In the matter of Base Electrical and Electronic Solutions Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 26.07.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) IN THE MATTER OF : Fomra electrronics Pvt Ltd Vs Base Electrical and electronic solutions Pvt Ltd MAIN PETITION NUMBER : IBA/1130/2019 (IA/MA) APPLICATION NUMBERS IA(DIS)/15(CHE)/2024 ORDER Present: None for the Applicant / Liquidator. Vide separate order pronounced in open court, M/s. Base Electrical and Electronic Solutions Pvt Ltd is dissolved. File be consigned to records.

Sd/- Sd/- (VENKATARAMAN SUBRAMANIAM) (SANJIV JAIN) MEMBER (TECHNICAL) MEMBER (JUDICIAL) MG

IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI IA/(IBC)/(DIS)/15 (CHE)/2024 in IBA/1130/IB/2019 (Filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 14 of IBBI (Liquidation Process) Regulations, 2016 In the matter of Base Electrical and Electronic Solutions Private Limited Vasudevan Gopu Liquidator of Base Electrical Solutions Private Limited IP Reg No: IBBI/IPA-002/IP-N00291/2017-18/10849 ‘G.V.Enclave’18/30 Ramani Street, K.K.Pudur, Saibaba Colony (4th Right Opp. Road to Saibaba Colony Hotel Annapoorna Road) Coimbatore – 641 038 Velachery, Chennai – 600 042 … Applicant

Order Pronounced on 26th July 2024 CORAM

SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

For Applicant : Akhila.B, Advocate

(Hearing Conducted through Hybrid Mode)

This Application has been filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 14 of IBBI (Liquidation Process Regulations), 2016 by the liquidator of the Corporate Debtor herein seeking for an order for Dissolution of the IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

Corporate Debtor viz., BASE ELECTRICAL AND ELECTRONIC SOLUTIONS

PRIVATE LIMITED.

2. It is stated that CIRP of the Corporate Debtor was initiated by this Tribunal vide order dated 11.12.2021 and One Mr. Vegatrao was appointed as Interim Resolution Professional (IRP). Thereafter, the applicant herein Mr.Vasudevan Gopu was appointed as Resolution

Professional (RP) vide order dated 06.10.2020.

2 3. During the CIRP Process, the Financial Creditor cum Sole member of Committee of creditors of the CD namely Karur Vysya

Bank Ltd withdrew its claims on the company as the loan amount payable to them was settled by Personal guarantors for the corporate debtor.

4. It is stated that the Liquidation of the Corporate Debtor was ordered by this Tribunal on 01.05.2023 in IA/343/CHE/2023 and the Applicant herein was appointed as the Liquidator.

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

5. Pursuant to the order of Liquidation, the Applicant caused the Public Announcement on 05.05.2023 in Form –B of Schedule II by inviting claims from all the stakeholders and fixed the last date for submission of claim as 31.05.2023.

6. It is stated that the liquidator sent Intimation to the Statutory

Authorities via email to the Income tax department and Employee provident fund organization informing the Commencement of the Liquidation process. Liquidator had also sent Intimation to Operational creditors who had submitted their claims during CIRP.

7. It is stated that subsequent to the Public Announcement and intimation, no claims were submitted by Operational creditors who had submitted their claims during CIRP. The employee provident fund organization Regional office, Coimbatore which submitted it claim with delay during CIRP sent a notice to liquidator informing the amount due and payable by corporate debtor as on date. Hence in accordance with regulation 12(2)(c) of Insolvency and Bankruptcy

Board of India (Liquidation Process) Regulations, 2016 the claims

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited submitted by such stakeholders during the CIRP were considered and processed under liquidation process.

6. The details of Stakeholders of the Corporate Debtor were as follows:

8. It is stated that the applicant/ liquidator had constituted the Stakeholder Consultation Committee (SCC) under Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016 with the following stakeholders as members of the committee:

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

9. It is stated that he had appointed two registered valuers for the purpose of obtaining a fresh valuation report to assess the liquidation value of the assets of the company. As per the latest valuation reports obtained from registered valuers, the assets of the Corporate Debtor have no Value. The liquidation value of the corporate debtor is NIL.

10. It is stated that the applicant has not opened liquidation bank account with any scheduled bank as the assets of the company have no realisable value.

11. It is stated that the Stakeholders consultation committee in its meeting held on 25.04.2024 has decided to file an application before

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited this Tribunal for dissolution of the corporate debtor, since the asset of the corporate debtor has no realizable value.

12. It is stated that the following expenses were incurred by him for the liquidation process:

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

13. It is stated that as the assets of the Corporate Debtor have no realizable value, the Liquidator requested the members of stakeholder's consultation committee to contribute for the payment of liquidation cost, but the members of the committee did not agree to contribute towards Liquidation expenses as they were unable to recover the debts and asked to recover the cost from the suspended board of directors of the corporate Debtor. Hence suspended board of directors of the corporate Debtor agreed to pay for the liquidation cost incurred by the liquidator.

14. The details of the relevant compliances as mandated under

Section 54 of the IBC, 2016 read with the IBBI (Liquidation Process)

Regulations, 2016 are listed hereunder:-

S. COMPLIANCE AVERMENTS PAGE NO. IN THE NO APPLICATION Public Announcement in Form B in 1 Regulation 12 Business Standard and Maalai Malar 34-37 dated 05.05.2023 A fresh valuation Appointment of Registered Valuers where was done during 2 Regulation 35(2) no valuation conducted during CIRP the liquidation process List of Stakeholders within 45 days of the 3 Regulation 31(2) 48-58 Liquidation Commencement Date Constitution of Stakeholders Consultation 4 Regulation 31A 59-60 Committee (SCC) 5 Regulation 13 Preliminary Report dated 22.09.2023 42-47 Preparation of Asset Memorandum within 6 Regulation 34 Seventy-Five days from LCD dated 47 22.09.2023

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

As the corporate debtor has no Opening of Bank Account in the name of realisable assets, 7 Regulation 41 the company in Liquidation in “IDBI Bank liquidation bank Limited” account was not opened with any Bank. Proof of Closure of the above Bank 8 Account and other account in the name of N/A the Company Quarterly Progress Reports and proof of 9 Regulation 15 61-72 filing the same before this Tribunal 10 Regulation 36 Asset Sale Reports after sale of Reports N/A Proof of Distribution within Ninety days 11 Regulation 42(2) N/A from the receipt of realization 12 Regulation 45 (3) Final report dated 20.05.2023 76-79 13 Regulation 5 (1) (e) Compilation of Minutes of SCC 73-75 Not applicable, as the corporate debtor has no realisable assets and also there were no realisation from Audited Accounts of receipts and avoidance 14 Regulation 15 Payments transactions in the case filed under the Code. Hence no receipt and payments occurred during the liquidation period. The process was Completion of Liquidation Process within completed within one year from Liquidation 15 Regulation 37 one year from Commencement Date or extension if any, Liquidation date of the order & period commencement 16 Form-H –Compliance Certificate 80-84

15. This Tribunal vide order dated 31.05.2024 directed the applicant to serve copy of the application to the Members of Stakeholders

Consultation committee.

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

16. The Applicant has filed a Compliance memo wherein it has stated that the applicant has served a copy of the application to the Members of Stakeholders Consultation committee through Speed Post on 13.06.2024 and it was delivered to them on 14.06.2024.

17. We have heard Ld. Counsel for the Applicant and perused the report and synopsis filed by the Liquidator.

18. It is stated in Form H that no applications are pending before this Tribunal for avoidance, Preferential, Undervalued or Fraudulent

Transactions.

19. The liquidator has filed the synopsis showing the realization and the distribution which are reproduced as under:

Realization:

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

Distribution:

20. From the averments made in the Application along with the perusal of the final report and the Compliance Certificate filed in Form-H by the Applicant, it is seen that the Corporate Debtor has been completely liquidated. In the circumstances as averred and as prayed for by the Applicant, an order for dissolution is required to be passed by this Tribunal under Section 54 of the IBC, 2016. Accordingly, we order for the dissolution of the Corporate Debtor viz., Base Electrical and Electronic Solutions Private Limited.

21. The Liquidator is directed to forward the copy of this Order to the RoC concerned and also to the IBBI for its records within a period of 7 days from the date of this Order.

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited

22. In terms of the above, this IA/(IBC)/(DIS)/15/CHE/2024 stands allowed and IBA/1130/IB/2019 also stands disposed of.

23. File be consigned to records.

-Sd- -Sd-

VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

SriramAnanth.V

IA(IBC)/(DIS)/15/CHE/2024 in IBA/1130/IB/2019 In the matter of Base Electrical and Electronic Solutions Private Limited