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TMI Blog2022 (7) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... lkit Goyal, Advocate IA No.47/2021 In CP (IB) No.3/Chd/Hry/2018 (admitted matter) JUDGMENT Per : Subrata Kumar Dash, Member (Technical) IA No.47/2021 in CP (IB) No.3/Chd/Hry/2018 is filed by Mr. Brij Nandan Kalra (hereinafter referred to as Applicant/Liquidator ) of M/s Bookawheel Technologies Private Limited ( Respondent/Corporate Debtor) under Section 54 of the IBC, 2016 for dissolution of the Corporate Debtor i.e. M/s Bookawheel Technologies Private Limited. 2. The main Company Petition bearing CP (IB) No.3/Chd/Hry/2018 filed by M/s Resfeber Labs Private Limited under Section 9 of the IBC, 2016, was admitted by the Adjudicating Authority, vide order dated 05.03.2018 for initiating CIRP and Mr. Brij Nandan Kalra bearing Registration No.IBBI/IPA-003/IP-N00014/2016-17/10103 was appointed as Interim Resolution Professional. It is stated that a resolution was passed to liquidate the corporate debtor with a voting share of more than 75% and a decision was taken for recommending the liquidation of the corporate debtor. Subsequently, the Adjudicating Authority vide its order dated 18.09.2018 has passed an order for the liquidation of the Corporate Debtor under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assets in the name of the corporate debtor. The corporate debtor was not a going concern and the work and operations of the company were shut down by the management prior to the initiation of the CIRP. Therefore, assets were sold in private sale, with permission from this Bench as per order dated 21.12.2018. The valuation of the movable assets was done by IRP during CIRP and as per the valuation report these assets were valued at Rs.0.27 Lakh. 7. It is contended that EPF Department had filed its claim with the Liquidator in October, 2019 after more than a year after start of liquidation in Form B and the EPFO was duly informed that claim was submitted in wrong form and was submitted with the delay. Thereafter, they had not filed their claim in the right form. 8. As per the requirement of Regulation 13 of the Liquidation Regulations, the Liquidator has already submitted the preliminary report to this Adjudicating Authority vide Diary No.1849 dated 14.12.2018, inter alia containing the following details; ● the capital structure of the Corporate Debtor; ● the estimates of its assets and liabilities as on the liquidation commencement date based on the books of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rm H is attached as Annexure A-6 of the application. 12. The period of 129 days of lockdown w.e.f. 25.03.2020 upto 31.07.2020 is excluded from the period of 2 years of the Liquidation process which had already expired on 17.09.2020, in view of the provisions of Section 47A of the Insolvency And Bankruptcy Board of India (Liquidation Process) Regulations, 2016, in the interest of justice vide order dated 14.12.2021 of this Tribunal. 13. It is contended that since all the assets of the Corporate Debtor are sold and there remains no unsold property and as such, no unsold property has been distributed to the stakeholders. All the CIRP cost and Liquidation process cost have already been cleared. 14. The liquidator has also submitted that he has recovered and realized all assets and dues to the Corporate Debtor in the time bound manner as per compliance of Regulation 39 of the Liquidation Regulations. 15. It is also submitted by the applicant that in terms of Section 43 of IBC 2016, no application for avoidance of transactions under Chapter III of Part II of the Code is pending before the Adjudicating Authority. There is no pending appeal of any creditors before this Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor. 19. It is further submitted that (i) the entire process of liquidation is completed within the statutory time period (ii) that none of the stakeholders have raised any objection against the solution of the corporate debtor during the meeting of stakeholders consultation committee (iii) that the liquidator has not filed any other application concerning the subject matter of this application before any other court including the Hon ble Supreme Court. 20. Heard, Mr. Pulkit Goyal, authorised representative for the Liquidator. We have carefully perused the pleadings of the party along with extant provisions of the Code and the Rules made thereunder. 21. The present application is filed under Section 54 of the I B Code. The relevant provisions of Section 54 of the IBC reads as under:- Section 54 of the IBC 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 corporate debtor 2. the adjudicating authority shall on application filed by the liquidator under Sub-Section (1) order that the corporate debtor shall be disso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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