9911796707
TMI Blog2022 (3) TMI 815X X X X Extracts X X X X X X X X Extracts X X X X ..... oposed scheme of distribution and it is ordered accordingly - Petition disposed off. - IA (IB) No. 113/KB/2022 in CP (IB) No. 785/KB/2019 - - - Dated:- 9-3-2022 - Rajasekhar V.K., Member (J) And Balraj Joshi, Member (T) For the Appellant : Pranay Agarwal and Ankita Baid, Advocates For the Respondents : Party-in-Person ORDER Balraj Joshi, Member (T) 1. This court convened via video conferencing. 2. This is an application filed under regulation 38(1) of the Insolvency and Bankruptcy Board of India [Liquidation Process] Regulations, 2016 ( Liquidation Process Regulations ) by the Liquidator of Ruchika Tradelink Private Limited (CIN: U25201WB1999PTC160634) ( Corporate Debtor ) praying for the distribution of unsold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said company is in liquidation since 25th February, 2020. c. The Corporate Debtor has 580 unquoted shares of Narottamka Commodities Pvt. Ltd. having a book value of ₹ 11,60,000/-. The Applicant, on visiting the registered office of the said company on many occasions, found it to be closed. Further, the Applicant sent the company an email dated 14.09.2021 on its registered email id but no reply has been received. d. In the balance sheet of the Corporate Debtor, an amount of ₹ 1,29,227/- has been shown as short term loans and advances consisting of advance of ₹ 27,527/- given to Gujrat Metallic Coal Coke Ltd. and advance of ₹ 1,01,700/- to Income Tax. However, Gujrat Metallic Coal Coke Ltd. is under CIRP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n certificate/offline delivery instruction slip by the Liquidator. 8. Heard the Ld. Counsel on behalf of the Applicant and perused the records. 9. The financial creditor/stakeholders have submitted their consent to the proposed distribution of assets amongst them in proportion of their claim and have agreed to get the shares/assets transferred at their own cost and convenience after the issuance of asset distribution certificate/offline delivery instruction slip by the Liquidator. 10. In view of the above facts and circumstances, there is no impediment to the proposed scheme of distribution and it is ordered accordingly. 11. I.A. (IB) No. 113/KB/2022 and CP (IB) No. 785/KB/2019 shall stand disposed of in accordance with the abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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