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I.A. No.365 of 2021 &
CP (IB) No.159/BB/2020
IN THE NATIONAL COMPANY LAW TRIBUNAL
BENGALURU BENCH
(Exercising powers of Adjudicating Authority under
the Insolvency and Bankruptcy Code, 2016)
I.A.No.365/2021
U/s.54 of the I&B Code, 2016 &
C.P. (IB) No.159/BB/2020
U/s.10 of IBC, 2016
R/w Rule 7 of I&B (AAA) Rules, 2016
In the matter of:
Mr. M.V Sudarshan,
(Liquidator of M/s. Blue Whale Machinery Technologies Private Limited)
No.984/13, 8th Main, Girinagar II Phase,
Bangalore – 560 085
…
Applicant
Order delivered on: 7th February, 2023
Coram:
1. Hon’ble Justice (Retd.) T. Krishnavalli, Member (Judicial)
2. Hon’ble Shri Manoj Kumar Dubey, Member (Technical)
Present:
For the Liquidator
:
Mr. Hemanth R Rao with
Mr. M.V. Sudarshan, Liquidator
O R D E R
Per: T. Krishnavalli, Member (Judicial)
1. I.A.No.365/2021 in C.P.(IB) No.159/BB/2020 is filed by Mr. V Sudarshan,
Liquidator of M/s. Blue Whale Machinery Technologies Private Limited
(Applicant/Liquidator), U/s.54 of the I&B Code, 2016 by seeking to dissolve
the Corporate Debtor M/s. Blue Whale Machinery Technologies Private Limited
with immediate effect, and to direct the UCO Bank, Malleshwaram Branch,
Bangalore 560002, one of the financial creditors who has not relinquish its
rights over secured assets to pay its share of expenses of liquidation
Rs.3,92,019/- (Rs.5,41,938/- less already paid Rs.1,49,919/-) and Kotak
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I.A. No.365 of 2021 &
CP (IB) No.159/BB/2020
Bank, Malleshwaram Branch, Bangalore-2, to pay Rs.51,613/- and Adithya
Birla Finance Limited to pay Rs.77,420/- towards their share of expenses of
liquidation of CD as mandated in Regulation 2A of the IBBI (Liquidation
Process) Regulation, 2016. And to close all the accounts of the corporate
debtor and to permit the RP to complete further intimation of dissolution order
to various authorities.
2. Brief facts of the instant Application, which are relevant to the issue in
question, are as follows:
(1) Initially, the main Company Petition bearing C.P.(IB)No.159/BB/2020
was filed by M/s. Blue Whale Machinery Technologies Private Limited
(Petitioner), U/s.10 of the IBC, 2016, by inter alia seeking to initiate CIRP
and the same was admitted by the Adjudicating Authority, vide its order
dated 10.07.2020, by appointing Mr. Srinivas Thatikonda as IRP,
imposing moratorium etc. Further, the Interim Resolution Professional
filed I.A.No.317 of 2020 for Liquidation of Corporate Debtor U/s. 33(2) of
the IBC, 2016 Read with Rule 11 of NCLT Rules, 2016 and to appoint the
Applicant as Liquidator and the same was disposed of by this
Adjudicating Authority vide its order dated 16.09.2020. Pursuant to the
said Liquidation Order, the Liquidator made Public Announcement in
Form-B dated 09.12.2020, one in Financial Express (English Newspaper)
another in local language Hosadigantha (Kannada Newspaper) and on the
official website of IBBI on 09.12.2020.
(2) It
is
stated
that
the
Liquidator
has
received
total
claim
of
Rs.13,79,66,983/- and the total claim amount of Rs. 13,79,66,983/- was
admitted by the Liquidator. Further, the Liquidator appointed two
Registered Valuers on 12.12.2020 for valuing the assets of the Company,
to determine the realizable value of the assets or business of the
Corporate Debtor. Valuation of assets is as follows:
(Rs. In Lacs)
Sl. No.
Class of Assets
Fair Value
Liquidation Value
1
SFA
11.90
2.37
2
Inventory – P & M
5.51
3.81
Average Value
17.41
6.18
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I.A. No.365 of 2021 &
CP (IB) No.159/BB/2020
(3) Further, based on the claims received under Liquidation process and
CIRP process, the Liquidator constituted a committee of consultation on
05.02.2021 and communicated the same to the members through mail
dated 17.02.2021. The amount available was not even enough to meet the
CIRP/liquidation cost and he
