2019 (10) TMI 542

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....(J) For The Liquidator : Ms. Savita Agarwal ORDER Arun Kumar Jain, Arun Jain Associates. - Operational Creditor filed this application under section 9 of the Insolvency & Bankruptcy Code, 2016 (in short, I&B Code) against M/s. Upadan Commodities Private Limited- the Corporate Debtor to start Corporate Insolvency Resolution Process (in short, "CIRP") of the Corporate Debtor, as the Corpora....

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.... of the corporate debtor. He called for the claims with proof from the creditors of the corporate debtor. It appears from record that IRP received only one claim from the operational creditor. He formed the CoC consisting of one operational creditor, i.e. the applicant as contemplated under second proviso to sub-section (6) of section 21 of I&B Code. The appointment of IRP was confirmed as RP by t....

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....period of 180 days was to complete on 27.02.2018. CoC in its last meeting decided to make application under section 33 of I&B Code before this authority for passing order of liquidation of the corporate debtor. 7. Accordingly, by order dated 1st March, 2018, this authority passed order of liquidation of the corporate debtor. Resolution Professional, Mr. Vasudeo Agarwal requested this authority ....

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....equity shares standing in the name of the promoters of the corporate debtor, corporate debtor does not have any assets. Hence, there was no question of sale of their assets to recover and pay the dues of the claimant or the creditor. Section 54 of I&B Code allows this authority to pass order of dissolution of corporate debtor, if the authority comes to the conclusion that the corporate debtor does....