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TMI Blog2021 (1) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... d as Annexure V (Diary No. 982 dated 5-2-2020) and also as Annexure A-3 (Dy. No. 00659 dated 31-7-2020). Thus, it is 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 Code, and thus it would be just and appropriate for the Adjudicating Authority to dissolve the Company, by directing the Liquidator to close the Liquidation Account and other accounts of the Company, on receipt of this order. No party is going to be affected by dissolving the company. M/s. Tirupati Ceremics Limted, the Corporate Debtor, is hereby dissolved with immediate effect - application disposed off. - CA No. 584 of 2019, CP (IB) No. 50/Chd/Hry/2017 - - - Dated:- 24-11-2020 - Ajay Kumar Vatsavayi, Judicial Member And Raghu Nayyar, Technical Member For the Applicant : Balwinder S. Kalsi, Adv. and Amit Sharma, Liquidator ORDER AJAY KUMAR VATSAVAYI, JUDICIAL MEMBER. 1. CA No. 584/2019 in CP (IB) No. 50/Chd/Hry/2017 is file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he basis of reports, the fair value arrived by them was ₹ 6,33,76,975/- and the liquidation value was ₹ 5,46,41,229/- It is further submitted that valuation report did not have any deviation. 5. In terms of Regulation 31 of the Liquidation Regulations, the Liquidator has collated and submitted a revised list of stakeholders to the Adjudicating Authority based on the claims received as per the last date of submission of the claim as on 29-5-2019 attached as Annexure A-9. As per the list of stakeholders, there were total 09 unsecured Financial Creditors out of which, claims of 02 Financial Creditors amounting to ₹ 4,83,27,139/- were admitted by the liquidator. Apart from this, the Liquidator has also received claims from the Operational Creditors of the Corporate Debtor, including government dues. It is also stated that the corporate debtor has no secured creditors. 6. As per the requirement of Regulation 13 of the Liquidation Regulations, the Liquidator has already submitted the preliminary report to this Adjudicating Authority vide Diary No. 1664 dated 18-5-2018 (Annexure A-8) containing the following details: - the capital structure of the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sactions under Chapter III of Part II of the Code is pending before the Adjudicating Authority. 11. As per Regulation 45 of the Regulations, the liquidator has filed final report dated 25-7-2019 (Annexure A-17) along with the application and compliance certificate in Form H vide Dy. No. 3626 dt. 15-10-2019 (Annexure A- 22). Details of the amount available for final distribution as per form H in terms of Section 53 of the Code, 2016 is mentioned below: (Amount in lakh) Sl. No. Stakeholders under section 53(1) Amount claimed Amount admitted Amount Distributed Amount Distributed to Amount claimed (%) Remarks (1) (2) (3) (4) (5) (6) (7) 1 CIRP Costs 5,20,461 5,20,461 5,20,461 100% 2 Liquidation Costs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that since the Corporate Debtor has been liquidated successfully and the realized amount has been distributed to the stakeholders as per Section 53 of the Code read with Regulation 42 of the Liquidation Regulations, the liquidation proceedings are construed to be concluded, the instant application is being made for dissolution of the Corporate Debtor. 16. Heard Mr. Balwinder S. Kalsi, advocate for the Liquidator and Mr. Amit Sharma, learned Liquidator. We have carefully perused the pleadings of the party along with extant provisions of the Code and the Rules made thereunder. 17. By order 23-9-2019, the liquidator was directed to pay the undistributed amount of liquidation proceeds to the Company Liquidation Account in the Public Account of India pursuant to Regulation 46 of the Regulations. Accordingly, the liquidator deposited an amount of ₹ 4,55,66,705/- towards undistributed amount through (a) cheque no. 000711 dt.09-1-2020 for ₹ 4,54,84,145/- drawn on ICICI Bank Limited, Janpath Branch, New Delhi favouring IBBI -Corporate Liquidation Account No. 2254005800000015 and (b) ₹ 82,560/- through NEFT reference No. 000081508036 dated 20-1-2020. Copy of Form-I i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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