9911796707
TMI Blog2022 (8) TMI 995X X X X Extracts X X X X X X X X Extracts X X X X ..... Insolvency and Bankruptcy Code, 2016 (the 'Code'/'IBC') read with Rule 11 of National Company Law Tribunal Rules, 2016 ('NCLT Rules') and Regulations 45(3)(b) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 ('Liquidation Regulations') seeking directions for early dissolution of the Company. 2. The Adjudicating Authority vide Order dated 11.10.2019 admitted the Application under Section 9 of the IBC, filed by the M/s. Eltech Electro-Controls Private Limited ('Operational Creditor') against the Corporate Debtor in the matter mentioned above. Since no Resolution Plan was received by the Resolution Professional, the Committee of Creditors ('CoC') in the fourth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Corporate Debtor in certain specified circumstances. The Application for the dissolution of the Corporate Debtor has been moved under proper norms, and in compliance with the directions of this Adjudicating Authority, a final report and Form-H have also been attached in the instant Application. Furthermore, no further investigation is required into the affairs of the Corporate Debtor, and if the liquidation process continues, it may result in an increase in cost that cannot be compensated with liquidation cost. 5. This Adjudicating Authority has perused all the relevant papers and found them in Order. The Registered Office of the Respondent is situated in Bhiwadi; therefore, this Adjudicating Authority has jurisdiction to entertain and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts/records and personnel of the corporate debtor, it is just and equitable to allow the prayer of the Applicant. Furthermore, there are no pending litigations against the Corporate Debtor. 9. Consequently, it is not only just and equitable, but also necessary as no sale proceeds are available to satisfy the creditor's dues(s). The present case falls within the parameters of Regulation 14 of Liquidation Regulation and is a fit case for Order of dissolution--the Corporate Debtor M/s. Digicontrol Northern Pvt. Ltd. stands 'Dissolved' from the date of this Order. 10. Since the Company stands Dissolved vide this Order and no proceedings are pending, the Registry is directed that the case file be consigned to records. The Liquidator ..... X X X X Extracts X X X X X X X X Extracts X X X X
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