TaxTMI 
TaxTMI 
2020 (2) TMI 914
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....C, 2016, by inter alia seeking to pass orders for Dissolution of Corporate Applicant namely M/s. Eolane Electronics Bangalore Private Limited and to permit file a copy of the order to the ROC Bangalore etc. 2. Brief facts of the case, as available in the Application and Company petition, are as follows: (1) The main Company Petition bearing C.P.(IB)No.65/BB/2017 is filed by M/s. Eolane Electronics Bangalore Pvt. Ltd.(Corporate Applicant), U/s. 10 of the IBC, 2016, R/w. Rule 7 of I&B (AAA) Rules, 2016, seeking for initiation of CIRP in respect of M/s. Eolane Electronics Bangalore Pvt. Ltd. on the ground that it has committed default for total amount of Rs. 144,99,49,809/-. The Adjudicating Authority, on perusal of the documents a....
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....e Liquidator made Public Announcement for conducting Public Auction of sale of assets of Corporate Applicant as per the order dated 26.03.2018 and conducted Public Auction and realised around Rs. 230.30 Crores, and out of the realisation on sale of assets, 30% of the re-determined claims of 137 workers amount of Rs. 1.42 Crores credited to their bank accounts. As the Bench directed the Liquidator to sell the assets through Public Auction, and the Liquidator could not reduce reserve price beyond 25% under old Rule and as such assets worth Rs. 9.97 crores remained unsold as of 31.08.2019. Hence, Liquidator is not able sell these assets as these assets were of electronic items like electronic machinery, components, raw materials etc. which had....
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....idator distributed all the assets to Stakeholders. The Liquidator has communicated to lift the distributed assets within 19.12.2019 as Stakeholder have to sell these assets and distribute amount proportionally amongst them from the realisation and as such the Authorised representative of workers has agreed to lift the assets within 19.12.2019. (5) It is stated that the Lessor whose premises occupied by the Corporate Applicant is pressurising the Liquidator to vacate the premises as per the IBC, 2016, liquidation process period for which Liquidator is making arrangement to vacate the premises on the last day of liquidation process i.e. on 19.12.2019. While the Liquidator is able to meet all the liquidation cost upto 16.12.2019 and L....
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.... Fixed Deposit 76,231.00 Miscellaneous Receipts Nil Income Tax Refund 81,160.00 Sale of assets 2,71,000. 00 TOTAL 34,94,91 9.95 4. The Liquidator's receipts & payments account for the period of 01st October 2019 to 16th December 2019 is as follows: Particulars Amount in Rs. Payments Bank Charges 118.80 City Office Infrastructure 77,500.00 Consultancy Services (Professionals) 3,98,000.00 Power & Fuel 30,000.00 Public Announcement Nil Security on sub-contracting 5,45,630.00 Supervision Charges 90,780.00 Computer Maintenance 2,590.00 Travelling & conveyance 170,880.00 Printing & Stationery 7,100.00 PF Administration Charges Ni....
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.... Sale of assets 2,30,30,499.50 TOTAL 3,39,87,506.20 6. The Liquidator's Cumulative receipts & payments account for the period of 20th December 2017 to 16th December 2019 is as follows: Particulars Amount in Rs. Payments Bank Charges 15,061.90 City Office Infrastructure 6,25,300.00 Consultancy Services (Professionals) 26,69,782.00 Power & Fuel 14,52,342.00 Public Announcement 5,67,942.00 Security on sub-contracting 63,45,456.00 Supervision Charge 9,09,046.00 Insurance 88,500.00 Computer Maintenance 20,390.00 Travelling & Conveyance 15,02,050.00 Printing & Stationery 50,684.00 TDS Receivables 7,614.00 PF Administration Charges 13....
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....the lessor and the account will be closed on receipt of dissolution order from the Adjudicating Authority. Other accounts of the Corporate Debtor are with State Bank of India and Credit Agricole Bank, where small amount is remaining in the account to meet statutory payments like TDS, and on the last day of liquidation process i.e., on 19.12.2019 these two accounts will be closed. With the above all actions the Liquidator will be completing the liquidation process and on receipt of dissolution order from the Adjudicating Authority and a copy of Dissolution order will be forwarded to ROC of as per section 54(3) of IBC, 2016. 9. The above facts and circumstances of the case has established that due process of Liquation, as per extant provis....