9911796707
TMI Blog2022 (8) TMI 995X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor. Consequently, it is not only just and equitable, but also necessary as no sale proceeds are available to satisfy the creditor's dues(s). The present case falls within the parameters of Regulation 14 of Liquidation Regulation and is a fit case for Order of dissolution--the Corporate Debtor M/s. Digicontrol Northern Pvt. Ltd. stands 'Dissolved' from the date of this Order. Since the Company stands Dissolved vide this Order and no proceedings are pending, the Registry is directed that the case file be consigned to records - application allowed. - IA (IBC) No. 296/JPR/2022 in CP No. (IB) 164/9/JPR/2019 - - - Dated:- 29-7-2022 - Deep Chandra Joshi , Member ( J ) And Prasanta Kumar Mohanty , Member ( T ) For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he First Progress Report was filed on 23.04.2022. Subsequently, an E-Auction notice was published in the newspaper on 27.04.2022, giving details of the E-Auction scheduled to be held on 03.05.2022. The Assets were sold to the bidder at Rs. 1,15,000/- (Rupees One Lakh Fifteen Thousand Only), closing the auction process. c. The preliminary and final report dated 24.05.2022 has been submitted, giving the details of the liquidation process conducted from 11.03.2022 to 23.05.2022. It is also stated in the report that all assets of the Corporate Debtor have been disposed of. The Liquidator has submitted the Final Report with the Registrar of Companies vide Form GNL-2 dated 24.05.2022. d. The liquidation cost has been fully recovered thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the corporate debtor are insufficient to cover the cost of the liquidation process; and (b) the affairs of the corporate debtor do not require any further investigation; he may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution. 7. The Final Report submitted by the Applicant shows that all the costs towards E-auction, advertisement, and expenses towards the ongoing proceedings at NCLT, Jaipur and Liquidator's fees were covered through the liquidated estate of the Corporate Debtor. In the present Application, the sale proceeds of the Corporate Debtor's assets were adequate to meet the liquidation cost. However, no monies were ..... X X X X Extracts X X X X X X X X Extracts X X X X
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