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2022 (9) TMI 1291 - Tri - Insolvency and BankruptcySeeking dissolution of the Corporate Debtor - Section 54(1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 - HELD THAT:- The ultimate objective of the Code is either to resolve by way of a Resolution Plan or to liquidate the Corporate Debtor, as expeditiously as possible. The facts and circumstances of present case justifies that no purpose would be served to keep the Corporate Debtor under CIRP and/ or under Liquidation Proceedings. The Adjudicating Authority is vested with inherent powers under Rule 11 of NCLT Rules, 2016 conferred under the Act, to pass appropriate order(s) in the interests of speedy justice. No useful purpose would be served by placing the Corporate Debtor under the Liquidation Process which will increase the cost without any fruitful result. The State Bank of India, the sole CoC member has already proceeded against the Corporate Debtor by approaching DRT and by taking possession. The Liquidation Process under the provisions of the Code can be considered to have been carried forward and thus it would be just and proper for the Adjudicating Authority to dissolve the Company, as proposed by the Resolution Professional, moreover when the sole CoC member in its commercial wisdom has passed a resolution seeking dissolution of the Corporate Debtor. This is a fit case for dissolving the Corporate Debtor without undergoing the liquidation process - Corporate Debtor, M/s. Nassco Trading India Private Limited is ordered to be dissolved with immediate effect - application allowed.
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