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TMI Blog2021 (1) TMI 758X X X X Extracts X X X X X X X X Extracts X X X X ..... C, 2016 and under Regulation 38(1) of IBBI (Liquidation Process) Regulations, 2016 for dissolution of the Corporate Debtor i.e. M/s Tirupati Ceramics Ltd. 2. The main Company Petition bearing CP (IB) No. 50/Chd/Hry/2017 filed by M/s. Sahara Fincon Pvt. Ltd. under section 7 of the IBC, 2016, read with rule 4 of I&B (Application to Adjudicating Authority) Rules, 2016 was admitted by the Adjudicating Authority, vide order dated 29-9-2017 by initiating CIRP and declaring moratorium. Vide order dated 11-10-2017, Mr. Amit Sharma bearing Registration No. IBBI/IPA-002/IP-N00172/2017-18/10442 was appointed as Interim Resolution Professional (IRP) in the meeting of CoC held on 11-11-2017, the IRP was confirmed as RP and further, vide order dated 22- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... value arrived by them was Rs. 6,33,76,975/- and the liquidation value was Rs. 5,46,41,229/- It is further submitted that valuation report did not have any deviation. 5. In terms of Regulation 31 of the Liquidation Regulations, the Liquidator has collated and submitted a revised list of stakeholders to the Adjudicating Authority based on the claims received as per the last date of submission of the claim as on 29-5-2019 attached as Annexure A-9. As per the list of stakeholders, there were total 09 unsecured Financial Creditors out of which, claims of 02 Financial Creditors amounting to Rs. 4,83,27,139/- were admitted by the liquidator. Apart from this, the Liquidator has also received claims from the Operational Creditors of the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ress and relevant information, including but not limited to the following: * the fee due to and received by the Liquidator, together with a description of the activities carried out by him; * the fee paid to professionals appointed by the Liquidator, together with a description of activities carried out by them; and * other expenses incurred by the Liquidator. 9. It is submitted that the assets of the Corporate Debtor have been sold through e-auctions conducted on 10-7-2018 for Land and Building and on 16-8-2018 for Scrap of P & M, Office Equipment and Furniture etc. through platform of www.bankeauctions.com. It is stated that the land and building was realised at a value of Rs. 18,76,00,000/- and Scrap of P & M, Office Equipment and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 6,47,74,300 6,38,27,607 6,38,27,607 99.54% 5 Other stakeholders 35,37,822 34,32,876 34,32,876 97.03% 6 Distribution to shareholders for 1829081 1,51,00,893 1,51,00,893 Total 12. It is submitted by the liquidator that after settlement of the claims, a total amount of Rs. 4,54,84,145/- is available with the liquidator in the liquidation account due to non-filing of claims by remaining stakeholders or rejection of claims by the liquidator by reason of deficiency, as per the details mentioned in page 10 of the application. 13. Also, it is stated that the buyer of the liquidated assets had deducted Rs. 18,76,000/- & TCS @ 1% under section 206 of IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er 23-9-2019, the liquidator was directed to pay the undistributed amount of liquidation proceeds to the Company Liquidation Account in the Public Account of India pursuant to Regulation 46 of the Regulations. Accordingly, the liquidator deposited an amount of Rs. 4,55,66,705/- towards undistributed amount through (a) cheque no. 000711 dt.09-1-2020 for Rs. 4,54,84,145/- drawn on ICICI Bank Limited, Janpath Branch, New Delhi favouring "IBBI -Corporate Liquidation Account No. 2254005800000015 and (b) Rs. 82,560/- through NEFT reference No. 000081508036 dated 20-1-2020. Copy of Form-I is enclosed as Annexure IV (Dy. No. 982 dated 5-2-2020). 18. The liquidator further submitted that an amount of Rs. 56,444.67/- (as on Jan, 2020) is kept in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osits made into the Corporate Liquidation Account in Form -I with IBBI, a copy of which is enclosed as Annexure V (Diary No. 982 dated 5-2-2020) and also as Annexure A-3 (Dy. No. 00659 dated 31-7-2020). 22. The above facts and circumstances of the case, have established that due process of Liquidation, as per extant provisions, was followed by the Liquidator to liquidate the assets of Company and the realized amounts were also distributed to the respective claimants. Therefore, the liquidation process was deemed to have been 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, by directing the Liquidator to close the Liquidation Account and other a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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