TMI Blog2021 (7) TMI 1172X X X X Extracts X X X X X X X X Extracts X X X X ..... k Clinical Research Solutions Limited stands dissolved from the date of this order. Liquidator also stands relieved. In the instant case, however, neither any compromise or arrangement could be arrived at u/s. 230 of the Companies Act, nor any amount was realized or distributed by the Liquidator. Moreover, the only Claimant is the original applicant/Operational Creditor - The original applicant/Operational Creditor shall reimburse the liquidation cost of ₹ 1,09,450/- to the Liquidator - A lump sum fee of ₹ 1,00,000/- will be paid by the original applicant/Operational Creditor to the Liquidator for performing his duties. Application disposed off. - IA No. 269/2019 in CP (IB) No. 280/9/HDB/2018 - - - Dated:- 14-7-2021 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solvency and Bankruptcy code and in exercise of powers conferred under Sub-Clauses (i), (ii) and (iii) of Clause (b) of Sub-Section (1) of Section 33 of the I B Code, 2016, this Adjudicating Authority passed an order for Liquidation vide Order dated 06/12/2019 in IA No. 777 of 2019 in the matter of M/s. Sristek Clinical Research Solutions Limited and appointed Mr. Chillale Rajesh to act as Liquidator. c) That pursuant to the orders, the Liquidator has caused the Public Announcement in Form B of Schedule II in two daily newspapers, which were published on 13.12.2019 in English (Financial Express) and in vernacular (Nava Telangana), both in Hyderabad editions, inviting claims from the stakeholders of Corporate Debtor before 12.01.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nties. vi. The Corporate Debtor had filed the Annual Returns with ROC upto FY 2011-12. f) That on 12th July 2019 a letter was given to the IRP/RP stating that the Corporate Debtor did not acquire any properties either land or building during its years of operations. That the properties belonging to the Directors/Promoters of the company were mortgaged to banks/financial institutions for availing the loans to the Corporate Debtor and the same properties were sold during 2017-18 and the bankers were paid by reaching a One Time Settlement with them. g) That with regards to the financial position of the Company it is submitted that as per the promoters, the Corporate Debtor has completely stopped operations since June 2015. As pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... porate Debtor - Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. 1) That the Corporate Debtor does not have any kind of assets, for the liquidator to form a Liquidation estate and to sell the assets to distribute the proceeds to the Creditors as per the provisions of I B Code. Consequently, the Liquidator has no other option but to pray before this Adjudicating Authority to approve for early dissolution of the Corporate Debtor under Regulation 14 of IBBI (Liquidation Process) Regulations, 2016. m) That as per Regulation 2A of IBBI (Liquidation Process) Regulations, 2016, the liquidati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r performing his duties as the Liquidator. The Learned Counsel for the original Applicant/Operational Creditor agreed to reimburse the liquidation cost to the Liquidator but expressed reservation about payment of fees @ 75,000 p.m. as claimed by the Liquidator. It is pertinent to note here that as per Regulation 2A of IBBI (Liquidation Process) Regulations, 2016, the Liquidation cost is to be contributed by the CoC. As far as the Liquidator's fees are concerned, they are to be regulated under Regulation 4 of said regulations. According to Regulation 4(i) the fee payable to the Liquidator shall be in accordance with the decision taken by the CoC under Regulation 39 D of the IBBI (Insolvency Resolution Process for Corporate Persons) Regul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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