NATIONAL COMPANY LAW TRIBUNAL

COURT ROOM NO. 1,

MUMBAI BENCH

Item No. 12 IA 183/2024

C.P. (IB)/4364(MB)2019

CORAM:

SH. PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT (Retd.)

HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 14.03.2024

NAME OF THE PARTIES: JANATA SAHAKARI BANK LTD

V/s

M/S. BLUE CROSS ROAD SOLUTIONS LTD

Section 9 of Insolvency and Bankruptcy Code, 2016

________________________________________________________________

ORDER

1. Mr. Ronak Patni, Ld. Counsel for the Applicant present.

2. Mr. Navin Khandelwal a/w Mr. Ronak Patni, Chartered Accountants in

Practice for the Applicant, Liquidator is present.

3. This is an Interlocutory Application filed under Section 54 of the Insolvency

and Bankruptcy Code, 2016 by the Applicant, Ajay Ganesh Marathe who is the Liquidator of the Corporate Debtor, Blue Cross Road Solutions Limited

Seeking dissolution of the Company, Blue Cross Road Solutions Limited

4. The Adjudicating Authority vide its order dated 09.02.2023, on a Petition filed

by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016 thereby initiating Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor viz Blue Cross Road Solutions

Limited, wherein Mr. Ajay Ganesh Marathe was appointed as Interim Resolution Professional of the Corporate Debtor. Subsequently, the said Interim Resolution Professional was confirmed as the Resolution Professional of the Corporate Debtor by Committee of Creditors on 20.05.2023.

5. It has been averred that the Applicant in his capacity as the Resolution Professional has taken every possible efforts for achieving the Resolution/Revival to the Corporate Debtor; however, it is not possible to revive Corporate Debtor as going concern as the Directors of the Corporate Debtor are absconding. The Committee of Creditors in their Second Meeting held on 30.05.2023, unanimously decided to Liquidate the Corporate Debtor and to appoint the Applicant herein as the Liquidator. Thereafter, the Applicant filed one Interlocutory Application bearing IA No. 2585 of 2023, seeking Liquidation of the Corporate Debtor, which was allowed by this Bench on 02.08.2023 and the Applicant herein was appointed as the Liquidator of the Corporate Debtor.

6. The Applicant submits that pursuant to the Liquidation Order, he made Public Announcement on 17.08.2023 in Form B of Schedule 2 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 in two newspapers viz. Navrashtra (Marathi Edition) and Financial Express (English Edition) informing the public at large about the initiation of the Liquidation Process against the Corporate Debtor, and inviting claims from claims from the stakeholders to submit their claims.

7. The Applicant has also served a copy of the Liquidation Order upon the Jurisdictional Registrar of Companies on 21.09.2023 and informed the Insolvency and Bankruptcy Board of India on 16.08.2023.

8. Thereafter, the Applicant pursuant to the Public Announcement the Applicant received one claim as the Financial Creditor of the Corporate Debtor being Janata Sahakari Bank Limited and Second from VAT Department, Maharashtra. After due verification, the Applicant admitted total amount of Claim to the tune of Rs. 62,51,00,066/-. Based thereupon, the Applicant further carried out the Liquidation Process and prepared a list of Stakeholders based on the claims received. Accordingly, Stakeholders’ Consultation Committee has been formed as required under Regulation 31A. Committee consists of Two Members i.e. Janata Sahakari Bank, Pune and VAT Department, Maharashtra having voting share 17.05 and 82.95, respectively.

9. The Applicant herein has prepared Preliminary Report as per Regulation 13 and the same was filed along with the Asset Memorandum and List of Stakeholders by way of an Interlocutory Application. Further, 1^st Progress Report from 02.08.2023 to 30.09.2023 was also filed along with the same on

19.10.2023.

10. After preparation of th