TMI Blog2021 (10) TMI 694X X X X Extracts X X X X X X X X Extracts X X X X ..... ator. However, this Tribunal issued Form WIN -8 appointing Shri Mukesh K.P applicant herein as the Provisional Liquidator. Without objecting to the appointment as Provisional Liquidator instead of Liquidator the applicant performed his duties and submitted a report on 30.03.2021 and filed Form INC-28 before the RoC Kerala. In the report it is stated that there was no co-operation from the side of the Directors or Officers of the Company. Now stating that he has been appointed as Liquidator by this Tribunal vide its order dated 19.03.2021, an order appointing him as Company Liquidator in Form WIN 11,12 and 13 is necessary to complete the duties assigned to him by this Tribunal. On-going through the relevant rules, it is found that the correct Form to be issued to the applicant is Form WIN 11,12 and 13. Since the Liquidation order has already been passed by this Tribunal vide order dated 19.03.2021, some of the other reliefs sought by the applicant are not to be considered at this stage - this Tribunal is to constitute a Winding Up Committee to assist and monitor the progress of liquidation proceedings by the Company Liquidator. Seeking prayer for further 60 days time - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d also pass appropriate order to meet the cost; and h) Pass such other orders that this Hon ble Tribunal may deem fit in the facts and circumstances of the case. 2. The brief facts of the case are that a Company Petition was filed by the Petitioner under Sections 241, 242, 59 read with 447 of the Companies Act, 2013 seeking various reliefs alleging oppression and mismanagement of the Respondents. The tussle between the parties was started in the year 2017 through CP/57/(241/242)/2017 filed before the NCLT, Chennai Bench. Pleadings were completed at NCLT, Chennai itself, which case was transferred to this bench and renumbered as TCP/47/KOB/2019. 3. During the hearing, this bench suggested the parties to make attempts to settle the dispute between the parties amicably. With the consent of both the parties, vide order dated 18.9.2019, Shri Shanker P. Panicker, Advocate was appointed as Mediator. However, the mediator reported that no positive results were yielded through his mediation efforts. Later, based on the request of the learned counsel of both parties vide order dated 10.10.2019, Shri Shankar P. Panicker was appointed by this Tribunal as Administrator to update the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information from the Company he issued notices to all the directors on 30.03.2021. 7. Since, the directors have not submitted the books of account of the company and not completed the audit for the period from 01.04.2019 to 19.03.2021, the liquidator could not submit the audited books of account of the company till the date of the order, before this Tribunal. It is also stated that the applicant filed FORM-INC 28 before Registrar of Companies on 04.06.2021. The Federal Bank Limited, Mavelikkara Branch is the only fully secured creditor of the company. 8. The applicant further stated that he has filed a provisional report on 28.07.2021 in Form Win-16. Since, a winding up order has already been passed by this Tribunal on 19.03.2021 in TCP/47/KOB/2019, the present application has been filed seeking the aforesaid prayers. 9. We have heard the Liquidator who appeared in person through video conferencing and have gone through the order dated 19.03.2021 in TCP/47/KOB/2019 passed by this Bench. It reads as follows: - Accordingly, after hearing both the parties the prayer of the petitioner for winding up of the R1 Company and for appointing a Liquidator was allowed vide order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement of affairs; (iii) recovery of property, cash or any other assets of the company including benefits derived therefrom; (iv) review of audit reports and accounts of the company; (v) sale of assets; (vi) finalisation of list of creditors and contributories; (vii) compromise, abandonment and settlement of claims; (viii) payment of dividends, if any; and (ix) any other function, as the Tribunal may direct from time to time. From the above it is clear that this Tribunal is to constitute a Winding Up Committee to assist and monitor the progress of liquidation proceedings by the Company Liquidator. 12. With regard to the prayer for further 60 days time, since more than 6 months already taken by the Provisional Liquidator, this Tribunal is of the opinion that 30 days more time can be granted to the Company Liquidator to complete his duties and submit the report. 13. With regard to the fees of the Provisional Liquidator and Company Liquidator, this Tribunal fix the fee of ₹ 50,000/- (Rupees Fifty Thousand) for completing the winding up proceedings. This fee shall be paid by the petitioner to the company Liquidator on comp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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