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 – Sudhir Kumar Goel (Promoter of Shashi Oils & Fats Pvt. Ltd.) Vs. M/s Shashi Oils and Fats Pvt. Ltd. – NCLAT New Delhi
NCLAT held that once the Company is dissolved under Section 54 of the Code, nothing remains. In view of provisions contained in 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. In the present case the Adjudicating Authority has simply complied with the provisions under Section 54(2) of the Code. It is very much clear that the Company is fully dissolved. This dissolution happens when the company is liquidated.
