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TMI Blog2020 (2) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Electronics Bangalore Pvt. Ltd. on the ground that it has committed default for total amount of Rs. 144,99,49,809/-. The Adjudicating Authority, on perusal of the documents and averments made in the Petition, admitted the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uction of sale of assets of Corporate Applicant as per the order dated 26.03.2018 and conducted Public Auction and realised around Rs. 230.30 Crores, and out of the realisation on sale of assets, 30% of the re-determined claims of 137 workers amount of Rs. 1.42 Crores credited to their bank accounts. As the Bench directed the Liquidator to sell the assets through Public Auction, and the Liquidator could not reduce reserve price beyond 25% under old Rule and as such assets worth Rs. 9.97 crores remained unsold as of 31.08.2019. Hence, Liquidator is not able sell these assets as these assets were of electronic items like electronic machinery, components, raw materials etc. which had lasts its performance value on account of obsolescence and n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s communicated to lift the distributed assets within 19.12.2019 as Stakeholder have to sell these assets and distribute amount proportionally amongst them from the realisation and as such the Authorised representative of workers has agreed to lift the assets within 19.12.2019. (5) It is stated that the Lessor whose premises occupied by the Corporate Applicant is pressurising the Liquidator to vacate the premises as per the IBC, 2016, liquidation process period for which Liquidator is making arrangement to vacate the premises on the last day of liquidation process i.e. on 19.12.2019. While the Liquidator is able to meet all the liquidation cost upto 16.12.2019 and Liquidator fee till 16.12.2019 as per the enclosed Cumulative receipts and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,91 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 Office Infrastructure 77,500.00 Consultancy Services (Professionals) 3,98,000.00 Power & Fuel 30,000.00 Public Announcement Nil Security on sub-contracting 5,45,630.00 Supervision Charges 90,780.00 Computer Maintenance 2,590.00 Travelling & conveyance 170,880.00 Printing & Stationery 7,100.00 PF Administration Charges Nil Liquidator's Fee (Inclusive of GST 18%) 19,27,129.00 Distribution of Creditors (Workers) Nil Telephone Expenses 5,365.00 Maintenance Expenses 82,150.00 Water Expenses 4,500.00 Meetin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 26,69,782.00 Power & Fuel 14,52,342.00 Public Announcement 5,67,942.00 Security on sub-contracting 63,45,456.00 Supervision Charge 9,09,046.00 Insurance 88,500.00 Computer Maintenance 20,390.00 Travelling & Conveyance 15,02,050.00 Printing & Stationery 50,684.00 TDS Receivables 7,614.00 PF Administration Charges 13,932.00 Liquidator's Fee (inclusive of GST 18%) 37,30,735.00 Distribution of Creditors (Workers) 1,42,35,383.00 Meeting Expenses 5,32,276.00 Public Auction Expenses 1,63,995.00 Telephone Expenses 50,102.00 Maintenance Expenses 5,47,240.00 Water Expenses 44,270.00 Internet Expenses 10,370.00 Miscellaneous Expenses 4,333.00 Postage Expenses 3,960.00 Selling Expenses 1,04,180.15 Shift ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the Adjudicating Authority and a copy of Dissolution order will be forwarded to ROC of as per section 54(3) of IBC, 2016. 9. The above facts and circumstances of the case has established that due process of Liquation, as per extant provisions of Code and the rules were followed by the Liquidator to liquidate the Assets of Company and the realised amounts were also distributed to the respective claimants. Therefore, the liquidation process was deemed to have completed under Chapter III of Part II of Code, and thus it would be just and appropriate for the Adjudicating Authority to dissolve the Company, and no party would be going to be affected by dissolving the Company. And the Liquidator can be directed to close the Liquidation Account, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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