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2023 (2) TMI 1223 - Tri - Insolvency and BankruptcyPrayer for closure of the Liquidation Process of the Corporate Debtor - HELD THAT - It is evident that the assets of the Corporate Debtor were sold to the Successful Bidders supra. It is seen from Form-H that the amount of Rs. 10,23,89,263/- realized from the sale of Liquidation Estate was distributed among the stakeholders as per Section 52 or 53 of the Code. A copy of the Auditor Certificate is filed at page Nos. 40 to 51(a) of the application. The details of distribution is at page Nos. 28 to 29 of the Final Report. Further, by going through the Final Report, it is evident that the Liquidator has sold the Corporate Debtor as a going concern as such it is a fit case for closure of Liquidation process. The closure of the Liquidation proceedings against the Corporate Debtor viz. M/s. ICSA (India) Limited is ordered from the date of this Order, in terms of Regulation 45 (3) of Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Consequently, the Liquidator stands relieved. Application allowed.
Issues involved:
Closure of liquidation process of the Corporate Debtor M/s. ICSA (India) Limited under Regulation 45(3)(a) of IBBI (Liquidation Process) Regulations, 2016. Detailed Analysis: 1. Background and Application: The Liquidator of M/s. ICSA (India) Limited filed an application under Regulation 45(3)(a) of IBBI (Liquidation Process) Regulations, 2016 seeking closure of the Liquidation Process of the Corporate Debtor. 2. Summary of Application: The application outlined the appointment of the Liquidator, formation of Stakeholders' Consultation Committee (SCC), relinquishment of assets, valuation reports, realization of funds, sale of assets, and completion of necessary procedures. 3. Realization of Funds and Sale of Assets: The Liquidator realized funds from various sources, including the sale of land and a Benz Car. Valuation reports were obtained for the assets, and the Liquidator managed to sell the assets to successful bidders. 4. Distribution of Funds: The amount realized from the sale of Liquidation Estate was distributed among stakeholders as per the provisions of the Insolvency and Bankruptcy Code. Details of the distribution were provided in the Final Report submitted by the Liquidator. 5. Closure of Liquidation Process: After reviewing the facts and material presented, it was established that the assets were sold to successful bidders, and the Corporate Debtor was sold as a going concern. Therefore, the Tribunal ordered the closure of the Liquidation proceedings against the Corporate Debtor. 6. Order for Closure: The Tribunal issued an order for the closure of the Liquidation proceedings against the Corporate Debtor, relieving the Liquidator from further responsibilities. Directions were given to inform relevant authorities and hand over necessary documents to the successful bidder. 7. Compliance and Communication: The Liquidator was directed to send a copy of the order to the Registrar of Companies and the Insolvency & Bankruptcy Board of India. The Registry was instructed to update the master data accordingly. 8. Conclusion: The Tribunal allowed the application for closure of the liquidation process of the Corporate Debtor M/s. ICSA (India) Limited, bringing an end to the proceedings in accordance with the applicable regulations. This detailed analysis covers the key aspects of the judgment, including the application, realization and sale of assets, distribution of funds, and the final order for closure of the liquidation process.
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