TaxTMI 
TaxTMI 
2022 (8) TMI 176
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....by Mr. Atul Jain, the Liquidator of the Corporate Debtor under Section 54 of the Insolvency & Bankruptcy Code, 2016 (hereinafter called "the Code") seeking dissolution of the Corporate Debtor. 2. On perusal of this Application, it is evident that the Company Petition No. 16 of 2018 filed by the Operational Creditor under Section 9 of the Code was admitted by this Tribunal vide an Order dated 15th October 2018 and subsequently Ms. Dipti Mehta was appointed as the Interim Resolution Professional (IRP). A Public Announcement dated 30th October 2018 in Form A pursuant to Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (hereinafter called "Regulations") was m....
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....ck of iron and steel products available in their business premises and book debt arising out of genuine trade transactions. 4. Additionally, taking due notice of the unviability of the Corporate Debtor, the CoC passed a Resolution in the Third Meeting to liquidate the Corporate Debtor under Section 33 of the Code and pursuant to Order of this Tribunal dated 20th May 2019, the Liquidation of the Corporate Debtor commenced and the RP was appointed as the Liquidator. As the RP was unwilling to continue as the Liquidator, the Liquidator filed an Application against the Order appointing him and consequently, the present Applicant, Mr. Atul Jain, was appointed as the Liquidator vide Order dated 1st October 2019, copies of which are duly attach....
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.... 2019, the Applicant, inter alia, informed the SCC that a criminal complaint had been lodged at Pydhonie Police Station against the Suspended Directors alleging non-cooperation by them. In the Second Meeting of the SCC held on 27th September 2021, it was informed by the Applicant that the promoters of the Corporate Debtor were still absconding and that this Tribunal had passed an Order for exclusion of certain time period in the Liquidation process. In the Third Meeting of the SCC held on 14th February 2022, since there was no development in the police complaint filed by the Applicant and the erstwhile promoters of the Corporate Debtor were untraceable, the members of the SCC agreed to authorize the Applicant to file an Application for the ....
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....d of 137 days between 19th February 2022 to 5th July 2022 shall be excluded from the period of Liquidation of the Corporate Debtor. 10. We are satisfied from the documents on record that the liquidation is not with intent to defraud any person. The bank account for the purpose of liquidation has been closed. The above facts and circumstances indicate that due process of liquidation, as per extant provisions and in the manner indicated in the Code and Regulations, have been followed by the Liquidator to liquidate the assets of Company. The liquidation process has been duly completed as per the provisions of the Code. Thus, it would be just and equitable for this Tribunal to dissolve the Corporate Debtor. No party is going to be adversely ....