IN THE NATIONAL COMPANY LAW TRIBUNAL,

DIVISION BENCH – II, CHENNAI

IA (IBC)/2125 (CHE)/2023

In

MA/62/2021

In

IBA/842/IB/2019

In the matter of M/s. A School India Private Limited (In Liquidation)

SHRI. BHASKAR B

Liquidator of M/s. A School India Private Limited (In Liquidation),

Regn No. IBBI/IPA – 002/IP – N00644/2018 – 2019/12024,

4/447A, 7th Street, Aruna Nagar, K Vadamadurai Post,

Coimbatore, Tamil Nadu – 641 017

… Applicant

Order Pronounced on 31st May 2024

CORAM

Shri. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

Shri. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present

For Applicant: Mr.Sarath Babu B, Advocate

ORDER

(Hearing Conducted through VC)

1. This Application has been filed under Section 54 of the Insolvency and

Bankruptcy Code, 2016 by the liquidator of the Corporate Debtor herein seeking for Dissolution of the Corporate Debtor viz., M/S. A SCHOOL INDIA PRIVATE LIMITED (IN LIQUIDATION) praying

following reliefs,

a) To issue necessary orders that the subject company under the liquidation is dissolved under section 54(1) and other applicable provisions of the Insolvency and Bankruptcy Code, 2016.

b) To issue necessary directions to CoC to make payment or outstanding professional fee of Rs.3,88,090 /- along with GST as applicable to the liquidator towards Liquidation cost and professional fee c) That such further orders(s) be made and directions given, affording necessary reliefs to the Applicant as in the premises that may deem fit and proper.

2. It is stated that CIRP of the Corporate Debtor was initiated by this Tribunal vide order dated 08.11.2019 and one Mr. S R Krishnan was appointed as Interim Resolution Professional (IRP) and thereafter another Mr. L V Shyam Sundar was appointed as Resolution Professional (RP) based on the decision of the CoC vide tribunal order dated 21.01.2020.

3. It is stated that the Liquidation of the Corporate Debtor was ordered by this Tribunal on 25.04.2022 in MA/62/CHE/2021 in IBA/842/2019 and the Applicant herein was appointed as the Liquidator.

4. It is submitted that the communication in respect of Order of Liquidation of the CD and appointment of applicant as the Liquidator was received only on 10.06.2022. Pursuant to the said communication, the Applicant caused the Public Announcement on 13.06.2022 in Form–B, inviting claims from all the stakeholders and fixed the last date for submission of claim as 09.07.2022.

5. There is no information regarding the Liquidation bank account opening and from Form H it is observed that the applicant/ Liquidator used his personal bank account for the purpose of Liquidation process. Bank Account closure certificate of CD dated 04.10.2023 has been submitted.

6. It is submitted that, Mr. M Pragadeeshkanna, Registered Valuer was appointed for valuation of assets of the CD on 14.06.2022 .The Valuation report disclosed both the Fair Value and Liquidation Value of the CD as Nil because corporate debtor has no assets.

Annexure to Valuation Report highlighted Financial Assets of Cash & Bank Balance of Rs.3,031/- and Short Term Loans & Advances of Rs.14,2,693/-. The efforts to recover the said Short Term Loans &

Advances failed.

7. It is submitted that, there is no business operations carried out by CD.

Further it is averred that, there is no office setup in the registered office of the CD and no information was available as to the suspended management, therefore the applicant has moved the present application for the Dissolution of the Corporate Debtor.

8. The details of the relevant compliances as mandated under Section 54 of the IBC, 2016 read with the IBBI (Liquidation Process) Regulations, 2016 are listed hereunder:-

9. We have heard Ld. Counsel for the Applicant and perused the reports filed by the Liquidator.

10. It is stated in Form H that no applications are pending before this Tribunal for avoidance, Preferential, Undervalued or Fraudulent Transactions.

11. The Tribunal vide its order dated 23.02.2024 directed the Applicant/

Liquidator to clarify the following requirements in respect of th