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The present application no. I.A. 928/NCLT/AHM/2023 in CP(IB): 73/AHM/2017 has been filed by Mr. Manoj Gangwal, Liquidator of the Corporate Debtor, M/s. Shiv Cotgin Private Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016 for an order of dissolution by seeking relief as follows:

It is Submitted that the Petition for Corporate Insolvency Resolution Process was filed by Bharatbhai Varjalbhai Selani against the Corporate Debtor Viz. M/s Shiv Cotgin Private Limited bearing C.P. No. 132/7/NCLT/AHM/2019 u/s 10 of the Insolvency and Bankruptcy Code 2016 pursuant to which order for initiation of CIRP was passed by the Hon'ble NCLT, Ahmedabad Bench via. order dated 21.08.2017 wherein Mr. Premraj Laddha was appointed as Interim Resolution Professional.

It was resolved in the 3^rd CoC Meeting to liquidate the Corporate Debtor and to file an application under Section 33 (2) of the IBC, 2016 and appoint Mr. Manoj Gangwal as Liquidator.

It is stated that this Bench by its order dated 27.04.2018 in IA No. 79 of 2018 ordered for initiation of the Liquidation Process of M/s Shiv Cotgin Private Limited and Mr. Manoj Gangwal Applicant/RP came to be appointed as Liquidator of the company in accordance with the provisions of Chapter III of part II of the Insolvency and Bankruptcy Code, 2016.

The applicant submitted that he made a public announcement, calling upon the stakeholders to submit their claims as required under Regulation 12 of the Liquidation Regulations, filed preliminary report on 20.07.2018 as required under Regulation 13, verified the claims of various stakeholders as required under Regulation 30, prepared the list of stakeholders as required under Regulation 31 and also prepared the assets memorandum under Regulation 34.

A perusal of Form H reveals that there is a sole Financial Creditor, i.e. Bank of Baroda, Para Bazar, Ahmedabad which was earlier known as Dena Bank. (Annexure 3, page no.32 of the application).

The applicant further stated that a total of seven rounds of e-auction were conducted after setting the reserve price in consultation with the members of the Stakeholders Consultation Committee (“SCC”) pursuant to obtaining valuation from two registered valuers as mandated under the Code as under:

It is submitted that based on the above valuations, the Reserve Price for the various e-auctions was set in consultation with the SCC as follows:

As per the applicant, on 07.08.2020, he issued 7^th E-Auction advertisement inviting bids for auction of the sole property of the Corporate Debtor, wherein, one Krystal Pebble Infrastructures turned out to be the highest bidder and a letter of intent was issued in its favour. Copies of E-Auction advertisements as given by the applicant for the sale of assets of the Corporate Debtor are annexed as Annexure D to the present application.

The applicant stated that the property of the Corporate Debtor was sold to Krystal Pebble Infrastructure for Rs.5,04,00,000/-. However, pursuant to some delay in payment, the applicant, vide I.A. No.894 of 2020 sought appropriate directions vide by this Bench’s order dated 25.01.2021, the bidder was directed to deposit the balance amount within seven days along with the interest. It is submitted that, in compliance of order of this Bench, the successful bidder paid an interest of Rs.17,29,677/- for the delay in payment of the entire sale consideration. The applicant has submitted the details of distribution as per the details below:

It is stated that the distribution of funds took place on 09.06.2021. The Liquidation process was completed and the dues of the stakeholders were recovered.

As submitted, the Liquidator has opened Liquidation account with Bank of Baroda, in the name of “M/s. Shiv Cotgin Private Limited, in Liquidation” bearing account no. 70160200000910 having Customer ID: AE9D18787. As per Section 53 of IBC, 2016, the Liquidator distributed the proceedings to stakeholders. Copy of certificate issued by the Bank of Baroda declaring that account was closed on 14.09.2023 was submitted during the proceedings.

The details of the relevant compliances as mandated under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with IBBI (Liquidation Process) Regulations, 2016 are listed hereunder:-

Heard the submissions made by the Learned Counsel for the Applicant. At this juncture, it is relevant to point out Section 54 of the IBC, 2016 provides as follows:-

From the averments made in the Application along with the perusal of the final report and the Compliance Certificate filed in Form-H by the Applicant, it is seen that the Corporate Debtor has been completely liquidated and no applications are pending in the matter. In the circumstances, as averred and as prayed for by the Applicant that an order for dissolution is to be passed by this Tribunal under Section 54 of the Code.

Accordingly, we hereby order for the dissolution of the Corporate Debtor as under:-

ii) Consequently, the liquidator Mr. Manoj Gangwal is discharged from his duties and responsibilities as the liquidator of the Corporate Debtor.

iii) The Liquidator shall preserve physical or electronic copy of the reports, registers, and books of account referred to in Regulations 45A of the IBBI (Liquidation Process) Regulations, 2016 for at least eight years after the dissolution of the Corporate Debtor, either with himself or with an information utility.

iv) The liquidator is directed to send a copy of this order to the RoC concerned and also to the IBBI within seven days from this order for information and necessary action.

In terms of the above, IA(IBC)/928(AHM)/2023 in CP(IB) No. 73/AHM/2017 is allowed and stands disposed of.