Tribunal orders Corporate Debtor dissolution, relieves Liquidator, directs Registrar notification, Secured Creditor payment. Liquidator entitled to costs.

The Tribunal ordered the dissolution of the Corporate Debtor, relieving the Liquidator of duties. Directions were given to send the order to the Registrar of Companies and for payment of liquidation costs by the Secured Creditor. The Liquidator was entitled to liquidation costs, and the application was disposed of accordingly.

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Issues:
Liquidation process under the Insolvency and Bankruptcy Code, 2016.

Analysis:
1. The Liquidator filed an application under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking various orders related to the liquidation process.
2. The Corporate Insolvency Resolution Process (CIRP) was initiated earlier, with the Liquidator appointed during the process.
3. Claims were received from stakeholders, with the Committee of Creditors constituted, mainly comprising the State Bank of India as the sole Financial Creditor.
4. Due to the unavailability of records and cessation of business operations, no Resolution Plan materialized, leading to the liquidation order.
5. The Liquidator prepared reports, maintained claim registers, and incurred costs for which directions were sought for payment by stakeholders.
6. The Final Report highlighted the challenges faced due to the lack of records and traceability of Directors/Promoters.
7. Details about a mortgaged agricultural land belonging to a Personal Guarantor were provided, along with legal proceedings against the Corporate Debtor.
8. The Tribunal, exercising powers under the Insolvency and Bankruptcy Code, 2016, ordered the dissolution of the Corporate Debtor and relieved the Liquidator.
9. Directions were given for sending the order copy to the Registrar of Companies and for the payment of liquidation costs to the Liquidator by the Secured Creditor.
10. The Liquidator was held entitled to liquidation costs, and the application was disposed of accordingly.

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