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TMI Blog2021 (10) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... e IRP, RP and Liquidator from the sale proceeds of the assets before applying the same towards recovery of debts. ARCIL deposited the amount of ₹ 13,08,403/- in the account of Kokama International Private Limited. (In Liquidation) on 12.12.2019 and the balance amount was adjusted against the recovery of its secured debt by ARCIL - the entire cost of insolvency resolution process and liquidation process was met by ARCIL as the company did not have any funds to meet the said costs. The Liquidator on the request made by ARCIL by letter dated 23.12.2019 reimbursed the said cost to ARCIL from the account of Kokama International Private Limited (In Liquidation). Kokama International Private Limited, the Corporate Debtor, is hereby dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rocess) Regulations, 2016 (Regulations), the liquidator made a public announcement in Form B of Schedule II of the Regulations in two newspaper viz. Fress Press Journal (English) and Navashakti (Marathi) in the edition of 24th December, 2018 for the attention of stakeholders of the company and inviting them to submit the proof of claims on before 23rd January, 2019 in the prescribed format. b. As the Resolution Professional was appointed as the Liquidator, the custody of the assets and property of the company was already with the Liquidator, Shri Anil Seetaram Vaidya. c. The intimation was sent to the Income Tax Commissioner about the commencement of liquidation and appointment of liquidator for the company, as required under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany on 20.12.2018, the liquidator made public announcement as per Regulation 12 of the Regulations in Form B of Schedule II of the Regulations in two newspaper viz. Free Press Journal (English) and Navashakti (Marathi) at the edition of 24.12.2018 for the attention of stakeholders of the company and inviting them to submit the proof of claims on or before 23.01.2019 in the prescribed format. 5. The company's assets, which were mortgaged to ARCIL, available for sale were as follows:- a. Land leased by Maharashtra Industrial Development Corporation by (MIDC) admeasuring 1482 sq. mt with registration no. : TNN2-201-1997 for lease period of 95 years w.e.f. 01.05.1994 situated at Plot No. A-170, T.T.C., Industrial area, at village ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was handed over to ARCIL on 29.01.2019. 10. After handing over the possession of the assets to ARCIL, following steps were taken by ARCIL to sell the assets:- a. For sale of the assets, notice for sale under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( Securitisation Act ) by way of e-auction was published in newspapers and pasted on the premises of the company. The same was also placed on the website of ARCIL along with Bid Document. b. Reserve price and earnest money deposit for sale of assets was kept at ₹ 5,50,00,000/- and ₹ 55,00,000/- respectively. c. The offer was open from 22.02.2019 and e-auction was to be conducted on 26.03.2019. d. To ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the request made by ARCIL by letter dated 23.12.2019 reimbursed the said cost to ARCIL from the account of Kokama International Private Limited (In Liquidation). 14. The liquidator prepared the statement of receipts and payment during the liquidation period based on the amount received and paid during the liquidation period. 15. Disposal of assets and distribution of their proceeds:- a. As explained in Section III above, the company's assets were in the form of Land and Building, which were mortgaged in favour of Secured Creditor, ARCIL. ARCIL exercised its right to realise the security interest in the assets of the company under Section 52 of the code and sought the permission for the same from the liquidator. The Liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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