TaxTMI 
TaxTMI 
2024 (6) TMI 1497
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....rming part of the Liquidation Estate, including the legal entity of the Corporate Debtor, stand sold and realized; iii. Pass an order taking on record the completion of the liquidation process of the Corporate Debtor, inter alia, sale realization and distribution, except the pending litigation, which may be disposed of at the earliest convenience of this Hon'ble Tribunal; iv. Pass an order taking on record the date of issuance of the Sale Certificate by Mr. Devendra Singh, the Liquidator of Venus Rolling Mills Pvt Ltd, as the date of acquisition of the Corporate Debtor on a Going Concern basis by the Applicant herein on; v. Pass an Order granting Reliefs and Concessions sought under Para 15 of the Application; Brief Facts 2. This Tribunal vide order dated 22.04.2019 in CP(IB)/350/2019 initiated Corporate Insolvency Resolution Process (CIRP) of Venus Rolling Mills Private Limited (Corporate Debtor) and Mr. Devendra Singh was appointed as the Interim Resolution Professional (IRP). The 1st Committee of Creditors (CoC) Meeting was held on 28.05.2019 wherein the CoC resolved to appoint the IRP as the Resolution Professional (RP). 3. Upon failure of th....
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....bsp;(2,01,25,000.00) - Balance Amount Receivable upto 30 April 2023 10,01,25,000.00 - Further Payment Received 30-Apr-23 30-Jun-23 62.00 (2,50,00,000.00) 20,40,904 Balance Payment Received 30-Apr-23 08-Aug-23 101.00 (7,51,25,000.00) 9,63,247 Balance Amount of interest upto 8 Aug 2023 received on 23.08.2023 - 30,04,151 Total Amount received including interest Rs. 13,65,04,151/- Findings/Observations 10. Heard the Counsel for the Applicant/Successful Bidder. We have perused the facts pleaded and the reliefs sought in the present Application. 11. The Applicant was declared as the successful bidder of the 7th e-auction held on 30.03.2023 for sale of the Corporate Debtor as a going concern. Upon payment of the entire sale consideration of Rs. 13,35,00,000 (Rupees Thirteen Crore and Thirty-five Lakhs), the sale was considered to be completed, in acknowledgment of which a Sale Certificate dated 14.09.2023 was issued by the Liquidator. 12. On completion of the sale of the Corporate Debtor as a going concern, the Successful Bidder has filed the present application seeking ....
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....ther provisions of the Companies Act, 2013 and other applicable laws and there shall be no requirement to add "and reduced" in the name of the Corporate Debtor. Any consideration payable to the shareholders of the company, including any due towards any unpaid dividend, share application money etc. shall stand extinguished. Granted 2 A direction that from the date of approval of the present Application, the existing directors shall be discharged without any further orders or permission required, and that the Board of Directors of the Corporate Debtor shall be reconstituted as follows: Name of the proposed Directors DIN Laxmikant Hariram Dayma 02233464 Bhajanlal Hariram Vishnoi 07495112 Granted 3 A direction to the Registrar of Companies to record satisfaction of all charges that have been created and remained unsatisfied prior to the Date of Acquisition and the liquidator to submit necessary compliance including filing of prescribed returns in this regard with the Registrar of Companies and making necessary entries thereof in the Statutory Records of said Company. This order shall be sufficient proof to enable the liquidator to satisfy the charges....
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....uthorities of respective department based on this Order. 9 A direction for waiver of any past liabilities in relation to any electricity dues of the Corporate Debtor to any State Government or Central Government Department before the Acquisition Date. May apply to appropriate authorities of respective department based on this Order. 10 A direction that all inquiries, investigations, assessments, notices, causes of action, suits, claims, disputes, litigations, arbitration, or other judicial, regulatory or administrative proceedings against, or in relation to, or in connection with the Corporate Debtor or the affairs of the Corporate Debtor ( other than against the Erstwhile Promoters or former members of the management of the Corporate Debtor), pending or threatened, present or future, in relation to any period prior to the Acquisition date or arising on account of the Acquisition shall be deemed to be withdrawn or dismissed from the date when this Tribunal passes an order in the present Interlocutory Application. Granted subject to necessary compliance of the applicable provisions of law, relevant procedures, and payment of fees or charges, if any. 11 A dire....
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....hing shall be necessary to be complied with by the said Company under the applicable truces laws and it shall be deemed that all such statutory compliances have stood complied with on the Acquisition Date so that the said Company continues to enjoy continuous ownership, use, possession and occupation of the lands in question without any interruption or objections or obstructions in order to keep the said Company a going concern. Granted subject to necessary compliance of the applicable provisions of law, relevant procedures, and payment of fees or charges, if any. 16 Appropriate direction to any government authority/ statutory body to permit the Applicant or assigns under any law, rules, regulations, notifications, circulars, guidelines, policies, etc. to dispose of any assets or asset class that is no longer required under the plant operations revival plan of the Operating Company. Granted subject to necessary compliance of the applicable provisions of law, relevant procedures, and payment of fees or charges, if any. 17 A direction that upon approval of this application by the Adjudicating. Authority, all the intangible assets (including Brand Name and Intellectu....