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2020 (7) TMI 421 - Tri - Insolvency and BankruptcyDissolution of Corporate Debtor - section 54(1) of the IBC, 2016 R/w Rule 11 of NCLT Rules, 2016 - CIRP process - HELD THAT:- The total outstanding amount payable by Corporate Debtor to Creditors was ₹ 8, 17, 19,714.00 as on date of Admission, out of which IRP/RP received total amount of ₹ 4,31,14,104.00. The total realizable Assets value of the Company as per the valuation done by the IBBI approved Valuers in terms of Regulation 27 is ₹ 8,00,234.00, against which Resolution Professional has recovered ₹ 8,70,479.19, which is over and above the liquidation and Fair Value. Therefore, the Resolution Professional paid on 20.03.2020 with breakup of, IRP/RP Professional Fee - ₹ 3,35,000.00; Towards Publication cost (reimbursement to IRP) - ₹ 29,778.00; To Valuers (4 Nos.) with GST-₹ 1,18,000.00. Therefore, the balance amount is ₹ 3,87,701.19, which is to be disbursed to the workmen as decided and approved by COC in its meeting held on 21.03.2020. However, the total claim of workmen is ₹ 5,29,203.00, which covers the period of twenty-four months preceding the Dissolution order date - it would be just and proper to permit the Resolution Professional to pay an amount of ₹ 3,72,363.00 to workmen on pro-rata basis, on making provision of ₹ 15,338.19 towards Bank service charges levied by the Bank. There would be no useful purpose be served, by placing the Corporate Debtor under Liquidation process, under the extant provisions of Code. Since the Assets of Company were realized and realised amounts were also distributed to the respective claimants except workmen, the liquidation process under the provisions of Code is deemed to have completed under Chapter Ill of Part Il of Code, and thus it would be just and proper for the Adjudicating Authority to dissolve the Company subject to finally distribute the remaining amounts, as stated by Resolution Professional - the instant Application is filed in accordance with law and the Resolution in question to dissolve the Corporate Debtor was approved by the Sole COC. It is hereby dissolved the Applicant Company, M/S. My Choice Knit & Apparels Pvt. Ltd., with immediate effect.
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