9911796707
TMI Blog2021 (4) TMI 722X X X X Extracts X X X X X X X X Extracts X X X X ..... IBC, 2016 read with Regulation 44(1) & 45(3)(b) of IBBI (Liquidation Process) Regulations, 2016 for dissolution of the Corporate Debtor i.e. M/s. Oasis Agro Infra Ltd. 2. The main Company Petition bearing CP(IB) No. 60/Chd/Pb/2017 filed by M/s. Oasis Agro Infra Ltd. under Section 10 of the IBC, 2016, read with Rule 7 of I&B (Application to Adjudicating Authority) Rules, 2016 was admitted by the Adjudicating Authority, vide order dated 22.09.2017 by initiating CIRP, and declaring moratorium. Vide order dated 03.10.2017, Mr. Vikram Bajaj bearing Registration No. IBBI/IPA-002/IP-N00003/2016-2017/10003 was appointed as Interim Resolution Professional but subsequently the Adjudicating Authority vide order dated 04.12.2017 replaced Mr. Vikram Ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to rank at par with the secured creditors' claims. 6. As per the requirement of Regulations 13 and 15 of the Liquidation Regulations, the Liquidator has already submitted the preliminary report/1st Progress report to this Adjudicating Authority on 01.10.2018, inter alia containing the details as required under the said regulations. 9. It is submitted that only movable assets in shape of vehicles, furniture & agricultural equipment were owned by the Corporate Debtor and there were no immovable assets in the name of the corporate debtor. Further, it is submitted that the corporate debtor was not a going concern and Punjab National Bank, the sole secured creditor relinquished its security interest over the movable assets of the corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 84 7.75 0.32% Rs. 14.68 lakhs is received as sale proceeds from eauction of the movable assets out of which Rs.7.75 lakhs has been distributed to financial creditor. An OTS of Rs.4.50 crores has been accepted by the financial creditor which was offered by the personal guarantors of the corporate debtor and the entire amount of OTS has been received by PNB. Total 2423.76 2423.76 14.68 0.61 15. It is submitted 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s disposed of with the following directions:
(i) M/s. Oasis Agro Infra Limited., the Corporate Debtor, is hereby dissolved with immediate effect;
(ii) The Liquidator is permitted to close the pending Liquidation Bank Account within three weeks from the date of receipt of copy of this order.
(iii) The Registry is directed to forward a copy of this order to the Registrar of Companies, Punjab and Chandigarh within a period of two weeks from today;
(iv) The learned Liquidator is also directed to forward copies of this order to all other statutory authorities connected with the affairs of the Company.
(v) The liquidator is discharged.
(vi) CP (IB) No. 60/Chd/Pb/2017 also stands disposed of. X X X X Extracts X X X X X X X X Extracts X X X X
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