TMI Blog2021 (1) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... and no further funds will be available even for CIRP costs, if it is further permitted to continue. Therefore, instead of permitting the Applicant to file another Application U/s 54 of the Code, and the extant Regulations of IBBI (Liquidation Process) Regulations, 2016, to seek dissolution of the Company, it would be just and proper for the Adjudicating Authority to exercise its discretionary powers to dissolve the Company, in the interest of justice. The Applicant is permitted to assign absolute rights over Unsold Intangible Assets- Intellectual Property available with the Corporate Debtor, Virtual Logic Systems Private Limited, to Technology Development Board, Secured Financial Creditor, towards their liability, immediately after recei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor') for committing default for a total outstanding of ₹ 10,63,750/- was admitted by Adjudicating Authority vide an order dated 22nd January, 2018 by appointing Mr. Venkata Subbarao Kalva, as Interim Resolution Professional (IRP), imposing moratorium, etc. Subsequently, he was confirmed as Resolution Professional. (2) When there was no viable resolution plan was received for revival of the Company, at the fifth meeting of the COC held on Friday, 6th July, 2018, the Committee approved for initiation of liquidation. Accordingly, the Applicant has filed I.A. No. 192/2018, under Section 33(1) of the Code seeking an order for Liquidation of the Corporate Debtor. Accordingly, the Tribunal has passed an order for liquidati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Dissect- Human Anatomy Visualization 3 Steer Simulator- LMV driver raining Simulator 4 ASATS Weapons Training Simulator 5 COVIRT Combat Virtual Trainer 6 COMET Virtual Skills Trainer 7 COMET- Virtual Welding Skills Training Simulator 8 Home Alive real estate 9 Home Alive Ecommerce (4) Details of the assets of the Corporate Debtor to be realized along with the Fair Market Value and Liquidation V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ual Welding Skills Training Simulator 43,30,954 31,25,839 Not determinable 8 Home Alive real estate 1,05,45,156 1,14,16,349 Not determinable 9 Home Alive Ecommerce 2,85,634 Not determinable Total 2,01,11,859 2,01,68,387 NIL Further, Intellectual Property derives its value only from its usage by a person, who has a utility to it and no buyers were identified nor generating revenue curren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the aforesaid reason the Intangible assets - Intellectual Property of Corporate Debtor was not realized. (8) Technology Development Board (TDB for short) is a Secured Financial Creditor of the Corporate Debtor with majority claim of 57.47% in liquidation. And its claim was admitted for ₹ 3,88,61,178/- A Charge was created by TDB over Intangible Assets- Intellectual Property of the Corporate Debtor on 26th July, 2012 with charge ID 10369504 for an amount of ₹ 2,50,00,000/-(Rupees Two Crores Fifty Lakhs only). Further, during the Liquidation process, the TDB relinquished its security interest in the Intellectual Property available with the Corporate Debtor as per Section 52 of the Insolvency and Bankruptcy Code 2016 vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Intellectual Property. 5. In terms of Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016, if it appears to the Liquidator that- (1) the realizable properties of the corporate debtor are insufficient to cover the cost of the liquidation process; and (2) the affairs of the Corporate Debtor do not require any further investigation; He may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution. 6. The above facts established that assets of the Corporate Debtor have been completely liquidated and only intellectual Property in question, on which TDB has charge, remains with Corporate Debtor. The Applicant has also explored t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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