9911796707
TMI Blog2023 (2) TMI 1223X X X X Extracts X X X X X X X X Extracts X X X X ..... f the application. The details of distribution is at page Nos. 28 to 29 of the Final Report. Further, by going through the Final Report, it is evident that the Liquidator has sold the Corporate Debtor as a going concern as such it is a fit case for closure of Liquidation process. The closure of the Liquidation proceedings against the Corporate Debtor viz. M/s. ICSA (India) Limited is ordered from the date of this Order, in terms of Regulation 45 (3) of Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Consequently, the Liquidator stands relieved. Application allowed. - Telaprolu Rajani, J. (Member (J)) And Charan Singh, Member (T) For the Appellant : Party-in-Person ORDER 1. This is an a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 26.06 guntas of Yadagirigutta land for Highway expansion and thus 6 acres and 5 guntas of land is reduced to saleable land of 5 acres and 18.94 guntas and completed the mutation in favour of the Corporate Debtor on 01.10.2021. f) Two Valuers have given Valuation Reports in respect of Yadagirigutta land of 5 acres and 18.94 guntas. The fair value of the land is Rs. 922.28 lakhs and liquidation value is Rs. 691.71 lakhs. g) The Liquidator has realized a sum of Rs. 1.70 crores stuck up with ICICI Bank Escrow Account due to dispute with Department of Power, Arunachal Pradesh. As on 20.12.2021, there is a bank balance of Rs. 1,65,83,803/- after accounting for liquidation expenses of Rs. 11,96,748/-. h) In the 7th Meeting of SCC held ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clare completion of Liquidation Process of the Corporate Debtor and filed the instant application. A copy of the Minutes of 10th SCC Meeting held on 11.01.2023 is filed at page Nos. 17 to 23 of the application. o) The receipts and payments during the liquidation process period were duly audited and the Compliance Certificate in Form-H for the closure of the Liquidation Process of the Corporate Debtor was submitted. 3. We have heard the Liquidator and perused the application filed by the Liquidator. He has filed necessary documents along with the application. The Final report and Form-H is filed at page Nos. 24 to 39 of the application. This IA is filed under Regulation 45(3)(a) of the Insolvency and Bankruptcy Board of India (Liquidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng through the Final Report, it is evident that the Liquidator has sold the Corporate Debtor as a going concern as such it is a fit case for closure of Liquidation process. 6. As a sequel to the above, we hereby order closure of the Liquidation proceedings against the Corporate Debtor viz. M/s. ICSA (India) Limited from the date of this Order, in terms of Regulation 45 (3) of Insolvency Bankruptcy Board of India (Liquidation Process) Regulations, 2016. Consequently, the Liquidator stands relieved. 7. The Liquidator is directed to send the copy of this Order within 7 days from the date of pronouncement to the Registrar of Companies, Hyderabad and hand over all the books and files of the Corporate Debtor M/s. ICSA (India) Limited whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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