2021 (12) TMI 1152

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....(J) And Hemant Kumar Sarangi, Member (T) For the Appellant : Ashutosh Kumar, Advocate ORDER Dr. Deepti Mukesh, Member (J) 1. The present application is filed by applicant/liquidator of the M/s. Ajaz Nanda Designs Private Limited, Corporate Debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016, (hereinafter referred as "the Code") read with Regulation 14 of Insolvency and....

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....cation under Section 19(2) was also filed by applicant in this regard, in which bailable warrants were issued but that could not be served as the ex-directors shifted to Dubai. 4. It is submitted in the application that in absence of any asset and records of the corporate debtor, the CIRP could not be taken ahead, and hence it was unanimously resolved to liquidate the Corporate debtor in meetin....

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......the ultimate objective of the Code is either to resolve the issue by way of a Resolution Plan or to dissolve the Corporate Debtor, as expeditiously as possible. If the facts and circumstances of a case justify that no purpose would be served to keep the Corporate Debtor under regular CIRP proceedings, and thereafter under Liquidation proceedings, under the provisions of the Code, the Adjudicatin....

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....in respect of such dissolution." 8. The applicant also stated in the application that the further CIRP costs is NIL in the present matter. 9. In the light of the aforementioned facts, it is noticed that since there is no possibility to continue the liquidation process of the corporate debtor in absence of any assets/documents/records and personnel of the corporate debtor. The present case fi....