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Judgment
O R D E R
IA (IBC) 786/2022 in 491/2020:-
Ld. Counsel Shri. Praveen Jain for the Liquidator and Ld. Counsel Shri. Yogesh Jagia for the respondents present. Ld. Counsel for the respondents submitted that the respondents have no counter to file in this instant application. Hence, for hearing.
IA No. 491/2020:-
Ld. Counsel Shri. Praveen Jain for the Liquidator, Ld. Counsel Shri. Vijay Narayan for R2, Ld. Counsel Shri. Yogesh Jagia along with Ld. Counsel Shri. DVAS Ravi Prasad for R1, 7, 12, 16 to 18 and Ld. PCS Shri. S Chidambaram for R5 present. No representation for R6, 9, 10, 13 and 15. This is an application u/s. 43 & 66 of IBC. Ld. Counsel for the respondent submitted that the Corporate Debtor has been sold away as a going concern and is now under the new management, hence this application is not maintainable. Ld. Counsel for the Liquidator submitted that the Liquidator is pursuing this application
We have perused the record. When the Corporate Debtor was sold as a going concern the Liquidator has no role to perform subsequently in respect of the subject transaction stage. Therefore, we find that IA 491/2020 deserves dismissal. We therefore, dispose of IA 491/2020 as dismissed. Since IA 491/2020 is disposed of, IA 786/2022 in 491/2020 has become infructuous and accordingly disposed of.
IA No. 490/2020
This is an application filed u/s. 66 of IBC. Since, the Corporate Debtor was sold as going concern this application stands dismissed.