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Judgment
[Per: Ms. Manorama Kumari, Member (J)]
The Instant Application IA 75 of 2020 in CP (IB) 117 of 2017, is filed by Mr. Dipak Janambhai Rachchha, Liquidator of M/s. Aarohi Motors Private Limited, the Corporate Debtor, under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 45 of the IBBI (Liquidation Process) Regulations 2016, with a prayer to dissolve the Corporate Debtor i.e. M/s. Aarohi Motors Private Limited.
The brief facts of the case are as under: -
The Corporate Debtor had filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 [hereinafter referred as "IB Code"] for initiation of Resolution Process before this Adjudicating Authority. This Adjudicating Authority vide its order dated 21.09.2017 in CP (I.B.) 117 of 2017 admitted the said application and appointed Mr. Dipak Janambhai Rachchha as Interim Resolution Professional.
In the 6th meeting of the Committee of Creditors (hereinafter referred as "CoC") dated 26.02.2018, it was unanimously resolved for the liquidation of the Corporate Debtor. Thereafter, the Applicant filed an application bearing IA no. 90 of 2018 for liquidation of the Corporate Debtor under Section 33 of the IB Code.
This Adjudicating Authority vide its order dated 19.03.2018 directed the Corporate Debtor to be liquidated and appointed the Applicant i.e. Mr. Dipak Janambhai Rachchha as the Liquidator.
As directed by this Adjudicating Authority, the Liquidator gave necessary public announcements in leading newspapers, inter alia, inviting proof of claims from all stakeholders, Financial Creditors and other stakeholders.
In compliance of Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016, Liquidator has prepared the final report.
Having satisfied to the fullest extent that no further assets to be utilized for recovery of dues of the Creditors/Stakeholders, no further proceedings would remain in the Liquidation Process of the Corporate Debtor, hence, the instant application is filed by the Liquidator for appropriate order/directions under section 54 of the IB Code.
In view of the above and the other details provided in the application as annexures under consideration and the record placed on file, this Adjudicating Authority in exercise of the powers conferred under Sub-Section (2) of Section 54 of the Code, hereby, orders the dissolution of the Corporate Debtor viz., Aarohi Motors Private Limited from the date of this order and the Corporate Debtor stands dissolved.
Consequently, the Liquidator Mr. Dipak Janambhai Rachchha is discharged from his duties and responsibilities as the Liquidator of the Corporate Debtor.
The Liquidator and the Registry are directed to send the copy of this order within 7 days from the date of receipt of certified copy to the RoC with which the Corporate Debtor is registered along with all the books and files of the Corporate Debtor M/s. Aarohi Motors Private Limited which came into the hands of the Liquidator.
A copy of this order shall also be forwarded to the Insolvency and Bankruptcy Board of India, New Delhi and also to the Liquidator.
In terms of the above, the application is allowed and stands disposed of.