TaxTMI 
TaxTMI 
TaxTMI 
2021 (10) TMI 1182
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....ulations, 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 Corporate Debtor have been completely liquidate....
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.... 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 Regulation 13 of the Regulations was submitted to Hon'ble Bench at the hearing held on 07.02....
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.... 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 and clarifications to the Liquidator vide letter dated 23.01.2019 based on which the Liquidator issued the permission for sale ....
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.... 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 Liquidation) on 12.12.2019 and the balance amount was adjusted against the recovery of its secured debt by ARCIL. 13. The entire cost of insolvency resolution process and liquidation ....