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2021 (10) TMI 1182 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHSeeking dissolution of the Corporate Debtor - sections 54(1) of the Insolvency & Bankruptcy Code, 2016 r/w Regulation 45(3) IBBI (Liquidation Process) Regulations, 2016 - HELD THAT:- After completion of sale of assets by ARCIL, a letter dated 05.09.2019 was sent to ARCIL by the liquidator requesting for submission of asset sale report as required under Regulation 36 of the regulations along with the documents relating to the sale of assets. By the said letter, ARCIL was requested to transfer the amount of insolvency resolution process cost and liquidation cost incurred by the IRP, RP and Liquidator from the sale proceeds of the assets before applying the same towards recovery of debts. ARCIL deposited the amount of ₹ 13,08,403/- in the account of Kokama International Private Limited. (In Liquidation) on 12.12.2019 and the balance amount was adjusted against the recovery of its secured debt by ARCIL - the entire cost of insolvency resolution process and liquidation process was met by ARCIL as the company did not have any funds to meet the said costs. The Liquidator on the request made by ARCIL by letter dated 23.12.2019 reimbursed the said cost to ARCIL from the account of Kokama International Private Limited (In Liquidation). Kokama International Private Limited, the Corporate Debtor, is hereby dissolved with immediate effect - application allowed.
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