9911796707
TMI Blog2022 (3) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... Ashok Kumar Gulla ('Liquidator') Liquidator of Visa International Limited (in liquidation) praying for: (a) An order for the closure of the liquidation process in terms of Regulations 45(3)(a) of Insolvency and Bankruptcy Board of India, Regulations, 2016 (in-brevity IBBI) on compliance in Form-H [Annexure A-1 at page no 29 to 33 of the IA No.1037/KB/2021] of the directions passed by this Adjudicating Authority. (b) An order directing the Registrar of Companies for recording the status of the corporate debtor as "active" as well as recording the names of the new directors in place of the erstwhile directors. Facts of the Case 3. Visa International Limited ('Corporate Debtor') was admitted into Corporate Insolvency Resolution Plan (' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f SCC also deliberated on impact of pledge of shares and mortgage of three properties on the sale of Corporate Debtor as going concern. [Para-(m), page 12] 7. The Applicant /liquidator submits that on receipt of the claims from the stakeholders of Corporate Debtor in liquidation the Liquidator verified, admitted and updated the claims and a list of stakeholders was also e- filed with this Hon'ble Tribunal as per Regulation 31(2) of Liquidation Process Regulations dated 10th July, 2021. [Para No.(e), page 08] 8. The Applicant /liquidator submits that in the 2nd SCC meeting dated 12th July, 2021, members of SCC decided to again invite Expression of Interest for scheme of Compromise or Arrangement under Section 230 of Companies Act, 2013 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4(s) and 4(t), page 16] 13. The Applicant for the purpose of E-auction process of a Corporate debtor as a going concern caused a public advertisement on 10th August, 2021 by making release in Financial Express (English daily) and Aajkal (Bengali daily) [Page 172] and the last date for submission of documents for 1st Auction by the bidders, i.e. Eligibility Certificate under Section 29A, Bid Application Form and Non-Disclosure Agreement along with EMD held on 06th September, 2021 in the manner specified in Schedule I under Regulation 33 of the Regulations, ibid and with respect to this eauction, the liquidator received Expression of interest ("EoI") from only one bidder i.e., Progressive Star Finance Pvt.Ltd. (Successful Bidder) after veri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 021. 16. The applicant submitted that liquidator appointed vide NCLT order [Annexure A-2, pages 34-57(Copy of the NCLT order)] dated 11th May 2021, took steps for initiation of process of liquidation in the nature of public announcement in Form-B and published in Kolkata editions of Financial Express (English) and Aajkal (Bengali) dated 13th May, 2021 as per Regulation 12 of Liquidation Process Regulations ibid. The Liquidator by this Public Announcement invited claims as per regulation 31(2) of the Liquidation Process Regulations from the stakeholder and submitted e-filed list of stakeholders dated 10th July, 2021 i.e., within 45 days from the date of receipt of claims. 17. In this factual context, learned Counsel appearing for the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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