AI Drafter 
TaxTMI 
TaxTMI 
2021 (4) TMI 623
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.... Counsel Mr. Jagdish Gaur is present for the Respondent. 2. The Liquidator has filed the application under section 54 of the Insolvency and Bankruptcy Code, 2016 read with regulation 45(3) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for dissolution of the Corporate Debtor. 3. It is stated by the liquidator that: i. The Hon'ble Tribunal has vide its order dated 1st August, 2018 in application C.P. (IB)/ 03/GB/2018 filed by Multichemical Industries Pvt. Ltd. under Section 9 of Insolvency and Bankruptcy Code, 2016 (the Code) of the Corporate Debtor. The Hon'ble Tribunal also appointed the Applicant (CA Purshotam Gaggar) as Interim Resolution Professional for the said matter. ii. T....
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....0 4 Miscellaneous Scrap (representing distress sale value of office furniture, office equipment and other miscellaneous fixed assets) 1,16,641.05 Total 5,42,663.95 Add: Towards betterment for unintentional/ unavoidable errors & omissions of items during physical inspection L.S @ 10% Grand Total 5,96,930 Valuation by M/s. S. Dey And Associates. Sr. No. Assets Cost of acquisition (Rs) Fair Market value (Rs) 1 Hyundai Grand i10 Era 5,85,446.00 1,85,000.00 2 Mahindra Baleno SLE1WD7 7,55,540 2,34,000.00 3 Hero Honda motorcycle 44000.00 14,500.00 4 Miscellaneous Scarp (representing distre....
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....Insolvency and Bankruptcy Board of India (Process) Regulations, 2016. The detailed flow of events during liquidation periods is given in the final Report enclosed with this application as Annexure 3. vii. The liquidator has disposed of the assets of the Corporate Debtor through private sale at a consideration of Rs. 6,47,800/-. The details of the assets disposed of are given in the 'Asset sale Report' a copy of which is enclosed in the final report as Annexure C. viii. The liquidator opened a liquidation account with ICICI bank, Guwahati Fancy Bazar Branch and transfer all the amounts realized by the liquidator and other funds lying in the bank accounts of the corporate debtor except the fund in the following Fixed deposit....
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....during liquidation period including amounts distributed to the shareholders is enclosed in the final report as Annexure F. xi. The liquidation process of the corporate debtor should have been completed before 10.06.2020 as per the extended time granted by the adjudicating authority (copy of order is enclosed in the final report Annexure E). However, there was no satisfactory progress in the liquidation process due to lockdown announced by Central Government from 25.03.2020 to 31.05.2020 and State government in Assam from 24.06.2020 to 19.07.2020 and other restriction imposed due to Novel corona virus in travelling as all the bank accounts and records of the company are maintained at Kolkata. Hence there was a delay in completion of....
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....n completion of liquidation within the timeline including the extended timeline granted by the adjudicating authority. - Necessary directions to HDFC Bank Limited, U N Brahmachari Street Branch, 11,Dr.U N Brahmachari Street, Kolkata-700017 to release the fund held by the Corporate Debtor in the Fixed Deposit (FD account no 50300022617496) and transfer the same to the liquidation account so that the same can be distributed to the stake holders. - For dissolution of the Corporate Debtor. 4. We have heard both sides. During the hearing, the Suspended Management present has requested for taking his assistance in realization of assets of the CD before going for dissolution. 5. It is informed by the liquidator that he has ....
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....nder liquidation. ORDERS The prayer made by the liquidator in this I.A for dissolution of the CD is hereby rejected with the following directions to the liquidator, HDFC Bank, the Suspended Management and other related parties for compliance. A. Liquidator a. The liquidator is to form Stakeholders' Consultation Committee within 10 days of this order as per Regulation of liquidation process 31 A and make all attempts to ensure maximization of value of assets of CD / liquidation estates including Trade Receivables. b. The liquidator is to take up the matter with HDFC Bank for release of the FD with interest within 10 days from today. The liquidator may execute/ complete formalities, if asked for by the Bank, for rel....