Tribunal Concludes Liquidation of Corporate Debtor, Assets Sold, Funds Distributed, Liquidator Released from Duties.

The Tribunal ordered the closure of the liquidation proceedings for the Corporate Debtor, M/s. ICSA (India) Limited, under Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016. The Liquidator successfully realized and distributed funds from asset sales, including land and a vehicle, among stakeholders per the Insolvency and Bankruptcy Code. The Corporate Debtor was sold as a going concern, and the Liquidator was relieved of further responsibilities. Directions were given to inform relevant authorities and update records, concluding the liquidation process.

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Issues involved:
Closure of liquidation process of the Corporate Debtor M/s. ICSA (India) Limited under Regulation 45(3)(a) of IBBI (Liquidation Process) Regulations, 2016.

Detailed Analysis:

1. Background and Application: The Liquidator of M/s. ICSA (India) Limited filed an application under Regulation 45(3)(a) of IBBI (Liquidation Process) Regulations, 2016 seeking closure of the Liquidation Process of the Corporate Debtor.

2. Summary of Application: The application outlined the appointment of the Liquidator, formation of Stakeholders' Consultation Committee (SCC), relinquishment of assets, valuation reports, realization of funds, sale of assets, and completion of necessary procedures.

3. Realization of Funds and Sale of Assets: The Liquidator realized funds from various sources, including the sale of land and a Benz Car. Valuation reports were obtained for the assets, and the Liquidator managed to sell the assets to successful bidders.

4. Distribution of Funds: The amount realized from the sale of Liquidation Estate was distributed among stakeholders as per the provisions of the Insolvency and Bankruptcy Code. Details of the distribution were provided in the Final Report submitted by the Liquidator.

5. Closure of Liquidation Process: After reviewing the facts and material presented, it was established that the assets were sold to successful bidders, and the Corporate Debtor was sold as a going concern. Therefore, the Tribunal ordered the closure of the Liquidation proceedings against the Corporate Debtor.

6. Order for Closure: The Tribunal issued an order for the closure of the Liquidation proceedings against the Corporate Debtor, relieving the Liquidator from further responsibilities. Directions were given to inform relevant authorities and hand over necessary documents to the successful bidder.

7. Compliance and Communication: The Liquidator was directed to send a copy of the order to the Registrar of Companies and the Insolvency & Bankruptcy Board of India. The Registry was instructed to update the master data accordingly.

8. Conclusion: The Tribunal allowed the application for closure of the liquidation process of the Corporate Debtor M/s. ICSA (India) Limited, bringing an end to the proceedings in accordance with the applicable regulations.

This detailed analysis covers the key aspects of the judgment, including the application, realization and sale of assets, distribution of funds, and the final order for closure of the liquidation process.

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