9911796707
TMI Blog2024 (10) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... 22.01.2024, it is seen that the Liquidator has proposed to assign the right to file PUFE proceedings for avoidance/recovery of amounts contemplated under the M.A.No. 1080 of 2019 (now disposed with liberty to file fresh proceedings). The assignment was accepted by VS B Containers LLC during the meeting. It is seen that SCC with 66.82% voting (majority) resolved that the right to file PUFE proceedings for avoidance, recovery of amounts contemplated under M. A. No.1080 of 2019 (now disposed with liberty to file fresh proceedings) shall be assigned to Stakeholder - VS B Containers LLC. It has been further resolved by SCC that, if recovery of any amounts is successful, VS B Containers LLC shall share the amounts recovered with other Shareholder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as the IRP of the Corporate Debtor. 3. Thereafter, on 09.08.2019, this Tribunal ordered liquidation of the Corporate Debtor and appointed the Applicant herein as the Liquidator. It is stated that, the Applicant invited claims, formed stakeholders committee, and carried out other functions as per IBBI (Liquidation Process) Regulations, 2016. 4. It is stated that, the applicant received claims to the extent of Rs.1,80,46,293/- (Rupees One Crore Eighty Lakhs Forty Six Thousand Two Hundred and Ninety Three Only) from 5 creditors. 5. It is stated that a Liquidation account under Regulation 41 IBBI (Liquidation Process) Regulations, 2016 was opened bearing Account no. 5211264845 in Kotak Mahindra Bank for depositing the amounts belonging to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sought another extension of the Liquidation process from this Tribunal in IA.828 of 2021 and the same was allowed vide order dated 17.02.2022. 10. It is stated that, the Applicant carried out the inspection of the other car and the same was found damaged. However the Applicant took possession of the car and the same was sold to a scrap dealer. 11. It is stated that the only asset left was the amount recoverable through the application against Preferential, Undervalued and Fraudulent Transactions along with amounts of Rs.1,83,154.19/- (Rupees One Lakh Eighty Three Thousand One Hundred and Fifty Four and Nineteen Paise Only) lying in various banks. 12. It is stated that, Miscellaneous Application No. 1080 of 2019 in CP No.976 (IB) of 2018 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. However, no bids were received pursuant to the publishing of the auction notice of the said website. 17. It is stated that, the Applicant published another public notice for assignment of NRRA on 13.02.2023 and e-auction bid document in the web portal of https://eauctions.co.in/ of Linkstar Infosys Pvt. Ltd. 18. It is stated that the considerable time and money has been spent for public auction of the NRRA Assets. However despite the same, it remains unsold. 19. It is stated that the Applicant has already sought two extensions for completing Liquidation proceedings and any further delay would be detrimental to the stakeholders. Thus this present Application has been filed to distribute the unsold NRRA assets amounting to Rs.1,83,154.19/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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