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TMI Blog2021 (4) TMI 623X X X X Extracts X X X X X X X X Extracts X X X X ..... ision/guidelines are available with the Bank to release the deposit after giving 15/30 days formal notice to the beneficiary of the LG, when the validity of claim period is over. What has prevented the HDFC from not releasing the FD when the claim period mentioned in the LG is over. The liquidator is to form Stakeholders Consultation Committee within 10 days of this order as per Regulation of liquidation process 31 A and make all attempts to ensure maximization of value of assets of CD / liquidation estates including Trade Receivables - 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. Application disposed off. - IA No. 06 of 2021 IN IA No. 18 of 2019 IN C. P. ( IB ) No. 03/GB/2018 - - - Dated:- 9-2-2021 - Hon ble Shri H. V. Subba Rao , Member ( J ) And Hon ble Shri Prasanta Kumar Mohanty , Member ( T ) MR. P. C. GAGGAR CA LIQUIDATOR MR. JAGDISH GAUR ADVOCATE RESPONDENT ORDER Matter is taken up through video conferencing. The Learned Liquidator Mr. P.C. Gaggar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Valuation by Mr. Dipak Borgohain Sr. No Assets Cost of acquisition(Rs) Fair Market Value (Rs) 1 Hyundai Grand i10 Era 5,85,446.0 1,83,000.00 2 Mahindra Bolero SLE1WD7 7,55,540 2,28,735.90 3 Hero Honda Motorcycle 44,000.00 14,287.00 4 Miscellaneous Scrap (representing distress sale value of office furniture, office equipment and other miscellaneous fixed assets) 1,16,641.05 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets of the Corporate Debtor through private sale at a consideration of ₹ 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 ₹ 5,25,000/- (Face Value) Lien with Bank against a Bank Guarantee issued by the bank on behalf of the Company. The Bank Guarantee has expired long back and the claim period is also over. The bank wants original bank guarantee to be returned which is not available. The liquidator has been in continuous follow up and several comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Process) Regulation, 2016, the Hon ble Tribunal is empowered to pass necessary order for dissolution of CD, on an application by the liquidator after complete liquidation of the assets of the CD. xiv. The liquidator has also submitted along with this application a final report on Liquidation process and a compliance certificate in Form H as required under regulation 45 of the Code. (enclosed herewith as Annexure 3 and 4) 3. The liquidator has sought for following reliefs: That considering all the above facts, the applicant prays humbly before the Hon ble tribunal for the following relief(s): - Condoning the delay of 78 days (excluding the lockdown period of 92 days) in completion of liquidation within the timeline including the extended timeline granted by the adjudicating authority. - Necessary directions to HDFC Bank Limited, U N Brahmachari Street Branch, 11,Dr.U N Brahmachari Street, Kolkata-700017 to release the fund held by the Corporate Debtor in the Fixed Deposit (FD account no 50300022617496) 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Bench condones the delay of 78 days excluding the lockdown period of 92 days but the liquidator is directed to realise the assets, distributes the same as per section 53 of the IBC on or before 13.03.2021 (completion of 2 years). B. The suspended Management/ Promoters: The suspended management/ promoters or any other persons associated with the management of the CD under liquidation are to extend all assistance to the liquidator to realize the assets and complete the liquidation process in time C. HDFC Bank, holding the FD of the CD under liquidation is hereby directed to release the FD with Interest accrued there on, when the claim period of the LG is already over, within 10 days from today. If the bank nee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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