TMI Blog2022 (8) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... quidation of the Corporate Debtor. It is satisfying 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 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. The liquidation process has been duly completed as per the provisions of the Code. Thus, it would be just and equitable for this Tribunal to dissolve the Corporate Debtor. No party is going to be adversely affected thereby. The Corporate Debtor deserves to be dissolved - Application allowed. - IA No. 1819 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Resolution Professional (RP) of the Corporate Debtor vide Order dated 22nd January 2019. Kotak Mahindra Bank was the sole member of the CoC of the Corporate Debtor and pursuant to the Second Meeting held on 13th February 2019, Lakshmi Vilas Bank also submitted a claim of Rs. 24,01,34,127.80/- as a secured Financial Creditor. Subsequently, in the Third Meeting held on 5th April 2019, Lakshmi Vilas Bank was added as a member of the CoC of the Corporate Debtor. The revised list of members of the CoC and a summary of their claims is reproduced below: Sr. no. Name of Creditors Amount claimed (in Rs.) Security Interest, if any 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Free Press Journal (English) and Navshakti (Marathi) calling upon the stakeholders of the Corporate Debtor to file their claims along with the requisite proof thereof. The Financial Creditors and the suspended Directors of the Corporate Debtor were also informed of the same by the Applicant. Since no information about the affairs of the Corporate Debtor was received from the suspended Directors, the Applicant was unable to appoint valuers for the Corporate Debtor. 6. The Applicant thereafter submitted the 1st Progress Report dated 21st November 2019 and a Report dated 9th December 2019 to this Tribunal certifying the constitution of the Stakeholders Consultation Committee (SCC) having the following voting share: S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C agreed to authorize the Applicant to file an Application for the dissolution of the Corporate Debtor under Section 54 of the Code. 8. The Applicant further submits that a total of Eleven (11) Progress Reports were filed in the matter of the Corporate Debtor, copies of which are attached to this Application. The Final Report pertaining to the Dissolution of the Corporate Debtor dated 27th June 2022 was sent to the IBBI and a copy of Form GNL-2 are duly attached to this Application. A copy of the Bank Statement of the Liquidation Account of the Corporate Debtor from 20th November 2019 to 28th March 2022 has been attached to this Application. Further, it is submitted that since there were no transactions in the Liquidation account of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal to dissolve the Corporate Debtor. No party is going to be adversely affected thereby. 11. In view of the above the Corporate Debtor deserves to be dissolved. Hence ordered. ORDER The Application be and the same is allowed as follows: a. Dharam Paul Metal Private Limited, the Corporate Debtor, is hereby dissolved with immediate effect. b. The Registry is directed to forward a certified copy of this order to the Registrar of Companies concerned, within a period of seven days for necessary action. c. The Liquidator of Dharam Paul Metal Private Limited is discharged. d. The present IA No. 1819 of 2022 is thus allowed and disposed of and CP (IB) No. 16 of 2018 stands closed. - - TaxTMI - TMITax - Insolvency & ..... X X X X Extracts X X X X X X X X Extracts X X X X
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