2019 (6) TMI 369

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....tion Process) Regulations, 2016. 2. The prayers made by the Liquidator are as follows :- a. To take on record the Preliminary and Final Report prepared and submitted by the Liquidator/Applicant herein; b. To pass appropriate Orders or Directions to the Stakeholders to pay the Liquidation Cost including the Liquidator Remuneration; c. To pass Order for Dissolution of the "Company under Liquidation" as the affairs of the Company is completely wound up. d. To pass such other Orders as this Hon'ble Bench, Chennai may deem fit and proper. 3. Originally, the Operational Creditor viz., M/s. Shah Brothers Ispat Private Limited, had filed an Application under Sections 433(e) & (f), 434 (i)(a) and 439(i)(....

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....ue to cessation in the business operations of the Corporate Debtor, no Resolution Plan could get materialised. 6. It is averred that on 06.06.2018, this Bench ordered for Liquidation of the Corporate Debtor viz., M/s. Tech Megacorp International Private Limited, and appointed the Applicant as Liquidator. The commencement of liquidation and appointment of the Applicant as Liquidator was intimated to the IBBI on 26.07.2018. 7. It is averred that the Applicant received claims from Stakeholders viz., (i) State Bank of India and (ii) Shah Brothers Ispat Private Limited, and maintained a Claim Register to record the claims received. It is further averred that the Applicant has prepared the list of Stakeholders as required under Regulation 3....

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....le, the procedure provided under law for the CIR Process/Liquidation could not be effectively followed up. 11. The report provides that an agricultural land admeasuring 5.26 acres situated at Pudhukottai belonging to the Personal Guarantor viz., R. Valli, one of the Directors and Promoters of the Corporate Debtor was mortgaged to State Bank of India (SBI), and the SBI being the mortgagee, shall hold the aforesaid land in furtherance to the order dated 20.01.2017 passed by the Debt Recovery Tribunal, Chennai, and in this regard, the SBI had submitted an Affidavit along with the claim stating that the aforesaid land belongs to the Promoter and mortgaged exclusively in favour of State Bank of India and the said asset does not fall under Liq....