- (1.) In relation to the Petition and subsequent proceedings before this Tribunal leading to the present in relation to Corporate Debtor under Corporate Insolvency Resolution Process (CIRP), it will be in order for the purpose of consideration of the recommendations of liquidation of the Corporate Debtor namely Advantage Projects & Consultants Pvt. Ltd. a brief recapitulation of facts as follows:
(2.) From the proceedings, it is seen that the Petition was admitted by the Hon'ble Principal Bench on 30.05.2017 based on the above Petition filed by Financial Creditor under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC,2016). Upon admission on 30.05.2017, moratorium was declared, as contemplated under Section 13(l)(a) of IBC,2016 and one Mr. Ashok Kumar Gupta who had been proposed by the Financial Creditor as an Interim Insolvency Professional (IRP) was named as the IRP with the direction that the said IRP shall comply with all the duties and functions as mandated under the provisions of IBC and the rules framed thereunder. It is also evident from Reports of Interim Resolution Professional (IRP) that subsequent to admission and IRP being named in terms of Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, public announcement had been made on 03.06.2017 in The Pioneer' (in English) and in The Vir Arjun' in verna cular namely in Hindi. It is also brought to the notice that IRP had made a personal visit on 2.6.2017 to the office of the Corporate Debtor and found that no business activities was being carried out and that the staff and employees of the Company had left the service of the Corporate Debtor.
(3.) Be that as it may, it is reported that the IRP on 07.06.2017 as well as on 08.06.2017 had appointed two valuers in order to ascertain the liquidation value of the Corporate Debtor. It is however reported from the latest audited financial statements, books and records of the Corporate Debtor in view of no business activities, no physical assets and inventory were found. IRP has also reported that pursuant to public announcement, four claims had been received and all are from the financial creditors, out of which two parties are related parties and based on the said claims first meeting of Committee of Creditors (CoC) was convened on 01.07.2017 and the fee and expenses of IRP were ratified and the IRP was named as the Resolution Professional (RP). According to the valuers report, only certain furniture was found which had been valued by one valuer at Rs.2500/- and by the other at Rs.2300/-. In this connection, it is also pointed out that the said furnitures belonged to one of the Directors of the Corporate Debtor and not Corporate Debtor per se and in the circumstances the value of this was taken as 'nil'. It is also brought to light in one of the valuer's report that the estimated liquidation value of receivables of the Corporate Debtor including cash and bank balance based on the audited statements as on 31.03.2017 is to the extent of Rs.16.20 lakhs and based on the valuer's report an Information Memorandum (IM) was prepared as required under Regulation 36 as on 30.06.2017. The said IM was placed before the second CoC convened on 13.07.2017. Subsequently it is reported that on 17.08.2017 the third meeting of CoC was convened and the Resolution Plans were invited. For the period 2015-16 and 2016-17 the audited accounts for these financial years have been filed with the Registrar of Companies on 29.08.2017. As per the same, the following amounts due to the Corporate Debtor are required to be recovered. JUDGEMENT_277_LAWS(NCLT)12_2017_1.html;