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TMI Blog2021 (6) TMI 691X X X X Extracts X X X X X X X X Extracts X X X X ..... nsibilities as the liquidator of the corporate debtor-company - application allowed. - I. A. No. 219 of 2021 in C. P. (IB) No. 106/9/NCLT/AHM/2019. - - - Dated:- 20-4-2021 - Ms. Manorama Kumari Judicial Member And Chockalingam Thirunavukkarasu Technical Member For the Applicant : Vinodkumar Shah , practising company secretary ORDER CHOCKALINGAM THIRUNAVUKKARASU (TECHNICAL MEMBER). - 1. The present application, i. e., I. A. No. 219 of 2021 in C. P. (IB) No. 106 of 2019, is filed by Mr. Kailash T. Shah, liquidator of M/s. H. Sakhiya Fashions P. Ltd. (corporate debtor), under section 54 of the Insolvency and Bankruptcy Code, 2016 (I and B Code), with following prayers : (i) To allow the present application ; and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or-company. 2.4 On taking over as liquidator, the applicant, made public announcement on August 8, 2020 in accordance with regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 in Times of India (English) and Gujarat Guardian (Gujarati), inviting claims with proof from all stake holders, financial creditors, etc. copy of the public announcement has been annexed with the instant application as annexure E. 2.5 Pursuant to the public announcement, the applicant has received claim of ₹ 13,21,61,928.22 from a financial creditor, namely, TJBS Sahakari Bank Ltd. However, the applicant has verified the claim in accordance with regulation 30 of the IBBI (Liquidation Process) Regulations, 2016 on September 8, 2020 and constitu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Regulations, 2016 and asset memorandum pursuant to regulation 34 of the IBBI (Liqui dation Process) Regulations, 2016. 2.8 That, the liquidator has also prepared and submitted the progress reports on quarterly basis as required under regulation 15 of the IBBI (Liquidation Process) Regulations, 2016. 2.9 That since there was no asset available with the liquidator, the cost of CIRP as well as liquidation was born by the sole member of the SCC by way of interim finance and no amount is paid to the sole financial creditor based on its claim. 2.10 The liquidator filed the instant application for dissolution of the corporate debtor in accordance with section 54 of the Insolvency and Bankruptcy Code, 2016, along with final report and form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e H) First progress report dated October 19, 2020 Second progress report dated February 26, 2021 (viii) Copy of final report dated February 26, 2021 and form H dated March 4, 2021 (annexure I). (ix) Copy of audited receipt and payment account (annexure K). 4. Heard the learned practising company secretary appearing on behalf of the applicant also gone through the records. 5. The instant application is flied under section 54 of the I and B Code. The relevant provisions of section 54 of the IB Code reads as under : Section 54 of the Code : (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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