Dhiraj Enterprises Pvt Ltd vs Janpragti Commodities Private Limited

That this application has been filed by Dhiraj Enterprises Private Limited (hereinafter referred to as “Financial Creditor”) vide order dated 15.07.2021 under Section 7 of the I&B Code, 2016 to initiate Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) against Janpragti Commodities Private Limited (hereinafter referred to as “the Corporate Debtor”). Mr. Kailash Kumar Rathi was appointed as the IRP. On 13.08.2021 in the first meeting of CoC it was resolved to appoint Mr. Sudipta Ghosh as the RP in place of Mr. Kailash Kumar Rathi, IRP which was approved by this Adjudicating Authority on 01.12.2021.

That on 13.05.2022 in the 8^th CoC meeting a resolution was passed for initiation of Liquidation Process against the Corporate Debtor. Therefore, an application for initiation of Liquidation Process was submitted before this Tribunal and the Liquidation Order was pronounced on 08.12.2022 for commencement of Liquidation Process and the Applicant herein as the Liquidator was appointed.

That on 13.12.2022 a Public Announcement in the newspaper was made in ‘Form B’ inviting claims from Stakeholders of the CD in “Financial Express” (English Newspaper-Kolkata Edition) and “Aajkal” (Bengali Newspaper-Kolkata edition). The Public Announcement is marked as “Annexure A”.

Upon receipt of claim during the liquidation process and the claims collated during the CIR process, the SCC committee was formed with the following members as under:

That a valuation was conducted with respect to the Financial Assets being the sole class of assets belonging to the Corporate Debtor during the Liquidation Process. That there is no fixed asset held by the Corporate Debtor and the average fair market value and average liquidation value of the Corporate Debtor as determined by the registered valuers are produced herein below:

That a total of seven e-auction sale was conducted by the applicant wherein the 2^nd e-auction sale, 3^rd e-auction sale and the 7^th e-auction sale were successful and the remaining e-auction sale was unsuccessful. In the 2^nd E-auction sale conducted on 03^rd July, 2023 was partly successful, where one auctioned asset was sold. The sale Notice and Bid history is marked as Annexure D. On 21^st August, 2023 third e-auction sale was conducted where three blocks of assets were sold. Copies of the third e-auction sale notice and bid history reports are marked as Annexure E.

That the Seventh E-auction was held on 28^th December, 2024 wherein all the remaining assets were sold. The copies of the sale notice and bid history report are marked as Annexure I.

That this Tribunal vide order dated 08.12.2022 was pleased to pass the liquidation order in terms of Section 33 read with Sub-Section (1) thereof the Code and thereby appointed the Applicant as the Liquidator in the present matter.

That according to the Financial Statements available on 31^st March, 2021 and July 15, 2021 of the Corporate Debtor hold two different bank accounts, namely, IDFC First Bank, SaltLake Branch and Punjab National Bank, Lords Branch were maintained by the Corporate Debtor. The Applicant vide letters requested the said Banks to close the accounts of the Corporate Debtor and transfer the remaining amount in favour of the designated bank account opened and maintained for the purpose of Liquidation of the Corporate Debtor with Federal Bank Limited, BBD Bagh Branch, Kolkata-700001, bearing Account No. 21530200010370. the bank confirmed that the bank account of the Corporate Debtor has been closed after transferring the funds into the designated account opened with the Federal Bank Limited. The document evidencing such closure is attached herewith and marked as Annexure M.

The Applicant submits that till date has filed thirteen progress reports. The said details of the reports are produced herein below:

That the funds have been received on the occasion of sale of Assets of the CD of Rs.12,45,738/- from Hytone Merchants Private Limited and Navdhara Verso Private Limited, being the successful bidders of E-Auction of Assets. The details of such receipt are produced herein below:

That the audit of the receipts and payment of liquidation has been conducted as and when required under the statute and the copies of the said audit receipt and payment accounts for the period December 08, 2022 to March 31, 2023, April 01, 2023 to March 31, 2024, April 01, 2024 to March 31, 2025 and April 01, 2025 to November 11, 2025 are collectively marked as Annexure N.

It is submitted that the Liquidator in compliance has filed the present application under Section 54 read with Regulation 45 of Insolvency and Bankruptcy copy of the Compliance Certificate in Form H and Final Report under Regulation 45(3) of the IBBI (Liquidation Process) Regulation, 2016 seeking for an order of dissolution of the Corporate Debtor is marked as Annexure O.

Liquidator has also submitted Form H in compliance to the code and IBBI (Liquidation Process) Regulation, 2016 is at Page 113 to 121.

That all the Assets of the Corporate Debtor have been disposed of in accordance with law and the Final Report has been prepared and submitted. Therefore, the Corporate Debtor may be dissolved. The Copy of Form H and Final Report under Regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016 is prepared and marked as Annexure O.

It is thus agreed that the Corporate Debtor needs to be dissolved are per the provisions of Section 54 of IBBI Code, 2016 r/w Regulation 44(1) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.