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2022 (4) TMI 1165 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHDissolution of the corporate debtor - Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 - HELD THAT:- It is noticed that the Corporate Debtor does not have assets to be liquidated, hence an application is moved for the "Dissolution of the Corporate Debtor". This Section is to be read along with Regulation 14 of IBBI (Liquidation Process) Regulations 2016, which says that any time after the preparation of a Preliminary Report, if it appears to the Liquidator that the realizable properties of the Corporate Debtor are insufficient to cover the cost of Liquidation process, and the affairs of the Debtor do not require further investigation, he may apply to NCLT for early dissolution of the Corporate Debtor. Further it is noted that Stakeholders committee could not be constituted. Therefore, it is just and equitable that the corporate debtor be dissolved from the date of this order. Accordingly, the corporate debtor stands 'Dissolved' from the date of this Order. Directions to be issued to IBBI for payment of fees has been sought, as there is no specific provision under law to issue such directions to IBBI. Hence, the said prayer stands declined - application moved by liquidator for dissolution of the Corporate Debtor stands admitted.
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