2021 (6) TMI 692

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....section 54 of the Insolvency and Bankruptcy Code, 2016 for granting "dissolution of corporate debtor", i. e., M/s. Taksheel Solutions Ltd. 2. This Tribunal ordered initiation of corporate insolvency resolution process (CIRP) on a petition filed by the "operational creditor", viz., Varnasi Kishore against the "corporate debtor" M/s. Taksheel Solutions Ltd., an order was passed on April 8, 2019 admitting the petition under section 9 of the I and B Code by appointing a resolution professional Sri Sudhir Gonugunta who was later replaced by Smt. Manjula Sistla. 3. Subsequently, this Tribunal passed an order on October 31, 2019 in I. A. No. 837 of 2019 liquidating the company and appointed Shri Raghu Babu Gunturu, the applicant herein as li....

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....e liquidation proceedings. Hence prayed this Tribunal to order dissolution of the corporate debtor-company. 7. We heard the liquidator and perused the application filed by the liquidator. He has filed necessary documents along with the application. Compliance certificate in form H is enclosed at page Nos. 62-66. The final report is filed at page Nos. 13-14. This IA is filed under regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 praying the Adjudicating Authority to order dissolution of the corporate debtor company since liquidation process is complete. The said provision reads as under : "45. Final report prior to dissolution.-(1) When the corporate debtor is liquidated, the l....

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....vident that there are no other assets for disposal by the liquidator and as such it is a fit case for passing dissolution order in respect of the corporate debtor. 10. As a sequel to the above, we hereby order dissolution of the corporate debtor, viz., M/s. Taksheel Solutions Ltd., from the date of this order, in terms of section 54(1) of the IBC, 2016, and the corporate applicant stands dissolved. Consequently, the liquidator stands relieved. 11. The liquidator is directed to send the copy of this order within 7 days from the date of pronouncement to the Registrar of Companies, Hyderabad along with all the books and files of the corporate debtor M/s. Taksheel Solutions Ltd., which are in possession of the liquidator. 12. The regis....