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TMI Blog2021 (5) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... Proserv Limited (hereinafter referred to as the Corporate Debtor) under Sections 54 and 60 (5) of the Insolvency & Bankruptcy Code, 2016 (the Code) read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking dissolution of the Corporate Debtor. 2. The Company Petition overnumbered under Section 9 of the Code seeking Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was admitted by this Tribunal by order dated 23.02.2018, wherein Mr. Sanjay Kumar Ruia was appointed as the Interim Resolution Professional (IRP). 3. The IRP published the public announcement for submitting the claim in the Free Press Journal (English) on 12.03.2018 and Navshakti (Marathi) on 14.03.2018. The IRP intimated all Banks, financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... years, and did not have any employees. The CoC decided that the Corporate Debtor should be liquidated as non-going concern. It accordingly unanimously passed the resolution to liquidate the Corporate Debtor as such. 7. That the RP on behalf of CoC filed the Application for liquidation in MA. No. 403 of 2018 on 25.04.2018 with this Authority. The same was allowed on 29.08.2019. It was also observed by this Tribunal that, Insolvency and Bankruptcy Board of India vide its letter bearing no. IBBI/IP/GCHP/2018/54/32/379 dated 28.07.2018 informed this Tribunal that, it had issued the show cause notice to Mr. Sanjay Kumar Ruia, the IRP and acting as the RP of the Corporate Debtor. Pursuant to the said notice he was not entitled to act as IRP/RP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the copy of order of liquidation. The status of the company has since been changed to one 'under liquidation' as per Section 33(1)(b)(iii) the Code. 10. The Applicant filed the MA bearing no. 1325 of 2018 under Regulation 35 of IBBI (Liquidation Process) Regulations, 2016 (the Regulations) on 29.10.2018 seeking 'waiver' of appointment of registered valuer as the Corporate Debtor did not have any assets to be valued. Further, except Income Tax refund of Rs..2,08,58,804/- and VAT refund of Rs.. 1,33,61,192/- no other assets were available in the last balance sheet. The Tribunal by order dated 10.01.2019 allowed the Application and waived the appointment of Registered Valuers as required under Regulation 34 (2) of the Regulations. 11. The Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f of the Corporate Debtor with the Income Tax authorities. The Authority concerned by letter dated 17.01.2019 confirmed the same and issued a No Dues Certificate. 13. The Applicant held the first consultation meeting with the stakeholders on 26.03.2019 and informed them the work done by her till that time and how she was planning to go ahead with the liquidation process. The Applicant prepared and submitted the Assets Memorandum and Preliminary Report on 12.11.2019 as per Regulation 34 of the Regulations, to the effect that there were no assets of the Corporate Debtor. The Applicant filed the first liquidation quarterly progress report on 15.01.2019. In which she mentioned all the details of works done by her till that period. Thereafter s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on meeting held on 20.09.2019. The stakeholders were informed that they would proportionally receive the amount in deposit and the CIRP costs would have to be met as per the provisions of the Code. The computation table of distribution of amount towards the CIRP costs and amount payable to stakeholders as per proportion which was discussed in the third consultation meeting is as follows. Global Proserv Limited Amount in Rs.. Bank Balance HDFC Bank Liquidation A/c 1,46,88,774.63 Bank of Maharashtra 7,42,478 Total 1,54,31,253 Retention: 21,89,488 Distributable Amount 1,32,41,765 Insolvency Cost: Legal fees (Rs..1,50,000/- X 6 months i.e. from Feb, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ertaking from Mr. Ganesh Naik the erstwhile director of the Corporate Debtor that, there are no litigation pending by or against Corporate Debtor. There are no pending liabilities in the name of Corporate Debtor. Except the bank account mentioned above there are no other bank accounts in the name of Corporate Debtor. There are no assets in the Corporate Debtor. 19. After the distribution made by the Applicant, she had made an application to HDFC Bank, Fort Branch for closure of the Liquidation Bank account on 28.02.2020. However, as the application was misplaced by the bank personnel. The Applicant again submitted the application on 25.06.2020 for closure of the Liquidation Bank Account after which the Liquidation bank account held with HD ..... X X X X Extracts X X X X X X X X Extracts X X X X
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