IN THE NATIONAL COMPANY LAW TRIBUNAL

AHMEDABAD

COURT - 2

ITEM No.302

CP(IB) 78 of 2019

Proceedings under Section 54(1) IBC r.w Regulation 45(3) of IBBI, 2016

IN THE MATTER OF:

Pinakin Shah Liquidator for Reds Marine Services Limited ........Applicant

........Respondent

Order delivered on: 10/06/2024

Coram:

Mrs. Chitra Hankare, Hon’ble Member(J)

Dr. Velamur G Venkata Chalapathy, Hon’ble Member(T)

ORDER

The case is fixed for pronouncement of order.

The order is pronounced in open Court vide separate sheet. -Sd- -Sd-

DR. V. G. VENKATA CHALAPATHY CHITRA HANKARE

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD (COURT - II)

With CP(IB) No. 78 / NCLT / AHM / 2019 (An application filed under section 54 of the Insolvency and bankruptcy Code,2016.)

In the Matter of: Mr. Pinakin Shah Liquidator of Reds Marine Services Limited, A/201, Siddhi Vinayak Towers, Next to Kataria House, off S. G. Highway, Makarba, Ahmedabad-380051, ….Applicant And in the matter of:

Religare Finvest Limited

2^nd Floor, Rajkot Building, 24, Nehru Place, New Delhi-110019 … Financial Creditor Versus REDS Marine Services Limited.

(formerly known as pipavav Engineering and Defence Services Limited)

Survey No.658, Vill. Rampara-II, Taluka Rajula, Vill Lunsapur, Taluka Jafrabad, Amreli-365560 … Corporate Debtor Order pronounced on 10.06.2024 CORAM:

MRS. CHITRA HANKARE HON’BLE MEMBER (JUDICIAL)

DR. V. G. VENKATA CHALAPATHY HON’BLE MEMBER (TECHNICAL)

Present:

For the Applicant : Mr. Pawan Godiawala, Adv.

JUDGEMENT

1. The Present Application is filed by Mr. Pinakin Shah, Liquidator of Corporate Debtor, M/s Reds Marine Services Limited under Section 54 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IB Code”) with a prayer to dissolve the Corporate Debtor i.e M/s Reds Marine Services Limited. 2. The brief facts of the case are as under:-

a) The Financial Creditor, Religare Finvest Limited had filed an application under Section 7 of the IB Code, 2016 for initiation of Corporate Insolvency Resolution Process (hereinafter referred t as “CIRP”) against M/s Reds Marine Services Limited, which was admitted vide order dated 06.11.2020 in CP(IB) 78 of 2019 and Mr. Pinakin Shah was appointed as Interim Resolution Professional (hereinafter referred to as “IRP”).

b) Due to non receipt of any viable resolution plan CoC decided to go for liquidation of the Corporate Debtor, after due consideration CoC resolved to liquidate the Corporate Debtor and accordingly Resolution Professional filed an application for liquidation bearing IA No. 364 of 2021 which was allowed vide an order dated 14.09.2021 and appointed applicant herein as a liquidator.

c) It is stated that liquidator has made public announcement as contemplated under Regulation 12 of IBBI (Liquidation Process) Regulations, 2016 for inviting claims from all the creditors. The copy of public announcement in Form-B is annexed with the present application. Two claims were received from the stakeholders and accordingly on 03.11.2021, as per Form-H, Stakeholder Consultation Committee was formed by the liquidator.

d) It is submitted that applicant herein filed preliminary report dated 06.12.2021 under Regulation 13 and asset memorandum dated 06.12.2021 under Regulation 34, which comprised loans and advances, filed before this Adjudicating Authority.

e) It is submitted by the liquidator that there was no fixed assets in the name of CD and therefore no sale auction notice was issued by him. Therefore no valuer was appointed by the liquidator.

3. In compliance with Regulation 45 of the IBBI (Liquidation Process)

Regulations, 2016 the liquidator has filed the Final Report dated

17.03.2022.

4. In compliance with Regulation 45 of the IBBI (Liquidation Process)

Regulations, 2016, the liquidator has filed the compliance certificate in the Form-H wherein the Fair Value and Liquidation Value mentioned as NA as there was no assets. It is also mentioned that total admitted amount is Rs. 8,63,262/- a