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Judgment
ORDER
IA(Liq.)/13/2025: The prayer made in captioned application reads thus:-
“(a)Allow the present Application and initiate liquidation of the Corporate Debtor i.e., M/s Vidhata Metal Private Limited in terms of section 33 of the Insolvency & Bankruptcy Code, 2016;
AND
(b)To Appoint CA Snehal Arvind Kamdar having registration no. IBBI/IPA-001/IP-P00415/2017-18/10738 to act as the Liquidator of the Corporate Debtor i.e., Vidhata Metal Private Limited in terms of the Insolvency & Bankruptcy Code, 2016;
AND
(c)To Direct the Registry to communicate this order to the Registrar of Companies, Delhi and to the Insolvency and Bankruptcy Board of India (1881), New Delhi;
AND
(d)To declare a fresh moratorium under Section 33(5) of the Insolvency & Bankruptcy Code, 2016 shall commence and declare the Order of Moratorium passed under Section 14 of the Insolvency & Bankruptcy Code, 2016 shall cease to have effects in terms of Section 31(3)(a) of the Insolvency & Bankruptcy Code, 2016;
AND
(e)To Consider that this order is 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 & Bankruptcy Code, 2016;
AND
(f)Consider that no suit, prosecution or other legal proceeding shall lie against the Applicant being the Insolvency Professional for anything done or intended to be done in good faith under Section 233 of the Insolvency & Bankruptcy Code, 2016;”
Our attention is drawn to Minutes of 17th CoC meeting held on 19.03.2025 wherein the sole CoC member of the CD i.e., Omkara Assets Reconstruction Private Limited dissented to the approval of the resolution plan and assented to the agenda for Liquidation and appointment of CA Snehal Arvind Kamdar as Liquidator of the CD. The relevant excerpt of the minutes reads thus:-
It is seen from the minutes of the meeting (ibid) that the aforementioned resolution was voted in support by 100% of the Financial Creditor. It may be worth to take note of that the Omkara Assets Reconstruction Private Limited is the only Financial Creditor in the matter. It is also relevant to note even the maximum period prescribed for CIRP i.e. 180 days has also expired.
In view of the aforementioned, Corporate Debtor is required to be liquidated and needed to be dealt with in accordance with the extent provisions of IBC, 2016 read with IBBI (Liquidation Process) Regulations, 2016. Accordingly, we order liquidation of the CD and appoint Mr. Snehal Arvind Kamdar having IBBI Reg. No. IBBI/IPA-001/IP-P00415/2017-18/10738 as a Liquidator subject to filing of valid AFA on record to carry out the liquidation process inter alia in terms of the following directions:-
The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 (viz. Sections 35 and 36 thereof) and other relevant rules and Regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended up to date, enjoined upon him.
The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge.
The Liquidator shall continue or institute proceedings in respect of an avoidance transaction or fraudulent or wrongful trading.
In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation.
There shall be a moratorium in terms of the provision of Section 33(1)(b)(iv) of the Code.
The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company applications during the process of liquidation.
The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further reports as are required to be filed under the relevant Regulations, in addition, shall also be duly filed by him with this Adjudicating Authority.
Copy of this order be sent to the Financial Creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary cooperation in relation to the Liquidation Process of the Corporate Debtor, viz., company-in-liquidation.
It goes without saying that fee of the Liquidator would be payable in terms of the provisions of Section 34(8) of the IBC, 2016 read with Regulation 4 of IBBI (Liquidation Process) Regulations, 2016.
The Registry is directed to communicate this order to the Registrar of Companies, having jurisdiction over the Corporate Debtor and the Insolvency and Bankruptcy Board of India.
Subject to aforementioned, the IA(Liq.)-13/ND/2025 is allowed and disposed of.
IA/3958/ND/2025 & IA/5173/ND/2025: List these Applications before the Regular Bench on 03.08.2026.