Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 542 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor committed default in paying the operational debt - section 9 of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The Liquidator pointed out the valuation report of the assets of the corporate debtor. It is seen that except these equity shares standing in the name of the promoters of the corporate debtor, corporate debtor does not have any assets. Hence, there was no question of sale of their assets to recover and pay the dues of the claimant or the creditor. Section 54 of I&B Code allows this authority to pass order of dissolution of corporate debtor, if the authority comes to the conclusion that the corporate debtor does not own any assets which can be sold for resolving debt. The corporate debtor does not have the assets which could be sold for resolving its debts. Hence, the order of dissolution of the corporate debtor has to be passed - M/s. Upadan Commodities Private Ltd., the Corporate Debtor is dissolved from the date of this order.
|