AI Structured Summary
Not yet generated for this judgment
Judgment
IA 714/2024 is dismissed vide separate order.
IA (Liq) 10/2024 is allowed vide separate order.
List the IA.304/2021, for hearing on 20.07.2026.
This Application has been filed under Section 33 and Section 34 of the Insolvency and Bankruptcy Code (“Code”), 2016 read with Rule 11 of the National Company Law Tribunal Rules (“NCLT Rules”), 2016, for following reliefs: -
a. Pass an order under Section 33 (2) of the IBC, 2016, and initiate the liquidation of Corporate Debtor, i.e., Navalmar Shipping (India) Pvt. Ltd;
b. Appoint NPV Insolvency Professionals Private Limited (Formerly Known as Mantrah Insolvency Professionals Private Limited) having IP Registration No: IBBI/IPE-0040/IPA-2/2022-23/50021 as the Liquidator of the Corporate Debtor, i.e., Navalmar Shipping (India) Pvt. Ltd;
c. Any such other orders, directions as deemed fit and necessary in the interests of justice and equity;
Brief facts of the application are given hereunder:
a. The Company Petition bearing C.P. (IB) No. 324/BB/2019 was filed under Section 9 of the Code, 2016 by Navalmar (UK) Ltd. against Navalmar Shipping (India) Pvt. Ltd. and was admitted vide order dated 29.05.2020. Mr. Ritesh Prakash Adatiya was appointed as Interim Resolution Professional (“IRP”), who was subsequently confirmed as Resolution Professional (“RP”) by the Committee of Creditors (“CoC”) in its meeting held on 06.07.2020.
b. The IRP made a public announcement in Form A under Regulation 6 of the CIRP Regulations on 08.06.2020 inviting submission of claims from creditors on or before 20.06.2020.
c. Thereafter, pursuant to Regulation 36 of the CIRP Regulations, the CoC in its third meeting held on 20.08.2020 approved the detailed Expression of Interest invitation including eligibility criteria and publication of Form G. Accordingly, Form G was published on 21.08.2020 in Financial Express (English) and Samyukta Karnataka (Kannada).
d. It is submitted that one Navalmaruk Services India Private Limited submitted a Resolution Plan, which was placed before the CoC in its Eighth Meeting held on 20.02.2021 and the same was approved by the CoC with 99.95% voting share. Thereafter, the Applicant filed I.A. No. 297/2021 seeking approval of the Resolution Plan.
e. Subsequently, vide order dated 07.12.2023 passed in I.A. No. 371/2022, this Tribunal held that the Resolution Applicant was disqualified under Section 29A of the Code. Consequently, vide order dated 03.01.2024, I.A. No. 297/2021 seeking approval of the Resolution Plan came to be rejected.
f. Thereafter, the Applicant convened the meeting of the Committee of Creditors on 09.07.2024 to consider initiation of liquidation proceedings and other allied matters. The CoC resolved to liquidate the Corporate Debtor with 91.78% voting share in favour of liquidation.
g. It was further resolved by the CoC to appoint NPV Insolvency Professionals Private Limited (Formerly known as Mantrah Insolvency Professionals Private Limited), having IP Registration No. IBBI/IPE-0040/IPA-2/2022-23/50021 as Liquidator of the Corporate Debtor.
h. The CoC also approved assessment of sale of the assets and liabilities of the Corporate Debtor as a going concern under Clauses (e) or (f) of Regulation 32 of the IBBI (Liquidation Process) Regulations, 2016.
The proposed Liquidator, NPV Insolvency Professionals Private Limited, issued written consent dated 29.07.2024 in Form-AA to act as Liquidator of the Corporate Debtor.
We have heard Ld. Counsel for the Applicant and perused the material on record.
Prescribed period for filing application: The present application being one under Section 33(2) of the IBC, 2016, limitation is not a bar.
Appointment of Liquidator: In terms of Section 34 of the Code and in view of the decision of the CoC along with the written consent furnished by the proposed Liquidator, this Tribunal finds no impediment in appointing NPV Insolvency Professionals Private Limited (Formerly known as Mantrah Insolvency Professionals Private Limited), having IP Registration No. IBBI/IPE-0040/IPA-2/2022-23/50021, as Liquidator of the Corporate Debtor.
Upon Upon fulfilment of the conditions stipulated under Section 33(2) of the IBC, 2016, the Application is allowed and the Corporate Debtor, namely Navalmar Shipping (India) Pvt. Ltd., is directed to be liquidated in accordance with the provisions of Chapter III of the Code, 2016. In view of the order of liquidation, the following directions are issued::
In terms of Section 33(5) of the Code, subject to Section 52, no suit or other legal proceeding shall be instituted against the Corporate Debtor except with prior approval of the Adjudicating Authority.
This liquidation order shall be deemed to operate as notice of discharge to the officers, employees, and workmen of the Corporate Debtor unless the business is continued during liquidation by the Liquidator.
All powers of the board of directors, key managerial personnel, and partners shall stand vested in the Liquidator and be exercised by him.
The personnel of the Corporate Debtor and all stakeholders shall extend full cooperation and assistance to the Liquidator as required for the conduct and management of the liquidation, in accordance with Section 19 of the Code.
The Liquidator shall make a public announcement in Form B of Schedule II in accordance with Regulation 12 of the Liquidation Process Regulations, 2016, within five days from the date of receipt of this order. Creditors shall be given notice to submit their claims within 30 days of the liquidation commencement date.
The Liquidator shall individually intimate statutory authorities (including RPFC, RD-ESI, Income Tax, GST, Chief Inspector of Factories, ESI, Registrar of Companies, and others as deemed appropriate) about commencement of liquidation and maintain records of such intimations as per Regulation 45(3) of the Liquidation Regulations.
The Liquidator shall submit a preliminary report within 75 days of commencement of liquidation and thereafter periodic progress reports as per Regulation 15.
A copy of this order be supplied forthwith to the Liquidator and the Registrar of Companies, Bengaluru. On the email address of Liquidator being provided, the Registry shall forward a soft copy of this order to liquidator.