TMI Blog2021 (5) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... olution of the Corporate Debtor viz., M/s. Business Jets (India) Private Limited is ordered - application allowed. - IA/847/IB/2020 in CP/178/IB/2018 - - - Dated:- 3-5-2021 - R. Varadharajan, Member (J) And Anil Kumar B., Member (T) For the Appellant : Arvind Rajagopal, Advocate ORDER R. Varadharajan, Member (J) 1. This is an Application filed by the Liquidator under Section 54(1) of the Insolvency Bankruptcy Code, 2016 (IBC, 2016) read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process Regulations), 2016, seeking thereof to pass an order of dissolution of the Corporate Debtor viz., M/s. Business Jets (India) Private Limited. 2. In an Application filed under Section 9 of IBC, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordingly the Applicant moved MA/483/2018 before this Tribunal under Section 33(1)(a) of the IBC, 2016 and this Tribunal vide its Order dated 12.10.2018 has ordered for liquidation of the Corporate Debtor and appointed the Applicant herein as the Liquidator. 5. Subsequent thereto it is seen that the Liquidator has caused public announcement in Form-B as per Regulation 12 of the Insolvency and Bankruptcy (Liquidation Process), Regulation, 2016 and two claims were received one from the Operational Creditor and another from the employee which was perused and found to be in order by the Liquidator. It was submitted that there is no asset available with the Corporate Debtor apart from the bank balance and loans advances and a sum of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under Sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under Sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered. 10. From the averments made in the Application along with the perusal of the final report and the Compliance Certificate filed in Form-H by the Applicant, it is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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