Sri Vijay Kumar Gunda vs M/s. Cyber Auto Parts

It is submitted that the operational creditor i.e. Respondent herein has filed Company Petition under section 9 of the IBC Code, 2016 r/w Rule 6 of Insolvency and Bankruptcy (Application to adjudicating authority) Rules, 2016 and the Company Petition numbered as CP (IB) No.546/9/HDB/2018 against M/s Kusalava Batteries Private Limited for an claim amount Rs.1,47,209/-. ii. It is further submitted that this Adjudicating Authority had heard the matter and admitted the company petition on 16.11.2018 and appointed the applicant as IRP and the IRP i.e, applicant herein has made public announcement and same was published in Business Standard (English daily newspaper) and in Andhra Prabha (Telugu) Vijayawada edition on 17.11.2018 and subsequently 1st Committee of Creditors meeting was held on 13.12.2018. iii. It is also submitted that the Resolution Professional has convened 2nd COC Meeting on 12.01.2019 for considering the invitation for EOI as such 14.01.2019 paper advertisement was made in Business Standard Vijayawada and Andhra Prabha Telugu in Vijayawada Edition, however, the Resolution Professional has not received any Expression of Interest on are before 03.02.2019 as such the COC held on 11.02.2019 has considered the option of extension of time for inviting expression of interest and further decide a liquidator and subsequently as there was no EOI received by Resolution Professional the COC has unanimously recommended the applicant name as Liquidator. iv. It is submitted that subsequently the applicant has filed IA No.238 of 2019 in the above said company petition under section 33 for Order of liquidation of the Corporate Debtor as such this Hon'ble Tribunal has passed order vide order dated 29.04.2019 for liquidation of the Corporate Debtor Company and even appointed the applicant as Liquidator.

It is also submitted that the applicant herein has made public announcement by carrying out paper publication business standard in English on 10.05.2019 and Andhra Prabha in Telugu on 10.05.2019 for submitting claims by stakeholders on are before 06.06.2019 i.e, within 30 days from the date of placing of order by this Tribunal available in the Hon'ble NCLT Website (www.nclt.gov.in) on 08.05.2019.

It is further submitted that the applicant herein has received claims from the unsecured creditors, employees and other existing stakeholders, it is further submitted that after receiving the claims the applicant herein has settled the claims of operational creditors and claims of the employees. vii. It is submitted that the applicant herein also received claims from the stake holders (equity shareholders) and also they have filed claim Under Form-G as per Regulation 20 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulation 2016, to settle their claims after settling all the claims submitted by the all other parties and further requested to distribute the unsold assets in the proportion to their equity share holding. viii. It is also submitted that the applicant has settle all the claims as per the Act & Regulations as the claim received from the Equity shareholders as they are unsold assets the applicant herein before this Hon'ble Tribunal seeking permission to distribute the unsold assets, the applicant herein with submitting as per regulation 38(2) the value of the assets, the identify the assts. ix. It is submitted that as the applicant herein has received claims from stakeholders to distribute the assets among the equity shareholders after settlement of all other claims as requested by the stakeholder to distribute unsold assets.

The Applicant/Liquidator has annexed the following copies along with this Application;