TMI Blog2022 (9) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under the Act, to pass appropriate order(s) in the interests of speedy justice. No useful purpose would be served by placing the Corporate Debtor under the Liquidation Process which will increase the cost without any fruitful result. The State Bank of India, the sole CoC member has already proceeded against the Corporate Debtor by approaching DRT and by taking possession. The Liquidation Process under the provisions of the Code can be considered to have been carried forward and thus it would be just and proper for the Adjudicating Authority to dissolve the Company, as proposed by the Resolution Professional, moreover when the sole CoC member in its commercial wisdom has passed a resolution seeking dissolution of the Corporate Debtor. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 18,55,96,207/- and later became the sole member of CoC. In the 1st CoC Meeting held on 27.04.2021, the Applicant was appointed as the Resolution Professional which was approved by this Adjudicating Authority vide order dated 23.06.2021 in IA(IBC)/90/KOB/2021. ii. In the 3rd CoC meeting held on 04.06.2021, it was decided not to proceed further with the Resolution Process, since the State Bank of India had already filed proceedings before the Debts Recovery Tribunal in 2017 against the directors/ promoters alleging that there was misappropriation of stocks and movable assets of the company thereby leaving the company with no stocks or other current assets, and no other fixed assets like plant and machinery. The company does not have l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal further submitted that since the SBI, the sole CoC member, has already proceeded against the Personal Guarantors it was resolved that no purpose would be served in proceeding with the CIRP of Corporate Debtor. 5. Heard submission and perused records. Before considering the merits of the matter, it is necessary to refer to relevant provisions and rules, as available under the Code and Rules which are as under: - Section 54 of IBC, 2016: Dissolution of corporate debtor. 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 fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tances of the case it would justify that no useful purpose would be served by placing the Corporate Debtor under the Liquidation Process which will increase the cost without any fruitful result. The State Bank of India, the sole CoC member has already proceeded against the Corporate Debtor by approaching DRT and by taking possession. The Liquidation Process under the provisions of the Code can be considered to have been carried forward and thus it would be just and proper for the Adjudicating Authority to dissolve the Company, as proposed by the Resolution Professional, moreover when the sole CoC member in its commercial wisdom has passed a resolution seeking dissolution of the Corporate Debtor. The instant application is filed by Resolutio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Visit of the registered office of the CD by RP as decided in the second COC (On lifting the Lockdown) and which was carried out on 1st July 2021. As per the visit report, on verification of the records and as per the information from public domain almost all the vehicles owned by the company as per the Audited Financial Statements 2016, have been sold off in the year 2017 and only remaining tangible asset of the company found is a few furniture and fixtures and generator/available stock which has only scrap value. COC suggested that since the company has no tangible asset worthy of sale/invite EOI] and the uncertainty in realizing any receivables/intangible asset of the company as it stopped operation since 2017 onwards it is no ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
