9911796707
TMI Blog2022 (5) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... le Tribunal, vide order dated 23.02.2021, was pleased to direct that M/s. Adonis Electronics Private Limited be liquidated and the Applicant was appointed as the Liquidator. 3. According to the preliminary report which was filed on 15th April, 2021 bearing IA No. 1883/21, the Applicant has reported that the paid-up capital of the Corporate Debtor was Rs. 9,67,67,670/- divided into 96,76,767 equity shares of Rs. 10 each. There was a loss of Rs. 12,10,54,271/- as on 31st March, 2020. 4. The Corporate Debtor had no movable or immovable or fixed, tangible or intangible assets. However, they had trade receivables of Rs. 14,35,260/- and short-term loans and advances of Rs. 1,16,99,714/-. 5. Vide order dated 11/06/2021 and 26/07/2021, the Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctronics were returned back undelivered and the third letter although got delivered to the debtor of corporate debtor namely MI Traders but no response was received. 9. During the meeting of the Stakeholder Consultation Committee held on 16th August, 2021 the Applicant had placed the expert report on recoverability of the loans and advances and informed the committee that the loans and advances were older than 8 years and were to be considered bad debts as per the expert report. The Applicant also apprised the committee about the debtors of the Corporate Debtor and informed that notices issued against two debtors has returned undelivered and the third notice although delivered, was not replied to by the debtor. 10. In the meeting, the Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor as there are no assets to be realized. 12. The bank account opened by the liquidator as per Regulation 41 of IBBI (Liquidation Process) regulations, 2016 has been closed and the other account of the Corporate Debtor which was with SBI has also been closed. 13. There was a total expense of Rs. 11,37,440/- during CIRP against which the sole stakeholder has paid Rs. 9,47,440/- and Rs. 1,90,000/- is still outstanding towards CIRP expenses including fee of Resolution Professional. 14. It is submitted that the liquidation process has been conducted as per the timeline indicated in regulation 47 details of which has been given in Form H filed by the liquidator. The compliance report in form H in terms of regulation 45(3) has been placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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