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In the matter of Indradev Goods Private Limited Ia (Ib) No. 346-KB-2022 in Cp (Ib) No. 267-KB-2020

NCLT18 May 2022

Case brief

AI extract

What is this about?

The Tribunal considered an application by the Liquidator for dissolution of Indradev Goods Private Limited. Noting the absence of marketable assets and high claim amounts, the court approved the dissolution, directed compliance with the Registrar of Companies, and discharged the Liquidator.

What did the court decide?

Corporate Debtor dissolved; Liquidator discharged; Order served on Registrar of Companies within fourteen days.

In the matter of Indradev Goods Private Limited Ia (Ib)… — Insolvency and Bankruptcy | NCLT (2022)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH-I KOLKATA

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IA (IB) No. 346/KB/2022 in CP (IB) No. 267/KB/2020

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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.

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In the matter of:

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Hytone Merchants Private Limited

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… Financial Creditor

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Versus

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Indradev Goods Private Limited

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… Corporate Debtor

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-And-

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In the matter of: Uday Narayan Mitra, Liquidator of Indradev Goods Private Limited

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… Applicant

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versus

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Indian Overseas Bank

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Bank of Baroda

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Naman Ispat

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Coram:

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Shri Rajasekhar V.K., Member (Judicial)

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Shri Balraj Joshi, Member (Technical)

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Appearances (through video conferencing): For the Applicant

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Mr. Prantik Garai, Advocate

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Ms. Sweta Mukherjee, Advocate

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Order reserved on: 05 May 2022 Order pronounced on: 18 May 2022

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ORDER

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Per Balraj Joshi., Member (Technical)

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This court convened via video conferencing.

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH-I

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In Re dissolution of Indradev Goods Pvt. Ltd. IA (IB) No. 346/KB/2022 in CP (IB) No. 267/KB/2020

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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 Indradev Goods Private Limited (CIN: U51909WB2008PTC121985) ( “Corporate “Debtor” ) praying for dissolution of the Corporate Debtor.

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This Adjudicating Authority vide its order dated 08.01.2021 on a Petition filed by the Hytone Merchants Private Limited (‘financial creditor’) under section 7 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) directed initiation of the Corporate Insolvency Resolution Process (‘ CIRP’ ) against the Corporate Debtor and appointed Mr. Uday Narayan Mitra as the Interim Resolution Professional (‘ IRP ’). The IRP was appointed as the Resolution Professional (‘ RP’ ).

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The Resolution Professional did not receive any Expression of Interest therefore an order of liquidation was passed vide order dated 08 November 2021. Mr. Uday Narayan Mitra, the applicant, was appointed as a Liquidator. A copy of the order is annexed with the application and marked as Annexure - ‘A’¹ .

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Public announcement of commencement of liquidation was made in Form ‘B’ in “Financial Express” (English) and “EkDin” (Bengali) on 12 November 2021 inviting proof of claims from the stakeholders of the Corporate Debtor in the specified forms and Form ‘B’ was also uploaded on the IBBI website on 15 November 2021.

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The Liquidator had received eight claims from the Financial Creditors and the total amount of claim admitted by the Liquidator was Rs.8,61,96,97,588.34/-.

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1 Pp. 13-17 of the I.A.

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Page 2 of 4

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH-I

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In Re dissolution of Indradev Goods Pvt. Ltd. IA (IB) No. 346/KB/2022 in CP (IB) No. 267/KB/2020

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A list of stakeholders was prepared and submitted before the Adjudicating Authority on 28 December 2021.

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In the first Stakeholders Consultation meeting held on 11 February 2022, the Liquidator apprised the Stakeholders that the valuation of the Corporate Debtor was miniscule in caparison to the amount claimed by the Stakeholders. The Stakeholders Consultation Committee advised the Liquidator to proceed with the dissolution of the Corporate Debtor.

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The Liquidator thereafter filed Preliminary Report as per regulation 13 of the Liquidation Process Regulations as well as Asset Memorandum on 18 January 2022 as per regulation 34(4) of the Liquidation Process Regulations.

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It is submitted that except for cash in hand and funds in bank totalling to Rs.58,106/- (Rupees Fifty-Eight Thousand One Hundred and Six only), the Corporate Debtor does not have any marketable asset.

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The Liquidator has filed the final report dated 04.10.2021 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 Liquidator has prepared a compliance certificate under prescribed ‘Form H’.

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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.

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

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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

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Page 3 of 4

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH-I

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In Re dissolution of Indradev Goods Pvt. Ltd. IA (IB) No. 346/KB/2022 in CP (IB) No. 267/KB/2020

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Companies shall take further necessary action upon receipt of a copy of this order.

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The Liquidator shall stand discharged from his responsibilities, subject to procedural compliances.

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I.A. (IB) No. 346/KB/2022 and CP (IB) No. 267/KB/2020 shall stand disposed of in accordance with the above directions.

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The Registry is directed to send e-mail copies of the order forthwith to all the parties for information and for taking necessary steps.

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Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

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File be consigned to the record.

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BALRA Digitally signed by BALRAJ JOSHI Date: 2022.05.18 J JOSHI 17:18:23 +05'30'

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Rajasekha Digitally signed by Rajasekhar V K r V K Date: 2022.05.18 18:52:11 +05'30'

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Balraj Joshi Rajasekhar V.K. Member (Technical) Member (Judicial)

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This order is pronounced on 18^th day of May, 2022

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GGRB[LRA]

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Page 4 of 4

In the matter of Indradev Goods Private Limited Ia (Ib) No. 346-KB-2022 in Cp (Ib) No. 267-KB-2020

Case brief

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In the matter of Indradev Goods Private Limited Ia (Ib) No. 346-KB-2022 in Cp (Ib) No. 267-KB-2020

Case brief

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