Liquidation and dissolution of corporate debtor: assets realised, distributions completed, liquidation account closed; liquidator discharged and RoC filings directed.

Liquidation and dissolution were completed after realisation of assets and distribution to stakeholders according to the prescribed order of priority, with the liquidation account showing a zero balance and supporting bank statements attached. The liquidator is directed to provide the order to the Registrar of Companies and the successful auction purchaser must make requisite filings with the RoC; the RoC is to take further action. All statutory and regulatory compliances for closing the liquidation process have been satisfied, there is no impediment to dissolving the corporate debtor, and the liquidator is discharged subject to procedural compliances.

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Issues: Whether the Special Leave Petition challenging the Adjudicating Authority's order closing the liquidation process of the corporate debtor and taking the Liquidator's final report on record should be considered on merits.

Analysis: The Adjudicating Authority recorded that the liquidator conducted the liquidation and related processes in accordance with the Code and the Liquidation Process Regulations, including public announcement, valuation, e-auction sale of the company as a going concern, realization and distribution of sale proceeds in accordance with Section 53, filing of the liquidation account showing zero balance, issuance of sale certificate, and handover of management. The Adjudicating Authority directed service on the Registrar of Companies and discharged the liquidator subject to procedural compliances. A corrigendum clarified that, because the corporate debtor was sold as a going concern, the liquidation process may be closed. Having taken note of those orders and the recorded compliance with the Code and Regulations, the Court found no reason to consider the petition on merits.

Conclusion: The Special Leave Petition is disposed of and the Adjudicating Authority's order closing the liquidation process is left undisturbed, resulting in an outcome in favour of the Respondent.

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