Tribunal dismisses application on liquidation process due to company struck-off status

The Tribunal dismissed the application seeking directions for compliance with the liquidation process of a Corporate Debtor after noting that the company had been struck off by the Registrar of Companies. The Tribunal found the application to be futile as the company's struck-off status rendered it non-maintainable, advising the liquidator to take necessary steps to address the situation effectively.

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Issues:
1. Application for directions to Registrar of Companies for compliance of liquidation process.
2. Admissibility of the application after the company is struck off by the Registrar of Companies.

Analysis:
1. The Applicant, represented by learned counsels, filed an application seeking directions for various matters related to the liquidation process of a Corporate Debtor. The prayer included allowing the filing of Form INC-28 for compliance of liquidation, permission to realize, sell, and dispose of assets, and to open a bank account for distributing proceeds among creditors as per the Insolvency and Bankruptcy Code, 2016.

2. The Tribunal noted that the Corporate Debtor had been struck off by the Registrar of Companies prior to the application. The Corporate Insolvency Resolution Process was ongoing when the company was struck off. The Tribunal observed that the liquidator had not taken steps to restore the company for completing the liquidation process despite being aware of the company's struck-off status.

3. The Tribunal emphasized that when a company is struck off, the software does not accept Form INC-28. Therefore, seeking directions from the Registrar of Companies in such a situation was deemed a futile exercise and a waste of resources. The Tribunal concluded that the application was not maintainable at that stage and dismissed it. The liquidator was advised to take appropriate steps to address the situation effectively.

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