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TMI Blog2019 (2) TMI 1886X X X X Extracts X X X X X X X X Extracts X X X X ..... rational Creditor' viz. Mr. Arvind Gawada against the 'Corporate Debtor' M/s. Zeel Global Projects Pvt. Ltd. an Order was passed on 27.04.2017 admitting the Petition u/s. 9 of The I & B Code by appointing a Resolution Professional Mr. Milind Kosadekar. As a consequence, clauses of Sec. 14 of The Code i.e. pronouncement of 'Moratorium' were also directed to be applicable. 3. The Learned Resolution Professional had taken necessary steps as prescribed under The Code and constituted 'Committee of Creditors'. The Resolution Professional has reported that as per the Balance Sheet of the Debtor Company there was no Asset for Liquidation so as to satisfy the outstanding Debt. The Resolution Professional had also tried t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Building, Survey No. 246/4, House No. 1892, Saket Society, Aundh, Pune-411007 Book debts as on September, 2015 Rs. 38,81,296/- and Work in progress as on September, 2015 Rs. 23,86,099/- 57,72,570 2. BANK OF MAHARASHTRA, 1183/A 2nd Floor Yashomangal, Fergusson College Road, Pune -- 411004 Hypothecation of Inventory and receivables and charge on total fixed assets of the Company (present & future both) 69,26,619 OPERATIONAL CREDITOR 1. ARWIND GAWDA Salary Not Paid 1,50,000 TOTAL CLAIM AMOUNT 1,28,49,189 6. The Learned Resolution Professional in this Miscellaneous Application has stated as under :- "XV. That as per Regulation 14 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations; any time after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with which the corporate debtor is registered." 8. In the light of the above section it is noticed that the Corporate Debtor do not have assets to be liquidated hence an Application is moved for the "Dissolution of the Corporate Debtor". This Section is to be read along with Regulation 14 of IBBI (Liquidation Process) Regulations 2016 which says that any time after the preparation of a Preliminary Report if it appears to the Liquidator that the realizable properties of the Corporate Debtor are insufficient to cover the cost of Liquidation process, and the affairs of the Debtor do not require further investigation may apply to NCLT for early dissolution of the Corporate Debtor. For ready reference reproduced below: - "Early dissolution. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Once the affairs of a Company have been completely wound up, the Company Liquidator shall make an Application to the Tribunal for Dissolution of the Company as per Section 303 of the Companies Act, 2013, however, even this Section has not yet been enforced. A procedure is laid down, yet to be make applicable, that a copy of the Dissolution Order shall be forwarded to the Registrar who shall record in the Register of Registration regarding Dissolution of the Company. Although parallel provisions are made in the Insolvency Code as well as in the Companies Act, 2013, but the provisions of the Companies Act have not been notified. 12. As a consequence, through this Order it is hereby declared that not only it is just and equitable but because ..... X X X X Extracts X X X X X X X X Extracts X X X X
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