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TMI Blog2019 (2) TMI 1886X X X X Extracts X X X X X X X X Extracts X X X X ..... uidator that the realizable properties of the Corporate Debtor are insufficient to cover the cost of Liquidation process, and the affairs of the Debtor do not require further investigation may apply to NCLT for early dissolution of the Corporate Debtor - it is also worth to refer Section 59, Sub-Section 7 of IBC, although this Section is in respect of Voluntary Liquidation of a Corporate Person, however, according to which where the affairs of the Corporate Person have been completely wound up, and its assets completely liquidated, the Liquidator shall make an Application to Adjudicating Authority for the Dissolution of such Corporate person. Once the affairs of a Company have been completely wound up, the Company Liquidator shall make a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. Arvind Gawada against the 'Corporate Debtor' M/s. Zeel Global Projects Pvt. Ltd. an Order was passed on 27.04.2017 admitting the Petition u/s. 9 of The I B Code by appointing a Resolution Professional Mr. Milind Kosadekar. As a consequence, clauses of Sec. 14 of The Code i.e. pronouncement of 'Moratorium' were also directed to be applicable. 3. The Learned Resolution Professional had taken necessary steps as prescribed under The Code and constituted 'Committee of Creditors'. The Resolution Professional has reported that as per the Balance Sheet of the Debtor Company there was no Asset for Liquidation so as to satisfy the outstanding Debt. The Resolution Professional had also tried to contact other Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession of the stock. For Zeel Global Projects Private Limited (Sd/) Director 5. The Resolution Professional has also collated the claims of the Financial Creditors stated to be as under :- PARTICULARS DETAILS OF SECURITY HELD AMOUNT (RS) SECURED FINANCIAL CREDITORS (BANKS) 1. CENTRAL BANK OF INDIA Vaishvik Building, Survey No. 246/4, House No. 1892, Saket Society, Aundh, Pune-411007 Book debts as on September, 2015 ₹ 38,81,296/- and Work in progress as on September, 2015 ₹ 23,86,099/- 57,72,570 2. BANK OF MAHARASHTRA, 1183/A 2nd Floor Yashomangal, F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Resolution of a Corporate Debtor Section 54 of The Code reads as under:- 54.(1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under subsection (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered. 8. In the light of the above section it is noticed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of such Corporate person. This Sub-Section is simply referred by the Ld. Counsel for the reason that in all such situation an Application is to be moved for seeking an Order of Dissolution of a Corporate Person . 10. Even the Companies Act 2013 has made a provision u/s. 273 describing Powers of Tribunal which states that the Tribunal may on receipt of a Petition for winding up u/s. 272 pass an Order viz. appointing a Provisional Liquidator till winding up Order and on just and equitable ground wound up a Company. However, at this juncture, it is important to mention that so far Section 273 has not been enforced by due Notification. 11. Once the affairs of a Company have been completely wound up, the Company Liquidator shall make ..... X X X X Extracts X X X X X X X X Extracts X X X X
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