Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi
2 years, 4 months ago

Once Dissolution Application Is Filed After Liquidation, Adjudicating Authority Has No Discretion :NCLAT Delhi

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The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar and Dr. Ashok Kumar Mishra, while adjudicating an appeal filed in Sudhir Kumar Goel & Ors. 143 of 2021 before the Adjudicating Authority, seeking dissolution of the Corporate Debtor and vide an order dated 15.07.2021 the Corporate Debtor stood dissolved. Dissolution of corporate debtor – where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. The Adjudicating Authority shall on application filed by the liquidator under sub-section order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. Decision Of The NCLAT The Bench opined that in view of Section 54 of the IBC, once after the completion of liquidation an application is filed by the liquidator of a Corporate Debtor for its dissolution to the Adjudicating Authority, who has no option but to pass an order of dissolution.

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