TMI Blog2019 (6) TMI 907X X X X Extracts X X X X X X X X Extracts X X X X ..... nformation during the CIR Process and during the proceedings of liquidation. Therefore, the Liquidator could not appoint any valuers in the absence of Financial Records and/or any discoverable assets, as prescribed under the Insolvency and Bankruptcy Code, 2016. This Authority in exercise of the powers conferred under Sub-section (2) of Section 54 of the I B Code, 2016, hereby order the dissolution of the Corporate Debtor, viz., M/s. SKC Retail Limited from the date of this Order, and the Corporate Debtor stands dissolved. Consequently, the Liquidator stands relived - The Liquidator and the Registry are directed to send the copy of this order within 7 days from the date of pronouncement to the RoC with which the Corporate Debtor is regis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) was initiated against the Corporate Debtor; moratorium was declared and the Applicant viz., Mr. V. Mahesh was appointed as IRP. 4. It is averred that after taking over the management of the Corporate Debtor, the Applicant in consonance with IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 caused public announcement and intimated the IBBI with respect to the commencement of CIR Process. Based on the claims received, the Applicant had constituted the Committee of Creditors (CoC). The claims received by the Applicant during the CIR Process are as follows: Sl. No. Name of the Financial Creditors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred an Appeal against the Order of this Authority dated 26.10.2017. The Hon'ble NCLAT vide order dated 06.03.2018 directed the State Bank of India to pay the Fees to the IRP and get the amount reimbursed by the CoC to the extent the amount as is ratified by the Committee. 7. It is further stated that on the basis of CoC's Resolution dated 17.04.2018, this Authority vide its Order dated 22.06.2018 ordered for Liquidation of Corporate Debtor viz., M/s. SKC Retail Limited under Section 33 of Insolvency and Bankruptcy Code, 2016 and appointed the Applicant as the Liquidator. 8. The Liquidator has received a claim for an amount of ₹ 29,98,046/- from Employees Provident Fund Organisation (EPFO). Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he statutory documents and information available in the MCA. 11. It has been stated by the Applicant that Liquidation cost including the remuneration to the Liquidator is ₹ 3,10,931/- (Rupees Three Lakhs Ten Thousand Nine Hundred and Thirty One only) and suitable directions may be given for payment of the Liquidation Costs by the Stakeholders as there are no assets available in the Corporate Debtor to realize the Liquidation Costs. 12. The Final Report dated 28.01.2019 filed by the Liquidator provides that during the CIR Process and during Liquidation process, no bank account was opened or operated or maintained and no current account transaction or bank account operation was carried out. It further provi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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