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Judgment
PER SHRI L. N. GUPTA, MEMBER (T)
This Application is filed by Mr. Satinder Kapur, the Liquidator of M/s Italian Exposition Private Limited (hereinafter referred to as “Applicant”) under Section 54 of the Insolvency and Bankruptcy Code, 2016, for seeking the following main reliefs:
i.To take on record the final report and the compliance certificate under Form H of the Liquidation Regulations and pass an order under Section 54(2) of the Code for dissolution of the Corporate Debtor;
ii.To order the dissolution of the Company and direct the Registrar of Companies to stroke the name of the Corporate Debtor from the register of Companies; and
iii.Pass any other order or further orders as this Hon’ble Tribunal deems think fit and proper.”
To put succinctly, facts of the case are that the Corporate Debtor, M/s Italian Expositions Private Limited had filed an application bearing no IB-1717(ND)/2018 under Section 10 of IBC 2016 for initiation of CIR Process against itself. That vide Order dated 20.02.2019, this Adjudicating Authority had initiated the CIR Process against the Corporate Debtor and appointed Mr. Satinder Kapur as the Interim Resolution Professional of the Corporate Debtor. That further, vide order dated 15.07.2019 Liquidation proceeding of the Corporate Debtor were initiated and the Applicant was appointed as the Liquidator of the Corporate Debtor.
That vide order dated 07.04.2021, the following clarifications were sought from the Applicant :
“3.The Applicant is directed to disclose whether any application under Section 43,66 of IBC 2016, or under any other provision of law pending in the current matter.
4.That the Applicant is also directed to disclose whether any Investigation, Proceeding or Enquiry is pending against the Corporate Debtor under any law.
5.That the Applicant has filed the details of the Liquidation estate and the manner in which the distribution was made. The details of distribution of proceeds as per the Form-H annexed with the Application is reproduced below :
7.From the perusal of the Form ‘H’, it is observed that the Liquidation estate of the Corporate Debtor comprised of the Bank Balance of Rs.4,45,226 only. It is therefore, not clear from the averments how an amount of Rs. 8,10,377 could be distributed when the asset of the Corporate Debtor was limited to Rs.4,45,226.
9.Further, it is observed that the entire amount of liquidation estate of Rs. 4,45,226 is spent on the CIRP, Liquidation and other miscellaneous expenses. The Applicant is directed to provide breakup of the CIRP and the Liquidation costs.”
That in response to the clarifications sought vide order dated 07.04.2021, the Applicant/Liquidator has filed its Additional Affidavit dated 18.06.2021, the scanned copy of which is reproduced below:
We have heard the submissions made by the Applicant, perused the Application and the Additional Affidavit filed in response to the clarifications sought by this Bench. The Applicant by way of the Additional Affidavit has declared that neither any investigation/ proceeding/enquiry is pending against the Corporate Debtor nor any case under section 43 and 66 of IBC is pending against the Corporate Debtor.
As regards the discrepancy noticed in the Form ‘H’, as to “how an amount of Rs.8,10,377/- could be distributed when the asset of the Corporate Debtor was limited to Rs.4,45,226/-”, it is replied by the Applicant/Liquidator that the Liquidator estate merely comprised of the Bank Balance of Rs.4,45,266/-only, out of which Rs.4,41,290/- were distributed to various stakeholders towards their claims and the balance amount of Rs.3618/- was deposited in the IBBI Corporate Liquidation Account after deduction of the bank charges for closure of the bank account. It is added that the amount of Rs 3,69,087/- paid as CIRP costs was not paid out of the Liquidation estate, though it was shown in the table to give an overall view of the CIRP as well as liquidation costs. He has now submitted the revised table as shown in para ‘c’ of the Additional affidavit reproduced above.
The aforesaid submissions depict that that the Assets of the Corporate Debtor have been duly liquidated and the proceeds are distributed. Further, there being no pending investigation/proceedings or enquiry against the Corporate Debtor, there is no impediment in dissolving the Corporate Debtor.
Accordingly, we allow the application. The Corporate Debtor is dissolved with immediate effect.
The Registry/Court officer and Applicant are directed to forward a copy of this order to RoC Delhi and Haryana for updating the status in the Master data of the Corporate Debtor accordingly.