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2021 (12) TMI 679 - Tri - Insolvency and BankruptcyDissolution of the Corporate Debtor - Section 54 of the Insolvency and Bankruptcy Code, 2016, r/w Regulations 44 and 45 of IBBI (Liquidation Process) Regulations, 2016 - HELD THAT - Since all the assets of the CD have been completely liquidated, this Authority in exercise of the powers conferred under Sub-section (2) of Section 54 of the I B Code, 2016, hereby orders the dissolution of the Corporate Debtor, viz, M/s. MCCL PETROCHEM PRIVATE LIMITED from the date of this order, and the Corporate Debtor stands dissolved. Consequently, the Liquidator stands relieved. The Liquidator and the Registry are directed to send the copy of this order within 7 days from the date of pronouncement to the RoC with which the Corporate Debtor is registered - Application disposed off.
Issues:
Application for dissolution of Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016. Analysis: The Liquidator filed an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, along with Regulations 44 and 45 of IBBI (Liquidation Process) Regulations, 2016, seeking the dissolution of the Corporate Debtor. The application highlighted the history of the case, stating that the Corporate Insolvency Resolution Process (CIRP) was initiated upon the application of a Financial Creditor. Subsequently, the Corporate Debtor was liquidated, and the Liquidator was appointed. The Liquidator informed all relevant authorities and stakeholders about the liquidation process, inviting claims and updating the list of stakeholders. Only one claim was received from a Financial Creditor, which was duly acknowledged and included in the list of claims. The Liquidator took steps to realize the assets of the Corporate Debtor, including opening a liquidation account and appointing a Real Estate Consultant for the sale of a Residential Property. Following an offer from a buyer, the Property was sold through Private Sale, and the possession was handed over to the buyers. The amount realized from the sale exceeded the liquidation value of the estate, leading to the distribution of proceeds to stakeholders in accordance with Section 53 of the Insolvency and Bankruptcy Code, 2016. Citing Section 54 of the I & B Code, the Tribunal ordered the dissolution of the Corporate Debtor as all assets had been liquidated. The Liquidator was relieved of duties, and the Registry was directed to send a copy of the order to the Registrar of Companies within seven days. Consequently, the case was disposed of, and parties were served with a copy of the order for their records.
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