2022 (4) TMI 523

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.... Member (T) For the Appellant : Sumit Parikh, Learned Counsel and Dhruvi Parikh ORDER Kaushalendra Kumar Singh, Member (T) 1. The instant Application is filed by Mr. Amrish Navinchandra Gandhi, Liquidator of M/s. Drup Suppliers Pvt. Ltd. (for brevity 'Corporate Debtor') under Section 54 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'Code') read with Regulatio....

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....was unanimously resolved to liquidate the Corporate Debtor, even before expiry of 180 days of CIRP as there were no assets available in the corporate debtor. The CoC was also informed that there are only loans and advances including bank balance in the nature of current assets for an amount of Rs. 72,236/-. The CoC was of opinion that there seems no possibility to revive corporate debtor and the o....

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....iquidation value is Rs. 8,774.58/-. Since there were no assets in corporate debtor so no liquidation estate was incorporated. The CIRP cost is Rs. 81,562/- and the liquidation cost is Rs. 99,530/-. The liquidation costs and CIRP costs were paid fully by the financial creditor. g) Having satisfied that no assets were found during the CIRP and liquidation process for recovery of dues of the....

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....we in the exercise of the powers conferred under section 54(2) of the IB Code hereby order the dissolution of the Corporate Debtor viz., M/s. Drup Suppliers Pvt. Ltd. having CIN U65990GJ1987PTC009648 from the date of this order and the Corporate Debtor stands dissolved. 4. Consequently, the Liquidator Mr. Amrish Navinchandra Gandhi is discharged from his duties and responsibilities as the Liqui....