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2021 (8) TMI 847 - NATIONAL COMPANY LAW TRIBUNAL , MUMBAI BENCHEarly Dissolution of the Corporate Debtor - section 54 of the Insolvency and Bankruptcy code read alongwith Regulation 14 of IBBI (Liquidation Process) Regulations 2016 - HELD THAT:- No claims have been received from any Operational Creditor including the Operational Creditor at whose behest CIRP had commenced in this matter. The RP mentions that he has received only one claim from Financial Creditor, i.e., M/s. Loyal Enterprises and total admitted amount is ₹ 20 lakhs. Further, the firm does not have any workmen and employees. The bench notes that there is no asset in the Company and as per the audited financials as on 31.03.2019 the balance sheet the Company has fixed assets of about ₹ 13.79 lakhs which is not there in the Company physically, therefore, can not be valued. Similarly, there is Stock in Trade as per the books of account of about ₹ 27.93 lakhs which were primarily perishable food items and cannot be valued at present. There is no asset in the Company and the lone CoC member has recommended direct dissolution of the Company as no purpose would be served by first going in for liquidation (since no assts are there in the Company and no claim has been filed). The lone Financial Creditor is reconciled to the fact that he will not get anything by liquidation, therefore, has recommended in the CoC meeting dated 06.10.2020, for a direct dissolution. The Corporate Debtor Company stands dissolved from the date of this Order - Application allowed.
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