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of <h1>Corporate Debtor Dissolution Process Under IBC Section 54: Liquidator's Role and Order Effective Date Explained.</h1> The dissolution of a corporate debtor under Section 54 of the Insolvency and Bankruptcy Code (IBC) involves the liquidator applying to the Adjudicating Authority once the debtor's assets are fully liquidated. The Authority will then order the dissolution, effective from the date of the order, and a copy must be sent to the relevant registration authority within seven days. In a relevant case, it was clarified that the Code allows for the closure of liquidation when the debtor is sold as a going concern, aligning with the objectives of the IBC.
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