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2020 (2) TMI 914 - Tri - Insolvency and BankruptcyDissolution of Corporate Applicant - permission to file a copy of the order to the ROC Bangalore etc. - CIRP process - section 54 (1) of the IBC, 2016 - HELD THAT - The facts and circumstances of the case has established that due process of Liquidation, as per extent provisions of Code and the rules were followed by the Liquidator to liquidate the Assets of Company and the realised amounts were also distributed to the respective claimants. Therefore, the liquidation process was deemed to have completed under Chapter III of Part II of Code, and thus it would be just and appropriate for the Adjudicating Authority to dissolve the Company, and no party would be going to be affected by dissolving the Company. And the Liquidator can be directed to close the Liquidation Account, and other accounts of the Company, on receipt of copy of this order. It is hereby dissolved M/s. Eolane Electronics Bangalore Pvt. Ltd. the Corporate Applicant with immediate effect - Liquidator is permitted to close the pending viz. Liquidation Bank Account, State Bank of India and Credit Agricole Bank, as stated by him, within three weeks from the date of receipt of copy of this order. Petition disposed off.
Issues Involved:
1. Initiation of Corporate Insolvency Resolution Process (CIRP) 2. Appointment of Interim Resolution Professional (IRP) and formation of Committee of Creditors (CoC) 3. Liquidation of Corporate Applicant 4. Public Auction of assets and distribution to stakeholders 5. Dissolution of Corporate Applicant Issue-wise Detailed Analysis: 1. Initiation of Corporate Insolvency Resolution Process (CIRP): The main Company Petition C.P.(IB)No.65/BB/2017 was filed by M/s. Eolane Electronics Bangalore Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of CIRP due to a default of ?144,99,49,809/-. The Adjudicating Authority admitted the Petition on 31.08.2017, imposing a moratorium and appointing Shri G.N. Venkataraman as the Interim Resolution Professional (IRP). 2. Appointment of Interim Resolution Professional (IRP) and formation of Committee of Creditors (CoC): The CoC was formed consisting of operational creditors and workers, as there were no financial creditors. The CoC included representatives for unpaid wages, unpaid rent, unpaid amounts on the supply of LED and electronic items, and other suppliers of goods and services. The liquidation value was determined to be ?12.99 Crores. 3. Liquidation of Corporate Applicant: Despite calling for Expressions of Interest for a Resolution Plan, no plans were submitted. Consequently, the CoC decided to recommend liquidation under Section 33 of the IBC, 2016. The Adjudicating Authority ordered the liquidation of the Corporate Applicant on 20.12.2017. 4. Public Auction of assets and distribution to stakeholders: The Liquidator conducted a public auction realizing around ?230.30 Crores. 30% of the re-determined claims of 137 workers amounting to ?1.42 Crores were credited to their bank accounts. Due to obsolescence and non-maintenance, assets worth ?9.97 Crores remained unsold. The Liquidator distributed these unsold assets worth ?10.32 Crores amongst stakeholders as per the Bench’s directions. 5. Dissolution of Corporate Applicant: The Liquidator completed the distribution of all assets and was directed to apply for the dissolution of the Corporate Applicant under Section 54 of the IBC, 2016. The Liquidator managed the liquidation expenses and was prepared to close the liquidation account upon receipt of the dissolution order. The Adjudicating Authority confirmed that the due process of liquidation was followed, and the realized amounts were distributed to respective claimants. Final Judgment: The Corporate Applicant, M/s. Eolane Electronics Bangalore Pvt. Ltd., was dissolved with immediate effect. The Liquidator was permitted to close the pending bank accounts within three weeks and directed to forward a copy of the order to all statutory authorities, including the Registrar of Companies, Karnataka. The Registry of NCLT was also directed to forward a copy of the order to the Registrar of Companies, Karnataka.
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