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Judgment
On the application filed by the Liquidator u/s 54(1) of the Insolvency and Bankruptcy Code, 2016 ("the Code") seeking dissolution of the Corporate debtor, it appears that the debtor not doing any business for the last several years, above this, it has no assets.
Since no assets are in existence, the Liquidator, u/s 35 (2) of the Code, called all the creditors and held a meeting on (11^{\text{th}}) February 2019, wherein the creditors, on perusal of the final report placed by the liquidator, opined that the assets of the debtor were already sold, so nothing being left in the debtor company to sell and distribute to the creditors, it is fit to be suggested for dissolution of the debtor company with an observation that Bank of India will reimburse legal expenses and related expenses as per the order dated 06.06.2018 passed by this Bench.
As we have gone through final report, since we are of the considered view that no asset is left in the company for sale and no other litigation is pending, it is fit case ordering dissolution.
Therefore, this Bench hereby orders for dissolution of the debtor to give effect from hereof with a direction to the liquidator and the Registry of NCLT Chennai to send the copy of this dissolution order to RoC Chennai because this debtor company is located within the jurisdiction of RoC Chennai.
In view of the same, this Bench, being satisfied that this company is fit to be dissolved, this Company is hereby dissolved from this day onwards with a direction to the Registry to send this order to the RoC, Chennai.
Accordingly, this MA/322/2019 is hereby allowed.