Oriental Bank Of Commerce vs AVJ Infrastructure Private Limited

IA (I.B.C)/40(PB)/2025(Dis.) is an application for dissolution of the Corporate Debtor M/s AVJ Infrastructure Private Limited (CD) filed by the Liquidator, Mr Brijender Singh Deswal, under Section 54 of the Insolvency and Bankruptcy Code, 2016 (IBC / Code) read with Regulation 14 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations). The prayers sought in the Application are as follows:

As submitted by the parties in the pleadings and submissions made in the court, the following are the relevant facts of the case: -

M/s AVJ Infrastructure Private Limited, the Principal borrower/CD, was admitted into CIRP by this Adjudicating Authority in C.P. (IB) No. 208/2019 vide order dated 30.09.2019. Subsequently, the CD was admitted into liquidation under section 33 of the Code by this Adjudicating Authority (AA) vide order dated 06.11.2020. The relevant excerpt of the order allowing liquidation of the Corporate Debtor (CD) is provided below for ready reference:

Pursuant to the Liquidation order, the Applicant/Liquidator carried out the liquidation process of the CD in compliance with the Code and Regulations.

In compliance with Regulation 12(1) of the Liquidation Process Regulations, the Liquidator made a Public Announcement in FORM-B dated 10.11.2020 in Financial Express (Delhi and NCR), Jansatta Hindi (Delhi and NCR), Business Standard English (Chandigarh and Haryana) and Business Standard Hindi (Chandigarh and Haryana) for submission of claims.

The claims received from the financial creditors were collated and verified by the applicant. In compliance with Regulation 31A of the Liquidation Process Regulations, the Stakeholders Consultation Committee (SCC) was formed on 09.01.2021, 30.09.2021, 09.06.2022 and 01.10.2022 as per Form-H. The final list as submitted by the applicant is extracted as below:

The following valuers were appointed for carrying out the valuation of security and financial assets of the CD, as there were no other assets:

Meanwhile, pursuant to Regulations 13 and 34 of the Liquidation Process Regulations, the Liquidator had filed a ‘Preliminary Report’ along with the Asset Memorandum through IA(I.B.C)/902(PB)/2021. The same was taken on record by this Adjudicating Authority vide order dated 09.03.2021. The details of the assets as per the Asset Memorandum report are extracted as below:

The applicant has convened 10 SCC meetings during the Liquidation process of the Corporate Debtor. In the said meetings, the stakeholders were duly apprised regarding the progress of the Liquidation Process, and all the issues pertaining to the same were duly deliberated and discussed. The details of the meetings convened as mentioned in the application are as follows:

In the 10^th SCC meeting held on 29.09.2025, the SCC with 100% votes resolved to file an application for dissolution of the M/s AVJ Infrastructure Private Limited (CD). The relevant extract of the same from the application is provided below:

Accordingly, the present application IA (I.B.C)/40(PB) 2025(Dis.) was filed for the dissolution of CD on 13.11.2025.

The Liquidation period commenced on 06.11.2020. As per Regulation 44 of the Liquidation Process Regulations, the liquidation shall be completed within 1 year, and on failure of the same, the liquidator shall make an application to the AA to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. The liquidation period was expiring on 06.11.2021. However, various extensions of the liquidator period have been sought by the Liquidator which were allowed by this Adjudicating Authority time and again. The particulars of the same are extracted below:

Further, in compliance with Regulation 15(1)(a) of the IBBI Liquidation Process Regulations, 2016, the Liquidator has submitted 20 progress reports for every quarter post commencement of liquidation, which were duly filed and taken on record by this Adjudicating Authority.

Pursuant to Regulation 41 of the Liquidation Process Regulations, the Liquidator converted the existing Bank Account of the Corporate Debtor opened during the CIRP of the CD to operate as the Liquidation Account of the Corporate Debtor, the details of which are provided as follows: Account Name: M/s AVJ INFRASTRUCTURE PRIVATE LIMITED – in liquidation Bank & Branch: ICICI Bank, Barakhamba Road Branch, CP, New Delhi, 110001 Liquidation Account Number: 135905001448 IFSC Code: ICIC0001359

It is submitted by the Liquidator that this bank account opened during the liquidation period will be closed after the dissolution is allowed by this Adjudicating Authority, though now there is a NIL balance in the account.

The Liquidator undertakes to forthwith communicate the dissolution of the CD to the concerned bank, and take all necessary steps for the closure of the bank account.

In accordance with the Liquidation Process Regulations, the Liquidator had maintained a detailed record of all receipts and disbursements made during the course of the liquidation. The audited and certified Statement of Receipts and Payments for the period from the date of Liquidator's appointment i.e., 06.11.2020 to 05.11.2025 is provided in the brief note filed by the Liquidator.

Further details in relation to the status of the asset as averred in the application are extracted below:

The details of the amount distributed to the stakeholders as per Section 52 or 53 of the Code are as follows:

It has been submitted that apart from the movable asset of ‘sand’ and ‘Not Readily Realisable Asset’ in the form of avoidance transactions, there was no realisable asset of the CD that could be sold and distributed to the stakeholders in accordance with section 53.

The Compliance Certificate in Form H, as per Regulation 45(3) of the Liquidation Process Regulations, has also been prepared and attached along with the present application at Annexure A-8. A copy of the Form-H is extracted below for ready reference:

We have gone through the present Application filed by the Liquidator praying for closure of the liquidation process and dissolution of the Corporate Debtor, and in terms of Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

That the Applicant/Liquidator has filed application(s) and various documents/Reports which were required to be submitted as per the provisions of IBC, 2016, read with relevant regulations.

That the Liquidation process was concluded within the extended timelines, the details of which have been accompanied with this application.

That the Not Readily Realisable Assets (NRRAs) of the Corporate Debtor have been assigned to Bellcore Management Services Pvt. Ltd., as resolved at the 9th SCC meeting held on 16.06.2025, with 100% votes received from all stakeholders. The Deed of Assignment is attached at Annexure A-6 of the application.

That as per the Deed of Assignment entered into between M/s AVJ Infrastructure Pvt. Ltd. and Bellcore Management Services Pvt. Ltd. (assignee), the following assets of the Corporate Debtor were assigned to the assignee:

The proceeds received from NRRA’s will be realised in accordance with the Deed of Assignment, the relevant portion of which is extracted from the application as below:

Further, Schedule 2 attached to the assignment agreement states as follows:

Further detailed particulars of assets assigned are as follows:

Further, as per the record submitted there are no other assets of the Corporate Debtor, which can be liquidated and/ or distributed to stakeholders as per Section 53 of the Code. The pending applications, all financial assets and the disputed asset ‘sand’ have been assigned to the purchaser.

That the details of the litigation pending against the CD to the best of the knowledge, belief and effort of the Liquidator are provided as below:

The pending application bearing IA No. 2490/2020 pertains to avoidance transactions, which have been assigned as NRRA. The application is next listed for hearing on 30.06.2026, wherein it shall be prosecuted by the Bellcore Management Services Pvt Ltd. in accordance with the following provision of the assignment agreement:

That, as required by Regulation 45(3) of IBBI (Liquidation Process) Regulations, 2016, the Final Report has been filed by the Liquidator by way of this dissolution application.

That the compliance report in form H in terms of regulation 45(3) was also placed on record by the Applicant.

That, in compliance with Order dated 06.11.2020, the Applicant had intimated the following Statutory Authorities at their respective offices located at New Delhi regarding the initiation of Liquidation Proceedings of the Corporate Debtor:

On 10.03.2026, the following order was passed by this Adjudicating Authority:

In compliance with the above order, a short note has been uploaded by the Liquidator on 16.04.2026 on the DMS e-portal. The relevant portion of the same is extracted below:

In view of the above facts and circumstances, it is prayed by the Applicant that the CD may be dissolved under Section 54 of IBC, 2016.

It is relevant to mention Section 54 of IBC, 2016, and Regulation 45 IBBI (Liquidation Process) Regulations, 2016 here:

Since in the instant case, there are no assets of the Corporate Debtor which have to be liquidated and all the requirements of Section 54 read with Regulation 45 of IBBI (Liquidation Process) Regulations, 2016 have been fulfilled. Therefore, we are inclined to allow the present Application under Section 54(2) of the IBC, 2016.

At this stage, it is pertinent to highlight that the pending application bearing IA no. 2490/2020 shall be pursued by the assignee, M/s Bellcore Management Services Pvt. Ltd., and an appropriate application for substitution of the Applicant shall be filed in this respect.

It is further pertinent to take note of the submission made by the applicant that the CIRP Costs amounting to INR 27,95,130/- has been paid by the COC. Further, it has been proposed under the terms of the assignment agreement that the said amount will be reimbursed to the CoC, in priority, whenever any recovery is made from the NRRAs by the Assignee.

The assignee of NRRA, M/s Bellcore Management Services Pvt. Ltd. shall after recovery is made from the NRRAs, distribute the proceeds as per the assignment agreement and in accordance with Section 53 of the IBC.

Thus, we are of the view that there is no impediment to allowing the dissolution for the CD. Therefore, we are inclined to allow the present Application.

I.A. (I.B.C.) (Dis.)/40(PB) 2025 is allowed and disposed of.

The Registry is directed to send a copy of this order passed under Section 54(2) to the ROC Delhi & Haryana, with which the Corporate Debtor is registered and the IBBI within seven days from the date of this order.

Files be consigned to the record room (current).