NCLT orders dissolution of corporate debtor as it been completely liquidated and liquidator had filed Form H
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- Last Updated on 23 July, 2021
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Case details: Business Jets (India) (P.) Ltd., In re - [2021] 128 taxmann.com 186 (NCLT- Chennai)
Judiciary and Counsel Details
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- R. Varadharajan | Judicial Member and Anil Kumar B | Technical Member.
- Arvind Rajagopal, Adv. for the Applicant.
Facts of the Case
The Corporate Insolvency Resolution Process (CIRP) was admitted against the corporate debtor and an Interim Resolution Professional was appointed. Subsequently, Tribunal ordered for liquidation of the corporate debtor and appointed the applicant as liquidator.
Thereafter, the liquidator filed an application seeking to pass an order of dissolution of the corporate debtor. The Liquidator had annexed a detailed final report along with this application and had also filed his compliance certificate.
NCLT Held
A perusal of said certificate showed that amount that was lying in a bank account of a corporate debtor had already been distributed to stakeholders as per sections 52 and 53 of the Code. Thus, it was seen that the corporate debtor had been completely liquidated. Therefore, an order for dissolution of the corporate debtor as required under section 54 was to be passed.
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