2022 (2) TMI 1307

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..... the timelines of Liquidation Process of the Corporate Debtor and thus render justice. b. to fix an early date for hearing the Applications mentioned in Paragraph 4.16 in the typed set of Application Vis., MA/552/2018, MA/628/2019, MA/631/2018, MA/131/2020 c. to pass an order of dissolution of SBQ Steels Ltd. under section 54 of the Code and consequently discharge the Applicant herein as Liquidator of the Corporate Debtor and thus render justice. d. a copy of the dissolution order hereunder shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered in accordance with Section 54(3) of the IBC, 2016. 2. It is averred in the Application that SBQ Steels Ltd. (hereinafte .....

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..... icant that on 10.08.2020, the Applicant and 24 Applicant herein executed the Letter of Intent as per Clause 12 to Schedule 1 of the Liquidation Regulations; that on 11.08.2020, Liberty also confirmed the mode of purchase as "set of assets collectively" as per Section 32(c) of the Liquidation Regulation and for completing the transaction, Liberty incorporated a special purposes vehicle vis., Liberty Steel SBQ Limited (hereinafter "Liberty SPV"). 6. It is further submitted by the Learned Counsel for the Applicant on 08.12.2020 upon order passed by this Tribunal in TA/888/2020, the Liberty SPV made the complete payment of the sale consideration and on 10.12.2020, the Applicant herein issued the sale certificate and handed over the possession .....

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..... ed Counsel for the Applicant. Section 54 of the IBC, 2016 provides as follows: - Section 54 "(1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate 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." 10. From the averments made in the Applicat .....

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