Allowed

In the matter of Usher Agro Limited [Ia 2275-2021 in Cp (Ib) No. 1817-MB-2017]

NCLT19 Dec 2023IA 2275-2021 in CP (IB) No. 1817-MB-2017

Case brief

AI extract

What is this about?

The National Company Law Tribunal, Mumbai Bench-I granted an application by the Liquidator for the dissolution of Usher Agro Limited under Section 54(1) of the Insolvency and Bankruptcy Code, 2016 after confirming that the corporate debtor had no remaining assets to liquidate.

What did the court decide?

The Corporate Debtor, Usher Agro Limited, stands Dissolved from the date of this Order.

In the matter of Usher Agro Limited [Ia 2275-2021 in Cp… — Insolvency and Bankruptcy | NCLT (2023)

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH -I

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IA 2275/2021

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CP (IB) No. 1817/MB/2017

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Under Section 54(1) read with section 7 of Insolvency and Bankruptcy Code, 2016

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Interlocutory Application of : Krishna Chamadia

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… Applicant/Liquidator

In the matter of

ICICI Bank Limited

… Financial Creditor

Versus

Usher Agro Limited

CIN: L01100MH1996PLC100380

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… Corporate Debtor

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Order pronounced on : 19/12/2023

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Coram:

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Mr. Prabhat Kumar Justice V.G. Bisht (Retd.) Hon’ble Member (Technical) Hon’ble Member (Judicial)

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Appearances:

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For the Corporate Applicant : Mr. Saurabh Bachhawat, Advocate

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1

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IA 2275/2021 in CP (IB) 1817/MB/2017

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ORDER

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Per: Coram

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This Interlocutory Application is filed for “ Dissolution ” of the Corporate Debtor under Section 54 (1) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Regulation 45(3) of the IBBI (Liquidation process) Regulations, 2016 (“ Liquidation Process Regulations ”) by the Applicant/Liquidator, viz. Mr. Krishna Chamadia bearing IP registration no. IBBI/IPA001/IP-P00694/2017 having his address at B-1804, Raheja Hieghts Off, Gen. A.K. Vaidya Marg, Dindoshi, Malad East, Mumbai, Maharashtra-400097 of the Corporate Debtor in the original application CP (IB) 1817/2017, wherein the Corporate Applicant had sought to initiate its own Corporate Insolvency Resolution Process (“ CIRP ”) under Section 10 of the Code.

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Vide order dated 07.03.2019, Liquidation process against the Corporate Debtor was approved by this Tribunal and the Applicant was appointed as the Liquidator of the Corporate Debtor on the same date. Consequently, Public Announcement in Form-B under Regulation 12 of the IBBI (Liquidation Process) was made on 12.03.2019 in two newspapers namely Business Standard (English), DainikAaj (Hindi) and Navshakti (Marathi).

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The new bank account opened on 30.04.2019 having account No.054405009952 with ICICI Bank (In Liquidation), MIDC branch, Andheri. The Liquidator is hereby directed to close the said Liquidation account.

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Page 2 of 4

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1

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IA 2275/2021 in CP (IB) 1817/MB/2017

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The Liquidator has filed the preliminary report dated 20.05.2019 and final report dated 01.10.2021, i.e. in relation to liquidation of the Corporate Debtor with the Adjudicating Authority along with Compliance Certificate in Form – H in terms of Regulation 45 of the Liquidation Process Regulation.

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Since, the Corporate Debtor does not have any other assets to be liquidated, hence the liquidator filed present Application for the “Dissolution of the Corporate Debtor” u/s 54 of IBC which provides as under:

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“54. (1) Where the assets of the corporate debtor have been

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completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor.

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(2) The Adjudicating Authority shall on application filed by the liquidator under subsection (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly.

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(3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered.

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In view of facts stated above, this is a fit case for dissolution of the Corporate Debtor under Section 54 of The Insolvency and Bankruptcy Code, 2016. Ordered accordingly. The Corporate

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Page 3 of 4

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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH – 1

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IA 2275/2021 in CP (IB) 1817/MB/2017

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Debtor stands ‘ Dissolved’ from the date of this Order.

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Copy of this Order shall be forwarded within 7 (seven) days to the concerned authorities and the Registrar of Companies having jurisdiction, for further necessary action as prescribed under Law.

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Accordingly, IA 2275/2021 is hereby allowed and disposed of.

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Sd/Sd/- Prabhat Kumar Justice V.G. Bisht Member (Technical) Member (Judicial) /MK/

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In the matter of Usher Agro Limited [Ia 2275-2021 in Cp (Ib) No. 1817-MB-2017]

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In the matter of Usher Agro Limited [Ia 2275-2021 in Cp (Ib) No. 1817-MB-2017]

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