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2021 (4) TMI 722 - Tri - Insolvency and BankruptcyDissolution of Corporate Debtor - Section 54 of the IBC, 2016 read with Regulation 44(1) 45(3)(b) of IBBI (Liquidation Process) Regulations, 2016 - HELD THAT - The facts and circumstances of the case have established that due process of Liquidation as per extant provisions, was followed by the Liquidator to liquidate the assets of Company and the realized amounts were also distributed to the respective claimants. Therefore, the liquidation process was deemed to have been completed under Chapter III of Part II of the Code and thus it would be just and proper for the Adjudicating Authority to dissolve the Company, by directing the Liquidator to deposit the balance amount of ₹ 1,25,000/- into Companies Liquidation Account in the Public Account of India, as per law. No party is going to be affected by dissolving the company. M/s. Oasis Agro Infra Limited., the Corporate Debtor, is hereby dissolved with immediate effect - Liquidator is permitted to close the pending Liquidation Bank Account within three weeks from the date of receipt of copy of this order - application allowed.
Issues involved:
Liquidation process under the Insolvency and Bankruptcy Code, 2016 - Dissolution of the Corporate Debtor. Detailed Analysis: Issue 1: Initiation and progress of the liquidation process The judgment discusses the initiation of the liquidation process of a Corporate Debtor, M/s. Oasis Agro Infra Ltd., under the Insolvency and Bankruptcy Code, 2016. It highlights the appointment of the Resolution Professional and subsequent Liquidator. The Liquidator conducted a public announcement of liquidation, invited claims, and submitted necessary reports as per the Liquidation Regulations. Issue 2: Valuation and claims The judgment mentions the valuation process during the Corporate Insolvency Resolution Process (CIRP) being used for e-Auction in the liquidation process. It details the claims received from stakeholders, primarily from Punjab National Bank, the sole financial creditor. The absence of claims from other stakeholders is noted, affecting the ranking of claims. Issue 3: Asset realization and distribution The judgment elaborates on the assets owned by the Corporate Debtor, including movable assets, and the sale of these assets through e-auction. It highlights the acceptance of an One Time Settlement (OTS) amount by the financial creditor. The Liquidator filed an Asset Sale Report and distributed the realized amounts to stakeholders as per the Code and Regulations. Issue 4: Compliance and final distribution The judgment discusses the submission of reports by the Liquidator, including the final report and compliance certificate. It provides a detailed breakdown of the amount available for final distribution to stakeholders. The completion of the liquidation process and distribution of realized amounts are emphasized as per the statutory requirements. Issue 5: Dissolution of the Corporate Debtor The judgment concludes that the liquidation process has been successfully completed, with amounts distributed to stakeholders as per the Code and Regulations. It recommends the dissolution of the Corporate Debtor, directing the Liquidator to deposit the remaining balance into the Companies Liquidation Account. The judgment ensures that no party will be adversely affected by the dissolution. Conclusion: The judgment thoroughly analyzes the liquidation process of M/s. Oasis Agro Infra Ltd., highlighting key aspects such as asset realization, claims, compliance, and final distribution. It culminates in the dissolution of the Corporate Debtor, signifying the successful conclusion of the liquidation proceedings under the Insolvency and Bankruptcy Code, 2016.
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