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TMI Blog2022 (3) TMI 988X X X X Extracts X X X X X X X X Extracts X X X X ..... lear that both the prayers (b) and (c) cannot be granted by way of filing one application and therefore the present application cannot be entertained under Section 54 of the Code. However, the applicant is at liberty to file separate applications for approval of the scheme of Compromise or arrangement for merger with the reasons for delay in filling the application and for Dispensing with convening separate meeting of the Creditors. If the scheme of Merger is approved by the Bench then another application may be filed for Dissolution of the Corporate Debtor complying the conditions laid down under the provisions of companies Act, 2013, stating therein that the assets of the Corporate Debtor has been completely liquidated. Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the interest of the justice, or f) Issue such Order as may be deemed fit, proper and necessary in the facts and circumstances of the case. 2. The prayers of the applicant regarding approval of Scheme of merger and dispensation of convening of separate meetings of the creditors does not fall within the ambit of either Section 54 of the Code or regulation 2B of the Regulations. Section 54 of the Code has been reproduced below: 54. Dissolution of corporate debtor. - (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority far the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed, by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear that both the prayers (b) and (c) cannot be granted by way of filing one application and therefore the present application cannot be entertained under Section 54 of the Code. However, the applicant is at liberty to file separate applications for approval of the scheme of Compromise or arrangement for merger with the reasons for delay in filling the application and for Dispensing with convening separate meeting of the Creditors. If the scheme of Merger is approved by the Bench then another application may be filed for Dissolution of the Corporate Debtor complying the conditions laid down under the provisions of companies Act, 2013, stating therein that the assets of the Corporate Debtor has been completely liquidated. IA 1474/ND/2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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