2023 (4) TMI 1468

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....tion 33(2) & Section 54(1) of the Insolvency & Bankruptcy Code, 2016 r/w Regulation 45 of IBBI (Liquidation Process) Regulations, 2016 seeking to liquidate and dissolve the Corporate Debtor/M/s. Ogene Systems India Limited. II. The gist of the application, briefly, is as follows: i. The Financial Creditor/M/s. Platina Properties and Projects Limited had filed an Application under Section 7 of the IB Code, 2016 (IBC/Code) bearing CP(IB) No.114/7/HDB/2022 against the Corporate Debtor/ M/s. Ogene Systems India Limited, which was admitted into Corporate insolvency Resolution Process (CIRP), by this Adjudicating Authority, vide Order dated 26.09.2022 by appointing the Applicant herein as Interim Resolution Professional ('IRP'), who w....

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....tor is already burdened with CIRP costs and is not able to bear any further costs that may be incurred during the Insolvency Process and the COC is of the opinion that as the Liquidation Value of the Corporate Debtor is only Rs.87,000/-, inviting Expression of Interest ('EOI') will not serve the purpose of resolving the insolvency of the Corporate Debtor, and also opined that to avoid the Liquidation costs, instead of filing an application for Liquidation it is better to resolve to file an application for dissolution of the Corporate Debtor and as such passed the following resolution at the COC Meeting held on 13.03.2023 at Item No.3: "RESOLVED THAT pursuant to Section 54(1) of Insolvency and Bankruptcy Code, 2016 and other applica....

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....owing how it has been conducted and how the corporate debtor's assets have been liquidated. ii. If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same. iii. The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for - (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a). 54(1) of the I&B Code further states that : "Where the assets of the Corporate Debtor have been comple....