TaxTMI 
TaxTMI 
2021 (7) TMI 1172
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....sions of Insolvency and Bankruptcy Code, 2016. b. To pass an order directing the original Applicant to pay the Liquidator Rs. 1,09,450/- towards expenses and Rs. 75,000/- per month as a fee for performing his duties as Liquidator from 06.12.2019 upto the issuance of order for dissolution by this Adjudicating Authority. 2. Brief facts of the present case as stated by the learned counsel for the Applicant are as follows: a) That this Adjudicating Authority vide its order dated 14.02.2019, admitted the Application filed by M/s. Bilcare Limited (Operational Creditor) under section 9 of the IBC, 2016, for initiation of CIRP against the Corporate Debtor (M/s. Sristek Clinical Research Solutions Limited) and appointed Mr. Subba Rao Gonuguntla....
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..... The Corporate debtor did not have any formal operations since 1st January 2015. ii. On 1st January, 2015, the Corporate Debtor entered into a merger agreement with M/s. Izen Biosciences. As part of the merger agreement, all liabilities, employees, projects and other assets of the Corporate Debtor were to be transferred to the merged entity. iii. Accordingly, the said company took over the operations, employees, liabilities, assets and projects of the Corporate Debtor and managed it till June 2015 and in the process the Corporate Debtor vacated its office and moved into the office of M/s. Izen Biosciences. iv. However, the merger agreement did not materialize and the Corporate Debtor was asked to vacate the office premises of M/s. Iz....
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....rate Debtor had no revenue and no assets. Only the non-realizable "Other current accounts" valued at Rs. 14,39,954/- got carried forward from the previous years. i) That as per the first meeting of Stakeholders' Consultation Committee, the discussions held on the agenda items at the said meeting were: i. The present value of the assets over liabilities is Rs. (-)65,59,879/- ii. Amount of claim admitted of the sole claimant (who is also the applicant of Section 9 application) is Rs. 65,59,879/- iii. Estimated liquidation cost is Rs. 3,67,560/- iv. No possibility of sale of the company as a going concern. v. Early dissolution of the Corporate Debtor j) Other members of the stakeholders committee made a note of the same and d....
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....the Corporate Debtor do not require any further investigation too. o) Reiterating the above, the Applicant/Liquidator prayed to allow the instant Application as sought for. 3. Heard. Perused record. 4. It is a fact on record that there are no realizable assets held by the Corporate Debtor so as to form a Liquidation Estate and to distribute the proceeds thereof. Accordingly, this Adjudicating Authority in exercise of the powers conferred under Section 54(2) of the I & B Code, 2016, deems it proper to pass an order of the dissolution of the Corporate Debtor. Thus Corporate Debtor herein i.e., M/s. Sristek Clinical Research Solutions Limited stands dissolved from the date of this order. Liquidator also stands relieved. 5. It has been sub....