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Judgment
ORDER
The instant Application is filed by the Applicant Mr. Omkar Maloo, Liquidator of M/s Steps Dumask Waste Processing Services Pvt. Ltd. (‘Corporate Debtor’) under Section 54 of the Insolvency and Bankruptcy Code, 2016 (‘Code’) read with Regulation 44 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (‘Liquidation Regulations’) and Rule 11 of the National Company Law Tribunal Rules, 2016 seeking order for the dissolution of the Corporate Debtor.
The brief background of the case is that the CIRP proceedings of the Corporate Debtor were initiated vide order dated 19.06.2019 and Ms. Anjali Choksi was appointed as IRP of the Corporate Debtor. Thereafter, the Applicant herein was appointed as Resolution Professional vide order dated 19.03.2020. The Committee of Creditors (CoC) in its 8th meeting resolved to liquidate the Corporate Debtor because Corporate Debtor has never commenced its business and the available assets are not sufficient to meet the expenses of the insolvency process. Accordingly, on an application filed by the Resolution Professional, an order of liquidation of Corporate Debtor was passed on 11.01.2021 and Mr. Omkar Maloo, who was acting as Resolution Professional was appointed as the Liquidator.
The Applicant Liquidator submits the following:
In compliance of Regulation 12 of Liquidation Regulations, public announcement of liquidation in Form-B was made on 13.01.2021 in two newspapers namely Financial Express (English) and Gandhinagar Samachar (Gujarati) calling upon the stakeholders to submit their claims. The last date for submission of claims was 11.02.2021. Copy of Form-B being the copy of publication is annexed.
In compliance of Regulation 31 (2) list of stakeholders was filed stating that the total amount of claim of Rs. 3,11,88,232/- was received and admitted by the Liquidator. In accordance with Regulation 31A, the Stakeholders Consultation Committee (‘SCC’) was constituted and meeting of the SCC was held on 18.03.2021. In the said meeting it was discussed that the Corporate Debtor was not possessing any worthwhile assets except some scrap of plants and building and valuation of the said assets was already carried out during CIRP in September 2020. Thus, SCC decided to not to appoint valuers.
In compliance of Regulation 13 and 34 preliminary report and asset memorandum was filed. As per Asset Memorandum report the fair value and liquidation value of assets as on liquidation commencement date was Rs. 13,16,857/- and Rs. 9,69,479/-respectively and SCC decided to propose to sell the assets of the Corporate Debtor on standalone basis. Copy of Asset Memorandum Report is annexed.
In compliance of Regulation 15(1)(a) the first progress report was filed which stated that a bank account in the name and style of “Steps Dumask Waste Processing Services Pvt. Ltd. – In Liquidation” is opened with Bank of India. Copy of reports are annexed.
The public announcement for e-auction was made on 28.04.2021 for sale of assets. Thereafter e-auction through website was conducted on 19.05.2021 for sale of assets wherein an amount of Rs. 14,70,000/- realized against the base price of Rs. 9,70,000/-. In accordance with Section 53 the realized amount was distributed among stakeholders.
The Income Tax Department has filed a letter stating that as per its record no outstanding is to be recovered from the Corporate Debtor.
In compliance with Regulation 44 and 45 of the IBBI (Liquidation Process) Regulations 2016, the Liquidator has filed the final report along with Compliance Certificate in Form H dated 28.10.2021. The total amount realized from sale of assets and deposits is Rs. 15,79,093/-. The amounts distributed to the stakeholders as per Section 52 or 53 of the Code are as under:
It is submitted that the assets have been sold and disposed of and the entire recovered amount from the sale of liquidation estate is distributed among the creditors. In view of above nothing remains in the process and thus process of liquidation of the Corporate Debtor is complete. Hence, the instant application is filed by the Liquidator for dissolution of the Corporate Debtor.
On perusal of the records, it is found that the Applicant had failed to annex proof of closure of liquidation account opened in the name of the Corporate Debtor with the Bank of India. Therefore, the matter was listed for clarification and thereafter the Applicant had placed on record the bank statement showing that the account opened in the name of “Steps Dumask Waste Processing Services Pvt. Ltd. – In Liquidation” is closed on 02.06.2022.
In view of the above, and in exercise of the powers conferred under Section 54(2) of the Code, we hereby order the dissolution of the Corporate Debtor viz., M/s Steps Dumask Waste Processing Services Pvt. Ltd. having CIN U37200GJ2014PTC080098 from the date of this order.
Consequently, the Liquidator Mr. Omkar Maloo is discharged from his duties and responsibilities as the Liquidator of the Corporate Debtor.
The Liquidator and the Registry are directed to send the copy of this order within 7 days from the date of this order to the ROC, Gujarat along with all the books and files of the Corporate Debtor i.e M/s Steps Dumask Waste Processing Services Pvt. Ltd. The RoC is directed to update the status of Corporate Debtor in the master data and file compliance of updating master data with registry. Copy of this order shall also be forwarded to the IBBI and concerned parties for their record.
Application is allowed in terms of the above order and stands disposed of.