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Judgment
ORDER
MA 2875/2019 In C.P. (IB) 1235/MB/2017 It is an MA filed by the Liquidator, seeking for dissolution of the Corporate Debtor under Section 54 of the IBC, 2016 and also discharge him as Liquidator of the Corporate Debtor.
On perusal of this application, it appears that this Bench passed an order on 20.3.2018 for liquidation of the Corporate Debtor by appointing this Liquidator to carry out the liquidation process.
Based on the order passed by this Bench, the liquidator issued a Public Announcement about initiation of liquidation process against the Corporate Debtor, vide public announcement dated 29.6.2018. Pursuant to the public announcement dated 29.6.2018, the applicant received the following claims from various creditors of the Corporate Debtor:
| Sr. No. | Date of Claim | Name of the Creditor | Amount Claimed | Amount of claim admitted |
|---|---|---|---|---|
| 1. | 22.6.2018 | RSAL Steels Pvt Ltd – Operational Creditor | 8,75,46,172 | 8,75,46,172 |
| 2. | 19.6.2018 | Ruchi Agri Fresh Pvt Ltd – Operational Creditor | 66,885 | 66,885 |
| 3. | 15.6.2018 | Ruchi Global Ltd – Operational Creditor | 6,07,36,661 | 6,07,36,661 |
| 4. | 21.5.2018 | Vibhuti Enterprises- Operational Creditor | 1,09,93,750 | 1,09,92,651 |
| 5. | 19.5.2018 | Ruchi Acroni Industries Ltd – Operational Creditor | 4,36,151 | 4,36,150 |
| 6. | 18.5.2018 | Agroweb Online Pvt Ltd – Operational Creditor | 29,96,241 | 29,93,741 |
| 7. | 21.5.2018 | Indian Steel Corporation Ltd – Operational Creditor | 52,04,297 | 52,04,297 |
| TOTAL | 16,79,80,157 | 16,79,76,557 |
Thereafter, this Liquidator filed the Preliminary Report dated 9.7.2018, giving the details of the capital structure of the Corporate Debtor, the estimates of the assets and liabilities of the Corporate Debtor and the proposed plan of action for carrying out the liquidation process of the Corporate Debtor.
On the valuation received by the Liquidator from the Valuers, the Liquidator has determined the realizable value of Rs.15,263/-, i.e. the amount showing in the Bank account of the Corporate Debtor. It appears that no other asset is lying with the company except the amount lying in the bank account of the Corporate Debtor.
In the meanwhile, the Liquidator has submitted the progress report dated 11.7.2018, 12.10.2018, 11.1.2019 and 11.4.2019 before this Bench. This Liquidator based on the Regulation 45 of the Liquidation Process Regulations, has filed the final report, giving the details as to how the liquidation process of the Corporate Debtor has been conducted and also as to how the assets of the Corporate Debtor have been liquidated.
For the amount lying in the company being used for meeting the expenses in filing this application and other Miscellaneous expenditure, the Liquidator filed this application for dissolution of the company for nothing being present in the company but to distribute to the creditors of the company.
For the Liquidator discharged his duties by filing preliminary report and final report by detailing as to how the liquidation process of the Corporate Debtor has been conducted and how the amount of Rs.15,263/- lying in the company being liquidated by the Liquidator, we are of the view that nothing is left in the company except to dissolve the company under Section 54 of the Code.
Therefore, this application is hereby allowed with direction to file this order with the ROC within 15 days hereof.