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2022 (7) TMI 240

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.... filed by Mr. Brij Nandan Kalra (hereinafter referred to as 'Applicant/Liquidator') of M/s Bookawheel Technologies Private Limited ('Respondent/Corporate Debtor) under Section 54 of the IBC, 2016 for dissolution of the Corporate Debtor i.e. M/s Bookawheel Technologies Private Limited. 2. The main Company Petition bearing CP (IB) No.3/Chd/Hry/2018 filed by M/s Resfeber Labs Private Limited under Section 9 of the IBC, 2016, was admitted by the Adjudicating Authority, vide order dated 05.03.2018 for initiating CIRP and Mr. Brij Nandan Kalra bearing Registration No.IBBI/IPA-003/IP-N00014/2016-17/10103 was appointed as Interim Resolution Professional. It is stated that a resolution was passed to liquidate the corporate debtor with a voting shar....

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....imates of the values arrived under the valuation conducted under Regulation 35 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Therefore, the Valuers were not appointed. However, valuation conducted during the CIRP of the corporate debtor was used in the liquidation process. As per Form-H fair value of the corporate debtor is Rs.12.70 Lakhs and liquidation value arrived by them was Rs.10.00 Lakh. 5. Pursuant to the public announcement, applicant has received a claim of Rs.1,34,72,794/- (Rupees One Crore Thirty Four Lakhs Seventy Two Thousand Seven Hundred Ninety Four Only) from stakeholders i.e. employees and operational creditors. There was no financial creditor of the corporate debtor. The applicant h....

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....ssets and liabilities as on the liquidation commencement date based on the books of the Corporate Debtor; ● the proposed plan of action for carrying out the liquidation, including the timeline within which the liquidation proceedings is proposed to be carried out; and ● the estimated liquidation costs. 9. It is submitted that there was realization from debtors for Rs. 9.35 Lakhs in addition to the surrender of BG received back from the party on completion of contract realized an amount of Rs.5.96 Lakhs for FDR kept by the Bank and have opening balance of Rs.2.87 Lakhs. In addition there was a TDS refund of Rs.1.84 Lakhs for the 2018-19 received during the Liquidation process. The distribution made to the stakeholders is as ....

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....dation process which had already expired on 17.09.2020, in view of the provisions of Section 47A of the Insolvency And Bankruptcy Board of India (Liquidation Process) Regulations, 2016, in the interest of justice vide order dated 14.12.2021 of this Tribunal. 13. It is contended that since all the assets of the Corporate Debtor are sold and there remains no unsold property and as such, no unsold property has been distributed to the stakeholders. All the CIRP cost and Liquidation process cost have already been cleared. 14. The liquidator has also submitted that he has recovered and realized all assets and dues to the Corporate Debtor in the time bound manner as per compliance of Regulation 39 of the Liquidation Regulations. 15. It is also ....

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....ted to the stakeholders as per Section 53 of the Code read with Regulation 42 of the Liquidation Regulations, the liquidation proceedings are construed to be concluded, the instant application is being made for dissolution of the Corporate Debtor. 19. It is further submitted that (i) the entire process of liquidation is completed within the statutory time period (ii) that none of the stakeholders have raised any objection against the solution of the corporate debtor during the meeting of stakeholders consultation committee (iii) that the liquidator has not filed any other application concerning the subject matter of this application before any other court including the Hon'ble Supreme Court. 20. Heard, Mr. Pulkit Goyal, authorised r....