TaxTMI 
TaxTMI 
TaxTMI 
2021 (8) TMI 847
X X X X Extracts X X X X
X X X X Extracts X X X X
....solution "of the Corporate Debtor. 2. As a First step, on receiving Form No. 5 from the 'Operational Creditor' viz. Om Traders against the Corporate Debtor Saru Agro Foods Limited, an order was passed on 14.11.2019 admitting the Petition u/s 9 of I&B Code by appointing an Interim Resolution Professional Mr. Atul Babulal Shah. As a consequence, clauses of Sec. 14 of the Code i.e., pronouncement of 'Moratorium' was also directed to be applicable during the CIRP period. 3. The applicant submits that he has made public announcement on 18.02.2020 which was published on 19.02.2020 for calling upon the stakeholders to submit their claims as required. 4. On 03.03.2020 a claim received from the lone Financial Creditor (M/s. Loyal Enterprises) rai....
X X X X Extracts X X X X
X X X X Extracts X X X X
....assed Resolution for Dissolution of the Corporate Debtor. "RESOLVED THAT as there is no business activity and as also the fact that there is no assets of the Company, and for the admitted liability of Financial Creditors and Operational Creditors there is no assets, the promoter director is absconding and there is no person in the company to provide the information, it is important to move ahead in any manner and to have any resolution plan of the Corporate Debtor and to invite expression of interest in Form-G. RESOLVED FURTHER THAT CoC hereby decides to approach the Hon'ble NCLT through resolution professional with a request for dissolution of the Corporate Debtor under Section 54 and relevant provisions of IBC, 2016. RESOLVED FURTHE....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion of a Corporate Debtor Section 54 of The Code reads as under: - "54. (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 subsection (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 seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered." 11. In the light of above it is noticed that the Application is mov....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Notification. It appears that this section has not been notified because of the reason that the parallel and almost identical provisions are incorporated under I&B Code and also in operation, therefore, to avoid duplicity not notified. 14. The bench notes that CP 415 of 2019 was filed by an Operational Creditor against Agro Foods Ltd. for a total amount of Rs. 11,99,138/-. This Petition was admitted by an Order dated 14.11.2019. We also note that no claims have been received from any Operational Creditor including the Operational Creditor at whose behest CIRP had commenced in this matter. The RP mentions that he has received only one claim from Financial Creditor, i.e., M/s. Loyal Enterprises and total admitted amount is Rs. 20 lakhs. Fur....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... arrived at a conclusion that the Corporate Debtor has not maintained proper books of accounts post April, 2017 and there are no assets available with the Corporate Debtor and the liabilities declared by the Corporate Debtor are not supported by any claim from any creditor except the claim from operational creditor, under the said circumstances, Resolution Professional prayed to dissolve the Corporate Debtor. 18 In view of the above and the details such as there are no physical assets available for sale, this authority in exercise of the powers conferred under subsection (2) of Section 54 of I&B Code, 2016, hereby orders the dissolution of Suttur Sri Ganga Chit Funds Private Limited from the date of this order, and the Corporate Debtor st....