Dismissed

In the matter of Concast Infratech Limited Ia (Ib) No. 312-KB-2020 in Cp (Ib) No. 226-KB-2018

NCLT14 Jul 2022

Case brief

AI extract

What is this about?

The Applicant filed an application under section 54(2) of the Insolvency and Bankruptcy Code, 2016 for the dissolution of the Corporate Debtor after the completion of the liquidation process. The Court observed that the debtor had no tangible assets and enterprise value was zero, permitted the dissolution, and directed the registrar to record the order and the liquidator to be discharged.

What did the court decide?

C.I. No. 226/KB/2018 and I.A. No. 312/KB/2020 disposed; liquidator discharged and directed to serve order on Registrar of Companies within fourteen days.

In the matter of Concast Infratech Limited Ia (Ib) No… — Insolvency and Bankruptcy | NCLT (2022)

¶1

IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH KOLKATA

¶2

IA (IB) No. 312/KB/2020 in CP (IB) No. 226/KB/2018

¶3

Under section 54 of the Insolvency and Bankruptcy Code, 2016 read with regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

¶4

In the matter of:

¶5

SREI Equipment Finance Limited

¶6

… Financial Creditor

¶7

Versus

¶8

Concast Infratech Limited

¶9

… Corporate Debtor -And-

¶10

In the matter of: Amit Choraria, Liquidator of Concast Infratech Limited

¶11

… Applicant

¶12

Coram:

¶13

Shri Rohit Kapoor, Member (Judicial)

¶14

Shri Harish Chander Suri, Member (Technical)

¶15

Appearances (through video conferencing): For the Applicant

¶16

Mr. Pranay Agarwal, Advocate Ms. Ankita Baid, Advocate Mr. Amit Choraria, Liquidator in Person

¶17

Order reserved on: 25 May 2022

¶18

Order pronounced on: 14 July 2022

¶19

ORDER

¶20

Per Harish Chander Suri., Member (Technical)

¶21

This court convened via hybrid mode.

¶22

IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH In Re: dissolution of Concast Infratech Limited IA (IB) No. 312/KB/2020 in CP (IB) No. 226/KB/2018

¶23

This is an application filed under section 54(2) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with regulation 45(3) of the Insolvency and Bankruptcy Board of India [Liquidation Process] Regulations, 2016 (“ Liquidation Process Regulations” ) by the Liquidator of Concast Infratech Limited (CIN: U45400WB2010PLC153282) ( “Corporate “Debtor” ) praying for dissolution of the Corporate Debtor.

¶24

This Adjudicating Authority vide its order dated 12 June 2018 on a Petition filed by the SREI Equipment Finance Limited (‘financial creditor’) under section 7 of the Insolvency and Bankruptcy Code, 2016 directed initiation of the Corporate Insolvency Resolution Process (‘ CIRP’ ) against the Corporate Debtor and appointed Mr. Hanuman Lal Choraria as the Interim Resolution Professional (‘ IRP ’). The IRP was appointed as the Resolution Professional (‘ RP’ ).

¶25

The enterprise value of the Corporate Debtor is zero and it has no tangible assets except for shares in its 11 subsidiary companies, therefore an order of liquidation was passed vide order dated 21 December 2018. Mr. Hanuman Lal Choraria, was appointed as a Liquidator. A copy of the order is annexed with the application and marked as Annexure - ‘A2’¹ .

¶26

After the demise of Mr. Hanuman Lal Choraria, Mr. Amit Choraria was appointed as the Liquidator.

¶27

Public announcement of commencement of liquidation was made in Form ‘B’ in “Financial Express” and “Dainik Statesman” on 24 December 2018 inviting proof of claims from the stakeholders of the Corporate Debtor in the specified forms.

¶28

1 Pp. 28-32 of the I.A.

¶29

Page 2 of 4

¶30

IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH In Re: dissolution of Concast Infratech Limited IA (IB) No. 312/KB/2020 in CP (IB) No. 226/KB/2018

¶31

A list of stakeholders was prepared and submitted before the Adjudicating Authority on 06 March 2019.

¶32

In the first Stakeholders Consultation Committee meeting held on 04 December 2019, the Stakeholders were of the opinion that since nothing could be realised from the liquidation of Concast Infratech Limited, the Corporate Debtor may be dissolved under section 54 of the Code.

¶33

The Liquidator thereafter filed Preliminary Report as per regulation 13 of the Liquidation Process Regulations as well as Asset Memorandum on 07 January 2019 as per regulation 34(4) of the Liquidation Process Regulations.

¶34

The erstwhile Liquidator has filed the final report dated 25 January 2020 disclosing all the material facts and information with respect to the liquidation process of the Corporate Debtor. As per mandatory requirement under regulation 45(3) of the Liquidation Process Regulations, the erstwhile Liquidator has prepared a compliance certificate under prescribed ‘Form H’.

¶35

Upon hearing the Liquidator and on perusal of the documents annexed to the application, it appears that the Corporate Debtor does not have any assets.

¶36

The CIRP costs and Liquidation payments have been made to the Liquidator.

¶37

In view of the above facts and circumstances, there is no impediment to the Corporate Debtor being dissolved, and it is ordered accordingly.

¶38

The Liquidator is further directed to serve a copy of this order upon the Registrar of Companies, West Bengal, immediately and, in any case, within fourteen days of receipt of this order. The Registrar of Companies shall take further necessary action upon receipt of a copy of this order.

¶39

Page 3 of 4

¶40

IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH In Re: dissolution of Concast Infratech Limited IA (IB) No. 312/KB/2020 in CP (IB) No. 226/KB/2018

¶41