Section 54 of IBC : Section 54: Dissolution Of Corporate Debtor

IBC

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Explanation using Example

Imagine a company named "TechWidgets Pvt. Ltd." has gone bankrupt and is undergoing liquidation. All of its assets, including office equipment, patents, and properties, have been sold off to pay back creditors. The liquidator, who is responsible for overseeing the liquidation process, has concluded that the assets of TechWidgets have been fully liquidated and there are no more assets left to sell.

In accordance with Section 54(1) of The Insolvency and Bankruptcy Code, 2016, the liquidator will ...

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