(SPECIAL)

IN CP(IB)/29/KOB/2021 (Under Regulations 32(e) & (f) of IBBI (Liquidation Process) Regulations, 2016 read with Rule 11 of the NCLT Rules, 2016)

In the matter of:

Mr. M. Suresh Kumar, Liquidator of M/s. Tip Top Furniture Private Limited, No. 27/9, Nivedh Vikas, Pankaja Mill Road, Puliyakulam, Coimbatore- 641 045.

Email: msureshkumar@icai.org.;

... Applicant -And-

In the matter of:

IDBI Bank Limited; … Financial Creditor -Versus-

M/s.Tip Top Furniture Private Limited . … Corporate Debtor.

Coram:

Shri. P. Mohan Raj : Member (Judicial)

Shri. Satya Ranjan Prasad : Member (Technical)

Appearance through Video Conferencing For Applicant : Mr. A. G. Satyanarayana, Adv.

Order reserved on: 10.08.2023 Order pronounced on:13.10.2023

O R D E R

1. The present application is filed by the Applicant/Liquidator under Regulations 32(e) & (f) of IBBI (Liquidation Process) Regulations, 2016 read with Rule 11 of the NCLT Rules, 2016 for the following reliefs: -

CP(IB)/29/KOB/2021 i. To pass an order confirming the Corporate Debtor Sale as a going concern as required under the law;

ii. To pass an order waiving off all the existing liabilities, penalties, removing attachments, encumbrances, etc., if any made by the statutory authorities i.e. ESl, EPF, ROC, MCA, IT, GST, Electricity dues, Panchayats, revenue, Pollution Control Board, etc, in accordance with the law;

iii. To pass an order directing the statutory authorities involved in the management of corporate debtor to modify their records by entering the successful bidder’s name or as proposed by them.

2. The facts as narrated in the application and explained by the Applicant/Liquidator are summarized hereunder:

i. The Financial Creditor, IDBI Bank Limited had filed an application under Section 7 of the Code for initiation of the Corporate Insolvency Resolution Process (hereinafter referred to as the ’CIRP’), against the Corporate Debtor M/s. Tip Top Furniture Private Limited, which was admitted vide order dated 21.12.2021.

ii. The Applicant has filed an application under Section 33 of IBC, 2016 for Liquidation of the Corporate Debtor and the same was allowed by this Tribunal on 08.02.2023. The Applicant has issued the Public Announcement in Form-B inviting claims from the stakeholders of the CD by issuing newspaper publication in “The New Indian Express", English Edition and “Chandrika” & “Kerala Kaumudi”, Malayalam Edition. The Applicant has convened the 1st SCC meeting on 16.02.2023 CP(IB)/29/KOB/2021 wherein the SCC members have opined for sale of the Corporate Debtor as a Going Concern.

iii. It is stated that the Applicant prepared the stakeholders list and formed the SCC from the stakeholders list in compliance with Regulations 31 and 31 A of the IBBI (Liquidation Process) Regulations, 2016. The Registered Valuers for the valuation of both Land & Building and Plant & Machinery and Movables of the CD were appointed by IRP on 11.02.2022 and the SCC Members in the 1st CoC Meeting held on 16.02.2023 accepted the valuation done during the CIRP period instead of fresh valuation. Details of the CD assets are as follows:

a) Land & Buildings. Plant & Machinery and other movable assets located at 4/704 FF, NH Kottakkal. Edarikode P.O., Malappuram, Kerala- 676 501, b) Plant & Machinery and other movable assets located at NH Polayathode, Kollam- 691 001 and c) All movable assets (including stock) at the warehouse located at Chenakkal Branch Room MP-1/59H NH-17, Sir Hind Nagar, Randathani Post, Chenakkal- 676 503.

iv. It is stated that as provided in Section 35(1)(f) of the IBC, 2016, read with regulations 33(1) liquidator decided to sell the assets of the corporate debtor through e-auction in the manner provided in Schedule I of the Liquidation process regulations and accordingly two e-auction sale notices were published on 26.04.2023 and 31.05.2023 in “The New Indian Express", “Chandrika”, and “Kerala Kaumudi" editions of the Kollam and Malappuram for sale of Land and Building and Machinery.

CP(IB)/29/KOB/2021 The App