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2019 (11) TMI 1651 - Tri - Insolvency and BankruptcySeeking permission to transfer the entire bid amount to the corporate debtor/ liquidator - allotment of shares in newly created share capital of the company - HELD THAT:- The total allotment of shares 4,50,00,000 at a face value of ₹ 10/- each which comes to 100% equity of the Corporate Debtor. Since the Applicant is the purchaser of the Corporate Debtor Unit as ongoing concern, the Applicant is entitled to make allotment of shares as he desires as per the provisions of the Companies Act, 2013 by following the procedure prescribed thereunder. The Applicant is also entitled to list shares as per the provisions of law and also he can make request to ROC concerned to make the Company as active by following the procedure prescribed. It is also open to the Applicant to constitute Board as per Companies Act, 2013 and individuals concerned to act accordingly since Applicant purchased the Unit as ongoing concern - The Applicant is also entitled for benefits which are already given to the Corporate Debtor under Special Economic Zone Act, 2005 and these benefits continue to be enjoyed by the Company under the new management of the Applicant. Application disposed off.
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