TMI Blog2021 (9) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... struck off from the list of the companies by the Registrar of the Companies vide public notice dated 03.10.2018. 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 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 - the above the Corporate Debtor deserves to be dissolved - Application allowed. - IA No. 1905 of 2020 in C.P. (IB) No. 1661/MB/2017 - - - Dated:- 5-8-2021 - Bhaskara Pantula Mohan, Actg. President And Narender Kumar Bhola, Member (T) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... than 15 years and since no details were available, information memorandum could not prepare. Also, the name of the company was struck off from the list of the companies by the Registrar of the Companies vide public notice dated 03.10.2018. All these aspects were discussed in the 4th CoC meeting held on 17.01.2020 and the CoC resolved to liquidate the Corporate Debtor and decided to appoint applicant. Accordingly, applicant filed an Application in MA No. 480 of 2020 and same was allowed by this Tribunal vide order dated 14.02.2020, wherein Applicant was appointed as the Liquidator to carry out the liquidation process. The status of the Corporate Debtor has since been changed to one 'under liquidation' as per Section 33 the Code. 5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kruptcy Board of India (Liquidation Process) Regulations, 2016 before Hon'ble Tribunal. 8. The Applicant submitted that since there was only one claim received the list of the Stakeholders was not published and the same was decided in the stakeholders meeting held on 23.03.2020. The Applicant prepared and submitted the Assets Memorandum and Preliminary Report as per Regulation 34 and 13 respectively of the Regulations on 07.07.2020 through email since there was lockdown due to Covid-19. As there are no assets to be sold and realized, the sale Assets Report (Progress Report) was not prepared. The erstwhile management in the affidavit filed before this Bench has affirmed that the Company has no assets. 9. Thus, the Applicant has f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to cover the cost of the liquidation process; and b) the affairs of the corporate debtor do not require any further investigation; he may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution. 12. On examining 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 last 15 years and there are no assets to liquidate. Also, the name of the company was struck off from the list of the companies by the Registrar of the Companies vide public notice dated 03.10.2018. We are satisfied from the documents on record that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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