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2022 (8) TMI 176 - Tri - Insolvency and BankruptcyDissolution of the Corporate Debtor - Section 54 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The affairs of the Corporate Debtor have been wound up and its assets have been completely liquidated. It is noted that the erstwhile promoters and Suspended Directors of the Corporate Debtor had absconded and as a consequence of this, the process of liquidation of the Corporate Debtor was inordinately delayed. Hence, the period of 137 days between 19th February 2022 to 5th July 2022 shall be excluded from the period of Liquidation of the Corporate Debtor. It is satisfying from the documents on record that the liquidation is not with intent to defraud any person. The bank account for the purpose of liquidation has been closed. The facts and circumstances indicate that due process of liquidation, as per extant provisions and in the manner indicated in the Code and Regulations, have been followed by the Liquidator to liquidate the assets of Company. The liquidation process has been duly completed as per the provisions of the Code. Thus, it would be just and equitable for this Tribunal to dissolve the Corporate Debtor. No party is going to be adversely affected thereby. The Corporate Debtor deserves to be dissolved - Application allowed.
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