9911796707
TMI Blog2021 (4) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent. 2. The Liquidator has filed the application under section 54 of the Insolvency and Bankruptcy Code, 2016 read with regulation 45(3) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for dissolution of the Corporate Debtor. 3. It is stated by the liquidator that: i. The Hon'ble Tribunal has vide its order dated 1st August, 2018 in application C.P. (IB)/ 03/GB/2018 filed by Multichemical Industries Pvt. Ltd. under Section 9 of Insolvency and Bankruptcy Code, 2016 (the Code) of the Corporate Debtor. The Hon'ble Tribunal also appointed the Applicant (CA Purshotam Gaggar) as Interim Resolution Professional for the said matter. ii. The Applicant constituted the Committee of Creditors (CoC) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6,641.05 Total 5,42,663.95 Add: Towards betterment for unintentional/ unavoidable errors & omissions of items during physical inspection L.S @ 10% Grand Total 5,96,930 Valuation by M/s. S. Dey And Associates. Sr. No. Assets Cost of acquisition (Rs) Fair Market value (Rs) 1 Hyundai Grand i10 Era 5,85,446.00 1,85,000.00 2 Mahindra Baleno SLE1WD7 7,55,540 2,34,000.00 3 Hero Honda motorcycle 44000.00 14,500.00 4 Miscellaneous Scarp (representing distress sale value of office furniture, office equipments and other miscellaneous fixed assets 1,21,560.00 Total 5,55,060.00 The valuation report shows the distress sale value of scarp as the it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rporate Debtor through private sale at a consideration of Rs. 6,47,800/-. The details of the assets disposed of are given in the 'Asset sale Report' a copy of which is enclosed in the final report as Annexure C. viii. The liquidator opened a liquidation account with ICICI bank, Guwahati Fancy Bazar Branch and transfer all the amounts realized by the liquidator and other funds lying in the bank accounts of the corporate debtor except the fund in the following Fixed deposit account have been withheld by the bank for reasons below: Bank account details Reason for withholding the accounts HDFC Bank Ltd. U N Brahmachari Street Branch 11, dr. U.N Brahmachari Street Kolkata -700017Fixed Deposit A/C No. 50300022617496 Fixed Deposit amount Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s enclosed in the final report Annexure E). However, there was no satisfactory progress in the liquidation process due to lockdown announced by Central Government from 25.03.2020 to 31.05.2020 and State government in Assam from 24.06.2020 to 19.07.2020 and other restriction imposed due to Novel corona virus in travelling as all the bank accounts and records of the company are maintained at Kolkata. Hence there was a delay in completion of the liquidation process within the extended time line. xii. As on date there is no realizable property of corporate debtor to recover outstanding amount of the stakeholders and other costs as the assets of the corporate debtor are disposed and realized by the liquidator. The amount realized by the liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6) and transfer the same to the liquidation account so that the same can be distributed to the stake holders. - For dissolution of the Corporate Debtor. 4. We have heard both sides. During the hearing, the Suspended Management present has requested for taking his assistance in realization of assets of the CD before going for dissolution. 5. It is informed by the liquidator that he has not formed the Stakeholders' Consultation Committee and no Stakeholders' Consultation Committee meeting has taken place during the liquidation period. The reason for not forming/or conducting the meeting could not be clarified by the liquidator, when 5 Operational Creditors are there besides the promoters/ shareholders of CD. 6. It is also reported, durin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Regulation of liquidation process 31 A and make all attempts to ensure maximization of value of assets of CD / liquidation estates including Trade Receivables. b. The liquidator is to take up the matter with HDFC Bank for release of the FD with interest within 10 days from today. The liquidator may execute/ complete formalities, if asked for by the Bank, for release of the FD of the CD under Liquidation. c. The liquidation process is required to be completed within one year from the date of Liquidation order with a view to maximizing the value of assets and reduction of cost of liquidation. Liquidation order was passed on 14.03.2019 and it is now going to complete 2 years. However, the interest of Justice to all stakeholders, this Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X
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