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of <h1>Section 54 of Insolvency Code: Liquidator to Apply for Corporate Debtor's Dissolution After Asset Liquidation</h1> Section 54 of the Insolvency and Bankruptcy Code, 2016, addresses the dissolution of a corporate debtor. Once the debtor's assets are fully liquidated, the liquidator must apply to the Adjudicating Authority for dissolution. Upon receiving the application, the Authority will order the dissolution of the corporate debtor effective from the order's date. A copy of this order must be sent within seven days to the authority where the corporate debtor is registered. This provision became effective on December 15, 2016.
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