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TMI Blog2021 (6) TMI 691X X X X Extracts X X X X X X X X Extracts X X X X ..... or of M/s. H. Sakhiya Fashions P. Ltd. (corporate debtor), under section 54 of the Insolvency and Bankruptcy Code, 2016 (I and B Code), with following prayers : (i) To allow the present application ; and (ii) To pass an order of dissolution of corporate debtor in accordance with section 54 of the Insolvency and Bankruptcy Code, 2016. 2. Brief facts of the case, as mentioned in the application, are as follows : 2.1 The main company petition bearing C. P. (IB) No. 106/NCLT/ AHM/2019 filed by one operational creditor, namely, B. G. Textile, under section 9 of the I and B Code read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, was admitted by this Adjudicating Authority, vide order date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amely, TJBS Sahakari Bank Ltd. However, the applicant has verified the claim in accordance with regulation 30 of the IBBI (Liquidation Process) Regulations, 2016 on September 8, 2020 and constituted a stakeholders' consultation committee (SCC) in accordance with regulation 31A of the IBBI (Liquidation Process) Regulations, 2016. Since there was no other creditor except one financial creditor, SCC was constituted of the single member, i. e., TJSB Sahakari Bank Ltd., with an admitted claim of Rs. 13,21,61,928.22. 2.6 That as per regulation 35(1) of the IBBI (Liquidation Process) Regulations, 2016, the liquidator is required to take average of estimates of the value arrived under the provisions of regulation 35 of the IBBI (Insolvency Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ator filed the instant application for dissolution of the corporate debtor in accordance with section 54 of the Insolvency and Bankruptcy Code, 2016, along with final report and form H. 2.11 That the liquidator has prepared receipt and payment account of the corporate debtor from the date of commencement of liquidation, i. e., July 31, 2020 till February 26, 2021 and the same is audited. 2.12 That the liquidation cost is borne by the sole financial creditor and received by the liquidator. 2.13 That there is no amount of unclaimed dividend or undistributed proceeds with the liquidator. Hence, no amount is required to be transferred to corporate liquidation account. 2.14 That the entire proceeds of liquidation are completed within a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 sub-section (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." 6. In view of the facts and circumstances provided by the liquidator in I. A. No. 219 of 2021 filed in C. P. (IB) No. 106/9 /NCLT/AHM/2019 and in exercise of the pow ..... X X X X Extracts X X X X X X X X Extracts X X X X
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