TaxTMI 
TaxTMI 
2021 (7) TMI 1172
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....ion Process_ Regulations 2016 or any other provisions of Insolvency and Bankruptcy Code, 2016. b. To pass an order directing the original Applicant to pay the Liquidator Rs. 1,09,450/- towards expenses and Rs. 75,000/- per month as a fee for performing his duties as Liquidator from 06.12.2019 upto the issuance of order for dissolution by this Adjudicating Authority. 2. Brief facts of the present case as stated by the learned counsel for the Applicant are as follows: a) That this Adjudicating Authority vide its order dated 14.02.2019, admitted the Application filed by M/s. Bilcare Limited (Operational Creditor) under section 9 of the IBC, 2016, for initiation of CIRP against the Corporate Debtor (M/s. Sristek Clinical Re....
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....hat as per the information and documents received by the liquidator it is submitted that i. The Corporate debtor did not have any formal operations since 1st January 2015. ii. On 1st January, 2015, the Corporate Debtor entered into a merger agreement with M/s. Izen Biosciences. As part of the merger agreement, all liabilities, employees, projects and other assets of the Corporate Debtor were to be transferred to the merged entity. iii. Accordingly, the said company took over the operations, employees, liabilities, assets and projects of the Corporate Debtor and managed it till June 2015 and in the process the Corporate Debtor vacated its office and moved into the office of M/s. Izen Biosciences. iv. Howev....
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....ceivables and are not realizable. Thus, the Corporate Debtor has no realizable assets and hence no valuation has been conducted. h) That the Corporate Debtor had no revenue and no assets. Only the non-realizable "Other current accounts" valued at Rs. 14,39,954/- got carried forward from the previous years. i) That as per the first meeting of Stakeholders' Consultation Committee, the discussions held on the agenda items at the said meeting were: i. The present value of the assets over liabilities is Rs. (-)65,59,879/- ii. Amount of claim admitted of the sole claimant (who is also the applicant of Section 9 application) is Rs. 65,59,879/- iii. Estimated liquidation cost is Rs. 3,67,560/- ....
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....quidator himself. n) Furthermore the Corporate Debtor had closed its operations long back and there appears no disputes or no allegations of fraud or misuse of funds. As such, the liquidator came to conclusion that the affairs of the Corporate Debtor do not require any further investigation too. o) Reiterating the above, the Applicant/Liquidator prayed to allow the instant Application as sought for. 3. Heard. Perused record. 4. It is a fact on record that there are no realizable assets held by the Corporate Debtor so as to form a Liquidation Estate and to distribute the proceeds thereof. Accordingly, this Adjudicating Authority in exercise of the powers conferred under Section 54(2) of the I & B Code, 2016, deems it ....