EzeeGo One Travel And Tours Limited Through Its Resolution Professional Mr. Gaurav Ashok Adukia vs Beckhem Trading Private Limited

Adv. Nishitha Nambiar for the Resolution Professional i/b PRM Legal is present through VC.

The above application I.A. (Liq) No. 97/2024 is filed by Mr. Kamal Kishor Gurnani, seeking liquidation of Beckhem Trading Private Limited (hereinafter referred to as the “Corporate Debtor”) under Section 33 (1) of the Insolvency and Code, 2016 (hereinafter called as “the Code”).

The brief facts of the application are as follows:

i. The Applicant mentions that this Tribunal vide its order dated 07.03.2024 in Company Petition No. 805/IBC/MB/2023 admitted the petition under Section 9 of the Code, filed by Ezeego One Travel and Tours Limited (hereinafter referred to as the “Financial Creditor”) and Corporate Insolvency Resolution Process (hereinafter referred to as the “CIRP”) was initiated against the Corporate Debtor, wherein the Applicant was appointed as Interim Resolution Professional of the Corporate Debtor.

In the Second meeting of the Committee of Creditors (CoC) of the Corporate Debtor was held on 22 May 2024, wherein the Applicant apprised the members of CoC that in order to comply with the amendment in the Regulation 36A of The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons), the approval of members of COC shall be sought for publishing brief particulars of the invitation for expression of interest in Form G. However, the members of the CoC deferred the agenda placed for publication of FORM G, Request for Resolution Plan (RFRP) and Evaluation matrix as there are no assets of corporate debtor and they do not foresee any plan coming in for revival of corporate debtor and also the Corporate Debtor is shut and cannot be sold as going concern and further desired to move ahead with the liquidation of the Corporate Debtor.

In furtherance to the discussion and deliberations on the liquidation of the Corporate Debtor, the Applicant had placed the resolution for liquidation of Corporate Debtor before CoC for their approval. And the voting window was kept open from 25 May 2024 to 03 September 2024 upon the requests of the Liquidator of Ezeego One Travel and Tours Limited (Sole CoC memeber) as he was awaiting approval from SCC members of Ezeego One Travel and Tours Limited. Accordingly, the CoC members after due discussion and deliberations passed resolution with 100% vote to liquidate the Corporate Debtor.

The extract of Resolution for liquidation of the Corporate Debtor are extract herein under:

After hearing the submissions made by the Counsel appearing for the Applicant and upon perusing the material available on record, this bench is of the opinion that the Corporate Debtor is required to be liquidated in the manner as laid down in the IBC 2016.

The above I.A. No. 97/2024 is allowed and the Corporate Debtor “BECKHEM TRADING PRIVATE LIMITED” is ordered to be liquidated as a going concern for the first attempt and if it fails, then sale by other methods should be tried.

a. This Bench appoints Mr. Rakesh Kumar Tulsyan, having Registration No. IBBI/IPA-001/IP-P01144/2018-2019/11970, is hereby appointed as the Liquidator as provided under Section 34(1) of the Code.

b. That the Liquidator for conduct of the liquidation proceedings would be entitled to the fees as provided in Regulation 4(2)(b) of the IBBI (Liquidation Process Regulations), 2016.

c. The Liquidator appointed in this case to initiate liquidation process as envisaged under Chapter-III of the Code by following the liquidation process given in the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

d. The Liquidator appointed under section 34(1) of the Code. All powers of the board of directors, key managerial personnel and the partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the liquidator.

e. That the Corporate Debtor to be liquidated in the manner as laid down in the Chapter by issuing Public Notice stating that the Corporate Debtor is in liquidation with a direction to the Liquidator to send this order to the ROC under which this Company has been registered.

f. That the personnel of the Corporate Debtor are directed to extend all co-operation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor.

g. That on having liquidation process initiated, subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority.

h. This liquidation order u/s 33(7) shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process by the Liquidator.

With the above directions, the I.A. No.97/2024 filed u/s 33 (1) by the applicant is hereby allowed and disposed of.