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2019 (6) TMI 907 - Tri - Insolvency and BankruptcyInitiation of Corporate Insolvency Resolution Process (CIRP) - process initiated against the Corporate Debtor - Section 7 of the I&B Code, 2016 - HELD THAT:- The Final Report dated 28.01.2019 filed by the Liquidator provides that during the CIR Process and during Liquidation process, no bank account was opened or operated or maintained and no current account transaction or bank account operation was carried out. It further provides that the Corporate Debtor ceased to do business and the promoters and/or Directors of the Corporate Debtor have not handed over the books of account or provided any material information during the CIR Process and during the proceedings of liquidation. Therefore, the Liquidator could not appoint any valuers in the absence of Financial Records and/or any discoverable assets, as prescribed under the Insolvency and Bankruptcy Code, 2016. This Authority in exercise of the powers conferred under Sub-section (2) of Section 54 of the I&B Code, 2016, hereby order the dissolution of the Corporate Debtor, viz., M/s. SKC Retail Limited from the date of this Order, and the Corporate Debtor stands dissolved. Consequently, the Liquidator stands relived - The Liquidator and the Registry are directed to send the copy of this order within 7 days from the date of pronouncement to the RoC with which the Corporate Debtor is registered. Application disposed off.
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