TMI Blog2022 (5) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... in Company Petition No. 88/(ND)/2020 - - - Dated:- 25-4-2022 - P.S.N. Prasad, Member (J) And Rahul Bhatnagar, Member (T) ORDER P.S.N. Prasad, Member (J) 1. The present application is filed by Applicant/Liquidator under Section 54 of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred as the Code ) r/w Regulations 44 and 45 of IBBI (Liquidation Process) Regulations, 2016, for the purpose of dissolution of the Corporate Debtor. 2. The Applicant states that this Hon'ble Tribunal, vide order dated 23.02.2021, was pleased to direct that M/s. Adonis Electronics Private Limited be liquidated and the Applicant was appointed as the Liquidator. 3. According to the preliminary report which was filed on 15th April, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that he had received only one claim and hence, the committee has a sole stakeholder namely Adonis Electronics Private Limited. Copy of the notice calling meeting of the Stakeholders Consultation Committee dated 11th August 2021 was also filed with the IA No. 3845/21. 8. There were three debtors of the Corporate Debtor amounting to the total value of Rs. Rs. 14,35,260/-. The Applicant had issued demand notice to all the three debtors of which two letters issued to Paras Electronics and Fair Deal Electronics were returned back undelivered and the third letter although got delivered to the debtor of corporate debtor namely MI Traders but no response was received. 9. During the meeting of the Stakeholder Consultation Committee h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... recoverability of the loans and advances as shown in the balance sheet of the corporate debtor as on 31st March, 2019. The liquidator further informed the stakeholder that to recover an amount of Rs. 5,82,260/- from MI Trader, the liquidator is required to obtain permission of the Hon'ble NCLT, New Delhi and only then the recovery proceedings can be initiated. The stakeholder said in the meeting that since the recovery is doubtful, the liquidator should file an application seeking dissolution of the corporate debtor as there are no assets to be realized. 12. The bank account opened by the liquidator as per Regulation 41 of IBBI (Liquidation Process) regulations, 2016 has been closed and the other account of the Corporate Debtor which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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