Umesh Harjivandas Ved vs Oasis Textiles Limited

M.B. Gosavi, J

This application under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the liquidator for dissolution of the Corporate Debtor, M/ s Oasis Textiles Limited having Corporate Identity No. L17110GJ1974PLC002498.

The Corporate Debtor was admitted in Corporate Insolvency Resolution Process ("CIRP"), vide order dated 31.05.2017 in the application under Section 7 of Insolvency and Bankruptcy Code, 2016 by Financial Creditor M/s. Jhaveri Trading and Investment Private Limited on the ground that the Corporate Debtor had committed default in paying financial debt of Rs. 1,23,50,000/- (Rupees One Crore Twenty Three Lakhs Fifty Thousand Only).

The Liquidator was then appointed as IRP/RP to maintain affairs of the Corporate Debtor. He made public announcement of Corporate Insolvency Resolution Process. He called upon the creditors of the Corporate Debtor to submit the claims with the proof. He formed Committee of Creditors consist to Financial Creditors.

He Collected information about assets and liabilities of Corporate Debtor and prepared the information memorandum. The COC directed RP to publish notice in daily newspaper in English as well as in Gujarat Samachar having wide circulation thereby calling upon the prospective Resolution Applicants to submit Resolution Plan for the Corporate Debtor. It is seen from the record that during Corporate Insolvency Resolution Process, Committee of Creditors and Resolution Professional did not receive any Resolution plan to resolve the Insolvency of the Corporate Debtor. Hence, on 22.11.2017 Adjudication Authority passed the order of Liquidating the Corporate Debtor. The Resolution Professional was appointed as the Liquidator.

The Liquidator liquidated the assets of the Corporate Debtor to the satisfaction of its Creditors and filed on record the final report on 18.10.2019 as per regulation 45 of the IBBI (Liquidation process) regulation, 2016 (Annexure L).

We have gone through the final report. We are of the considered opinion that the assets of the Corporate Debtor have been fully liquidated to the satisfaction of its Creditors. Hence, it is of no use to mandate the identification of the Corporate Debtor henceforth.

Section 54(2) of the Insolvency and Bankruptcy Code, 2016 mandates that the Adjudicating Authority shall pass the order of dissolution of the Corporate Debtor if such application was filed by the liquidator.

Hence in view of the material on record as indicated above, we are of the firm opinion that the Corporate Debtor required to be dissolved hence, the order:

The Corporate Debtor M/s. Oasis Textiles Limited having CIN No. L17110GJ1974PLC002498 stands dissolved from the date of this order.

Copy of this order be forwarded to ROC Gujarat within seven days so as to enable him to take note of this order in the relevant register and to comply with the order.

ROC Gujarat shall file report of compliance within two weeks.

Main CP (IB) No. 27 of 2017 and IA No. 716 of 2019 stand disposed of.