2021 (12) TMI 1016

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.... India (Liquidation Process) Regulations, 2016 (for brevity 'Liquidation Regulations') seeking order for the dissolution of the Corporate Debtor. 2. The brief backdrop of the case is that the CIRP proceedings of the Corporate Debtor were initiated vide order dated 08.12.2020 and CA Bhavi Shreyans Shah was appointed as an IRP of the Corporate Debtor. Thereafter, through resolution passed in the 3rd meeting dated 06.04.2021 the CoC resolved to initiate Liquidation process of Corporate Debtor. RP filed an application under Section 33 of Code seeking liquidation of the Corporate Debtor. Thereafter, an order for liquidation of the Corporate Debtor was passed on 21.06.2021 and CA Bhavi Shreyans Shah, who was acting as Resolution Professi....

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....line within which he proposes to carry it out and the estimated liquidation costs. (e) formation of stakeholder's consultation committee under Regulation 31 A of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 6. As per Regulation 34 of Liquidation Regulations, the Liquidator had also filed asset memorandum on 02.08.2020 along with the Preliminary Report, which inter alia contained the following information: a) value of the asset, valued in accordance with Regulation 35 b) value of the assets or business(s) under clauses (b) to (f) of regulation 32, valued in accordance with regulation 35, if intended to be sold under those clauses; c) intended manner of sale in accordance with Regulation 32 and....

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....rate 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 sub-section (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. Regulation 14: Early dissolution: Any time after the preparation of the Preliminary Report, if it appears to the liquidator that- (a) the realizable properties of the corp....