Dissolution of monitoring committee approved after unanimous consent and undertaking for future funding and share-capital support.

An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 sought dissolution of a monitoring committee constituted for the corporate debtor. The resolution applicant supported the request with supplementary affidavits and an undertaking that the committee members had unanimously agreed to dissolution, subject to the Bench's orders, and that future funding and enhancement of authorised share capital would be arranged for business operations. The NCLT allowed the request and dissolved the monitoring committee with effect from the date of the order.

---

---

Issues: Whether the monitoring committee constituted in relation to the corporate debtor was liable to be dissolved.

Analysis: The application was moved under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016 seeking dissolution of the monitoring committee. The resolution applicant filed supplementary affidavits and an undertaking stating that the committee members had unanimously agreed to dissolution, subject to the Bench's orders, and that future infusion of funds and enhancement of authorised share capital would be made as required for business operations.

Conclusion: The request for dissolution was allowed and the monitoring committee was dissolved with effect from the date of the order.

---