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TMI Blog2020 (7) TMI 421X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,203.00, which covers the period of twenty-four months preceding the Dissolution order date - it would be just and proper to permit the Resolution Professional to pay an amount of ₹ 3,72,363.00 to workmen on pro-rata basis, on making provision of ₹ 15,338.19 towards Bank service charges levied by the Bank. There would be no useful purpose be served, by placing the Corporate Debtor under Liquidation process, under the extant provisions of Code. Since the Assets of Company were realized and realised amounts were also distributed to the respective claimants except workmen, the liquidation process under the provisions of Code is deemed to have completed under Chapter Ill of Part Il of Code, and thus it would be just and proper for the Adjudicating Authority to dissolve the Company subject to finally distribute the remaining amounts, as stated by Resolution Professional - the instant Application is filed in accordance with law and the Resolution in question to dissolve the Corporate Debtor was approved by the Sole COC. It is hereby dissolved the Applicant Company, M/S. My Choice Knit Apparels Pvt. Ltd., with immediate effect. - CP(IB)NO. 136/BB/2018 - - - Dated:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6, a public announcement is made in FormA dated 25.10.2019 and 26.10.2019, by calling Creditors to submit their proof of claims , in Financial Express (national English newspaper) and Samyukta Karnataka (Vernacular newspaper) in region of Registered office Debtor) respectively. (3) In pursuant to the above notification, the the claims from the Financial Creditors in same were scrutinized by the IRP, as under Sl No. Name of Creditor, Address, Contact Person's Number and Email ID of the Concerned Person Amount claimed (In Rs.) Amount Admitted (In Rs.) Security Interest, if any Remarks 1 M/S. Techniks India Plot No.T-4 Shop No. 1 st Stage Peenya Industrial Estate Peenya Police Station Main Road, Bengaluru - 560 058 Mob No.9845373462 Email: techniksindia@yahoo. com 4,00,000 (under verification) 4,00,000 (under verification) NIL Interest on Debt at 9% not claimed 2 M/S. Aaryan Klothing co., 1 st Floor, No.26/08/011, 4 th Road, 1st Cross, Begur Road, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the committee as per Regulation 25(2) and applicable provisions of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, was put to vote in the meeting by the Committee after discussion on the same. Under Agenda No. 4 5 of the COC meeting following were discussed and deliberated. The Resolution Professional brought to the notice of the members that there were NO Resolution Applications received, as per Section 33 of the Code, and there is no Potential Resolution Applicants interested in submitting Resolution Plan, all the major assets have already been sold by CD to clear Bank Debt in 2018-19, and the Company is no more a going concern, CD has no employees, operations were shut down since March, 2019 and Fixed Assets of Company were sold by way of private sale as permitted by COC in the previous COC meeting. Two sets of valuation submitted by Valuers, shows the fair value and liquidation value of the assets of the CD, which will cover CIRP cost. The CIRP is expiring on 20th April, 2020 and as there is no resolution plan received, there is no option left with the Corporate Debtor to repay the liabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8377; 8,00,234.00, against which Resolution Professional has recovered ₹ 8,70,479.19, which is over and above the liquidation and Fair Value. The details of Assets realization is furnished below: Sl No. Particulars Amount in Rs. 1 By Cash Realized from inoperative account with Union Bank of India ₹ 29,918.19 2 By Book Debt Amount realized from Roopa Company 3 By Sale of Fixed asset at above Liquidation Value-Private sale as per regulation 29 of IBBI (CIRP of Corporate Persons) ₹ 77,175.00 4 Cash in Hand ₹ 10,500.00 TOTAL ₹ 8,70,479.19 ii. On liquidation of Assets, proceeds are to be distributed, as per the provisions of Section 53 of IBC with following having the Priority, as decided in the Fourth COC meeting held on 12.02.2020. (a) The insolvency resolution process costs and the liquidation costs paid in full; (b) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Adjudicating Authority of the decision of the committee of creditors approved by not less than sixty-six percent of the voting share to liquidate the Corporate Debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1) Section 54 of the Code reads 54. (1) Where the assets of the Corporate Debtor have been completely liquidated, the liquidator shall make an Application to the Adjudicating Authority for the dissolution of such Corporate Debtor. (2) The Adjudicating Authority shall on Application filed by the liquidator under subsection (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered . Rule 14 of IBBI (Liquidation Process) Regulations, 2016 reads as 14. Early dissolution. Any time after the preparation of the Preliminary Report, if it appears to the liquidator that - (a) the realizable properties of the corporate debtor are insuff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e disbursed to the workmen as decided and approved by COC in its meeting held on 21.03.2020. However, the total claim of workmen is ₹ 5,29,203.00, which covers the period of twenty-four months preceding the Dissolution order date. Therefore, it would be just and proper to permit the Resolution Professional to pay an amount of ₹ 3,72,363.00 to workmen on pro-rata basis, on making provision of ₹ 15,338.19 towards Bank service charges levied by the Bank. 7. The above facts and circumstances of the Case justified that there would be no useful purpose be served, by placing the Corporate Debtor under Liquidation process, under the extant provisions of Code. Since the Assets of Company were realized and realised amounts were also distributed to the respective claimants except workmen, the liquidation process under the provisions of Code is deemed to have completed under Chapter Ill of Part Il of Code, and thus it would be just and proper for the Adjudicating Authority to dissolve the Company subject to finally distribute the remaining amounts, as stated by Resolution Professional. The instant Application is filed in accordance with law and the Resolution in question t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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