TMI Blog2021 (5) TMI 78X X X X Extracts X X X X X X X X Extracts X X X X ..... arty is going to be adversely affected thereby. In view of the above the Corporate Debtor deserves to be dissolved. Application allowed. - IA No. 1493 of 2020 in CP No. 1584/IBC/NCLT/MB/MAH/2017 - - - Dated:- 29-4-2021 - Janab Mohammed Ajmal, Hon'ble Member Judicial And Mr. Ravikumar Duraisamy, Hon'ble Member Technical For the Applicant: Mr. G. Aniruth Purusothamam, Advocate with Ms. Dipti Atul Mehta, Liquidator. ORDER Per: Janab Mohammed Ajmal, Member Judicial This is an Application by the Liquidator of M/s. Global Proserv Limited (hereinafter referred to as the Corporate Debtor) under Sections 54 and 60 (5) of the Insolvency Bankruptcy Code, 2016 (the Code) read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking dissolution of the Corporate Debtor. 2. The Company Petition overnumbered under Section 9 of the Code seeking Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was admitted by this Tribunal by order dated 23.02.2018, wherein Mr. Sanjay Kumar Ruia was appointed as the Interim Resolution Professional (IRP). 3. The IRP published the public announcement for submitting the claim in the Free Press ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue was resolved. This Tribunal directed the CoC to convene the meeting latest by 15.09.2018 to be chaired by the Representative of Operational Creditors having the highest voting share i.e., M/s. Auspice Trading Pvt. Ltd. having 41.35% voting share, to decide the name of the Liquidator. Once the Liquidator was appointed, he/she could take charge of the Corporate Debtor and complete the liquidation process. 8. That the CoC in its meeting on 30.08.2018 unanimously decided to appoint Mrs. Dipti Atul Mehta (the Applicant herein) as the Liquidator as per consent given by her in Form-2. The CoC resolved to fix the remuneration at not more than ₹. 5,00,000. The Authorized Representative mentioned the matter before this Tribunal on 04.09.2018 and informed receipt of consent from the Applicant to act as the Liquidator. This Tribunal by order dated 29.08.2018 appointed the Applicant as the Liquidator of the Corporate Debtor. 9. The Applicant took the charge of the Corporate Debtor on 05.09.2018 and made public announcements in Free Press Journal (English) and Navshakti (Marathi) on 06.09.2018 and 07.09.2018 respectively. The Applicant visited the registered office of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -18 requested Income Tax authorities by letter dated 11.12.2018 to give the NOC cum Confirmation letter that no dues or demand was pending on behalf of the Corporate Debtor with the Income Tax authorities. The Authority concerned by letter dated 17.01.2019 confirmed the same and issued a No Dues Certificate. 13. The Applicant held the first consultation meeting with the stakeholders on 26.03.2019 and informed them the work done by her till that time and how she was planning to go ahead with the liquidation process. The Applicant prepared and submitted the Assets Memorandum and Preliminary Report on 12.11.2019 as per Regulation 34 of the Regulations, to the effect that there were no assets of the Corporate Debtor. The Applicant filed the first liquidation quarterly progress report on 15.01.2019. In which she mentioned all the details of works done by her till that period. Thereafter she had filed progress reports from time to time on 15.04.2019, 15.10.2019 and on 06.01.2020. 14. The Applicant has opened the liquidation account in HDFC Bank bearing account no. 50200037440281 in the name of Global Proserv Ltd. in Liquidation on 27.02.2019. The Applicant has closed all the othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9,00,000 Advertisement - Public announcement 20,512 Consultancy fees (Sales Tax Income Tax appear refund) - Willard Advisory Pvt. Ltd. 10,80,000 Total 20,00,512 Balance Distributable Amount 1,12,41,253 Distribution to stakeholders: Amount in Rs. % Auspice Trading Private Limited 46,48,258 41.35% Spruce Trading Private Limited 31,01,462 27.59% Net Work Telelink Private Limited 21,31,341 18.96% Infro-Alliance Trading Private Limited 13,60,192 12.10% Total 1,12,41,253 100.00% The distribution was made into the two tranches one on 23.09.2019 and second on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Companies, Mumbai in form GNL-2 and was sent to the IBBI through email on 18.03.2020. 21. That the Applicant prepared the compliance certificate under Regulation 45(3) of the Regulations in form Form-H. Therefore, Applicant submits that the Applicant has fulfilled all her duties as per the Code and has done all the compliances as per the time-line provided under the Regulations. Hence this Application. 22. On examining the submissions made by the Counsel appearing for the Applicant and the documents annexed to the Application, it appears that the affairs of the Corporate Debtor have been wound up and its assets have been completely liquidated. We are satisfied from the documents on record that the liquidation is not with intent to defraud any person. The bank account for the purpose of liquidation has been closed. The above facts and circumstances indicate that due process of liquidation, as per extant provisions and in the manner indicated in the Code and Regulations, have been followed by the Liquidator to liquidate the assets of Company and the realized amounts have also been distributed among the respective claimants. The liquidation process has been duly completed as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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