2023

C.P. (IB) No. 1140/KB/2018

An application under Section 60(5) of the Insolvency and Bankruptcy

Code, 2016.

And

Bankruptcy Code, 2016 read with Regulation 45 (3) (b) of the Insolvency

& Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

And

In the matter of:

International Asset Reconstruction Company Ltd,

…FINANCIAL CREDITOR

Versus

Aditi Oil Extraction Private Limited,

...CORPORATE DEBTOR

And

In the matter of:

Krishna Kumar Chhaparia, Liquidator of Aditi Oil Extraction Private

Limited.

...APPLICANT

In the matter of:

1. International Asset Reconstruction Company Ltd.

…FINANCIAL CREDITOR

2. Aditi Oil Extraction Private Limited.

...CORPORATE DEBTOR

3. Krishna Kumar Chhaparia, Liquidator of Aditi Oil Extraction

Private Limited.

...APPLICANT

Pronouncement Date: 20.03.2024

C.P. (IB) No. 1140/KB/2018 ------------------------------------------------------------------------------------------------------

CORAM:

SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL)

SHRI D. ARVIND, HON’BLE MEMBER (TECHNICAL)

Appearances (via Video Conferencing/Physical):

Mr. Vikash Singh, Adv. ] For the Liquidator.

Mr. P. Kumar, Adv. ] Mr. S. Chaurasia, Adv. ]

Mr. Krishna Kumar Chhaparia, ] Liquidator in Person.

O R D E R

Per: Bidisha Banerjee, Member (Judicial)

1. The Court congregated in a hybrid mode.

2. Heard the Ld. Counsel Mr. Vikash Singh for the Liquidator and Mr. Krishna Kumar Chhaparia, Liquidator-in-person.

3. IA (I.B.C)/1844/(KB)/2023 This application has been filed by the Applicant seeking following reliefs:-

i. To take on record the Closure Report submitted by your Applicant as a Liquidator of the Corporate Debtor under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Regulation 45(3) (a) of the Insolvency & Bankruptcy Board of India (Liquidation Process)

Regulations, 2016;

4. Facts in brief:

a) That, by an order dated February 2, 2021, the Learned NCLT ordered Liquidation of the Corporate Debtor and appointed Mr. Surendra Kumar Agarwal as the Liquidator of Aditi Oil Extraction Private Limited herein the Corporate Debtor on February 2, 2021.

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b) In the 1st Stakeholder’s Consultation Committee (SCC) Meeting held on August 17, 2021, the Liquidator wished to relinquish his responsibility as the Liquidator of the Corporate Debtor vide order dated November 3, 2021, appointed Krishna Kumar Chhaparia, Insolvency Professional having Registration No. IBBI/IPA-001/IP-P00400/2017-18/10718 as Corporate Debtor in the place of Mr. Surendra Kumar Agarwal (the erstwhile Liquidator).

c) The date of 6th E-auction was fixed where “Anmol Healthcare Private Limited” was declared as successful bidder with highest bid of Rs.61,75,000/- in the e-auction for sale of Land of Aditi Oil Extraction Pvt Ltd (under Liquidation) vide mail dated 27.07.2023 and as such, the sixth e-auction for sale of Corporate Debtor was successfully concluded.

d) Declaration of Successful Bidder for sale of Land Issuance and Acceptance of Letter of Intent was also done by RKPR Vinimay Pvt Ltd was declared as the “Successful Bidder” in the 5th e-auction dated 08.05.2023 of plant and machinery and factory shed. A sale certificate was issued and Vinimay was allowed to dismantle/cut and take the plant, machinery and shed of Aditi Oil Extraction Pvt Ltd for a full consideration amount of Rs.61,75,000/-

e) That, this Adjudicating Authority has allowed extension of the liquidation period by 3 months i.e., from 2^nd August 2023 to 1^st November, 2023. Where after Final instalment of balance consideration by successful bidder has also been received.

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f) The 11th SCC meeting was held to discuss the agenda as set out along with the Notice.

g) The successful bidder of land asked for requisite documents for preparing conveyance deed for land purchased by him in the au