NCLT orders dissolution of corporate debtor as it been completely liquidated and liquidator had filed Form H
- Blog|News|Insolvency and Bankruptcy Code|
- < 1 minute
- By Taxmann
- |
- Last Updated on 23 July, 2021
Latest from Taxmann
Case details: Business Jets (India) (P.) Ltd., In re - [2021] 128 taxmann.com 186 (NCLT- Chennai)
Judiciary and Counsel Details
-
- 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.
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
