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Tribunals and CommissionsDivision Bench(2020) 01 NCLT CK 0093

Modi Distillery Ltd vs Gagan Distillers And Beverages Pvt Ltd.

National Company Law Appellate Tribunal · Decided on 8 January 2020

HON’BLE JUDGES
Dr. Deepti Mukesh, J · Hemant Kumar Sarangi, Member (Technical)
RESULT
Disposed Of
CASE NUMBER
Company Application No. 500/ND Of 2019 In Company Petition No. (IB)-1061/(ND) Of 2018

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Judgment

34 paragraphs · 461 words

S.No.,Name of Valuer,"Fair Market

Value","Liquidation

Value

1,Er. Anil Kumar Saxena,"Rs.2,20,80,000/-","Rs.1,76,64,000/-

2,"Mr. Mukesh Kumar

Bhakhri","Rs.2,44,00,000/-","Rs.1,95,00,000/-

Average,,"Rs.2,32,40,000/-","Rs.1,85,82,000/-

application,",,,

11.

The CoC in its 5th meeting has resolved, by 100% majority, to liquidate the Corporate Debtor as no Resolution Plan was received for the",,,

Corporate Debtor. Accordingly, as instructed by the CoC, the Applicant has filed the present application seeking liquidation of the Corporate Debtor",,,

under section 33 of the Code.,,,

12.

As a sequel to above, the application is allowed, ordering liquidation of the corporate debtor, M/s. Gagan Distillers and Beverages Private Limited",,,

in the manner laid down in the Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 along with following directions:",,,

1.

Mr. Suresh Kumar Bansal having IBBI Reg. No. IBBI/IPA-2/IP-N00605/2018-19/11863, is appointed as Liquidator in terms of Section 34(1) of",,,

the Code;,,,

2.

Mr. Suresh Kumar Bansal is directed to issue Public Announcement stating that the corporate debtor is in liquidation in terms of Regulation 12 of,,,

the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016;",,,

3.

The Registry is directed to communicate this Order to the Registrar of Companies, NCT of Delhi & Haryana and to the Insolvency and Bankruptcy",,,

Board of India;,,,

4.

The Order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh",,,

Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence;,,,

5.

This order shall be deemed to be a notice of discharge to the officers, employees and the workmen of the corporate debtor as per Section 33(7) of",,,

the Insolvency and Bankruptcy Code, 2016;",,,

6.

The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and,,,

Bankruptcy Code, 2016 and in accordance with the relevant rules and regulations.",,,

7.

He shall follow up and continue to investigate the financial affairs of the Corporate Debtor to determine the undervalued and preferential,,,

transactions etc.,,,

8.

The Liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventy-five days from the liquidation commencement date as,,,

per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016.",,,

9.

Copy of this order be sent to the financial creditors, corporate debtor and the Liquidator for taking necessary steps.",,,

13.

C.A. 126(ND)/2018 filed in IB 493(ND)/2018 is disposed of in the aforesaid terms.,,,

14.

The office is directed to communicate a copy of the order to the Operational Creditor, the Corporate Debtor, Resolution Professional and the",,,

Liquidator at the earliest but not later than seven days from today. A copy of this order be also sent to the ROC for updating the Master Data. ROC,,,

shall send compliance report to the Registrar, NCLT.",,,