TaxTMI 
TaxTMI 
2021 (1) TMI 758
X X X X Extracts X X X X
X X X X Extracts X X X X
....orate Debtor) under section 54 of the IBC, 2016 and under Regulation 38(1) of IBBI (Liquidation Process) Regulations, 2016 for dissolution of the Corporate Debtor i.e. M/s Tirupati Ceramics Ltd. 2. The main Company Petition bearing CP (IB) No. 50/Chd/Hry/2017 filed by M/s. Sahara Fincon Pvt. Ltd. under section 7 of the IBC, 2016, read with rule 4 of I&B (Application to Adjudicating Authority) Rules, 2016 was admitted by the Adjudicating Authority, vide order dated 29-9-2017 by initiating CIRP and declaring moratorium. Vide order dated 11-10-2017, Mr. Amit Sharma bearing Registration No. IBBI/IPA-002/IP-N00172/2017-18/10442 was appointed as Interim Resolution Professional (IRP) in the meeting of CoC held on 11-11-2017, the IRP was confirm....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rate Debtor. On the basis of reports, the fair value arrived by them was Rs. 6,33,76,975/- and the liquidation value was Rs. 5,46,41,229/- It is further submitted that valuation report did not have any deviation. 5. In terms of Regulation 31 of the Liquidation Regulations, the Liquidator has collated and submitted a revised list of stakeholders to the Adjudicating Authority based on the claims received as per the last date of submission of the claim as on 29-5-2019 attached as Annexure A-9. As per the list of stakeholders, there were total 09 unsecured Financial Creditors out of which, claims of 02 Financial Creditors amounting to Rs. 4,83,27,139/- were admitted by the liquidator. Apart from this, the Liquidator has also received claims ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uidator has submitted the First Progress Report for the period 22-3-2018 to 31-3-2018 on 10-4-2018 vide Diary No. 1083, detailing all the progress and relevant information, including but not limited to the following: • the fee due to and received by the Liquidator, together with a description of the activities carried out by him; • the fee paid to professionals appointed by the Liquidator, together with a description of activities carried out by them; and • other expenses incurred by the Liquidator. 9. It is submitted that the assets of the Corporate Debtor have been sold through e-auctions conducted on 10-7-2018 for Land and Building and on 16-8-2018 for Scrap of P & M, Office Equipment and Furnitu....
X X X X Extracts X X X X
X X X X Extracts X X X X
....,20,461 100% 2 Liquidation Costs 1,08,27,458 1,08,27,458 1,08,27,458 100% 3 Unsecured Financial Creditors (2 Nos) 4,83,35,958 4,83,27,139 4,83,27,139 99.98% 4 Operational Creditors (Govt. Dues) 6,47,74,300 6,38,27,607 6,38,27,607 99.54% 5 Other stakeholders 35,37,822 34,32,876 34,32,876 97.03% 6 Distribution to shareholders for 1829081 1,51,00,893 1,51,00,893 Total 12. It is submitted by the liquidator that after settlement of the claims, a total amount of Rs. 4,54,84,145/- is available with the liquidator in the liquidat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uded, the instant application is being made for dissolution of the Corporate Debtor. 16. Heard Mr. Balwinder S. Kalsi, advocate for the Liquidator and Mr. Amit Sharma, learned Liquidator. We have carefully perused the pleadings of the party along with extant provisions of the Code and the Rules made thereunder. 17. By order 23-9-2019, the liquidator was directed to pay the undistributed amount of liquidation proceeds to the Company Liquidation Account in the Public Account of India pursuant to Regulation 46 of the Regulations. Accordingly, the liquidator deposited an amount of Rs. 4,55,66,705/- towards undistributed amount through (a) cheque no. 000711 dt.09-1-2020 for Rs. 4,54,84,145/- drawn on ICICI Bank Limited, Janpath Branch, New....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssolution to IBBI and to the Hon'ble Adjudicating Authority and close the account after depositing the balance, if any remaining with the liquidator in the liquidation bank account. 21. Further in pursuance of Regulation 46 (5), the liquidator, has again submitted the details of undistributed amount along with the details of deposits made into the Corporate Liquidation Account in Form -I with IBBI, a copy of which is enclosed as Annexure V (Diary No. 982 dated 5-2-2020) and also as Annexure A-3 (Dy. No. 00659 dated 31-7-2020). 22. The above facts and circumstances of the case, have established that due process of Liquidation, as per extant provisions, was followed by the Liquidator to liquidate the assets of Company and the realiz....