Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (3) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 988 - NATIONAL COMPANY LAW TRIBUNAL , NEW DELHI BENCHApproval of scheme of amalgamation - Condonation of delay under Regulation 2B of Insolvency and Bankruptcy Board of India (Liquidation Process), Regulation, 2016 - time limit under this specified regulation of 90 days has already been expired - Seeking dispensation with convening separate meeting of the Creditors of the Corporate Debtor - approval of Scheme of Compromise or Arrangement for merger of the Corporate Debtor - dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- On a bare perusal of the provisions of Section 54, it is clear that both the prayers (b) and (c) cannot be granted by way of filing one application and therefore the present application cannot be entertained under Section 54 of the Code. However, the applicant is at liberty to file separate applications for approval of the scheme of Compromise or arrangement for merger with the reasons for delay in filling the application and for Dispensing with convening separate meeting of the Creditors. If the scheme of Merger is approved by the Bench then another application may be filed for Dissolution of the Corporate Debtor complying the conditions laid down under the provisions of companies Act, 2013, stating therein that the assets of the Corporate Debtor has been completely liquidated. Application disposed off.
|