CP (IB) No. 3457/(MB)/2019

Under Sections 54(1) of the Insolvency & Bankruptcy Code, 2016 r/w Regulation 14 of Insolvency and Bankruptcy Board of India (Liquidation

Process) Regulations, 2016.

Mr. Arun Kapoor

(Resolution Professional of Gorgeous Skin Private Limited)

…Applicant

In the matter of

Trig Detective Pvt. Ltd. …Operational Creditor

V/s

Gorgeous Skin Pvt. Ltd.

…Corporate Debtor

Order delivered on: 08.08.2024

CP (IB) No. 3457/(MB)/2019 Coram:

Anil Raj Chellan Kuldip Kumar Kareer Member Technical Member Judicial Appearance:

For the Applicant/RP : Counsel, Amit Tungare ORDER Per: - Coram

1. The present Interlocutory Application has been filed by Mr. Arun Kapoor, the Resolution Professional of Gorgeous Skin Private Limited (the Corporate Debtor) under Section 54 of the Insolvency and Bankruptcy Code, 2016 (“The Code”) r/w Regulation 14 of Insolvency and Bankruptcy Board of India (Liquidation)

Regulation, 2016 seeking dissolution of the Corporate Debtor.

Brief facts of the case are as under:

2. The Corporate Insolvency Resolution Process (“CIRP”) was ordered to be commenced on 11.11.2020 by the Tribunal on the basis of an Application filed by Trig Detective Private Limited, the Operational Creditor under Section 9 of the Code and Mr. Rajan Gargwas was appointed as Interim Resolution Professional (“IRP”).

3. Thereafter, the IRP issued Public announcement regarding commencement of CIRP process was made by way of an CP (IB) No. 3457/(MB)/2019 advertisement via Form A in two local newspapers namely “The Financial Express” (in English) and “Pratakal” (in Marathi) on 14.11.2022 inviting claims from creditors of the Corporate Debtor.

4. The IRP constituted a Committee of Creditors (“CoC”) after collation of all claims received against the Corporate Debtor and determination of the financial position of the Corporate Debtor.

5. Thereafter, the Application was filed by the Committee of Creditors through the Central Bank of India being the Sole Financial Creditors of Gorgeous Skin Private Limited (“Corporate Debtor”) seeking replacement of IRP and seeking confirmation of appointment of Arun Kapoor Garg as Resolution Professional (RP). The said appointment of Arun Kapoor Garg was approved by CoC with 100% majority vide Resolution dated 23.12.2022 and the same was allowed by the Hon’ble Tribunal vide order dated 20.02.2023.

6. Thereafter, the Applicant after receiving documents from the IRP discovered that the Corporate Debtor had not filed any financial statements with RoC after 2013, as they were not conducting any business since 2013. Also, there were no assets left in the company. The Corporate Debtor did not have any immovable assets as per available financial records.

7. Further In 4^th CoC meeting dated 27^th March, 2023 the agenda for appointment of registered valuers was rejected by the CoC as no valuation of assets of the Corporate Debtor could be conducted due to the financial condition of the Corporate Debtor. There was some equipment available as assets, which were 10 years old and not in CP (IB) No. 3457/(MB)/2019 possession of the Corporate Debtor due to the dispute with the Landlord of the premises being used by Corporate Debtor for running its business.

8. No data was available on assets and financial performance of the Corporate Debtor. It came to the knowledge via an email from the suspended director that there was an asset which was also taken by the landowner (property being rented). No proper information about the value of the said asset was available. Further, the IRP filed an Application before this Tribunal for the recovery of the said asset but this Tribunal vide order dated 20.02.2023 directed the IRP to pursue the Application before the appropriate forum.

9. As the value of the asset was not known and as the Corporate Debtor was out of business since 2013, there were no active bank accounts and also no information of the existence of any other assets of the Corporate Debtor was available.

10. The Applicant published the invitation for E