PMC YM-Pharma Pvt Ltd vs Krishna Premium Care Services LLP

Orders pronounced. In the result, this company is dissolved. Since the company is dissolved the files may be consign to records.

Appearance: For Applicant: Mr. Varun Ambati, and Ms.Aishwarya Chevuturi, Counsels.

ORDER

The present Application is filed by the Liquidator of the Corporate Debtor i.e., Krishna Premium Care Services LLP U/s 54 of Insolvency and Bankruptcy Code 2016 R/w Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016 seeking dissolution of the corporate debtor.

Brief averments put-forth by the Applicant in the application are:

To put it concisely, this Tribunal on 10.04.2023 has admitted the Corporate Debtor Company into Corporate Insolvency Resolution Process and appointed Mr. Boga Ram Narayana as the Resolution Professional to conduct the CIRP process of the Corporate Debtor Company. Subsequently, the erstwhile Resolution Professional of the Corporate Debtor Company has issued Form G, for invitation of Expression of Interest. Since

Resolution Professional did not receive any viable proposals, the CoC of the Corporate Debtor Company vide its meeting dated 24.07.2023 has directed the RP to proceed with liquidating the Corporate Debtor Company.

Thus, an application bearing IA No.1391/2023 was filed seeking to initiate liquidation process of the corporate debtor. Considering the facts and circumstances, this Hon’ble Tribunal vide order dated 06.09.2023 passed the liquidation order.

Upon commencement of the Liquidation, in pursuance to the order passed by this Hon’ble Tribunal, the Applicant made a Public Announcement on 13-09-2023 inviting claims against the Corporate Debtor. Accordingly, upon receipt of such claims, the Applicant herein verified the claims and filed a list of stakeholders with the Hon’ble NCLT as per Regulation 31 of the Liquidation Regulations.

Further, as per Regulation 13 of IBBI (Liquidation Process), Regulations, 2016 Liquidator filed progress reports for every quarter which are on record before this Hon’ble Tribunal.

It is averred that during the CIRP Process the erstwhile Resolution Professional has filed an application bearing reference IA No. 1212 of 2023 under Section 66 of the Insolvency and Bankruptcy Code 2026, wherein, this Hon’ble Tribunal, based on the facts and circumstances of the application, has dismissed the Application vide Order dated 12.07.2024.

It is averred that as there are no assets and receivables in the Corporate Debtor company, the Stakeholder Committee of the Corporate Debtor Company vide 9^th SCC meeting, has suggested to dissolve the Corporate Debtor Company in accordance with the provisions of the Insolvency and Bankruptcy Code 2016. A copy of the 9^th SCC meeting is annexed along with this Application for the kind perusal of this Hon’ble Tribunal.

It is further averred that the Operational Creditor of the Corporate Debtor, in absence of any assets, has contributed to the CIRP and Liquidation expenses. The details of the amounts received by the Resolution Professional and Liquidator is provided as under:

It is averred that apart from the funds received from the Operational Creditor i.e., PMC YM- Pharma Pvt Ltd (Presently known as PMC Pharmaceuticals India Private Limited), the Corporate Debtor herein has received an amount of Rs. 89,995/-(Rupees Eighty-Nine Thousand Nine Hundred and Ninety-Five Only) from one of the debtors of the Corporate Debtor Company i.e., 7 Arrows Complete IT Solutions, and the same is duly reflected in the Ledger Account statement and the Bank Statement of the CIRP account of the Corporate Debtor.

It is averred that the copies of the Bank Statement for the CIRP period along with ledger account entry indicating the total contribution of the Operational Creditor i.e., PMC YM- Pharma Pvt Ltd (Presently known as PMC Pharmaceuticals India Private

Limited), i.e., Rs. 9,01,171/-(Rupees Nine Lakhs One Thousand One Hundred and Seventy-One Only) and the payment received by the debtor of the Corporate Debtor Company, have been annexed along with this Memo as Annexure No. 2.

Memo dated 01.11.2024 was filed by the Applicant upon direction of this Tribunal regarding 10^th SCC meeting details. It is averred that 10^th SCC meeting was held on 30.08.2024, and the sole SCC member of the SCC committee i.e., PMC YM- Pharma Pvt Ltd (Presently known as PMC Pharmaceuticals India Private Limited) has permitted the liquidator herein to transfer an amount of Rs. 35,000/- (Rupees Thirty Five Thousand Only) to the personal account of the Applicant, towards miscellaneous expenses that may be incurred after the dissolution order passed by this Hon’ble Tribunal.

It is relevant to mention that after the closure of the CIRP Bank Account, the erstwhile Resolution Professional had transferred the closure balance to his personal account, to hand over the same to the Applicant herein. It is submitted that prior to the opening of the Liquidation Bank Account, the Applicant herein was

required to incur advocate fee of Rs. 45,000/- (Rupees Forty Five Thousand Only) and the same has been paid through the funds-in-hand and the remaining amount has been placed in the Liquidation Account of the Corporate Debtor Company.

It is averred that from the total amount of contribution received by the Applicant, the Applicant returned the excess amount to the Operational Creditor vide Demand Draft dated 30.08.2024. A copy of the Demand Draft dated 30.08.2024, is annexed along with the Memo as Annexure No. 3.

It is averred that, the Applicant while indicating the transaction details of the amounts of liquidation has provided the Bank Statement dated 30.08.2024 for the period 01.11.2023 to 30.08.2024 along with Independent Auditor Report dated 31.08.2024 indicating the total contribution of the Operational Creditor i.e., PMC YM- Pharma Pvt Ltd (Presently known as PMC Pharmaceuticals India Private Limited) as Rs. 18,09,223/- (Rupees Eighteen Lakhs Nine Thousand Two Hundred and Twenty Three Only) vide Annexure No. 9 in the Application.

We heard Mr.Varun Ambati and Ms.Aishwarya.Chevuturi, Ld. Counsel for the Liquidator and perused the record.

At the outset, we refer to Section 54 of the IBC and Regulation 45 lays down the criteria for dissolution of the Corporate Debtor.

Regulation 45 of Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 reads as under:-

We have gone through the Final Report filed by the Liquidator and compliance certificate in Form-H. We are satisfied that the criteria laid down under law has been fully complied with. As such, the Corporate Debtor is liable to be dissolved. Hence, we hereby order dissolution of the Corporate Debtor as under: -

a. The Corporate Debtor/ Krishna Premium Care Services LLP stands dissolved from the date of this Order, in terms of Section 54(1) of IBC, 2016, and the Liquidator stands relieved.

b. The Liquidator is directed to send the copy of this Order within 7 days from the date of pronouncement to the Registrar of Companies, Hyderabad.

c. Upon dissolution of the Corporate Debtor, the records of the Company which are in possession of the Liquidator, be handed over by the Liquidator to the IBBI.

d. The Registry is also directed to communicate this order to the Registrar of Companies, Hyderabad for updating the master data.

e. A copy of this order be also forwarded to the Insolvency &

Bankruptcy Board of India, New Delhi.

f. In terms of the above, IA (Diss) No. 17 of 2024 filed by the Liquidator appointed for M/s Krishna Premium Care Services LLP (Corporate Debtor) for dissolution of the Company under Section 54 (1) of IBC, 2016 stands disposed of accordingly. Since the Corporate Debtor stood dissolved vide this order and no proceedings are now pending, therefore, the Registry is directed to consign the file to records.