TMI Blog2022 (3) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... ns passed by this Adjudicating Authority is allowed. Status of the corporate debtor as active as well as recording the names of the new directors in place of the erstwhile directors is allowed. - I.A.(IB) No. 1037/KB/2021 In C.P (IB) No. 759/KB/2017 - - - Dated:- 3-3-2022 - Shri Rajasekhar, V.K., Member (Judicial) And Shri Balraj Joshi, Member (Technical) For the Appearing Parties : Mr. Ajay Gaggar, Adv. Ms. Rakhi Purnima Paul, Adv. ORDER RAJASEKHAR, V.R, MEMBER (JUDICIAL) 1. The Court is convened by video conference. 2. This is an Interlocutory Application filed under section 60 (5) of the Insolvency and Bankruptcy Code, 2016 ( the Code ) by the liquidator ( Applicant ) namely, Mr. Ashok Kumar Gulla ( Liq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies Act, 2013 by way of a Public Announcement, in Business Standard (English) and Aajkaal (Bengali), Kolkata Edition, pursuant to Regulation 2B of the IBBI (Liquidation Regulations), 2016. [Annexure A-5, page 72] dated 19th May, 2019. 6. The Applicant /liquidator submits that the 1st Stakeholders Consultation Committee Meeting (hereinafter referred to as the SCC meeting) of the corporate debtor dared 02nd July, 2021, liquidator informed that few investors showed interest to acquire the company under the scheme of compromise and arrangement. Two Expressions of Interest ( EOI ) for scheme under Section 230 of Companies Act, 2013 were received from Sunrise Industries and Kundan Care Products Limited and in the said meeting the members of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation Process Regulations dated 22nd July, 2021. [Para No. 4(h), page 10] 11. The Applicant /liquidator submits that the scheme was discussed with the SCC members dated 28th July, 2021 held wherein that Sunrise Industries improved the financial offer to Rs 5.50 crores. The Sunrise Industries agreed to submit the revise scheme by 31st July, 2021, however, later withdrew the scheme vide mail dated 1st August, 2021. [Para No. 4(o), page 14] 12. The Liquidator invited offers for sale of the assets of the Corporate Debtor as a going concern in terms of Regulation 32A and 32e of IBBI (Liquidation process) Regulations, 2016 by fixing the reserve price of Rs.9,00,00,000/- (Rupees Nine Crore only) by an 1st E-auction notice dated Augu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r has to make full payment of bid amount within 90 days of date of letter of intent, provided that if, payment is made after 30 days an interest at the rate of 12% will accrue. 15. Subsequently, on October 28th, 2021 the Liquidator issued the certificate of sale to the successful bidder. [Annexure A-10, page 178 (Copy of the Sale certificate dated 28th October, 2021)] pursuant to the payment of the balance sale consideration of Rs.7,65,00,000/- (Rupees Seven Crore Sixty-Five Lakh only) to the Liquidation account opened dated 21st August, 2021 maintained by the Liquidator with State Bank of India, Account Number. 40381009205 in the name of Visa International Limited, Branch- East Patel Nagar, New Delhi through RTGS vide UTR No. HDFCR520 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidation commencement date i.e., 11th May, 2021 in terms of Regulation 44 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, attached to the application before the Adjudicating Authority. 19. In light of the facts stated in the application and the submissions made, the application is allowed in terms of prayer (a) and (b) of the application by the applicant/Liquidator and the bank account, if any, be closed. 20. The application bearing IA(IB)No.1037/KB/2021 is disposed of accordingly. 21. The Registry shall e-mail copy of this order to the Counsel on record for the Liquidator, and the Liquidator, for information and for taking necessary steps. Additionally, the Registry shall also forward a cop ..... X X X X Extracts X X X X X X X X Extracts X X X X
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