In the matter of Accutime Logistic Private Limited

IA(IBC)/1452(KB)2023 in CP(IB)/454(KB)2019 Under sections 54of theInsolvency& Bankruptcy Code, 2016 andregulation14of theIBBI (Liquidation Process) Regulations, 2016

Inthematter of: DNK Lorry Services ….OperationalCreditor Versus Accutime LogisticPrivate Limited (CIN: U63090WB2007PTC114917) ….CorporateDebtor And Inthematter of: SeikhAbdul Salam, LiquidatorofAccutime LogisticPrivate Limited …Applicant

Order reserved on:17/10/2023 Orderpronounced on: 14/12/2023 Coram: Smt. Bidisha Banerjee : Member (Judicial) ShriArvind Devanathan : Member (Technical)

Appearances (through video conferencing): For Liquidator : Mr. Udit Agarwal, Adv. For LIC Housing Finance : Mr. Abhimanyu Shandilya, Adv. Ms.M. Chakrkaborty, Adv. For Financial Creditor : Mr. Avishek Guha, Adv. Ms.Arunika Dutta, Adv.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1452(KB)2023 inCP(IB)/454(KB)2019

ORD ER Per:Arvind Devanathan, Member (Technical) 1. ThisAdjudicating Authority convened through hybrid mode. 2. IA(IBC)/1452(KB)2023 is an application filed u/s. 54 of the Insolvency and Bankruptcy Code, 2016 (“IBC 2016”) and regulation 14 of the IBBI (Liquidation Process) Regulations, 2016 by the Liquidator of Accutime Logistic PrivateLimited, the Corporate Debtor, seeking early dissolution of the Corporate Debtor. This application is supported by an affidavit1 duly affirmed by the Liquidator. 3. Brieffacts ofthe Caseare as follows: - (a) This Adjudicating authority vide its order2 dated 14/01/2022 in CP(IB)/454(KB)2019, had ordered initiation of CIRP against the Corporate Debtor appointing Seikh Abdul Salam as the Interim Resolution Professional (“IRP”). Liquidation order3 was passed on 10/08/2023 appointing the applicant as theLiquidator. (b) In terms of regulation 12 ofthe IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Process Regulations”) public announcement4 in Form B was made on 24/02/2023 in “Business Standard” (English) (All Editions), “Aajkal” (Bengali) and “Tarun Bharat” (Marathi) calling upon the stakeholders to submit their claims stipulating last date of submission of claims on 22/03/2023. In response, the applicant received two claims from Financial Creditors andnine claims from Operational Creditors. (c) Since LIC Housing Finance Limited (“LIC HFL”), one of the secured financial creditor/stakeholders has decided not to relinquish their security interest/charge over the assets mortgaged by the Corporate Debtor, Stakeholders’ Consultation Committee (“SCC”) was constituted comprising 1Atpages23and25oftheapplication 2 Annexure‘A’atpages26to33oftheapplication 3 Annexure‘B’atpages36to42oftheapplication 4 Annexure‘D’atpages43to53oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1452(KB)2023 inCP(IB)/454(KB)2019 of Bandhan Bank, Employee State Insurance Corporation (“ESIC”) and DNK Lorry Service. The applicant has filed List of Stakeholders along with Asset Memorandum and Preliminary Report with the Adjudicating Authority on05/05/2023.Acopy ofList ofStakeholders forms Annexure‘E’5. (d) 1st SCC meeting was held on 03/03/2023, wherein the applicant apprised the CoC members that two Valuers were appointed on 28/02/2023 for valuation of land and building, which is the only asset Corporate Debtor possessed jointly with its sister concern, being a three storied building situated at New Alipore, Kolkata 700053, wherein only 2% of the property having been officially mutated in the name of the Corporate Debtor and the same was mortgaged with LIC HFL. Save and except the above assets jointly owned with sister concern, no other assets were found that could be included in the liquidation estate. The inspection report submitted by Mr. Seikh Tariq Anowar during his preliminary inspection of the property forms Annexure ‘F’6. (e) At the 4th SCC meeting held on 29/04/2023, the Liquidator has recommended for early dissolution of the Corporate Debtor since there are no assets that could form part of the liquidation estate. The Bandhan Bank having 82.74% voting share in the SCC, agreed to the above proposition taking into consideration of the fact that there are no additional assets that could be liquidated by the Liquidator, early dissolution is the only option to minimise theliquidationexpenses. (f) TheLiquidator has shared the total outstanding liquidationcost7with boththe secured financial creditors, Bandhan Bank and LIC HFL. Out of the total costs ofRs.4,40,306/-, theshare of Bandhan Bankis Rs.3,69,020/-andthat of LIC HFL is Rs.71,286/-. However, LIC HFL has paid its full share but Bandhan Bank has made a part payment of its share and an amount of 5 Annexure‘E’atpages54to56oftheapplication 6 Annexure‘F’atpages58to60oftheapplication 7 Annexure‘G’atpages61to80oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1452(KB)2023 inCP(IB)/454(KB)2019

Rs.92,539/- is still due and payable. However, Ld. Counsel appearing on behalf of the Bandhan Bank on 17/10/2023 submitted before this Adjudicating Authority that the amount of Rs.92,539/- is to be paid to the Liquidator ‘during the course of this week and the same was duly recorded in the order dated 17/10/2023, while reserving the IA(IBC)/1452(KB)2023 for orders. (g) At the 7th SCC meeting held on 07/07/2023 after due deliberations, it was resolved to withdraw IA(IBC)/214(KB)2022 filed u/s. 19(2) of the IBC 2016 to minimize the burden on the SCC members. Similarly, other pending application being IA(IBC)/907(KB)2022 for exclusion of 131 days from CIRP period has become infructuous. Accordingly, this Adjudicating Authority vide its order dated 17/10/2023 dismissed both the above two applications. However, vide the said order dated 17/10/2023 in Cont.A.(IBC)/3(KB)2022, this Adjudicating Authority disposed of the contempt application with direction upon the Operational Creditor to make payment of Rs.3 Lakhs as was ordered vide ‘order of admission’ dated 14/01/2022 within four weeks of receipt of the said order dated 17/10/2023. However, in the event of non-payment of Rs. 3 Lakhs by the Operational Creditor, liberty was granted to the RP to revive the Contempt Proceedings being Cont.A.(IBC)/3(KB)2022 against the CorporateDebtor. (h) In the above conspectus, Ld. Counsel for the Liquidator submitted that the instant application be admitted and early dissolution of the Corporate Debtor beallowed. 4. As per regulation 41 of the Liquidation Process Regulations, the Liquidator opened a bank account no.0786637000001661 in the name of “Accutime Logistics Private Limited – In Liquidation” with Yes Bank, Kolkata, on 29/04/2023. It is stated that the RP could not close the Liquidation Account due to pendency of payment of balance amount of Rs.92,539/- by the Bandhan Bank. For the aforesaid reasons, the Liquidator could not audited the liquidation account since the balance professional fees is yet to be received from Bandhan

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1452(KB)2023 inCP(IB)/454(KB)2019

Bank. However, the Liquidator has annexed with the application unaudited statements of receipts and payments of liquidation account, which forms Annexure‘K’8.Copy ofBank Statements forms Annexure‘L9. 5. In the event the Liquidator received the payment of Rs.3 Lakhs from the Operational Creditor, the same shall be apportioned amongst the Financial Creditorwho has contributed towards the CIRP and Liquidation costs. 6. Under regulation 45(3) of the Liquidation Process Regulations, the Liquidator has filed Compliance Certificate in Form H10 giving the details of the Liquidationtherein. 7. Under regulation 45 of the Liquidation Process Regulations, the Liquidator had annexed the Final Report11 with the application giving details of the liquidation process. 8. Various provisions of the Code dealing with the dissolution of the Corporate Debtorare as follows:

54.Dissolutionofcorporate debtor. - (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authorityfor thedissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporatedebtor is registered. Regulation14ofIBBI(LiquidationProcess)Regulationsprovidesas under: 14.Earlydissolution.

8 Atpage121oftheapplication 9 Atpage123oftheapplication 10 Annexure‘N’atpages125to130oftheapplication 11 Annexure‘D’atpages42to410oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1452(KB)2023 inCP(IB)/454(KB)2019

Any time after the preparation of the Preliminary Report, if it appears to theliquidatorthat- (a) the realizable properties of the corporate debtor are insufficientto cover thecost of theliquidation process; and (b) the affairs of the corporate debtor do not require any further investigation; he may apply to the Adjudicating Authority for early dissolution of the corporate debtor and for necessary directions in respect of such dissolution. 9. A conjoint reading of these provisions leads to the requirement of completion of the liquidation of the assets of the corporate debtor and subsequent application to theAdjudicating Authority bytheliquidatorfordissolution. 10. Upon hearing the Ld. Counsel appearing for the Liquidator and perusing the documents annexed to the application, it appears that the since the Corporate Debtor has no assets, the Financial Creditors has to contribute towards the CIRP and Liquidation costs. Thus, the affairs of the Corporate Debtor deemed to have been completely wound up and its assets have been completely liquidated. In view of the above facts and circumstances stated above, there is no impediment tothe Corporate Debtorbeing dissolved, and itis ordered accordingly. 11. In the event of the Liquidator received the payment of Rs.3 Lakhs from the Operational Creditor, the same shall be apportioned amongst the Financial Creditors, who have contributed towards the CIRP and Liquidation costs. Further, the Liquidator shall file an affidavit with this Adjudicating Authority after closure ofthesaid Liquidation Account with YES Bankfor records without fail. 12. The Liquidator is further directed to serve a copy of this order upon the Registrar of Companies, West Bengal, immediately and, in any case, within fourteen days of receipt of this order. The Registrar of Companies shall take further necessary action uponreceipt of acopyof thisorder. 13. The Liquidator shall stand discharged from his responsibilities, subject to all procedural compliances and directions as above. 14. IA(IBC)/1452(KB)2023 is allowed with the above directions and both the INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1452(KB)2023 inCP(IB)/454(KB)2019

IA(IBC)/1452(KB)2023 and CP(IB)/454(KB)2019 are hereby disposed of accordingly. 15. The Registry is directed to send e-mail copies of the order forthwith to all the parties and theirLd.Counsel for information and fortaking necessary steps. 16. Certified Copy of this order may be issued, if applied for, upon compliance of all requisiteformalities. 17. Filebe consigned torecords.

ArvindDevanathan Bidisha Banerjee Member(Technical) Member (Judicial)

Signed onthis,the14th dayof December, 2023.

hb.