TaxTMI 
TaxTMI 
2021 (10) TMI 1182
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....tion 45(3) IBBI (Liquidation Process) Regulations, 2016 seeking dissolution of the Corporate Debtor. 2. The Company Petition were filed under Section 7 of the Code seeking Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was admitted by this Tribunal by order dated 12.03.2018, wherein Mr. Anil Seetaram Vaidya was appointed as the Interim Resolution Professional (IRP). 3. That the said IRP was appointed as RP by the committee of creditors. This Tribunal passed an order for liquidation of the company and appointment of Mr. Anil Seetaram Vaidya as Liquidator of the company on 30.10.2018. Thereafter, Applicant took further steps about liquidation, which is detailed out in final report attached herein and assets of Co....
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....2.2019. e. A bank account in the name of the company in liquidation was opened by the liquidator in IDBI Bank, Airoli Branch, Navi Mumbai in the name of Kokama International Private Limited (In Liquidation). f. As the valuation of the assets of the company was conducted under Regulation 35 of the CIRP Regulations, no fresh valuation of the assets of the company was carried out and the average of the estimates of the value arrived under the provisions of Regulation 35 of the CIRP Regulations were taken into consideration for the purpose of valuation under the Regulations. The summary of valuation of the assets of the company is as follows:- g. The preliminary report along with asset memorandum in accordance with Re....
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....1482 sq.mt. i.e. 15952.25 sq. ft. 6. ARCIL, being the secured creditor, vide its letter dated 10.01.2019 intimated the Liquidator that it seeks to realize the security interest in the assets of the company in terms of Section 52 of the Code and for that purpose requested him to take all necessary steps to handover the possession of the secured assets to ARCIL. 7. The liquidator held a consultative meeting with officials of ARCIL on 11.01.2019 at which this matter was discussed in detail. 8. The liquidator, vide letter dated 15.01.2019, also sought certain information and clarification from ARCIL regarding its security interest, price and time frame to complete the sale of the assets. 9. ARCIL submitted the required informant on ....
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.... for sale of the assets and the assets have been transferred and registered in the name of the buyers. 11. After completion of sale of assets by ARCIL, a letter dated 05.09.2019 was sent to ARCIL by the liquidator requesting for submission of asset sale report as required under Regulation 36 of the regulations along with the documents relating to the sale of assets. By the said letter, ARCIL was requested to transfer the amount of insolvency resolution process cost and liquidation cost incurred by the IRP, RP and Liquidator from the sale proceeds of the assets before applying the same towards recovery of debts. 12. Accordingly, ARCIL deposited the amount of Rs. 13,08,403/- in the account of Kokama International Private Limited. (In Li....
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.... cost and liquidation cost and the balance amount were adjusted by ARCIL towards recovery of its debts amounting to Rs. 35.01 crores. d. Thus, as per provisions of Section 53 (1) of the Code, the insolvency resolution process cost and liquidation process cost have been first paid out of the proceeds from the sale of assets. As no further amount was available for distribution, and also there was no other stakeholder except ARCIL, who submitted the claim to the liquidator, the liquidation was complete and the liquidation account was closed. The statement of Bank Account from IDBI Bank, Airoli Branch, Navi Mumbai as on 21.01.2020, the liquidation completion date, and certificate of closure of the account of Kokama International Privat....