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TMI Blog2021 (1) TMI 1148X X X X Extracts X X X X X X X X Extracts X X X X ..... on process under the provisions of Code is deemed to have been completed under Chapter Ill of Part Il of Code. Therefore, it would be just and proper for the Adjudicating Authority to dissolve the Company, as prayed for by the Liquidator. The Applicant without impleading necessary parties, cannot seek any directions against them and thus the Application is to be rejected on this ground alone. In addition to this, as rightly stated by Karnataka Bank Ltd., (Financial Creditor), the Applicant is not entitled for any additional fee as claimed. The Applicant got adequate fee in comparison to the work he has done. It is hereby dissolved the Corporate Debtor namely, M/s. Bunt Solar India Pvt. Ltd., with immediate effect - Application allowe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 06.2019, by appointing the Applicant as IRP, imposing moratorium etc. During the first meeting of CoC the IRP was appointed as Resolution Professional. Subsequently, the Corporate Debtor was placed under Liquidation vide an Order dated 05.09.2019 passed in I.A No.408/2019. In pursuant to the said Order he made public announcement in Form-B dated 05.10.2019, one in Deccan Chronicle (English Newspaper) another in local language Vijayavani (Kannada Newspaper), stating that the Corporate Debtor is in Liquidation, in terms of Regulation 12 of the IBC (Liquidation Process) Regulations, calling upon stakeholders to submit their claims on or before 30.10.2019. . (2) It is stated Liquidation Value being Nil as reported in Asset Memorandum and onl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Liquidator of Bunt Solar India Private Limited (in Liquidation) for the period from 1st October, 2019 to 30 December, 2019 Payments Amount in Rs. RECEIPTS Opening Balance Cash 1,23,000.00 Vijaya Bank, Gandhi Bazar Branch - Bunt Solar India Private Limited in Liquidation 140,862.57 Vijaya Bank, Gandhi Bazar Branch - Bunt Solar India Private Limited in Liquidation FD-Account Nil RECEIPTS: Receipts from Book debts Nil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entain the amount which is said to be CIRP Cost/Liquidation Cost and for payment of which a direction is sought. (2) The Liquidator by his letter dated 02.01.2020 claimed a sum of ₹ 7,83,200/- towards Resolution Professional expenses and a sum of ₹ 11,16,179/- by way of Liquidation expenses. So far as the Resolution Professional expenses is concerned, the Adjudicating Authority. by order dated 05.09.2019 clearly directed the Financial Creditor to review the expenditure incurred by Resolution Professional and also to verify the same through perusal of relevant documents. In spite of this, the Liquidator has not furnished any of the relevant documents such as Bills, Vouchers etc.. (3) The Liquidator has also claimed a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sive of 1/5 of the estimated value of the Secured assets. The expenses and the fees claimed by the Liquidator are contrary to Regulation 6 of the IBBI (Liquidation Process) Regulation, 2016.As admitted by the Liquidator, there are no assets of whatever nature of the Corporate Debtor for realization, however, the Applicant claimed huge amount of ₹ 18,99,379/- The realisation of the secured asset given by a 34 party Guarantor may not be sufficient even to meet the huge dues exceeding ₹ 7.43 Crores payable to it. Hence, the Application may be rejected. 4. Heard Shri G.N.Venkataraman,Liquidator, through Video Conference. We have carefully perused the pleadings of both the along with extant provisions of the Code, and the Rules ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed office of corporate persons is located. By conjointly reading the above provisions, the ultimate objective of Code is either to resolve the issue by way of Resolution Plan or to dissolve the Corporate Debtor, as expeditiously as possible. In the facts and circumstances of The case, justify there would not serve any purpose to keep the Corporate Debtor under regular CIRP proceedings, and thereafter under Liquidation proceedings, under the provisions of Code, the Adjudicating Authority, by exercising its innerent powers conferred under the Act, can pass appropriate order(s) in the interest of speedy justice. 7. The main point for consideration in the instant Application is whether the Corporate Debtor can still be continued so as to str ..... X X X X Extracts X X X X X X X X Extracts X X X X
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