The present application was filed by Mr. Janak Jagjivan Shah, the Resolution Professional (RP) of Rainbow Infrabuild Pvt. Ltd., seeking the dissolution of the Corporate Debtor (CD) under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The application was prompted by the Corporate Debtor's lack of realizable assets and the Committee of Creditors' (CoC) decision to proceed directly to dissolution without undergoing a full liquidation process, to avoid incurring additional expenses.

The present application was filed by Mr. Janak Jagjivan Shah, the Resolution Professional (RP) of Rainbow Infrabuild Pvt. Ltd., seeking the dissolution of the Corporate Debtor (CD) under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, and Rule 11 of the NCLT Rules, 2016. The application was prompted by the Corporate Debtor's lack of realizable assets and the Committee of Creditors' (CoC) decision to proceed directly to dissolution without undergoing a full liquidation process, to avoid incurring additional expenses.