ORDER

1. This Application is filed by the Liquidator of the Corporate Debtor M/s. Meena Jewellers Exclusive Private Limited under Section 54(1) read Regulation 45(3)(b) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 to take on record the completion of the liquidation process and pass an order for dissolution of the Corporate Debtor.

2. BRIEF AVERMENTS OF THE APPLICANT:

2.1 To put it concisely, this Tribunal on 26.11.2019 has admitted the Corporate Debtor Company into Corporate Insolvency Resolution Process and appointed Dr.K.V.Srinivas as the IRP and whose appointment was later confirmed as Resolution Professional to conduct the CIRP process of the Corporate Debtor Company in the second COC meeting held on 07.01.2020. Since corporate debtor could not be revived, COC in its 6^th meeting held on 05.08.2020 resolved for initiation of Liquidation against the Corporate Debtor. Accordingly, the Resolution Professional filed an Application before this Hon’ble Tribunal for initiation of liquidation against the Corporate Debtor and thus this Hon’ble Tribunal passed Liquidation order against the Corporate Debtor vide IA.No. 673/2020 in CP (IB) No. 663/7/HDB/2018 and thereafter the Applicant was appointed as the Liquidator. A copy of the order dated 26.04.2021 is attached as Annexure-1.

2.2 It is submitted that in compliance with the Liquidation Regulations, the Applicant/Liquidator also prepared and filed the Asset Memorandum under Regulation 34 and the Preliminary Report under Regulation 13 on 12.07.2021 before this Hon’ble Tribunal. It is stated that further the List of Stakeholders was modified based on the directions of this Hon’ble NCLT IA No. IA(IBC) 1282/2022 and the same was filed before this Hon'ble Tribunal on 06.01.2023. It is stated that further the List of Stakeholders was again modified based on the directions of this Hon’ble NCLT in IA No. 461/2023 and the same was filed before this Hon’ble Tribunal on 06.07.2023.

2.3 It is submitted that the Liquidator reconstituted the Stakeholders’ Consultation Committee of Meena Jewellers Exclusive Private Limited pursuant to Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016 from time to time and the reconstituted Stakeholders Consultation Committee as on 06.07.2023 is as follows:

2.4 As per Regulation 27 of IBBI (CIRP Regulations) 2016, the Resolution Professional appointed the following registered valuers who are registered valuers under IBBI and who submitted the fair value and liquidation value after physical verification of the property and the details are given below:

2.5 It is submitted that the above valuations submitted by the Registered Valuers appointed by the then Resolution Professional during CIRP of the Corporate Debtor for assessing the Liquidation and Fair Value of the assets (Land & Building and Plant & Machineries & Securities and Financial Assets) were taken into consideration for the Liquidation process as well in consultation with SCC.

2.6 It is submitted that as per Section 36 of IB Code, the Liquidator formed the Liquidation Estate with the assets mentioned in page 4 and 5 of the application by appropriating the above valuations based on the said Valuation Reports. It is submitted that the estimate of the Liquidation estate came to Rs.25,32,65,971/-. The manner in which the sale has taken place is provided in detail in the final report attached with this application. It is submitted that the amount realized from sale of liquidation estate was Rs.20,79,22,137/-.

2.7 It is submitted that the summary of account of Liquidation Estate is as follows:

2.8 It is stated that the Liquidation Costs for the Corporate Debtor estimated and provided in the Preliminary Report were to the tune of Rs.20,75,000/- for the liquidation process anticipated at one year. Further the actual Liquidation Costs for the liquidation process is Rs.23,61,910/- for the liquidation period of over three years, and the said cost was incurred in consultati