A. Mohan Kumar, Liquidator Of M/s. Bharat Medicare Private Limited

Per: SAMEER KAKAR, MEMBER (TECHNICAL)

IA/293/IB/2020 is an Application filed by the Liquidator of M/s. Bharat Medicare Private Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 45 of the IBBI Liquidation process) Regulations, 2016 seeking relief as follows;

The Corporate Insolvency Resolution Process in respect of the Corporate Debtor viz. Bharat Medicare Private Limited was initiated by this Tribunal in an Application filed by an Operational Creditor under Section 9 of IBC, 2016 vide its order dated 18.04.2018 and the Applicant herein was appointed as the 'Interim Resolution Professional'.

Thereafter, this Tribunal vide its order dated 28.01.2019 ordered for Liquidation in respect of the Corporate Debtor and on 01.02.2019 the Liquidator has caused a Public Announcement in 'Business Standard (English) and 'Maalai Tamizhagam' (Tamil). It was submitted that the Public Announcement was also submitted to the Insolvency and Bankruptcy Board of India (IBBI) on 02.02.2019 to place the same on its website.

It was submitted that as required under regulations, the liquidator changed the nomenclature of one of the Bank accounts in the name of Corporate Debtor with HDFC Bank to “LIQUIDATION A/C OF BHARAT MEDICARE P L” for depositing all amounts realized from sale of assets and other receivables and for distribution of proceeds to stakeholders.

It was submitted that as required under Regulation 13 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Liquidator submitted the Preliminary Report to this Tribunal on 03.04.2019. Further, it was submitted that as required under Regulation 34 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Liquidator submitted the Asset Memorandum report to this Tribunal on 03.04.2019.

It was submitted that the Liquidator intimated the commencement of liquidation and appointment of liquidator to the Income Tax Authority and further it was submitted that the Liquidator has also filed the Income Tax Return for the Financial Year 2018 – 2019. The Liquidator has also informed other Statutory authorities like Employee State Insurance and Provident Fund that the Company is under Liquidation.

It was submitted that the Liquidator verified the claims received and submitted the List of stakeholders to this Tribunal on 03.04.2019. It was submitted that the Liquidator as per Regulation 31 read with Regulation 12(3) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 made a public Announcement of the list of stakeholders filed with this Tribunal in 'Business Standard' and in 'Malai Tamizhagam', on 03.04.2019.

It was submitted that the sale proceeds received from sale of assets were deposited in a separate bank account maintained in the name "LIQUIDATION A/C OF BHARAT MEDICARE PL." with HDFC Bank.

The Learned Counsel for the Liquidator submitted that the Corporate Debtor was not registered with GST prior to commencement of Liquidation and post the order of Liquidation, the Liquidator registered and obtained GSTIN for the Corporate Debtor. It was submitted that the Liquidator has filed up-to-date returns and also that the Liquidator has filed for the cancellation of Goods and Service Tax (GST) Registration in the State of Tamil Nadu and received cancellation order in Form GST REG – 19. It was submitted that the GST payments have been duly remitted during the Liquidation period.

The distribution to the stakeholders were made based on the claims admitted and the table below contains the information on the disbursement made to the stakeholders:

The Learned Counsel for the Liquidator submitted that as per Regulation 15 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Liquidator has submitted the Progress report and the Asset Sale Report for each quarter ended since the commencement of the liquidation as detailed below:

The Learned Counsel for the Liquidator submitted that the Auditor's Certificate on the receipts and payments pertaining to the Liquidation since the liquidation commencement date till 14.02.2020 was submitted along with the Progress Report.

The Liquidator has filed Form – H ‘Compliance Certificate’ and a perusal of the same would manifest the fact that no Application under Section 43, 44, 45, 49 and 66 of IBC, 2016 is filed. Under such circumstances prayed for dissolution of the Corporate Debtor in terms of Section 54 of IBC, 2016.

Section 54 of the IBC, 2016 provides for dissolution of the Corporate Debtor which is as follows: -

From the averments made in the Application along with the perusal of the final report and the Compliance Certificate filed in Form-H by the Applicant, it is seen that the Corporate Debtor has been completely liquidated and, in the circumstances, as averred and as prayed for by the Applicant that an order for dissolution is required to be passed by this Adjudicating Authority under Section 54 of the IBC, 2016.

Accordingly, we hereby order for the dissolution of the Corporate Debtor viz., M/s. Bharath Medicare Private Limited and the Liquidator is directed to forward a copy of this Order to the RoC concerned and also to the IBBI for its records within a period of 7 days from the date of this Order.

Accordingly, IA293/IB/2020 stands allowed.