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2020 (9) TMI 521 - Tri - Companies LawSale of shares - approval of the sale - HELD THAT:- The sale of education assets has been done within the Resolution Framework and the same is approved and recorded. Initiation of Bankruptcy Proceedings - HELD THAT:- The initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the Applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record - the request of the Applicant for exempting them from affixing the stamp on the affidavit and notarising the Application is also granted. Striking off the name from Register of Companies - Section 241-242 of the Companies Act, 2013 - HELD THAT:- This Bench is of the view that the striking off of the company is the best option in the given scenario. Hence, we take on record the proposal as prayed for - The request of the Applicant for exempting them from affixing the stamp on the affidavit and notarising the Application is also granted.
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