9911796707
TMI Blog2019 (6) TMI 369X X X X Extracts X X X X X X X X Extracts X X X X ..... ndia (SBI), and the SBI being the mortgagee, shall hold the aforesaid land in furtherance to the order dated 20.01.2017 passed by the Debt Recovery Tribunal, Chennai, and in this regard, the SBI had submitted an Affidavit along with the claim stating that the aforesaid land belongs to the Promoter and mortgaged exclusively in favour of State Bank of India and the said asset does not fall under Liquidation Estate in terms of Section 36 of IBC, 2016 - The Report further provides that the Liquidator could not appoint any Valuers in the absence of Financial Records and/or any discoverable assets, as prescribed under the Insolvency and Bankruptcy Code, 2016. The Report also provides that there are no legal proceedings instituted, concluded or pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the Liquidator Remuneration; c. To pass Order for Dissolution of the Company under Liquidation as the affairs of the Company is completely wound up. d. To pass such other Orders as this Hon'ble Bench, Chennai may deem fit and proper. 3. Originally, the Operational Creditor viz., M/s. Shah Brothers Ispat Private Limited, had filed an Application under Sections 433(e) (f), 434 (i)(a) and 439(i)(b) of the Companies Act, 1956 against the Corporate Debtor viz., M/s. Tech Megacorp International Private Limited, before Hon'ble High Court of Madras which was subsequently transferred to NCLT and renumbered as TCP/114/IB/CB/2017. This Authority vide order dated 16.08.2017, admitted the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - 4. Union Broadways Limited Operational Creditor 0.21 - 5. Grauer Weil (I) Limited Operational Creditor 0.89 - 5. It is averred that due to the non-availability of records, information regarding the Directors, Promoters, and also due to cessation in the business operations of the Corporate Debtor, no Resolution Plan could get materialised. 6. It is averred that on 06.06.2018, this Bench ordered for Liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as challenged in appeal by the State Bank of India and the Applicant/liquidator travelled to Delhi to represent the matter, and incurred expenses. Based on which the liquidator prayed to give suitable directions for payment of the Liquidation Costs by the Stakeholder(s), as there are no assets available in the Corporate Debtor to realize the Liquidation Costs and to meet the fees of the Liquidator . 10. The Liquidator in its Final Report dated 28.02.2019 has reiterated that as there was no records, documents, books of account available and the Directors/Promoters of Corporate Debtor were not traceable, the procedure provided under law for the CIR Process/Liquidation could not be effectively followed up. 11. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idation) Regulations. 13. In view of the above, and other details provided in the Application and the record placed on file, this Authority in exercise of the powers conferred under Sub-section (2) of Section 54 of the I B Code, 2016, hereby orders the dissolution of the Corporate Debtor viz . , M/s. Tech Megacorp International Private Limited from the date of this Order and the Corporate Debtor stands dissolved. Consequently, the Liquidator stands relieved. 14. The Liquidator and the Registry are directed to send the copy of this order within 7 days from the date of pronouncement to the RoC with which the Corporate Debtor is registered. 15. The Liquidator viz., V. Mahesh is held entitled t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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