2019 (8) TMI 785

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....016, with a prayer to pass appropriate orders/directions to order dissolution of the Corporate Debtor i.e. M/s. New-Tech Fittings Private Limited, 2. The brief facts of the case are as under: - (a) M/s. New-Tech Fittings Private Limited (Corporate Debtor) had filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 ["the Code"] for initiation of Resolution Process before this Bench of NCLT. This Adjudicating Authority passed NewTech Fittings (P.) Ltd. v. Rajkot Nagarik Sahakari Bank Ltd. (NCLT - Ahd.) order dated 23.05.2017 in CP (I.B.) 23 of 2017,, whereby this Adjudicating Authority (i) initiated Corporate Insolvency Resolution Process against the Corporate Debtor, (ii) declared a period of moratorium ....

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....ank account in the name of "New Tech Fittings Pvt. Ltd., in Liquidation" bearing No. 0960002105018806 was opened with Punjab National Bank, Ahmedabad, Ashram Road Branch. The balance in the said account as on 23.05.2019 is Rs. 17,637.12. ii. The Liquidator sought possession of the Asset which was given as a security by the Guarantor of the Corporate Debtor by initiating arbitral proceedings. The Arbitral Tribunal consequently passed an Award dated 27.03.2018 granting possession of the Asset i.e. Bungalow located at 15/B "Parna Kutir", Rajkot. iii. E-Auction Proceedings were undertaken to sell the Asset, which was ultimately sold to the highest bidder. iv. Pursuant to the e-auction, the asset was conveyed to the hi....