TMI Blog2020 (2) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... ank, as stated by him, within three weeks from the date of receipt of copy of this order. Petition disposed off. - C.P. (IB) NO. 65/BB/2017, I.A NO. 677 OF 2019 - - - Dated:- 18-12-2019 - Rajeswara Rao Vittanala, Judicial Member And Ashutosh Chandra, Technical Member G.N. Venkataraman for the Applicant. ORDER Rajeswara Rao Vittanala, I.A.No.677 of 2019 in C.P.(IB)No.65/BB/2017 is filed by Shri Gorur Narasimhamurthy Venkataraman, (hereinafter referred to as 'Applicant/Liquidator') of M/s. Eolane Electronics Bangalore Pvt. Ltd. ('Petitioner/Corporate Applicant, U/s. 54 (1) of the IBC, 2016, by inter alia seeking to pass orders for Dissolution of Corporate Applicant namely M/s. Eolane Electronics Bangalore Private Limited and to permit file a copy of the order to the ROC Bangalore etc. 2. Brief facts of the case, as available in the Application and Company petition, are as follows: (1) The main Company Petition bearing C.P.(IB)No.65/BB/2017 is filed by M/s. Eolane Electronics Bangalore Pvt. Ltd.(Corporate Applicant), U/s. 10 of the IBC, 2016, R/w. Rule 7 of I B (AAA) Rules, 2016, seeking for initiation of CIRP in respect of M/s. Eolane Ele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raw materials etc. which had lasts its performance value on account of obsolescence and non-maintenance under required whether condition like air condition, proper ventilation etc. as the Corporate Applicant closed factory leaving assets as such since November 2016 and the bidders did not offer even 30% of the reserve price. The Liquidator did voluntarily conducted Stakeholders meeting even though it was not indicated under old rule as the new amendments of liquidation process were made effective from 25.07.2019 and that too several Clauses were not made retrospective. The amendments of 25.07.2019 of liquidation process the reduction of 10% of reserve price for every failure of Public Auction was introduced and if this was available earlier the Liquidator could have sold all these items. (4) It is further stated that the Liquidator invoked the Regulation 38 of REG005 of IBC, 2016, and filed an I.A.No. 409 of 2019 by inter alia seeking a permission to distribute the unsold assets amongst the Stakeholders. The Bench ordered to allow Liquidator to distribute the unsold assets amounts Stakeholders on 17.09.2019 and directed to apply to Adjudicating Authority, U/s. 54 of the IBC, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty Branch 41,899.26 Vijaya Bank, Electronic City Nil Vijaya Bank, Gandhi Bazaar Branch - Eolane Electronics Bangalore Pvt. Ltd. (in Liquidation) 18,77,659 .87 Vijaya Bank, Gandhi Bazaar Branch - Eolane Electronics Bangalore Pvt. Ltd. (in Liquidation) FD-Account 11,36,245 .00 Receipts: Receipts from Book debts Nil Interest received on Fixed Deposit 76,231.00 Miscellaneous Receipts Nil Income Tax Refund 81,160.00 Sale of assets 2,71,000. 00 TOTAL 34,94,91 9.95 4. The Liquidator's receipts payments account for the period of 01st October 2019 to 16th December 2019 is as follows: Particulars Amount in Rs. Payments Bank Charges 118.80 City Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t in Rs. Receipts Opening Balance Cash - Credit Agricole Corporate Investment Bank 38,31,935.43 Credit Agricole Corporate Investment Bank - FD Account 50,00,000.00 State Bank of India, Electronic City Branch 94,100.26 Vijaya Bank, Electronic City Branch 52,844.37 Receipts: Receipts from Book debts 11,85,956.25 Interest received on Fixed Deposit 3,07,414.39 Miscellaneous Receipts 15,595.00 Income Tax refund 4,69,161.00 Sale of assets 2,30,30,499.50 TOTAL 3,39,87,506.20 6. The Liquidator's Cumulative receipts payments account for the period of 20th December 2017 to 16th December 2019 is as follows: Particulars ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Vijaya Bank, Gandhi Bazaar Branch 13,763.07 Vijaya Bank, Gandhi Bazaar Branch-FD Account Nil TOTAL 3,39,87,506.20 7. Heard Shri G.N. Venkataraman, the Liquidator. We have carefully perused the pleadings of the party and the extant provisions of Code and the rules made thereunder. 8. Shri G.N. Venkataraman, the Liquidator, while making the above contentions, has further submitted that he is having one Liquidation Account opened with Vijaya Bank (Now Bank of Baroda), Gandhi Bazaar Branch, which will be closed after meeting the liquidation expenses of essential services like security charges, conveyance expenses, water etc. on realising the some miscellaneous items available before vacating the premises to the lessor and the account will be closed on receipt of dissolution order from the Adjudicating Authority. Other accounts of the Corporate Debtor are with State Bank of India and Credit Agricole Bank, where small amount is remaining in the account to meet statutory payments like TDS, and on the last day of liquidation process i.e., on 19.12.2019 these two accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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