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TMI Blog2022 (4) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor are insufficient to cover the cost of Liquidation process, and the affairs of the Debtor do not require further investigation, he may apply to NCLT for early dissolution of the Corporate Debtor. Further it is noted that Stakeholders committee could not be constituted. Therefore, it is just and equitable that the corporate debtor be dissolved from the date of this order. Accordingly, the corporate debtor stands 'Dissolved' from the date of this Order. Directions to be issued to IBBI for payment of fees has been sought, as there is no specific provision under law to issue such directions to IBBI. Hence, the said prayer stands declined - application moved by liquidator for dissolution of the Corporate Debtor stands ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... call upon the stakeholders to submit their claims. Pursuant to the public announcement claims received from the stakeholders were verified and the list of the stake holders in terms of regulation 31(2) of Liquidation regulation was placed on record along with the preliminary report dated 07.09.2020, the asset memorandum under regulation 34 of Liquidation regulation was also filed. 4. It is further stated that there are insufficient funds to pay off the investigation costs or any other expense. Further, the realisable value of the assets of the corporate debtor is zero. Therefore, registered valuer required to be appointed for valuation of the assets within seven 7 days of the initiation of liquidation was not appointed. 5. The liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate 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. 9. In the light of the above, it is noticed that the Corporate Debtor does not have assets to be liquidated, hence an application is moved for the Dissolution of the Corporate Debtor . This Section is to be read along with Regulation 14 of IBBI (Liquidation Process) Regulations 2016, which says that any time after the preparation of a Preliminary Report, if it appears to the Liquidator that the realizable properties of the Corporate Debtor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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