S.No.3

IN THE NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH – 1

VC AND PHYSCIAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

02-05-2024 AT 10:30 AM

Company Petition IB/255/2021

AND

IA (IBC) 1356, 868, 1523 & Rst App (IBC) 5/2024 in IA 140/2024 in IA

1523/2023 in Company Petition IB/255/2021

u/s. 7 of IBC, 2016

IN THE MATTER OF:

India Resurgence ARC Private Limited …Financial Creditor

AND

Master Weaver Ethnics India Private Limited …Corporate Debtor

C O R A M:-

DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL)

SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

O R D E R

IA (IBC) 1356/2024

Orders pronounced. In the result, the Company i.e. M/s Master Weaver Ethnics India Private Limited is hereby dissolved as per the terms mentioned in the order

and the Liquidator stands discharged.

IA (IBC) 868/2024

Orders pronounced. In the result, this application is dismissed and disposed of.

No costs.

IA (IBC) 1523/2024

Orders pronounced. In the result, this application is dismissed and disposed of.

No costs.

Rst App (IBC) 5/2024 in IA 140/2024 in IA 1523/2023

Since orders passed in IA No 1523/2024, this Rst. App (IBC) becomes infructuous. Accordingly, this Rst. App (IBC) 5/2024 disposed of as

infructuous

Sd/- Sd/-

MEMBER (T) MEMBER (J)

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH-I I.A.1356 OF 2023 in CP(IB) No. 255/7/HDB/2021 (Under section 54 of the Insolvency and Bankruptcy Code, 2016)

IN THE MATTER OF M/S. MASTER WEAVER ETHNICS INDIA PRIVATE LIMITED Mr. Malireddy Ramana Reddy, Liquidator M/s Master Weaver Ethnics India Prvt ltd.

Reg No: IBBI/IPA-003/IP-N-00308/2020-2021/13452, Flat no. 202, H.no.8-3-191/155(16/A), Vengal Rao Nagar, Hyderabad-500038.

…Applicant/Liquidator Date of order: 02.05.2024 Coram:

Dr. Venkata Ramakrishna Badarinath Nandula, Hon’ble Member (Judicial)

Shri Charan Singh, Hon’ble Member (Technical)

Appearance:

For the Liquidator: Shri Maharshi Vishwaraj, Advocate Liquidator: Shri Malireddy Ramana Reddy I.A.1356 OF 2023 PRE: BENCH

ORDER

1. This Application is filed by the Liquidator of the Corporate Debtor under Section 54(2) of the Insolvency and Bankruptcy Code, 2016 r/w Regulation 14 and 45 of IBBI (Liquidation Process) Regulations, 2016 for passing Dissolution Order of M/s Master Weaver Ethnics India Private Limited by this Hon'ble Adjudicating Authority and prays for discharging the applicant as Liquidator of the Corporate Debtor.

2. That in the instant matter, Hon'ble Tribunal vide Order Dated

04.04.2022 in CP (IB) No 255/7/HDB/2021 Admitted the petition under Section 7 of insolvency and Bankruptcy Code, 2016 filed by the M/s India Resurgence ARC Private Limited, Financial Creditor and initiated Corporate Insolvency Resolution Process against Corporate Debtor and appointed the Applicant herein as Interim Resolution Professional.

3. It is submitted that the Applicant/RP issued Public Announcement in FORM-A on 10.04.2022 as per Section 15 of Insolvency and Bankruptcy Code, 2016 Read with Regulation 6 of IBBI (Insolvency I.A.1356 OF 2023 Resolution Process for Corporate Persons) Regulations, 2016 in Financial Express English Daily News Paper and Nava Telangana Daily News Paper as the last date for submission of claims as 23.04.2022 and Resolution Professional has received one claim from Operational Creditors the Applicant admitted the claim Operational Creditor ESIC for an amount of rs.7,08,002 with 100% voting and Resolution professional constituted COC.

4. It is submitted that the applicant conducted First CoC Meeting on

12.05.2022 in the said Meeting the Applicant was confirmed as a Resolution Professional in terms of Section 22(3) (a) of the Insolvency and Bankruptcy Code, 2016 and the same was communicated to this Hon'ble Tribunal.

5. It is submitted that the Committee of Creditors in its to meeting held on 17.12.2022, after elaborately examining the possibility of reviving the Corporate Debtor came to the conclusion that there is no possibility of revival of the Corporate Debtor and COC with 92.08% voting resolved