutions Ltd., under section 54 of the Insolvency and Bankruptcy Code, 2016. The corporate insolvency resolution process (CIRP) was initiated based on a petition by an operational creditor, leading to the appointment of a resolution professional, followed by the appointment of a liquidator. The liquidator, in compliance with regulations, conducted public announcements, filed necessary documents, progress reports, and distributed proceeds to stakeholders. Subsequently, the liquidator filed an application under regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, requesting the Tribunal to order the dissolution of the corporate debtor as the liquidation process was deemed complete. Section 54(1) of the IBC states that upon complete liquidation of a corporate debtor's assets, the liquidator must apply for its dissolution. After reviewing the final report and assets liquidation details, the Tribunal found that all assets had been liquidated, and there were no further assets for disposal. Consequently, the Tribunal deemed it appropriate to pass an order for the dissolution of the corporate debtor, M/s. Taksheel Solutions Ltd., in accordance with section 54(1) of the IBC, thereby relieving the liquidator of their duties. The Tribunal directed the liquidator to submit a copy of the dissolution order to the Registrar of Companies, Hyderabad, along with the corporate debtor's books and files. Additionally, instructions were given to update the master data with the Registrar of Companies and inform the Insolvency and Bankruptcy Board of India about the dissolution. The case filed by the liquidator for the dissolution of the company was disposed of, and the registry was directed to archive the case file since the debtor company was dissolved, and no pending proceedings remained.
|
