Disposed

In the matter of Lts Plastics (India) Private Limited [IA(IBC)906(KB)2023 in CP(IB)-1369(KB)2018]

NCLT17 Jul 2023IA(IBC)906(KB)2023 in CP(IB)-1369(KB)2018

Case brief

AI extract

What is this about?

The Tribunal issued a clarification order instructing the Liquidator of LTS Plastics to close remaining corporate debtor accounts, transfer balances to the liquidation account at PNB, and submit affidavits with zero-balance certificates. The matter was listed for the next hearing.

What did the court decide?

Directed Liquidator to close DBS accounts, transfer funds to PNB, and file affidavit with zero-balance certificate.

In the matter of Lts Plastics (India) Private Limited… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, (Court – I) KOLKATA

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IA(IBC)906(KB)2023 In CP(IB)/1369(KB)2018

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An application under section 54(1) 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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LTS Plastics (India) Private Limited, ( CIN: U25209WB1997PTC085891 ) ; Represented by its Liquidator –

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Mr. Sanjeev Jhunjhunwala, …. Applicant/Liquidator

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Date of Hearing: 05/06/2023

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Coram: Shri Rohit Kapoor : Member (Judicial) Shri Balraj Joshi : Member (Technical) Appearances through hybrid mode: For Liquidator : Mr. Shaunak Mitra, Adv. For Falta Economic Zone : Mr. Raja Satyajit Banerjee, Adv. Mr. Krishnika Chatterjee, Adv. For respondent in IA/863/2020 : Mr. Rishav Banerjee, Adv. Ms. Ranjana Seal, Adv.

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Page 1 of 2

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IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH, (Court – I) KOLKATA

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IA(IBC)906(KB)2023 In CP(IB)/1369(KB)2018

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C L A R I F I C A T I O N O R D E R

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IA(IBC)/906(KB)2023 was reserved for order on 05/06/2023.

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While going through the application, it appears that certain accounts maintained by the Corporate Debtor with DBS Bank, Kolkata Branch, 4A, Little Russell Street, Kolkata 700071 have yet to be closed and the amount lying thereat after closure has to be transferred to the liquidation account being A/c. no.0389202100000018 with Punjab National Bank (PNB), 11, Hemanta Basu Sarani, Kolkata 700001 maintained in the name of the Corporate Debtor in Liquidation. (Reference pages 114 to 119 of the application).

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The Liquidator is hereby directed to file an affidavit along with supporting documents to show that all the accounts maintained by the Corporate Debtor have been closed and the amounts after closure of accounts have been transferred to liquidation account with PNB, Hemanta Basu Sarani Branch, Kolkata.

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The Liquidator shall also attach original bank statement showing receipt and payment with regard to Liquidation Account from the date of opening to closure of the account along with a certificate to be issued by the Punjab National Bank to the effect that the said Liquidation Account has been closed after the balance become “zero”.

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List the matter on 08/08/2023.

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(Balraj Joshi) Member (Technical)

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(Rohit Kapoor) Member (Judicial)

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Signed on this, the 17^th day of July, 2023.

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hb.

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In the matter of Lts Plastics (India) Private Limited [IA(IBC)906(KB)2023 in CP(IB)-1369(KB)2018]

Case brief

What is this about?

What did the court decide?

In the matter of Lts Plastics (India) Private Limited [IA(IBC)906(KB)2023 in CP(IB)-1369(KB)2018]

Case brief

What is this about?

What did the court decide?

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