9911796707
TMI Blog2021 (12) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... g with Regulation 14 of the Regulations. The present Application is allowed as the dissolution is the last step to wind up the proceedings of the Corporate Debtor as per the provisions of law - decided in favor of applicant. - IA 706 (AHM) OF 2021 in CP(IB)/635/9/NCLT/AHM/2019 - - - Dated:- 8-12-2021 - M.B. Gosavi, Member (J) And Ajai Das Mehrotra, Member (T) For the Appellant : Sumit Parikh, Advocate ORDER 1. The instant Application is filed by CA Bhavi Shreyans Shah, Liquidator of Bansal Shipping Pvt. Ltd. (for brevity 'Corporate Debtor') under Section 54 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'Code') read with Regulation 14 of the Insolvency and Bankruptcy Board of India (Liquidati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on the list of stakeholders, Applicant constituted stakeholder consultation committee. 5. As per Regulation 13 of the Liquidation Regulations, the Liquidator had submitted preliminary report on 02.08.2020 within the prescribed period, inter alia containing the following details- (a) the capital structure of the Corporate Debtor: (b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor: (c) whether, he intends to make any further inquiry in to any matter relating to the promotion, formation or failure of the Corporate Debtor or the conduct of the business thereof; and (d) the proposed plan of action for carrying out the liquidation, including th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of India (Insolvency Resolution Process for Corporate Persons) Regulation, 2016. The applicant further apprised the members of CoC about the Corporate Debtor being non-operating unit and having no assets (except Cash and Bank Balance) to sell it as a going concern as per Regulation 39C of the CIRP Regulations. 9. It is seen from the record that no assets are left with the Corporate Debtor and no other business operation is being carried. Hence, it is of no use to keep alive the Corporate Debtor as legal entity in existence. 10. For the purpose of pronouncement of Dissolution of the Corporate Debtor it is necessary to peruse Section 54 of the Code along with Regulation 14 of the Regulations: 11. Section 54: Dissolution of corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'Liquidation' as reported by the Applicant this is a fit case for the dissolution of the Corporate Debtor, the following directions: a. Bansal Shipping Pvt. Ltd., the Corporate Debtor, is hereby dissolved with immediate effect; b. The Liquidator is also directed to forward copies of this order to all other statutory authorities connected with the affairs of the Company. c. The Liquidator is discharged from the date of passing of this order. The instant Application is allowed and disposed of in terms of above direction. 14. Copy of this Order shall be forwarded to the concerned authorities and the Registrar of Companies having jurisdiction, for further necessary action, to update the status of the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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