NATIONAL COMPANY LAW TRIBUNAL,

MUMBAI BENCH

COURT II

Item No.37

Interlocutory Application(IBC)(Liq.)/110/2024 in C.P. (IB)/139(MB)2023

CORAM:

SHRI SANJIV DUTT SHRI ASHISH KALIA

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

ORDER SHEET OF HEARING (HYBRID) DATED 25.03.2025

NAME OF THE PARTIES: Vallabh Narayandas Sawana IN THE

MATTER OF Hari Om Auto Components

Private Limited

For RP: Adv. Manoj Mishra.

Sec 33(1) (b) (i) to (iii) r/w Sec 33(3) U/s 10 of (IBC)

_________________________________________________________________________

ORDER

1. The present I.A. has been filed under the provisions of Section 33(1) [b) (i) to (iii)

r/W Section — 33(3) and section 33 (2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘the Code’) by Mr. Vallabh Narayandas Sawana, Resolution Professional (hereinafter referred to as ‘RP/Applicant’) for initiating Liquidation Process against Hari Om Auto Components Private

Limited (hereinafter referred to as ‘Corporate Applicant’).

2. The Corporate Applicant filed the C.P.(IB)/139(MB)/2023 before this Tribunal

under Section 10 of the Code, to initiate Corporate Insolvency Resolution Process (hereinafter referred to as ‘CIRP’). This Company Petition was admitted by the Tribunal and the CIRP of Corporate Applicant commenced vide order

dated 12.06.2024.

3. The Applicant was appointed as the Interim Resolution Professional (‘IRP’) to

conduct the CIRP. On 25.06.2024, the IRP published a Public Announcement in Form A and constituted Committee of Creditors (hereinafter referred to as ‘CoC’), which consisted of sole Financial Creditor, Vasai Vikas Sahakari Bank Ltd.

having Admitted Claim Amount to the tune of Rs.6,42,60,205/- and having 100%

voting rights.

4. The IRP called the 1^st CoC Meeting on 18.07.2024, wherein the Applicant was confirmed as the RP of the Corporate Applicant for conducting CIRP for the remaining period.

5. The 2^nd CoC Meeting was convened on 29.07.2024. After perusing the minutes of the 2^nd CoC Meeting annexed to the Application, it came to light that the RP informed the CoC that the Corporate Applicant is not in operation since 2022. The following resolution was put for voting and approved by the CoC unanimously: -

“RESOLVED THAT pursuant to section 33(2) of the Insolvency and Bankruptcy Code 2016 (“Code”) read with Regulation 39B of the Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and other applicable provisions of the Code and regulation made thereunder, the consent of the members of the CoC be and is hereby accorded to liquidate the Corporate Applicant.”

RESOLVED FURTHER THAT the RP be and is hereby authorized to sign, execute, file such forms, documents and affidavits and to doRes such matters and things as may be necessary to give effect to the foregoing resolution.”

6. It is thus observed that the CoC unanimously approved the resolution for liquidation of the Corporate Applicant and authorized the RP to sign, execute, file such forms, documents and affidavits and to do such matters and things as may be necessary to Liquidate the Corporate Applicant.

7. Subject to the approval of Liquidation proceedings in respect of the Corporate Applicant, a Liquidator was to be appointed to initiate and carry out the liquidation process of the Corporate Applicant. While perusing the minutes of the 2^nd CoC Meeting, it came to light that the RP proposed to be appointed as the Liquidator and also placed his consent before the members of the CoC. Pursuant to this proposal, the following resolution was put for e-voting: -

“RESOLVED THAT pursuant to section 34 of the lnsolven.cy and Bankruptcy Code 2016 (“Code”) read with Regulation 3 and 4 of the Insolvency and Bankruptcy Board of India (Liquidation Process)

Regulations, 2016 and other applicable provisions of the Code and regulation made thereunder, the consent of the members of COC be and is hereby accorded to appoint Mr. Vallabh N Sawana IBBI Regn. No. IBBIIIPA- 001/[P-P-02652»’2022-2023;’14114) as the liquidator of the Corpor