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TMI Blog2021 (6) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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. - I. A. No. 121 of 2021 in C. P. (IB) No. 63 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t herein followed the timelines specified in the Liquidation Regulations. It is stated the corporate debtor (under liquidation) has following stakeholders. List of stakeholders Sl. No. Name of financial creditor Claim submitted in Rs. 1. IDBI Ltd. 29,01,92,578 2. BSE Ltd. 10,27,573 3. G. Sadasiva Reddy 1,87,265 4. The Income-tax Officer 96,15,87,052 6. The applicant states that he has filed assets memorandum on January 14, 2020 with the Tribunal thus complying reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same. (3) The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for- (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern ; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a). Section 54(1) of the I and B Code further states that : 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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