AI Structured Summary
Not yet generated for this judgment
Judgment
IA 609/2023
This Application is for closure of the liquidation on the grounds that the Corporate Debtor under liquidation has been sold as a going concern and the Auction Purchaser has taken over the Company and it is in its possession. Further by going through the final report, it is evident that the Liquidator has sold the Corporate Debtor as a going concern as such it is a fit case for closure of Liquidation process.
Therefore, considering the facts of the case and on perusal of the final report, we are of the view that the liquidation process can be closed.
Accordingly, we hereby order closure of the Liquidation proceedings against the Corporate Debtor viz Chadalavada Infratech Limited from the date of this Order, in terms of Regulation 45 (3) of Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. The Liquidator is directed to send the copy of this Order within 7 days from the date of pronouncement to the Registrar of Companies, Hyderabad and preserve /hand over all the books and files of the Corporate Debtor as per the provisions of the Code. The Registry is directed to communicate this order to the Registrar of Companies, Hyderabad for updating the master data. A copy of this order be also forwarded to the Insolvency & Bankruptcy Board of India, New Delhi.
IA No. 609/2023 stands disposed of accordingly.
IA 608/2023
Orders not pronounced as certain clarifications are required. Since, IA 608/2023 is pending, the liquidator is not discharged. Matter adjourned to 14.06.2023 for hearing.
SD/- MEMBER (T)
SD/- MEMBER (J)