TaxTMI 
TaxTMI 
2021 (6) TMI 844
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.... with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking dissolution of the Corporate Debtor. 2. The Company Petition over numbered under Section 7 of the Code seeking Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was admitted by this Tribunal by order dated 07.02.2019, where in the Applicant was appointed as the Interim Resolution Professional (IRP). 3. The IRP published the public announcement for submitting the claim in the Financial Express (English) and Mumbai Global Times (Marathi) on 27.02.2019. The IRP intimated all Banks, financial institutions and other creditors to submit the claim. The IRP took complete charge of the Corporate Debtor. He received the audited financial statements for F.Y. ....
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....That the Applicant states that in the third meeting of the CoC held on 27.08.2019, both the valuers submitted their valuation reports and the same was placed before the CoC. The Report of the Forensic Audit was also submitted. The Applicant invited EOI from prospective Resolution Applicants by publishing Form G keeping the last date of submission of EOI as 22.07.2019. No response was received till that date. 9. As there was no prospect of any resolution plan being filed, the CoC with 100% voting share decided to initiate liquidation process against the Corporate Debtor. Thereafter the Applicant filed the Application before this Tribunal for liquidation. This Tribunal vide its Order dated 30.01.2020 directed liquidation of the Corporate Deb....
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.....2020. 14. That the Applicant informed the stakeholders about the final distribution of amounts lying in the liquidation account and the same would be distributed in the proportion as per the Section 53 of the Code. The computation table of distribution of amount towards the cost payable to stakeholders as per proportion is as under:- The distribution of the amount was made between 06.10.2020 to 09.10.2020. The payments were made as per the invoices received from the stakeholders. 15. The Corporate Debtor had the following bank accounts which were closed in the month of October, 2020. 16. The Applicant on 12.10.2020 took undertaking from Mr. Pankaj Pandurang Manjrekar and Pravin Manethe, erstwhile Directors of the Corporate Debtor that,....
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....e provided under the Regulations. Hence this Application. 21. On examining the submissions made by the Counsel appearing for the Applicant and the documents annexed to the Application, it appears that the affairs of the Corporate Debtor have been wound up and its assets have been completely liquidated. We are satisfied from the documents on record that the liquidation is not with intent to defraud any person. The bank account for the purpose of liquidation has been closed. The above facts and circumstances indicate that due process of liquidation, as per extant provisions and in the manner indicated in the Code and Regulations, have been followed by the Liquidator to liquidate the assets of Company and the realized amounts have also been d....