CP(IB)/26/KOB/2022

(Under Section 60 (5) of the IBC, 2016 read with 11

of the NCLT Rules) In the matter of:

M/s. Rubberwood India Private Limited.

Memo of Parties:

M/s. Kuttanad Coir and Rubber Products, represented through its Managing Partner Mr. Ajay Zacharia Mathew, Nellickal House, Manganam P.O., Vijayapuram Village, Kottayam Taluk, Kottayam District, Kerala.

Email: - kuttanadrubber@gmail.com.

… Applicant.

-Versus-

1. Kerala State Electricity Board Limited, Represented through its Deputy Chief Engineer, Office of the Deputy Chief Engineer, Electrical Circle, Pakkil P.O., Kottayam- 686

012. Email:- dcektm@gmail.com.

2. Mr. Renahan Vamakesan, Liquidator of Rubber Wood India Private Limited, Villa 23, Skyline, Rosemount Homes, Kunjan Bava Road, Ponnurunni, Vyttila P.O., Ernakulam District, Kerala. Email:- renahanv@gmail.com.

… Respondents.

Order delivered on: 09.04.2024

CP(IB)/26/KOB/2022 In re: M/s. Rubber Wood India Private Limited.

Coram:

Hon’ble Member (Technical) Hon’ble Member ( Judicial)

Shyam Babu Gautam TMT. Justice (Retd.) T. Krishna Valli Appearances:

For the Applicant : Mr. Vinod P.V, Adv., For the Respondent No. 1 : Mr. Riji Rajendran, Adv.

For the Respondent No. 2 : None appeared.

O R D E R

Per: Coram

1. The application is filed by the Applicant, who is the Auction Purchaser of the assets of the Corporate Debtor through the E- auction conducted by the Liquidator on 12.10.2023. under Section 60 (5) of the IBC, 2016 read with 11 of the NCLT Rules for the following relief: -

➢ To the 1^st Respondent, Kerala State Electricity Board Limited, to grant fresh connection to the Applicant without charging any outstanding dues of the Corporate Debtor

2. The Brief facts of the case are as follows: -

CP(IB)/26/KOB/2022 In re: M/s. Rubber Wood India Private Limited.

3. The Applicant stated that this Tribunal by vide order dated

17.05.2022 in CP(IB)/26/KOB/2022, admitted the Corporate Debtor for initiating the Corporate Insolvency Resolution Process. Since no resolution plan was received by the Corporate Debtor, by Order dated 15.12.2022 this Tribunal passed an order for Liquidation of the Corporate Debtor in IA(IBC) /408/ KOB /2022 in CP(IB)/ 26/ KOB/ 2022 and appointed the 2^nd Respondent, as the Liquidator of the Corporate Debtor.

4. It is stated that as per Section 35 of the IBC read with Regulations 32 and 33 of the IBBI (Liquidation Process) Regulations, 2016, the liquidator caused a public notice for the auction of the properties of the Corporate Debtor under Schedule I (5) of the IBBI (Liquidation Process) Regulation, 2016 on 12.09.2023 inviting prospective bidders to submit their bid on the assets of the Corporate Debtor.

5. - and the date of the auction was scheduled on 12.10.2023. It is stated that the The reserve price fixed for the assets was Rs. 3,70,00,000/

owner of the property is the Rubber Board, a statutory body incorporated under the Rubber Act of 1947. It is stated that the participated in the E-Auction process by depositing an EMD of Rs.37 Applicant qualified to submit the bid under the IB Code and lakhs. The E-Auction was held on 12.10.2023 and this Applicant emerged as the successful bidder for a total bid amount of Rs.

CP(IB)/26/KOB/2022 In re: M/s. Rubber Wood India Private Limited.

3,70,00,000/-. Subsequently, the Liquidator has issued a Letter of Applicant and also directing the Applicant to pay the balance sale Intent on 14.10.2022 confirming the auction in favour of the consideration of Rs. 3,33,00,000/ -

6. It is stated that upon receipt of the entire sale consideration of Rs.

3,70,00,000/- executed an agreement jointly with the Rubber Board in favour of the Applicant on 15.12.2023 assigning the lease in favour of the Applicant.

7. It is further stated that before the liquidation of the Corporate Debtor, Respondent No.1 had disconnected the electric supply service to the Corporate Debtor on the grounds of arrears of due. Respondent No.1 has filed its claim against such arrears before the Liquidator. It is stated after taking over