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Judgment
P e r : B e n c h
This application has been filed seeking dissolution of the Corporate Debtor and to discharge the Liquidator from his duties as Liquidator.
The facts of the case briefly are as follows:
This Application is filed by the Liquidator of the Corporate Debtor M/s.I-Vantage India Private Limited under Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016 read with the provisions of the IBC, 2016 seeking to dissolve the Corporate Debtor M/s.I-Vantage India Private Limited.
This Tribunal vide its order dated 08.07.2024 admitted the Company Petition and ordered initiation of CIRP in respect of the Corporate Debtor and Liquidation of the Corporate Debtor vide orders dated 24.04.2025 in IA(IBC) (Liq) No.4 of 2025 and appointed Mr.Santosh Bhatia as the Liquidator.
It is submitted that as per directions of this Authority, the Liquidator commenced the Liquidation Process and a Public Announcement was issued in Form-B in Financial Express and Mana Telangana (English and Telugu newspapers) on 30.04.2025 as per Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 inviting claims from the stakeholders of the Corporate Debtor.
The Liquidator on receiving the claims from the stakeholders, verified the claims and prepared the List of Stakeholders as on 30.07.2025. Copy of the same was submitted to this Authority, which was taken on record vide orders dated 18.08.2025 in IA(IBC)/1380/2025. The List of Stakeholders prepared as per the claims received is reproduced below:
| S.No | Name of the Financial Creditor | Claim Submitted (Rs) | Claim Admitted (Rs) | Claim under verification (Rs) | % of SCC |
|---|---|---|---|---|---|
| 1 | State Bank of India | 28,86,52,86,100 | 25,39,16,47,247 | 3,47,36,38,853 | 62.26 |
| 2 | RARE ARC | 6,90,69,11,730 | 6,18,10,86,781 | 72,58,24,949 | 15.16 |
| 3 | Canara Bank | 5,61,67,14,649 | 2,23,52,98,792 | 3,38,14,15,857 | 5.48 |
| 4 | Bank of Maharashtra | 1,52,19,34,779 | 1,52,19,34,779 | NIL | 3.73 |
| 5 | IDBI Bank Limited | 1,77,71,20,850 | 1,35,87,05,908 | 41,84,14,942 | 3.33 |
| 6 | Punjab National Bank | 4,09,16,59,433 | 4,09,16,59,433 | NIL | 10.03 |
| T O T A L | 48,77,96,27,541 | 40,78,03,32,940 | 7,99,92,94,601 | 100.00 |
It is submitted that the Liquidator prepared an Asset Memorandum in accordance with Regulation 34(1) of IBBI (Liquidation Process) Regulations, 2016 within seventy-five (75) days from the date of commencement of liquidation and further information relating to preliminary report of the Corporate Debtor have been submitted to this Authority, which was taken on record vide its order dated 18.08.2025 in IA(IBC)/1381/2025.
It is submitted that the 1st Quarterly Progress Report for the quarter ending 30.06.2025 was prepared and submitted within fifteen (15) days, as stipulated under IBBI (Liquidation Process) Regulations, 2016, which was as taken on record by this Authority vide orders dated 18.08.2025 in IA(Liq) Progress Report/157/2025.
It is submitted that the First Meeting of the Stakeholders Consultation Committee (SCC) was conducted on 14.07.2025, wherein the Members of the SCC discussed the issues relating to Liquidation of the Corporate Debtor, Valuation done and Transaction Audit carried out during the CIRP period. It is further submitted that the Members of the SCC requested the Liquidator to share copies of the Valuation Reports and Transaction Audit Report and also to explore the possibilities for early dissolution under Regulation 14 of IBBI Liquidation (Process) Regulations, 2016.
The Applicant referred to applicable provisions and submitted reports relating to Transaction Audit and Valuation to this Tribunal, which are reproduced below:
Applicable Provisions:
Regulation 14 of the IBBI (Liquidation Process) Regulation, 2016:
a)The realizable properties of the Corporate Debtor are insufficient to cover the cost of the liquidation process; and
b)The affairs of the Corporate Debtor do not require any further investigation. [he shall consult the consultation committee and it if advises for early dissolution, he may apply, along with a detailed report incorporating the views of the consultation committee, to the Adjoining Authority] for early dissolution of the Corporate Debtor and for necessary directions in respect of such dissolution.
Valuation Report – SFA (during CIRP Period):
During the CIRP period, Resolution Professional has obtained two Valuation Reports from the Registered Valuers for the assets of the Corporate Debtor under Securities and Financial Assets category. The same are detailed hereunder:
| S.No | Name of the Registered Valuer | Date of Report | Fair Value (Rs) | Liquidation Value (Rs) |
|---|---|---|---|---|
| 1 | Maheswara Rao Gokada | 11.12.2024 | 25,380 | 23,888 |
| 2 | Kasi Srinivas | 14.12.2024 | 25,380 | 24,111 |
It is submitted that there are no Land & Buildings, Plant & Machinery or any kind of other assets in the Corporate Debtor. Further, the Bank Account of the Corporate Debtor has been inoperative and the Liquidator had also addressed letters to the respective Banks for closure of the Accounts.
It is submitted that there are no realizable properties of the Corporate Debtor to cover the costs of Liquidation Process and the affairs of the Corporate Debtor also does not require any further investigation as is evident from the records.
In the 2nd SCC meeting held on 05.08.2025, the issue of early dissolution was deliberated upon by the members of the SCC and requested the Liquidator to put the resolution for early dissolution of the Corporate Debtor for voting. The dissolution of the Corporate Debtor was approved with 100% voting and authorized the Liquidator to file an application along with detailed report incorporating the views of the SCC before this Tribunal for early dissolution of the Corporate Debtor.
In view of the aforesaid facts and circumstances, the instant Application is filed by the Liquidator seeking early dissolution of the Corporate Debtor as per Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016.
The Applicant submitted that the jurisdiction of this Application is with this Tribunal as the registered office e of the Corporate Debtor is within the territorial jurisdiction of this Tribunal. The Applicant further declares that this matter is not pending before any Court of Law, Authority or any other Tribunal.
O R D E R
We have perused the contents of the application and heard the Learned Counsel appearing for the Liquidator. We are satisfied that the liquidation process is completed as per the procedure laid-down under IBC, 2016 and hence the dissolution as requested by the Liquidator is allowed and the Corporate Debtor shall stand dissolved.
In the result, the Petition is allowed and Corporate Person shall stand dissolved from the date of this order. In exercise of the powers conferred on the Adjudicating Authority under Section 59 (7) of the Code, we hereby allow the Company Petition with the following directions:
The Corporate Person, M/s.I-Vantage India Private Limited is hereby dissolved, with immediate effect and discharge the Liquidator from his responsibilities.
The Liquidator is directed to forward a copy of this order within a period of 14 days from the date of this order to the Registrar of Companies, Hyderabad, Telangana for making appropriate remarks for the Corporate Person on MCA Website and Insolvency & Bankruptcy Board of India.
The Liquidator is also directed to forward copies of this order to all the Statutory Authorities connected with the affairs of the Corporate Person.
The Liquidator is further directed to preserve a physical or electronic copy of reports, registers, books of accounts referred to in Regulations 8 and 10 for at least 8 years after the dissolution of the Corporate Person, either with himself or with the information utility.
Accordingly, this IA(IBC) (Dis)/09/2025 in C.P.(IB) No.134/7/HDB/2023 is allowed and disposed of.