9911796707
TMI Blog2021 (8) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... the Regulations), seeking dissolution of the Corporate Debtor. 2. The facts leading to the present Application are as under: i. An Application for commencement of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor filed under Section 9 of the Code was admitted by this Tribunal vide order dated 22.07.2019 and Mr. Bharatiraju Vegiraju was appointed as the Interim Resolution Professional (IRP) who was then confirmed as the Resolution Professional (RP) of the Corporate Debtor. ii. Subsequently, the RP filed an Application under Section 33(2) of the Code seeking liquidation of the Corporate Debtor which was allowed by this Tribunal vide order dated 29.10.2020. iii. It would be profitable here to clarify an inadver ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... along with Security Cabin and Iron Rod Main Gate is there. There are no records of Books of Accounts of the Corporate Debtor. It is informed that the Factory has closed operations since last 2 years. There is no Plant & Machinery or any inventory at the factory site. Even the Furniture & fixtures were found missing at the factory site. There are no employees in the company. Even the Directors have resigned from the Company and have not visited the factory site. The Liquidator has tried to compile the information from MCA website. The last audited accounts of the Company are available on the MCA website till 31st March 2016. There being no books of accounts available with the Company, the Liquidator expresses its inability to bring th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al realisations from Liquidation Estate of the Corporate Debtor is Rs. 94,02,590/- The Liquidator has retained some amount (Rs. 152915) towards future expenses for Liquidation and has made distribution of the balance proceeds to the Stakeholders in accordance with Sec. 53 of the Insolvency and Bankruptcy Code, 2016. The details of distribution made to the Stakeholders is as under: vii. Thus, the Applicant submits that he has complied with the procedure laid down into the provisions of the Code r/w the Regulations and this is a fit case to pass dissolution order under Section 54 of the Code. Hence this Application. 3. The relevant provision for the purpose of dissolution of a Corporate Debtor is Section 54 of the Code. It reads as und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the submissions made by the counsel appearing for the Applicant and the documents annexed to the Application, it appears that the affairs of the Corporate Debtor have been standstill since FY 2016-17. The liquidation proceeds have also been realised and distributed to the stakeholders. We are satisfied from the documents on record that the dissolution is not with intent to defraud any person. The liquidation process has been duly completed as per the provisions of the Code without success. From the facts narrated above and the law on the subject it would be just and equitable to dissolve the Corporate Debtor. No party is going to be adversely affected or prejudiced thereby. In view of the above the Corporate Debtor deserves to be dissol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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