2021 (11) TMI 191

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....#39;Regulations') seeking order for the dissolution of the Corporate Debtor and Regulation 2A of the Regulations seeking orders for payment and reimbursement of CIRP and Liquidation costs and expenses to the Liquidator by the financial creditors of the Corporate Debtor and under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 ('Code') and Regulation 45 of the Regulations for submission of final report prior to dissolution of Corporate Debtor. 2. The CIRP proceedings of the Corporate Debtor were initiated vide order dated 19.07.2019. Upon the resolution passed by CoC for liquidation of the Corporate Debtor and subsequent Application thereof filed by the RP, an order for liquidation of the Corporate Debtor was passed....

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....s Limited is the sole Financial Creditor (secured) with a claim amount of Rs. 5,50,546/- and two related financial creditors, Mr. Jitendra Singh and Ms. Pratibha Singh with a claim of Rs. 79,77,443/- and Rs. 61,29,223/-. It is stated that no claim has been received from Operational Creditor, employees etc. 6. As per Regulation 13 of the regulations the Liquidator is required to file preliminary report within seventy-five days from the liquidation commencement date , detailing - (a) the capital structure of the corporate debtor; (b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor: (c) whether, he intends to make any further inquiry in to any matter relating....

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....and reimbursement of CIRP and the liquidation costs and expenses to the liquidator within 10. In compliance thereof the financial creditor, Tata Capital Financial Services Ltd. made the said payment. Receipt and payment of the Corporate Debtor reflecting payment of said cost and expenses is annexed as Annexure-7 to the final report filed. 10. Also, at the hearing of the Application on 23.03.2021 the Liquidator was allowed to file final report within one week. In compliance thereof the Liquidator has filed final report under Regulation 45 vide Dy. No. 824/2021 dated 30.03.2021 and compliance certificate in Form H (Annexure 5) along with the application. 11. For the purpose of pronouncement of Dissolution of a Corporate Debtor it is necessa....

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.... its liabilities. In view thereof it is inferred that this application for dissolution is the last resort option available with the Applicant herein to wind up the proceeding of the Corporate Debtor. 13. As a consequence, through this Order it is hereby declared that not only it is just and equitable but because of the fact that no asset is available for the purpose of 'Liquidation' as reported by the Applicant, this is a fit case of a Corporate Debtor to be dissolved with the following directions: a. M/s. Ojasvi Agritech Pvt. Ltd., the Corporate Debtor, is hereby dissolved with immediate effect; b. As the liquidator has not made any statement with respect to treatment of cash and bank balance of Rs. 9,661/-. Thus, if any cash ....