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2021 (7) TMI 1172 - Tri - Insolvency and BankruptcyDissolution of Corporate Debtor - 54(1)(a) and Regulation 14 of IBBI (Liquidation Process Regulations 2016 or any other provisions of Insolvency and Bankruptcy Code, 2016 - HELD THAT:- It is a fact on record that there are no realizable assets held by the Corporate Debtor so as to form a Liquidation Estate and to distribute the proceeds thereof. Accordingly, this Adjudicating Authority in exercise of the powers conferred under Section 54(2) of the I & B Code, 2016, deems it proper to pass an order of the dissolution of the Corporate Debtor. Thus Corporate Debtor herein i.e., M/s. Sristek Clinical Research Solutions Limited stands dissolved from the date of this order. Liquidator also stands relieved. In the instant case, however, neither any compromise or arrangement could be arrived at u/s. 230 of the Companies Act, nor any amount was realized or distributed by the Liquidator. Moreover, the only Claimant is the original applicant/Operational Creditor - The original applicant/Operational Creditor shall reimburse the liquidation cost of ₹ 1,09,450/- to the Liquidator - A lump sum fee of ₹ 1,00,000/- will be paid by the original applicant/Operational Creditor to the Liquidator for performing his duties. Application disposed off.
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