Chaitanya Alloys Private Limited vs Subhlabh Steels Private Limited

Per: Bidisha Banerjee, Member (Judicial)

This Court is congregated through hybrid mode.

The Learned Counsel, Mr. Udit Agarwal appeared on behalf of the applicant was heard.

This Interlocutory Application (IB) No.1466/KB/2023, has been preferred by Uttam Tekriwal, the liquidator of Subhlabh Steels Private Limited, the Corporate Debtor herein, under Section 54 of the Insolvency and Bankruptcy Code, 2016 for brevity “IBC” to seek the following reliefs:

In the course of hearing Ld. Counsel placed the following:

a. Distribution of assets which is depicted as under:

b. The report of the closure of Account No.-000605037670 as on 18/07/2023 of Subhlabh Steels Private Limited, (in Liquidation) vide a communication dated 2^nd August 2023, annexed at Pages 36 to the application, is reproduced hereunder:

The Minutes of the 3^rd Meeting of the Stakeholders Consultation Committee of Subhlabh Steels Private Limited held on 27^th June 2023, annexed at Page 137 to the application, wherein at item 6, the liquidator informed that he shall file the audit final accounts and his final report with this Adjudicating Authority and recommended striking off of the company with the concerned RoC. We have noted that the SCC unanimously agreed with the same and voted 100% to the agenda for the closure of the liquidation process as mentioned in item no. 6 of the minutes of the 3^rd SCC meeting.

Further, the Compliance Certificate in Form- H, annexed at Page 146 to the Application. We have noted that the estimated requisition value of the financial assets is Rs. 4.5 Lakhs and the estimated liquidation value of investments is Rs. 50,000. The realization amount of the financial assets is Rs. 4.5 Lakhs and of the investments is Rs. 50,000/-. The mode of sale is e-auction and the date of transfer to the liquidation account on 08.05.2023.

We have noted that, the amount distributed to the stakeholders as per Section 52 or 53 of the IBC are as under:

Further, we have noted that the liquidator Mr. Uttam Tekriwal has furnished and accordingly filed the final report on 25^th July 2023. We have found that Para 7.3 of the said report of the liquidator envisages that the auction took place on 21^st March 2023 and out of 2 bidders, one Pushpraj Exim Private Limited was declared as a successful bidder and accordingly issued the letter of intent to the successful bidder was made on 22nd March 2023 which has been unconditionally accepted by the successful bidder on 23rd March 2023. We have further noted that the full consideration was realized in 3 tranches as under:

We further noted that the sale certificate was duly issued to the successful on 08.05.2023.

The liquidator Mr. Tekriwal has asserted that the liquidation bank account with the ICICI Bank with NIL Balance was closed and the certificate of closure was received on 20^th July 2023, which is annexed at Page No. 36 to the application, is reproduced hereunder:

We are satisfied that the criteria laid down under the law have been fully complied with in this case. As such, the Corporate Debtor can be ordered to be dissolved. Hence, we hereby order the dissolution of the Corporate Debtor as under: -