TMI Blog2019 (10) TMI 542X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - CP(IB) No. 320/KB/2017 And CA(IB) No. 646/KB/2019 - - - Dated:- 21-6-2019 - SHRI MADAN B. GOSAVI, MEMBER (J) For The Liquidator : Ms. Savita Agarwal ORDER Arun Kumar Jain, Arun Jain Associates. - Operational Creditor filed this application under section 9 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. RP, Mr.Vasudeo Agarwal tried to collect the information about the assets of the corporate debtor. There was complete non-cooperation from the directors of the corporate debtor. Despite his best efforts, Mr. Agarwal did not get required information to prepare information memorandum. Resultantly, he could not publish a notice calling EoI/Resolution Plan from the prospective resolution applicant. 5. IRP did not find any assets of the corporate debtor. The corporate debtor was maintaining the bank accounts but there was no sufficient balance. Since the IRP did not find any assets of the corporate debtor, he could not prepare information memorandum. Resultantly, he did not publish notice calling upon EoI/Plan from the prospe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mant 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. In view of the evidence on record, I am satisfied 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. In view of this, I proceed to pass the following order: ORDER 1. M/s. Upadan Commodities Private Ltd., the Corporate Debtor is dissolved from the date of this order. 2. A copy of an order under sub-section (2) of section 54 shall within sev ..... X X X X Extracts X X X X X X X X Extracts X X X X
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