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TMI Blog2021 (8) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts narrated and the law on the subject it would be just and equitable to dissolve the Corporate Debtor. No party is going to be adversely affected or prejudiced thereby. In view of the above the Corporate Debtor deserves to be dissolved. Application allowed. - IA No. 1560 of 2021 in C.P. (IB) No. 533/MB/2018 - - - Dated:- 11-8-2021 - Bhaskara Pantula Mohan, Actg. President and Narender Kumar Bhola, Member (T) For the Appellant : Agam H. Maloo, Advocate ORDER Narender Kumar Bhola, Member (T) 1. This is an Application by the Liquidator of Tork Fastners Private Limited (Corporate Debtor) under Section 54 of the Insolvency and Bankruptcy Code, 2016 (the Code) r/w Regulation 45 of Insolvency and Bankruptcy Board of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Second Progress Report for the period from 01.01.2021 to 31.03.2021 on 16.04.2021. v. The Applicant further submits that an Asset Sale Report for the quarter 'January to March 2021' was submitted along with the Second Progress Report. The Applicant has also submitted an Audited Report of Receipt and Payment Account for FY 2020-21 (the period from 24.11.2020 to 31.03.2021). vi. The Applicant has submitted the Final Report on 06.07.2021. The relevant extracts from the Final Report are reproduced hereinbelow: ...... 2. Status of the Corporate Debtor At the time of commencement of liquidation process (or CIRP), there were no assets at factory site of the Corporate Debtor situated at MIDC, Ambad, Nashik. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng reports with Hon. NCLT Mumbai in compliance with relevant regulations of IBBI (Liquidation Process) Regulations, 2016: (i) Preliminary Report (Regulation 13) (ii) Asset Memorandum (Regulation 34) (iii) List of Stakeholders (Regulation 31) (iv) Quarterly Progress Report (Regulation 15) (v) Asset Sale Report (vi) Audited Receipts Payments Account of the Liquidator The Liquidation estate comprises of Land Building at MIDC, Ambad Nashik. There were no other assets of the Company. ...... 6. Realisation of Liquidation Proceeds and Distributions made to the Stakeholders The Liquidator has sold the property in an online auction and has realised ₹ 94,00,000 towards the sale proceeds. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e forwarded to the authority with which the corporate debtor is registered. 4. The applicable Regulation under the Regulations, provides: 45. Final report prior to dissolution. (1) When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor's assets have been liquidated. (2) If the liquidation 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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