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TMI Blog2022 (9) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... de, 2016 read with Rule 11 of the NCLT Rules, 2016 seeking the dissolution of the Corporate Debtor. 2. The facts as narrated in the application are summarized hereunder: i. IBA/22/KOB/2020 and IBA/23/KOB/2020 were filed by M/s. Ambani Vitrified Private Limited and M/s. Airson Ceramic Industries respectively against M/s. Nassco Trading India Private Limited under Section 9(6) of IBC, 2016. The Adjudicating Authority admitted these matters vide common order dated 23.03.2021 and appointed the Applicant as Interim Resolution Professional. The Applicant made a public announcement inviting claims in terms of Section 13(1)(b) and Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The State Bank of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plication under Section 9 of the Code have not submitted their claims before RP. It was deliberated by the sole CoC member that since no useful purpose would be served by initiating the liquidation process of the Corporate Debtor in absence of any assets available for disposal as per MCA records of the company, the CoC resolved that steps to dissolve the company needs to be initiated without any delay. Accordingly, the resolution was passed in the 4th CoC meeting with 100% voting. 3. It is submitted that there are no assets of the Corporate Debtor as the respective Secured Creditor had taken recourse to recover the debt from the assets of the Corporate Debtor which were mortgaged by the Corporate Debtor with Secured Creditor. 4. The Reso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 6. The ultimate objective of the Code is either to resolve by way of a Resolution Plan or to liquidate the Corporate Debtor, as expeditiously as possible. The facts and circumstances of present case justifies that no purpose would be served to keep the Corporate Debtor under CIRP and/ or under Liquidation Proceedings. The Adjudicating Authority is vested with inherent powers under Rule 11 of NCLT Rules, 2016 conferred under the Act, to pass appropriate order(s) in the interests of speedy justice. 7. In the above facts and circumstances of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IRP, further, they are absconding and have not attended any of the COC meetings and not taking any efforts and measures to adhere to their statutory duties to manage/revive the company. The business of the Corporate Debtor is into retail trade of Vitrified tiles and Granites and it is not functioning for the past 5 to 6 years. No financials are updated; ROC compliances and other statutory compliances are pending for the past several years. Considering all the above facts, COC is of the opinion not to Issue FORM G (EOI inviting Resolution applicant) as the scope for the resolution process is nearly impossible and recommends for Liquidation of the company. Further, it was decided to finalize the liquidation after the Visit of the registere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Insolvency and Bankruptcy Code, 2016 read with Regulation 14 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 along with Rule 11 of NCLT Rules, 2016 invoking inherent powers of Adjudicating Authority and other relevant provisions of the Code and the Rules made thereunder, IA(IBC)/134/KOB/2021 is allowed with the following orders: i. The Corporate Debtor, M/s. Nassco Trading India Private Limited is ordered to be dissolved with immediate effect. ii. The Registry is directed to forward a copy of this Order to the Registrar of Companies, Kerala within two weeks from the date of this Order. iii. The Resolution Professional is also directed to forward copies of this Order to all other Statutory ..... X X X X Extracts X X X X X X X X Extracts X X X X
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