TaxTMI 
TaxTMI 
2021 (8) TMI 946
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....Liquidation Process) Regulations, 2016 (the Regulations), seeking dissolution of the Corporate Debtor. 2. The facts leading to the present Application are as under: i. An Application for commencement of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor filed under Section 9 of the Code was admitted by this Tribunal vide order dated 22.07.2019 and Mr. Bharatiraju Vegiraju was appointed as the Interim Resolution Professional (IRP) who was then confirmed as the Resolution Professional (RP) of the Corporate Debtor. ii. Subsequently, the RP filed an Application under Section 33(2) of the Code seeking liquidation of the Corporate Debtor which was allowed by this Tribunal vide order dated 29.10.2020. ....
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....ted at MIDC, Ambad, Nashik. There were no plant & machinery, no inventory or anything. Only factory shed, along with Security Cabin and Iron Rod Main Gate is there. There are no records of Books of Accounts of the Corporate Debtor. It is informed that the Factory has closed operations since last 2 years. There is no Plant & Machinery or any inventory at the factory site. Even the Furniture & fixtures were found missing at the factory site. There are no employees in the company. Even the Directors have resigned from the Company and have not visited the factory site. The Liquidator has tried to compile the information from MCA website. The last audited accounts of the Company are available on the MCA website till 31st March ....
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....the property in an online auction and has realised Rs. 94,00,000 towards the sale proceeds. In addition, there is current account balance of Rs. 2590 transferred to Liquidation account from State Bank of India. Thus, the total realisations from Liquidation Estate of the Corporate Debtor is Rs. 94,02,590/- The Liquidator has retained some amount (Rs. 152915) towards future expenses for Liquidation and has made distribution of the balance proceeds to the Stakeholders in accordance with Sec. 53 of the Insolvency and Bankruptcy Code, 2016. The details of distribution made to the Stakeholders is as under: vii. Thus, the Applicant submits that he has complied with the procedure laid down into the provisions of the Code ....
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....port and the compliance certificate in form H to the Adjudicating Authority for - (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a)." 5. On examining the submissions made by the counsel appearing for the Applicant and the documents annexed to the Application, it appears that the affairs of the Corporate Debtor have been standstill since FY 2016-17. The liquidation proceeds have also been realised and distributed to the stakeholders. We are satisfied from the documents on record that the dissolution is not with intent to defraud any person. The liquidation process has been duly compl....