Allowed

In the matter of Appsdaily Solutions Private Limited Ma 2220-2019 in C.P. (Ib) 1557-(MB)-2017

NCLT5 Dec 2019

Case brief

AI extract

What is this about?

The National Company Law Tribunal Mumbai Bench allowed the applicant's application under Section 33(1) of the IBC, 2016, passed an order of liquidation for Appsdally Solutions Private Limited, and appointed the Resolution Professional as the Liquidator upon the Committee of Creditors' unanimous approval.

What did the court decide?

Order of liquidation passed under Section 33; Resolution Professional appointed as Liquidator; vesting of board powers in Liquidator; moratorium ceased.

In the matter of Appsdaily Solutions Private Limited Ma… — Insolvency and Bankruptcy | NCLT (2019)

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IN THE NATIOI{AI CODTPANY LAW TRIBI'NAL

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MUMBAI AENCH

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MA 2012019 c.P. lIBr 1557/tMBt/ 20L7

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(Under Section 33(1) ofthe IBC,2016)

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Mr, Dlllpkumar Natvarlal Jagad

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...Applicant /

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Resolution Professional

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In the matter ol

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F1 Info Solutions & Servlces private Limited

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...Operational Creditor

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Versus

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Appsdally Solutlons Private Llmited

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... Corporate Debtor

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Order delivered on 56 December 2O19

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Coren:

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Shri Rajesh Sharma Shri Bhaskara Pantula Mohan Honble Member (Technical) Honble Member (Judicial)

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For the Applica[t: Mr Dilipkumar Natvarlal Jagad, Resolution professional and Mr Rajesh Shah, Advocate for Resolution professional

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Per: Rajesh Sharma, Member (Technbal)

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ORDER

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1 MA 2220l2Ol9 has been filed under Section 33(t) of the Insolvency and Bankruptcy Code, 2016, seeking liquidation of Appsdally Solutions Privet€ Llmited, the Corporate Debtor. Applicant Resolution Professional, Mr Dlllpkunar Natvarlal Jagad has filed this application stating that Application filed under Section 9 of IBC, 20 l6 was admitted by order of this Bench dated 23.10.2018 and the Applicant was appointed as the Interim Resolution URP).

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URP).

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IN THE NATIONAT COMPANY LAW TRIBUNAL, MUMBAI BENCH, MUMBAI

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MA 2220/2079 in CPllE) 1ss7{MBl/2017

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2 It is stated in the application that as per the order dated 23.10.2018 passed by this Tribunal, the IRP issued a Public Announcement on 27.10.2OL8 in newspapers, in compliance with Section 13, Section 15 and other applicable sections of the Code read with Regulation 6 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (IBBI Regulations).

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3 The Applicant further contended that the Committee of Creditors^(CoC) was constituted a-nd meetings of CoC were convened on 26.¹ 1.2018, 16.01.2019, 15.03.2019, 26.C3.2019 arrd 18.04.2019. Copy of the minutes of the CoC meetings are annexed to the application^as Annexure E, F, G, H and I.

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4 The Applicant submitted that he was appointed as^Resolution Professional (RP), with 10oyo vote share in the 1"t CoC meeting held^on 26.11.2018. It is further submitted tiat two valuers viz. Value Add Consultant and Adroit Technica-l Services Private Limited,^were appointed as per Regulation 27 of the IBBI^Regulations, to^determine the Fair Market Value and Liquidation Value of the^{Corporate Debtor.}

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5 The Applicant further submitted that the CoC in its^{5thmeeting held} on 18.04.2019, unanimously approved the liquidation^{of the Corporate} Debtor. The Applicant submitted that CIRP^{period expired on} 2L.O4.2019. Therefore, the CoC in the sth^{meeting held on 18.04.2019} decided to liquidate the Corporate Debtor and^{passed the resolutionfor} liquidation of the Corporate Debtor with^{100% vote share and further} authorized the RP to file necessary application^{beforethe Adjudicating} Authority seeking order of liquidation as^per the^{provisionsof Section} 33(1)(a) of the IBC, 2016.

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6 Accordingly, tlle Applicant filed^{the present Miscellaneous Application} seeking orders under Section 33 of the^{Code for liquidationof the} Corporate Debtor.

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ln the above circumstances, since^{no resolution planhas been received} for the Corporate Debtor, the Applicant has fil for the liquidation of the Corporate^Debtor in^te Code. Given the^provisions of Section³³ of

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IN THE NATIONAL COMPANY^{LAW TRIBUNAL,MUMBAI8ENCH,MUMBAI}

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MA 222012019 in cP(lBl 155-7(M8)/2017

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deserves to be a-llowed. The^{ResolutionProfessionalhas givenhis} consent to act as a Llquidator^{of the Corporate Debtor.}

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ORDER

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MA 222Ol2Ol9 filed by^{ApplicantResolutionProfessional, Mr} Dillpkumar Natvarlal Jagad^{seekingliquidation of Appsdaily} Solutlons Private Llnited, is^{allowed,and we passthe orderof} liquidation under Section 33^{of IBC asfollows:}

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a. That the Corporate^{Debtor is liquidatedin the manneras laiddown} in the Chapter III by issuing^{a Public Announcementstatingthat} the Corporate Debtor is^{in liquidationwith a directionto the} Liquidator to send this order^{to Registrar of Companies (ROC)} under which the Corporate^{Debtor has been registered.}

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b. As to the aPpointment of^{Liquidator,Mr DilipkumarNatvarlal} Jaged, Resolution^{Professionalis appointedto act as a Liquidator} of the Corporate^{Debtor company with all powers as envisagedin} the Code.

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c. On such appointment under^{Section 34 of the Code, all powersof} the board of directors^{and key managerial personnel of the} Corporate Debtor shall^{ceaseto have effectand shaLlbe vestedin} the Liquidator.

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d. That the personnel^{of the CorporateDebtorshall extendall} assistance and cooperation^{to the Liquidator asmaybe required by} him in managing the^{a.fTairsof the Corporate Debtor'}

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e. That the Liquidator^{will charge feesfor conduct of the liquidation} proceedings in proportion to^{the valueof the liquidationestate} assets as specilied under^{Regulation 4 of IBBI (LiquidationProcess)} Regulations, 2016 and the^{same shall be paid to the Liquidator} from the proceeds^{of the liquidationestate underSection 53 of the} Code.

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f. Since this liquidation^{order has been passed,subject to Section 52} of the Code, no suit or^{otherlega-lproceedings shall be instituted} by or against the^{Corporate Debtor andinitiationof a suit or legal} proceeding by the Liquidator^{on behalf of the} shall be with the prior^{approval of this Adjudica} d except as mentioned^{in sub-section6 ofof} 33 of theof thethe ,4

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sub-section 6 ofof 33 of theof thethe
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IN THE NATIONAL COMPANY LAW^TRIEUNAT, MUMEAI^8ENCH,MUMEAI

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MA 222012019 in CP(t8) 1557(M8)/2017

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g. This liquidation order sha-ll be deemed to be notice of discharge to the officers, employees and workmen of the Corporate^Debtor, except to the extent of the business of the Corporate^Debtor continued during the liquidation^process by^the Liquidator.

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