Corporate debtor dissolution under liquidation requires timely application, creditor coordination for pending proceedings, and prescribed asset distribution. The liquidator must apply for dissolution after complete liquidation of the corporate debtor's assets, subject to extension for sufficient reasons. Pending avoidance, fraudulent or wrongful trading, and related proceedings are to be dealt with by the committee of creditors, including continuation of suits and distribution of proceeds. On application or on the committee's decision to dissolve, the Adjudicating Authority orders dissolution, with any remaining assets to be disposed of as specified and the proceeds applied to insolvency resolution process costs and the Insolvency and Bankruptcy Fund.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate debtor dissolution under liquidation requires timely application, creditor coordination for pending proceedings, and prescribed asset distribution.
The liquidator must apply for dissolution after complete liquidation of the corporate debtor's assets, subject to extension for sufficient reasons. Pending avoidance, fraudulent or wrongful trading, and related proceedings are to be dealt with by the committee of creditors, including continuation of suits and distribution of proceeds. On application or on the committee's decision to dissolve, the Adjudicating Authority orders dissolution, with any remaining assets to be disposed of as specified and the proceeds applied to insolvency resolution process costs and the Insolvency and Bankruptcy Fund.
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