The Tribunal approved the dissolution of the corporate debtor after confirming the completion of the liquidation process and the Liquidator's compliance with statutory obligations.

Per: Rekha Kantilal Shah, Member (Technical)

1. The Tribunal convened through hybrid mode.

2. The Corporate Debtor, Viswatma Merchandise Pvt Ltd, (hereinafter referred to as Corporate Debtor), is a company incorporated under the provisions of the Companies Act, 1956 having its Registered Office at 5/53 Jagatipota, Krishan Market Road P.O - Dhalua, Kolkata, West Bengal- 700152.

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3. The Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016 was initiated against the Corporate Debtor vide an order dated 29.12.2022 by the National Company Law Tribunal, Kolkata Bench. Subsequently the Hon'ble Adjudicating Authority passed the order of liquidation of the Corporate Debtor on 27.7.2023. The applicant Mr. Arun Kumar Gupta, Insolvency Professional was appointed as Liquidator of Viswatma Merchandise Pvt. Ltd.

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4.1 This application is filed by the applicant claiming the following reliefs:

(a) Allow the present application.

(b) To pass necessary orders u/s 54 of Insolvency & Bankruptcy Code, 2016 read with Regulation 45 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 for dissolution of the Corporate Debtor Viswatma Merchandise Pvt Ltd. and (c) Issue such other necessary orders as may be deemed fit in the matter.

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5. Background of the Case

5.1 The Adjudicating Authority passed the order for liquidation of the Corporate Debtor And appointed the applicant as liquidator on 27.07.2023, which was considered the Liquidation Commencement Date.

5.2 The applicant immediately, thereafter, made a newspaper publication of the Public Announcement in Form B on 29.07.2023 in Financial Express (English Newspaper) and Aajkaal (Bengali Newspaper), and in the said public announcement the applicant also declared 26.08.2023 as the last date for submission of claims by the creditors/

stakeholders.1

5.3 The Preliminary Report and an Asset Memorandum, was also prepared as per Regulation 34. The aforesaid preliminary report and asset memorandum were filed before the Adjudicating Authority, Kolkata Bench, with this Tribunal on 23.08.2023 by way of an application bearing IA/IBC/1474/KB/2023, as required under Regulation 5 and Regulation 13 of liquidation Regulations.

1Annexure C

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5.4 On the basis of claims received from the stakeholders and after due verification of the same, the applicant prepared the list of stakeholders and filed the same before the Adjudicating Authority on 20.09.2023 by an application bearing IA/IBC/1604/KB/2023, which was allowed by this Tribunal via order dated 16.10.2023. The applicant on 18.09.2023 constituted Stakeholders Consultation Committee (SCC), within sixty days from the liquidation commencement date based on the stakeholders prepared as per Regulation 31A(2). The details of SCC members and their admitted amount of claims is given hereunder:

5.5 The applicant states that there was no cooperation from the directors since the beginning of CIRP. An application under Section 19(2) of IBC, 2016 bearing IA/291/KB/2023 was preferred to that effect by the applicant, and the same is pending before this Tribunal.

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5.6. The applicant opened a new current bank account named Viswatma Merchandise Private Limited, bearing account number 01900210019795, with UCO Bank, Kolkata Main-RT Branch, West Bengal, for CIRP/Liquidation purpose as required under Regulation 41(1) of the Liquidation Regulations.

5.7 The applicant stated that, he has filed 9 progress reports for the period from 27.07.2023 to 30.09.2025, each outlining the material developments and actions undertaken during the course of the liquidation proceedings. The said progress reports were duly taken on recor