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TMI Blog2021 (8) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... 2016 seeking direction of the Liquidation Process of the Corporate Debtor Tribhovandas Bhimji Zaveri & Sons Retail Private Limited (hereinafter called as the "Corporate Debtor") and for passing order/appropriate direction that this Tribunal may deem fit in the present matter. The Applicant Liquidator has prayed for grant of following reliefs:- i. Pass an order initiating the Liquidation of the Corporate Debtor. ii. Pass on order appointing Mr. Rahul Kavathekar as the Liquidator of the Corporate Debtor for the fee approved by the Corporate Debtor's CoC; and/or iii. Pass any such other order(s) as this Hon'ble Tribunal may deem fit and proper in the interest of justice and equity. BRIEF FACTS OF THE CASE: 2. The Corporate debtor was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... everal attempts for seeking information and custody of the assets of the Corporate Debtor from the erstwhile promoters/directors and management of the Corporate Debtor. However, RP's requests were met with non-cooperation from the erstwhile promoters/directors and management of the Corporate Debtor. Consequently, the RP filed an Application under Section 19(2) of the IBC with this Tribunal and the same is pending final adjudication. 7. From the limited information available, the RP noted that as per the last available audited financial statements of Financial Year 2017-18, the majority of assets of the Corporate Debtor were lying in the form of inventory. However, despite multiple efforts, the RP was unable to seek custody or information r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs in the industry to generate interest amongst potential Resolution Applicants. Due to efforts, the RP was in receipt of one EoI from "Kundan Care Products Limited". 11. Pursuant to the receipt of EoI, the RP shared the Request For Resolution Plan (RFRP) and Information Memorandum (based on the limited information available with the RP) with the PRA as per the terms of the IBC and the Insolvency and Bankruptcy Board of India (Insolvency Resolution of Corporate Persons) Regulations, 2016 (CIRP Regulations). 12. However, due to lack of critical information on the assets of the Corporate Debtor and no clarity regarding the right to use of the trademark of the "Tribhovandas Zaveri Group" by the Corporate Debtor, the sole PRA did not submit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The estimated CIRP costs (estimated till the passing of the order for initiation of Liquidation) and Liquidation costs is approximately Rs. 66 Lakhs. Additionally, the value of liquid assets available with the Corporate Debtor is about Rs. 94.7 Lakhs. Since, the value of liquid assets is greater than the estimated CIRP and Liquidation costs, the CoC is not required to approve a plan for providing contribution for meeting the CIRP costs and liquidation costs. 16. The Applicant humbly submits that the members of the CoC while deciding to Liquidate the Corporate Debtor in the Eighth Meeting of the CoC has also instructed the Applicant to urge this Tribunal to kindly consider the suggestion of Mr. Rahul Kavathekar, having Insolvency Professi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor as per Regulation 39D of the CIRP Regulations and passed the following Resolution. RESOLVED THAT pursuant to Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Committee of Creditors of Tribhovandas Bhimji Zaveri and Sons Retail Private Limited hereby fixes the fee payable (excluding taxes and out of pocket expenses) to the Liquidator as INR 50,000/- per month for (a) the period, if any used for compromise as arrangement under Section 230 of the Companies Act, 2013; (b) the period, if any, used for sale of the Corporate Debtor or business of the Corporate Debtor as a going concern; and (c) INR 50,000/- for the balance period of Liquidation. RESO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from date of this Order. ii. Mr. Rahul Kavathekar, having IBBI Registration No: IBBI/IPA-001/IPP---40/2017-18/10101 is hereby appointed as a "Resolution Professional" as per the provisions of Sec. 33 of the I&B Code. iii. Other usual conditions to be added. iv. The Liquidator shall advertise in two Newspapers, one in English language and one in Regional Language about the Liquidation of the Corporate Debtor as per the provisions of the I&B Code. v. Copy of this Order shall be forwarded to the Concerned Authority with which the Corporate Debtor is Registered. 22. This order for liquidation shall be deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor, except when the business of the corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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