TaxTMI 
TaxTMI 
2021 (6) TMI 532
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....judicating Authority vide its order dated 27.11.2018 on a Petition filed by the Financial Creditor under Section 7 of the Code directed initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor namely M/s. Atharva Advisory Services Pvt. Ltd., wherein Mr. Manoj Kumar Jain, was appointed as Interim Resolution Professional (IRP). Thereafter, in the 1stCommittee of Creditors (CoC) meeting held on 27.12.2018, Mr. Manoj Kumar Jain, was resolved to be appointed as Resolution Professional (RP)and the same was approved by this Bench. 3. The Resolution Professional has reported that after the due publication of EOI, the CoC members realized that the last date for receiving EOI was April 30, 2019 and, no receipt of....
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....ew liquidation bank account of the Corporate Debtor with ICICI Bank. 6. That the applicant further states that the Liquidator has taken steps for transferring securities of the Corporate Debtor from HDFC Securities to the newly opened DP and Trading account with ICICI Securities. Copy of Demat statement issued by ICICI Securities confirmed that as of February 4, 2020, securities with HDFC Securities have been transferred to the credit of the Corporate Debtor's Demat account with ICICI Securities. 7. That the applicant states that pursuant to publishing Form B, the liquidator received claims aggregating Rs. 232,74,16,086/-from various stakeholders together with supporting proofs, all before last date - January 12, 2020. Upon scrutiny of cl....
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....provider upfront as agreed upon. Copy of the agreement with Willard Advisory Private Limited for storage of records and documents of the Corporate Debtors of past period of 8 years for a further period of 8 years as per the provisions of IBC, 2016. 11. On 13.10.2020, the Learned Liquidator filed final Progress Report of the Corporate Debtor under Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. On careful perusal of the Application and the Progress Report on record it is noticed that neither there are Assets left with the Corporate Debtor nor any trade receivables are available. According, to Learned Liquidator the Debtor Company has no Asset which can be liquidated as is also evident f....
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....ort was filed on 04.09.2020. Thereafter, 3rd progress report was filed on 13.10.2020. The Applicant further submitted that as per the return of income tax filed upto Assessment year 2019-2020, no demand is outstanding in this case. The Applicant further submitted that as per the return of income tax filed upto Assessment year 2019-2020, no demand is outstanding in this case. The Applicant Company received NOC dated 25.01.2021 from Income Tax department by the Applicant. 15. That the liquidator while preparing the Final progress report cameto the conclusion that there being no assets realizable or saleable, it will only increase the cost of liquidation, can opt for "Dissolution". 16. For the purpose of pronouncement of Dissolution of a Cor....