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Judgment
ORDER
Per Balraj Joshi, Member (Technical)
This court convened via hybrid mode.
I.A (IB) No. 147/KB/2020 is an application filed by Mr. Santanu Brahma, the erstwhile Resolution Professional of Swati Mining Pvt Ltd., the Corporate Debtor, under section 25(2)(j) read along with Sections 43, 44, 45, 46, 48, 49, 66 and 67 of the Insolvency and Bankruptcy Code, 2016.
The Corporate Debtor was admitted in CIRP on 8th July 2019. By an order dated 22nd January 2021, an order of Liquidation was passed in respect of the Corporate Debtor and Mr. Santanu Brahma, the erstwhile Resolution Professional, was appointed as the Liquidator.
The Applicant has prayed for the following reliefs in the Application:
“a)A direction to the respondent no. 3 to deposit an amount of Rs. 447880/- being the sale value of one car to the account of the corporate debtor within seven days from the date of passing the order;
b)A direction to the respondents to give possession of the cars as detailed in paragraph 5 (xvi & xvii) herein above except the car indicated in paragraph 5 (xxii) along with the relevant papers and documents to the applicant within seven days from the date of passing the order;
c)A direction thereby declaring the purported sale of all the shares in KKK Holding (HK) Limited in favour of respondent no. 5 to be null and void with immediate effect;
d)A direction to the respondent no- 5 to handover the certificate of shares and all other documents relating to the purported transfer/sale of 20000 shares of KKK Holding(HK) Ltd to the applicant within seven days from the date of the Order
e)Deliver up and cancellation of the purported share transfer form SH 4 executed by the respondent no. 2 with respect to the purported transfer of shares of KKK Holding(HK) Ltd
f)A direction thereby cancelling all the documentation, if any, in respect of purported transfer of the shares of HKK Holding (HK) Limited in favour of the respondent no. 5
g)A direction to the respondent no. 4 to make necessary rectification in the register of KKK Holding (HK) Limited thereby removing the name of the respondent no. 5 from the register of members and reinsert the name of the Corporate Debtor in the register of members.
h)A direction to the respondent no. 6 to transfer back the amount of Rs. 20 lac with interest @ 12% per annum from 16.07.2015 till date of transfer of the amount to the account of the company.
i)Direction to the respondents to deposit the fair value of 6040 MT iron-ore being the short fall to the account of the Company within seven days from the date of the order.
j)A direction to the respondents to pay the fair value of the two crushers in the account of the company within seven days from the date of the order;”
The Applicant submits that after filing the present application the Respondents 1 to 4 have deposited a sum of Rs. 6,15,432/- with the Applicant toward the losses incurred during transfer of the 5 nos. motor cars and 4 nos. of motor cycles. Additionally, the Respondents 1 to 4 have handed over the possession of one BMW Car and one Honda Mobilio Car and relevant documents to the Applicant which has been subsequently e-auctioned by the Applicant.
The Applicant submits that the Respondent No. 5 has handed over the original share certificates of 20,000 shares of KKK Holding(HK) Ltd along with necessary documentations to the effect that the purported sale of such shares and all documents and matters relating thereto be treated as null and void.
The Applicant submits that the Respondent 6 transferred back the amount of Rs 20,00,000/- to the Applicant.
The Applicant submits that possession of iron-ore inventory lying at Barajamda, Dist. West Singhbhum, Jharkhand has been provided by the Respondent which is quantified around 6040 MT, as per the documents provided by the Respondent to the Applicant. The Applicant further submits that the said inventory has been sold by way of public e-auction during the Liquidation proceedings.
The Applicant submits that the Respondents have paid an amount of Rs. 1,29,686 towards depreciated value of two crushers.
The Respondents submit that the Respondents have always cooperated with the Applicant and have acted in accordance with law. The Respondents 1 to 4 submits that the Company in Liquidation defaulted in meeting its payment obligations due to adverse market conditions and further as the debtors of the Company in Liquidation failed to make payment to the Company in Liquidation. The Company in Liquidation suffered huge losses due to unfavorable market conditions. The Respondents further submits that the Respondents have complied with the reliefs as prayed for in the Application.
The Applicant submits that the reliefs prayed for in the Application has been complied in totality and no other reliefs are pending for compliance.
In view of the above submissions, nothing survives for our consideration in I.A No. 147/ KB/2020 and accordingly this IA filed in CP No. 1161/KB/2018 is disposed of.
Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.