https://www.taxtmi.com/caselaws?id=411269 The application for dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code was allowed. The Committee of Creditors passed a resolution for dissolution due to the absence of business activity, assets, and untraceable Promoters. The court found it just and equitable to proceed with the dissolution, considering the lack of assets, claims from Operational Creditors, and the recommendation for direct dissolution by the sole Financial Creditor in the CoC meeting. The Corporate Debtor was dissolved, with directions for further necessary actions and consignment of the case file to records. en-us Tue, 03 Aug 2021 00:00:00 +0530 Sat, 21 Aug 2021 08:32:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411269 The application for dissolution of the Corporate Debtor under Section 54 of the Insolvency and Bankruptcy Code was allowed. The Committee of Creditors passed a resolution for dissolution due to the absence of business activity, assets, and untraceable Promoters. The court found it just and equitable to proceed with the dissolution, considering the lack of assets, claims from Operational Creditors, and the recommendation for direct dissolution by the sole Financial Creditor in the CoC meeting. The Corporate Debtor was dissolved, with directions for further necessary actions and consignment of the case file to records. Case-Laws Insolvency and Bankruptcy Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411269