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Judgment
Ld. Counsel for the Liquidator present. Ld. Counsel for the applicant in IA(IBC)986(KB)2021 present.
IA(IBC)/986(KB)2021
(a) This is an application filed u/s 12A of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the NCLT Rules, 2016, by one Mr. Swapan Kumar Das, Shareholders/Ex- Directors of Rangajava Soap and Chemicals Works Pvt. Ltd. for withdrawal of CP(IB)/284(KB)2018.
(b) It is submitted that vide order dated 01/11/2018 the Corporate Debtor was admitted under CIRP. Liquidation order was passed on 17/05/2019.
(c) On the question of maintainability of this application, Ld. Counsel appearing for the applicant placed before us an order dated 09/08/2018 of the Hon'ble NCLAT passed in Company Appeal (AT) (Insolvency) Nos. 288 & 289 of 2018 (V. Navaneetha Krishnan -vs- Central Bank of India, Coimbatore) wherein in paragraph 5 it was observed as follows:
"5. However, in view of Section 12A even during the liquidation period if any person, not barred under Section 29A, satisfy the demand of 'Committee of Creditors' then such person may move before the Adjudicating Authority by giving offer which may be considered by the 'Committee of Creditors', and if by 90% voting share of the 'committee of creditors', accept the offer and decide for withdrawal of the application under Section 7 of the I&B Code, the observation as made above or the order of liquidation passed by the Adjudicating Authority will not come in the way of Adjudicating Authority to pass appropriate order. Both the appeals are dismissed with aforesaid observations, No cost."
(d) Ld. Counsel appearing for the applicant submits that in the present case there is only one claim, which has been filed by the Employees' State Insurance Corporation ('ESIC') with the Liquidator for a sum of Rs.5,71,867/-. The ex-directors of the corporate debtor have paid the said sum of Rs.5,71,867/- to the Employees State Insurance Corporation. Copies of documents evidencing claim lodged by ESIC with the Liquidator; payments made thereof along with bank statement are annexed to the application as Annexure 'C'. B It is further submitted that no other financial creditor or even the operational creditor herein have lodged any claim either before the Resolution Professional or before the Liquidator. As such, as on date, there are no claims that have been pending before the Liquidator. The fees and expenses of the Resolution Professional and the Liquidator have also been duly paid by the ex-directors of the Corporate Debtor. Copies of the relevant documents evidencing such payments are also annexed to the application and marked as Annexure 'D'.
(e) In view of these grounds stated in the application and the submissions made by the Ld. Counsel appearing for the applicant in the Court, we recall the order dated 01/11/2018 admitting the Corporate Debtor in CIRP and also the order of liquidation dated 17/05/2019 and order as follows:
(i) Liquidation process initiated against the Corporate Debtor vide order dated 17/05/2019 is hereby closed;
(ii) The Board of Directors of the Corporate Debtor is restored to its original position;
(iii) The Liquidator is discharged from his responsibility;
(iv) The Liquidator is hereby directed to handover to the Board of Directors of the Corporate Debtor all its assets and books of account and other documents immediately.
With the above directions both the IA(IBC)/986(KB)2021 and CP(IB)/284(KB)2018 shall stand disposed of. All other pending applications, if any, shall stand also disposed of.
File be consigned to the records.