TaxTMI 
TaxTMI 
2019 (12) TMI 1352
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..../s. New Tech Forge & Foundry Limited under Section 54(2) of the Code; B. This Hon'ble Tribunal may be pleased to release the closing balance in liquidation bank account and fixed Deposit Account to stakeholders/Liquidation expenses as per Section 53 of the Code. C. The Hon'ble Tribunal be pleased to discharge the Liquidator (Mr. Premraj Laddha) from his duty as Liquidator of the Corporate Debtor." 2. At the outset, it is gathered from the records that New Tech Forge & Foundry Limited (Corporate Applicant) had filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for initiation of Resolution Process before the Adjudicating Authority, wherein as per the orders dated 29.05.2017 of this Adjudicating Authority, Corporate Insolvency Resolution Process was initiated against the Corporate Debtor, moratorium declared and Mr. Arun Kumar Malani was appointed as Interim Resolution Professional. 3. The Interim Resolution Professional convened the first meeting of the Committee of Creditors on 28/06/2017 and in the second meeting held on 17/08/2017, it was resolved that the Interim Resolution Professional be replaced by Mr. Premraj Ramr....
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....n 75 days was submitted before the Adjudicating Authority on 26/02/2018. An Asset Memorandum within 75 days from the liquidation commencement was prepared and submitted before the Adjudicating Authority on 26/02/2018. f) The Liquidator had appointed the following professionals in accordance with the regulation of Insolvency and Bankruptcy Board of India Regulations, 2016 - i. HSVJ & Co., - A firm of Chartered Accountants were appointed for audit of accounts of liquidator's receipt & payment for the financial year 2017-2018. ii. C.C. Gandhi & Co., Advocates - Law Firm iii. E-Procurement Technology Private Limited - for advertisement and auction service provider. iv. Mr. P.R. Sathwara- Advocate was appointed for search of Revenue Records. g) Thereafter the Liquidator had made a public announcement on 13/02/2018 in two newspapers as per the Regulation 31 of Insolvency and Bankruptcy Board of India Regulations, informing the list of stakeholders filed before the NCLT, Ahmedabad Bench. Accordingly, on 10/02/2018, the Liquidator published an e-auction sale notice in two daily newspapers and invited bids for the factory premises in....
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....018. Further, an amount of Rs. 3,93,640.00 was paid for the quarter ending on 30/06/2018 and during the same quarter the liquidator has received Rs. 28,412.00 from the transfer of bank accounts of Corporate Debtor. l) Thereafter, in the meeting of stakeholders held on 20/09/2018, it was decided to distribute an amount of Rs. 60.00 Lakhs in following manner - Sr. No. Secured Creditor Amount(Rs. ) 1. State Bank of India 30,60,600/- 2. Oriental Bank of Commerce 10,67,400/- 3. Corporation Bank 10,92,000/- 4. International Asset Reconstruction Company 7,80,000/- Total 60,00,000/- Further, the balance amount was to be kept in the liquidation bank account for liquidation expenses and contingent liability. m) List of Stakeholders on the basis of claims received and paid Secured Financial Creditor SBI, OBC, Corp. Bank, IARC Amount claimed Amount admitted Amount Paid Percentage of admitted claim paid 510,77,57,770/- 139,60,32,395/- 35,60,0....
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....efore this Adjudicating Authority filed by State Tax Officer V/s. Premraj Ramratan Laddha & Ors. vi. IA 106 of 2019 in CP(IB) 21 of 2017 before this Adjudicating Authority filed by State Tax Officer V/s. Premraj Ramratan Laddha & Ors. vii. IA 107 of 2019 in CP(IB) 21 of 2017 before this Adjudicating Authority filed by State Tax Officer V/s. Premraj Ramratan Laddha & Ors. viii. IA 143 of 2019 in CP(IB) 21 of 2017 before this Adjudicating Authority filed by Haq Steel and Metalik Pvt. Ltd., V/s. New-Tech Forge and Foundry Ltd. 6. Before proceeding further, the liquidator has taken up the pending IAs consecutively - 6.1 IA 128 of 2018 in CP(IB) 21 of 2017 - The said Interlocutory Application has been filed by Mr. Rasikbhai G. Patel and 5 Ors. being Personal Guarantors of Corporate Debtor against the Liquidator, submitting that since the Corporate Debtor is passing through liquidation, the personal guarantors are also unable to discharge any obligation qua the loans given by the Financial Creditors to the Corporate Debtor and as such the Applicants are willing to proceed further for initiation for their own insolvency., so as to get discharged by due pro....
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..... Thus, the application is time barred. 6.3 Appeal No. 3 of 2019 in CP(IB) 21 of 2017 - The said appeal is filed under Section 42 of the Insolvency and Bankruptcy Code, 2016 by the State Tax Officer (3), Applicant herein to oppose the distribution from sale of liquidation by Respondent No. 1 - Liquidator for M/s. New Tech Forge and Foundry Ltd., praying to set aside the order of the Respondent No. 1 dated 26.06.2018 and to consider the unpaid dues of the Applicant as secured dues towards Government outstanding. It is submitted that the appeal is preferred against the reply of Respondent No. 1 dated 26.06.2018, wherein it is informed that the State Tax Officer (3), Applicant herein will be received nil amount in liquidation process. It is submitted that since the outstanding dues are protected by provision of Section 48 of Gujarat Value Added Tax Act, 2003 and further Government dues override other dues and the Applicant also possess charge on the immovable assets of the Respondent No. 2, M/s. New Tech Forge and Foundry Ltd., for securing government dues, the Applicant presumably falls within the category of secured creditor as per the interpretation of Section 3(30) & 3(31) of t....
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...., 529/2, 530, 531, 532/1, 532/2, 533, 534, 538/1/Paiki admeasuring collectively 1,76,207.00 sq.mtrs plus Green Belt area of 34,635.00 sq. mtrs i.e. aggregating to 2,10,842.00 sq.mtrs of mouje Piparapati of Bhachau Taluka in the Registration District Kutch and Sub-district of Bhachau together with buildings and structures approximate admeasuring 5100.00 sq. mtrs or thereabouts and the said lands and buildings are bounded as follows: 1. Survey Nos. 529/1, 529/2, 530, 531 On North Cart Track On South National Highway On East Survey Nos. 535/1, 532/2 On West Cart Track 2. Survey Nos. 535/1, 532/2 On North National Highway On South Agriculture land of others On East Hotel Ashirvad On West Hotel Royal The State Tax Officer (3), Respondent No. 2 herein, has filed its reply on 13.03.2019, submitting to dismiss the application filed by the Applicant and praying this Adjudicating Authority to direct the Liquidator to compensate for payment of dues towards Respondent No. 2 as secur....
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....1720685573 1720685573 Sundry Debtors 3904018 0 Statutory Liabilities 7172932 7172932 Bank Accounts 3499200 2310000 Provision 835433 835433 Sundry Creditors 305290750 305290750 Deferred Tax Liability 83295602 83295602 Total 1012408421 1012408421 1012408419 358810000 10.3 It is further stated in the report that the estimated time of sale of liquidation estate will be two months through e-auction process and the estimated liquidation cost was Rs. 20.00 Lakhs. 11. As per the bank book maintained by the liquidator and Bank statement account period commencing from the date of liquidation upto 20.04.2019 shows that balance in Liquidation Bank Account with State Bank of India as on 20.04.2019 is Rs. 2,07,197/-. Further, the bank statements also furnish details/particulars of payment made towards liquidation fees, legal charges, various cost incurred during the liquidation process, payment to various creditors and Income T....
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....a bank statement issued by State Bank of India, Commercial Branch, Ahmedabad showing the account holder's name as Newtech Forge and Foundry Ltd. in Liquidation. Further, the Applicant has also provided the copy of Bank Book, wherein the closing balance is shown as Rs. 207197.24 Ps (page 75 7 76 i.e. Annexure J of the paper book). 15. Thus, the Applicant/Liquidator now submits that he has completed all the statutory procedures as envisaged by the IBC to be completed for the process of Liquidation and thereafter filed the present petition seeking for Dissolution of the company. 16. Appeal bearing No. 591080 preferred by the Corporate Debtor before CIT, Rajkot against the assessment order for AY 2009-2010 under Section 143(3) read with 147 of Income Tax Act. Claim was submitted by the Income Tax Deptt. against the Corporate Debtor for assessment year 2009-10. 17. Appeal bearing No. 334911 preferred by the Corporate Debtor before CIT, Rajkot against the assessment order for AY 2012-2013 under Section 143(3) read with 147 of Income Tax Act. Claim submitted by the Income Tax Dept. to the Liquidator for the assessment year 2012-13. 18. Appeal No. 2 of 2019 in CP(IB) 21 ....
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....be distributed in the following order of priority and within such period and in such manner as may be specified, namely:--(a) the insolvency resolution process costs and the liquidation costs paid in full; (b) the following debts which shall rank equally between and among the following:--(i) workmen's dues for the period of twenty-four months preceding the liquidation commencement date; and (ii) debts owed to a secured creditor in the event such secured creditor has relinquished security in the manner set out in section 52; (c) wages and any unpaid dues owed to employees other than workmen for the period of twelve months preceding the liquidation commencement date; (d) financial debts owed to unsecured creditors; (e) the following dues shall rank equally between and among the following:--(i) any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any part of the period of two years preceding the liquidation commencement date; (ii) debts owed to a secured creditor for any amount unpaid following the enforcement of sec....
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....it in reply to the said application and submitted that the personal guarantor of Corporate Debtor cannot invoke Section 94 of the Code and is not eligible to make the present application. 26. Further, it is submitted that IA No. 128 of 2018 filed by Rasikbhai G. Patel & Ors., under Section 60 of the Code is pending before this Adjudicating Authority for adjudication, wherein the liquidator has filed its reply stating that the said application is not maintainable. However, on 04.12.2019, the Learned Lawyer for the Applicant, in I.A. No. 128 of 2018, had filed one Withdrawal purshish, seeking withdrawal of his application and sought liberty to file fresh application before this Adjudicating Authority. The said purshish was accepted by this Adjudicating Authority and the I.A. No. 128 of 2018 is dismissed as withdrawn. 27. The prayer of the State Tax Officer to direct the liquidator to compensate the payment of dues towards State Tax Officer is not allowed as there is no assets available to fully satisfy the secured financial creditor's admitted claim amount. 28. M/s. Haq Steel & Metallik Private Ltd., erstwhile M/s. Haq Enterprises Pvt. Ltd., bought the property being Lan....