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NATIONAL COMPANY LAW TRIBUNAL
Mr. Daulat Ram Jain VS
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH-2 In CP(IB) No. 1172/KB/2019 Date of Pronouncement: 13/01/2026 In the matter of:
State Bank of India Financial Creditor Versus Adi Ispat Private Limited Corporate Debtor And In the matter of:
Mr. Daulat Ram Jain, Insolvency Professional, having Registration No. IBBI/IPA-001/
IP- P00945/2017 2018/11565, Liquidator of Adi Ispat Private Limited, having his Office at 33, Shakespeare Sarani, Police Station Shakespeare Sarani, Post Office- Circus Avenue, Kolkata - 700 017;
Applicant An application under Regulation 44(2) of the IBBI(Liquidation Process) Regulation 2016 read with Section 60(5) of the IBC Code 2016 and Rule 11 of the NCLT Rules 2016 Coram: Labh Singh, Hon’ble Member (Judicial)
Rekha Kantilal Shah, Hon’ble Member (Technical)
Present:
The dissolution of a Corporate Debtor under the IBC is permissible once all assets are liquidated and procedural requirements are satisfied.
Corporate debtors can be dissolved under the Insolvency and Bankruptcy Code once assets are fully liquidated, provided due compliance with regulations is demonstrated.
Compliance with settlement terms allows for the revocation of liquidation orders under the Insolvency and Bankruptcy Code, clarifying the distinction between Liquidator's fees and liquidation expense....
The court has the discretion to allow extensions to the liquidation period based on valid grounds presented by the Liquidator.
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