9911796707
TMI Blog2025 (2) TMI 619X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Debtor i.e. appellant in this case, which culminated into liquidation proceedings vide order dated 31.03.2023 passed by the NCLT, Chandigarh. It is also noted that Shri Sanjay Kumar Dewani was appointed as the liquidator who after following the due process as prescribed under Liquidation Process Regulations, 2016 and realized all the assets of the Corporate Debtor and distributed the same amongst the stakeholders in accordance with the said Regulations as mentioned in the order passed by the NCLT, Chandigarh. As the appellant has been finally liquidated by the NCLT vide its order dated 04.06.2024, therefore, in view of the Rule 22 of the CESTAT (Procedure) Rules, 1982, the present proceedings against the appellant cannot cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce that M/s Asian Color Coated Ispat Ltd is wrongly passing the Cenvat Credit, the officers of department visited the factory of M/s Asian Color Coated Ispat Ltd on 05.11.2008 for carrying out necessary checks. M/s Asian Color Coated Ispat Ltd is mainly engaged in the manufacture of CR Coils/Strips, OP Coils/Sheets, EPOI Coated Coils etc falling under Chapter Heading 72 of the first schedule to the Central Excise Tariff Act, 1985; their principal inputs are HR Coils, Zinc, Paint etc. They are also clearing HR Coils after slitting and pickling. During the investigation, it was found that the process of culling HR/CR Coils of iron or non-alloys steel into sheets or slitting into strips of lesser width or slitting of sheets into strips, does ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Corporate Debtor and completed the liquidation process in accordance with the said Regulations. 4. It is pertinent to note that the Revenue has also filed its claim before the liquidator Shri Sanjay Kumar Dewani vide its letter dated 09.05.2022 informing the liquidator about the confirmed demand made in this case against M/s ADI Automotives Pvt Ltd, the appellant in this appeal. 5. When this matter was taken up for hearing, no one has appeared on behalf of the appellant. We heard the learned Authorized Representative for the Revenue, who has placed on record the decision dated 04.06.2024 passed by the NCLT, Chandigarh vide which the NCLT, Chandigarh has held that the appellant stands dissolved and the entire proceedings regarding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... merges that the affairs of the Company have been completely wound up, and its assets completely liquidated. Therefore, the liquidation process is deemed to have been completed and thus, it would be just and proper for this Adjudicating Authority to order dissolution of the Company. 14. In the result, by exercising powers conferred on this Adjudicating Authority under Section 54(2) of the Code, the IA (IBC) (DIS.) 5 of 2024 in CP (IB) 259/CHD/Hry/2019 is disposed of with the following directions: a) M/s Adi Automotives Pvt. Ltd, the Corporate Debtor, is hereby dissolved with immediate effect; b) The Liquidator is directed to close the Liquidation Bank Account, within three weeks from the date of receipt of this order; c) The Registry ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application shall be made within a period of sixty days of the occurrence of the event : Provided further that the Tribunal may, if it is satisfied that the applicant was prevented by sufficient cause from presenting the application within the period so specified, allow it to be presented within such further period as it may deem fit." 8. Further, we find that as the appellant has been finally liquidated by the NCLT vide its order dated 04.06.2024, therefore, in view of the Rule 22 of the CESTAT (Procedure) Rules, 1982, the present proceedings against the appellant cannot continue. 9. We also find that the Bangalore Bench of this Tribunal in the case of Ruchi Soya Industries Ltd vs. CCE & ST, Mangalore [vide Final Order No. 21234/2023 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4.8 However, from the date of approval of the resolution plan by the NCLT, the appeal filed by the applicant has abated and CESTAT has become functus officio in the matters relating to this appeal. Further it is also settled that the impugned orders in the appeals have got merged in the order of the NCLT approving the Resolution Plan. The decision of the Hon'ble Bombay High Court referred to by the learned Authorized representative clearly lays down the test as in which condition the said doctrine shall apply in following manner. ----------------- 4.9 We are satisfied that the test laid down by the Hon'ble High Court is applicable in the present case for us to hold so. It is quite interesting to note that applicant to th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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