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2023 (2) TMI 1223
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....o. 579/2020, the Adjudicating Authority, vide Order dated 18.08.2020 passed for Liquidation of ICSA (India) Limited/Corporate Debtor by appointing the Applicant herein as Liquidator. b) After completion of verification of claims and finalisation of list of admissible claims, Stakeholders' Consultation Committee, for short 'SCC', has been formed. c) As per the recommendations of SCC in its 2nd meeting held on 13.01.2021, the following assets are relinquished in favour of liquidation estate: i. Piece meal sale of assets. ii. Sale of land admeasuring 6 acres & 5 guntas situated at Survey No. 232, Yadagirigutta after completion of mutation process and a Benz Car by giving paper advertisement. ....
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....nd the Successful Bidders are M/s. Hyderabad Bottling Company Private Limited, for land for Rs. 900 lakhs and Mr. Y.V. Ramanareddy for Benz Car for Rs. 3.05 lakhs. A copy of the Letter of Intent is filed at page Nos. 14 to 15 of the application. j) The Financial Creditor, Union Bank of India (erstwhile Andhra Bank have informed that out of the assets held on charge by them, the property located in Tamilnadu has been sold. k) A sum of Rs. 10,73,16,372 has been realized both on sale of assets and realization of Performance Bank Guarantee (ICICI Bank). After meeting liquidation expenses and Liquidator fee, secured creditors have been paid, retaining balance for future expenses. l) In accordance with the resolution in....
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....n process is complete. The said provision reads as under:- "Regulation 45 (3) (a): Final report prior to dissolution. (3) The liquidator shall submit an application along with the final report and the compliance certificate in form-H to the Adjudicating Authority for- (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; 4. The Liquidator would contend, pursuant to public announcement, M/s. Hyderabad Bottling Company Private Limited, for land for Rs. 900 lakhs, Mr. Y.V. Ramanareddy for Benz Car for Rs. 3.05 lakhs were declared as Successful Bidders and Mr. Byndia Srinivas, Hyderabad was declared as Successful Bidder for sale of the Company as a goi....