2021 (6) TMI 691

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....f 2019, is filed by Mr. Kailash T. Shah, liquidator of M/s. H. Sakhiya Fashions P. Ltd. (corporate debtor), under section 54 of the Insolvency and Bankruptcy Code, 2016 (I and B Code), with following prayers : (i) To allow the present application ; and (ii) To pass an order of dissolution of corporate debtor in accordance with section 54 of the Insolvency and Bankruptcy Code, 2016. 2. Brief facts of the case, as mentioned in the application, are as follows : 2.1 The main company petition bearing C. P. (IB) No. 106/NCLT/ AHM/2019 filed by one operational creditor, namely, B. G. Textile, under section 9 of the I and B Code read with rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) R....

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....c announcement, the applicant has received claim of Rs. 13,21,61,928.22 from a financial creditor, namely, TJBS Sahakari Bank Ltd. However, the applicant has verified the claim in accordance with regulation 30 of the IBBI (Liquidation Process) Regulations, 2016 on September 8, 2020 and constituted a stakeholders' consultation committee (SCC) in accordance with regulation 31A of the IBBI (Liquidation Process) Regulations, 2016. Since there was no other creditor except one financial creditor, SCC was constituted of the single member, i. e., TJSB Sahakari Bank Ltd., with an admitted claim of Rs. 13,21,61,928.22. 2.6 That as per regulation 35(1) of the IBBI (Liquidation Process) Regulations, 2016, the liquidator is required to take....

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.... of the SCC by way of interim finance and no amount is paid to the sole financial creditor based on its claim. 2.10 The liquidator filed the instant application for dissolution of the corporate debtor in accordance with section 54 of the Insolvency and Bankruptcy Code, 2016, along with final report and form H. 2.11 That the liquidator has prepared receipt and payment account of the corporate debtor from the date of commencement of liquidation, i. e., July 31, 2020 till February 26, 2021 and the same is audited. 2.12 That the liquidation cost is borne by the sole financial creditor and received by the liquidator. 2.13 That there is no amount of unclaimed dividend or undistributed proceeds with the liquidat....

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.... on behalf of the applicant also gone through the records. 5. The instant application is flied under section 54 of the I and B Code. The relevant provisions of section 54 of the IB Code reads as under : Section 54 of the Code : "(1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within s....