IN THE NATIONAL COMPANY LAW TRIBUNAL,

DIVISION BENCH – II, CHENNAI

I.A (IBC) / 1799 / CHE / 2023

In

IBA / 1302 / 2019

(Filed under Section 54 of IBC, 2016 r/w Regulation 45(3) (b) of the IBBI

(Liquidation Process) Regulations, 2016)

In the matter of M/s. Azimuth Software India Private Limited (IN

LIQUIDATION

K. SURESH

Liquidator –

M/s. Azimuth Software India Private Limited (In Liquidation),

(Regn. No. IBBI/IPA-001/IP-P00724/2017-18/11254)

No.14, Second Floor, Muthu Street, Santhome,

Chennai, Tamil Nadu – 600 004

… Applicant

Versus

1. M/s. Azimuth Software India Private Limited,

No. 67 & 68, Sringeri Sivaganga Nagar extension,

Sri Giri Madam Street, Anna Nagar,

Puducherry – 605 005

… Respondent 1/ Corporate Debtor

2. The Income Tax Officer,

TDS Ward Puducherry, Income Tax office,

D P Thottam, Behind Ananda Inn, M G Road,

Puducherry (UT), India – 605 003

3. Employees State Insusrance Corporation, Represented by its Assistant Director (Legal),

Regional Office, ESIC Complex, Bouvankare Street,

Mudaliarpet, Puducherry (UT), India – 605 004

4. The Recovery Officer,

Employees’ Provident Fund Organisation,

Regional Office, Puducherry,

Sri Venni Commercial Complex,

No. 101, 100 Feet Road, Cholan Nagar,

Puducherry (UT), India – 605 004

5. Mrs. Padmavathi B, Proprietor of M/s. Padmavathi Tea and Food Supplier, No. 8A, New Street, Pazhavakaran Chavadi, Reddipalaam, Reddipalayam, Puducherry (UT), India – 605 010 … Respondents 2, 3, 4 &5 / Members of SCC Order Pronounced on 28^th June 2024 CORAM SHRI JYOTHI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present: -

For Applicant : K. Suresh, Insolvency Professional & Advocate

ORDER

Hearing Conducted through VC

1. The present Application has been filed under Section 54 of IBC, 2016 read with Regulation 45 (3) (b) of IBBI (Liquidation Process) Regulations, 2016 (hereinafter referred to as ‘Regulations’) by the Liquidator seeking an order of dissolution of the applicant company i.e., M/s. Azimuth Software India Private Limited, having CIN: U72200PY1999PTC001490 and Registered office at No. 67 & 68, Sringeri Sivaganaga Nagar Extension, Sri Giri Madam street, Anna Nagar, Puducherry, India – 605 005 (hereinafter referred to as ‘Corporate Debtor’).

2. We have heard the submissions made by the Learned Liquidator/Applicant and perused the documents on record.

3. It is stated that CIRP in respect of the Corporate Debtor was initiated on 04.03.2021. Liquidation of the Corporate Debtor was ordered by this Tribunal vide Order dated 22.07.2022 in IA/1182/CHE/2021 in IBA/1302/2019 and the Applicant herein was appointed as the Liquidator. The Publication in Form B was done on 27.07.2022 in English and Tamil Daily Newspapers namely, ‘New Indian Express’ and ‘Dinamani’.

4. Pursuant to publication, Liquidator received 3 claims including a claim received during CIRP were admitted and Stakeholder Consultation Committee was formed. The details of SCC is extracted as below, 5. Meanwhile, the Liquidator had filed a Preliminary Report and Asset Memorandum on 30.09.2022. It is stated that the Corporate Debtor has no possibility of revival. There is no realizable or salable assets, except the Bank Balance of the CD and continuing the process will only increase the cost of liquidation. Thus Liquidator suggested the SCC for dissolution of the Corporate Debtor.

6. The details of assets of the Corporate Debtor as on Liquidation Commencement Date is extracted as follows, 7. Two Registered valuers were appointed during the CIRP for assessing the value of CD. The average Fair and Liquidation value of assets of the CD were valued at Rs.42,198/- and Rs.6,729.50/- respectively.

8. The Applicant/Liquidator convened two SCC meetings on 18.01.2023 and 17.04.2023 respectively to seek opinion on continuation of Liquidation process and ultimate dissolution of the Corporate Debtor. In the Second SCC meeting, the Applicant/ Liquidator recommended for moving application for Dissolution of the CD since no purpose would be served with continuing th