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TMI Blog2021 (4) TMI 722X X X X Extracts X X X X X X X X Extracts X X X X ..... g Authority to dissolve the Company, by directing the Liquidator to deposit the balance amount of ₹ 1,25,000/- into Companies Liquidation Account in the Public Account of India, as per law. No party is going to be affected by dissolving the company. M/s. Oasis Agro Infra Limited., the Corporate Debtor, is hereby dissolved with immediate effect - Liquidator is permitted to close the pending Liquidation Bank Account within three weeks from the date of receipt of copy of this order - application allowed. - IA No. 572/2020 in CP (IB) No. 60/Chd/Pb/2017 - - - Dated:- 26-3-2021 - Ajay Kumar Vatsavayi, Member (J) And Raghu Nayyar, Member (T) For the Appellant : Harsh Garg and Pulkit Goyal, Advocates JUDGMENT Ajay Kumar V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cess) Regulations, 2016. Further, it is stated that the order for initiation of liquidation of the corporate debtor was forwarded to Registrar of Companies, Punjab and Chandigarh on 26.07.2018 and consequently the status of the company has been changed as 'under liquidation' as per Section 33(1)(b)(iii). 4. It is stated that in terms of amendment in Regulation 35(1) of the Liquidation Regulations, the valuers were not appointed. However, it is stated that the valuation conducted during the CIRP of the corporate debtor was used for the purpose of e-Auction in the liquidation process. 5. In terms of Regulation 31 of the Liquidation Regulations, the Liquidator received claim of ₹ 24,16,84,251/- from only one stakeholder, i. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Time Settlement (OTS) amount of ₹ 4.50 crores offered by all the guarantors of the corporate debtor. 12. It is also submitted that as per Regulation 44 of the Regulations, no application for avoidance of transactions under Chapter III of Part II of the Code is pending before the Adjudicating Authority. 14. As per Regulation 45 of the Regulations, the liquidator has filed final report dated 10.08.2020 and compliance certificate in Form H (Annexure A-6, pages 54-60) along with the application. Details of the amount available for final distribution as per form H in terms of Section 53 of the Code, 2016 is mentioned below: Sl. No. Stakeholders under section 53(1) Amount clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. Harsh Garg and Pulkit Goyal, learned counsel for the Liquidator and Mr. Amandeep Singh, learned Liquidator. We have carefully perused the pleadings of the party along with extant provisions of the Code and the Rules made thereunder. 17. It is submitted that all the expenses of the liquidation were borne by the secured creditor directly and no amount was deposited by the secured creditor in the liquidation account of the company. It is also sta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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