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TMI Blog2021 (9) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... ard of India (Liquidation Process) Regulations, 2016 (the Regulations) and also read with Rule 11 National Company Law Tribunal, Rules 2016 seeking dissolution of the Corporate Debtor. 2. The Company Petition (C.P. (IB) No. 1661/MB/2017) filed under Section 7 of the Code seeking Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was admitted by this Tribunal by order dated 12.06.2019, wherein Applicant was appointed as the Interim Resolution Professional (IRP). The IRP was later confirmed as RP in 1st CoC meeting held on 08.07.2019. 3. The Applicant submits that, in the meanwhile, he had preferred an Application under Section 19(2) of the Code in MA No. 2750 of 2019. Further affidavit has been furnished by the erstwhil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mited (Financial Creditor) amount of Rs. 9,70,65,376.37/- and all the assets of the company were already secured with the same Financial Creditor, most of which have been sold and the only asset left to be sold was in the possession of the Financial Creditor. 7. The Applicant submitted that as per the Regulation 31A of the Regulation, the liquidator is required to constitute a Stakeholders Consultation Committee (SCC) within 60 days from the date of the commencement of the Liquidation. Thereafter Applicant conducted 1st meeting of the Stakeholders of Penguin Umbrella Works Private Limited was held on 23.03.2020 and resolved to file an Application for Dissolution of the Corporate Debtor under section 54 of the Code. The resolutions passed i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iquidation costs incurred for the Corporate Debtor. 10. The relevant provision for the purpose of dissolution of a Corporate Debtor is Section 54 of the Code. It reads as under: "54. (1) Where the assets of the corporate 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 wit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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