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TMI Blog2021 (5) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Appellant : Arvind Rajagopal, Advocate ORDER R. Varadharajan, Member (J) 1. This is an Application filed by the Liquidator under Section 54(1) of the Insolvency & Bankruptcy Code, 2016 (IBC, 2016) read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process Regulations), 2016, seeking thereof to pass an order of dissolution of the Corporate Debtor viz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... report of constitution of CoC before this Tribunal on 16.05.2018. Thereafter, it is seen that upon subsequent verification the sole Operational Creditor was found to be a 'Related Party' of the Corporate Debtor and as such does not qualify as the member of the CoC. 4. Subsequently, the IRP has received two more claims from one Operational Creditor and another from an employee and as such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ptcy (Liquidation Process), Regulation, 2016 and two claims were received one from the Operational Creditor and another from the employee which was perused and found to be in order by the Liquidator. It was submitted that there is no asset available with the Corporate Debtor apart from the bank balance and loans advances and a sum of Rs. 91.38 lakh which constitute the IT refunds and Trade receiva ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 66 of IBC, 2016. Under the said circumstances, the Applicant submitted that since there has been no activity and income and no assets left with the Corporate Debtor apart from the amount which was lying in the bank account which was also duly distributed to the stakeholders under Section 52 and 53 of IBC, 2016 after meeting the CIRP and liquidation cost and hence prayed that the orders may be p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... From the averments made in the Application along with the perusal of the final report and the Compliance Certificate filed in Form-H by the Applicant, it is seen that the Corporate Debtor has been completely liquidated and in the circumstances as averred and as prayed for by the Applicant that an order for dissolution is required to be passed by this Tribunal under Section 54 of the IBC, 2016. Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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