In the matter of Deleo Construction Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 13.09.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) IN THE MATTER OF : P B Radhakrishnan Vs Deleo Construction Pvt. Ltd. MAIN PETITION NUMBER : CP/18/IB/2018 (IA/MA) APPLICATION NUMBERS IA(DIS)/19CHE)/2024 ORDER Presen t: Ld. Counsel Shri. Satish Kumar for the Applicant/Liquidator. Vide separate order pronounced in Open Court, the application is allowed. The Company M/s. Delco Construction Pvt. Ltd. is dissolved. The petition and the application be consigned to records.

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

IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI IA (Dis.)/19(CHE)/2024 in CP/18/CHE/2018 (Filed under Section 54 of the Insolvency and Bankruptcy Code, 2016) In the matter of M/s. Deleo Construction Private Limited

PATHUKASAHASRAM RAGHUNATHAN RAMAN Liquidator - M/s. Deleo Construction Pvt. Ltd. IBBI/IPA-002/IP-N00295/2017-18/10896 Ground Floor, No.93, Sivan Koil South Street, Vadapalani, Chennai - 600 026 … Applicant

Order Pronounced on 13th September 2024 CORAM

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

For Applicant: CJ Satish Kumar, Advocate

ORDER (Heard through –hybrid mode-)

This Application has been filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the liquidator of the Corporate Debtor herein seeking for an order for Dissolution of the Corporate Debtor viz.,

Deleo Construction Private Limited.

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.

2. It is stated that CIRP of the Corporate Debtor was initiated by this Tribunal vide order dated 08.02.2019 and the Applicant herein was appointed as Interim Resolution Professional (IRP) and thereafter as Resolution Professional (RP).

3. It is stated that the Liquidation of the Corporate Debtor was ordered by this Tribunal on 08.02.2019 in MA/95/2019 in CP/18/IB/2018 and the Applicant herein was appointed as the Liquidator.

4. Pursuant to the order of Liquidation, the Applicant caused the Public Announcement dated 12.02.2019 in Form –B by inviting claims from all the stakeholders and fixed the last date for submission of claim as 09.03.2019.

5. It is stated that, no claims were received by the Company

Liquidator by the cut-off date and hence there are no Stakeholders for the Corporate Debtor. It is stated that, the lone financial creditor Mr. P.B.

Radhakrishnan who had triggered the CIRP of the Corporate Debtor, failed to lodge his claim with the Liquidator and therefore ceased to be the beneficiary of any assets/receivables of the Corporate Debtor realized if any, during the liquidation process.

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.

6. It the stated that, Applicant opened an Liquidation Process

Account of the corporate debtor in the name of M/s. Deleo Construction

Pvt. Ltd. (in liquidation) (A/c. 630102000008198) in IDBI Bank, Ashok

Nagar Branch, Chennai 600 093.

7. It is stated that this Tribunal in order dated 12.12.2023 in IA/1341/CHE/2023 granted leave to the Applicant to file an application seeking dissolution of the Corporate Debtor as there are no stakeholders in the Corporate Debtor.

8. 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 Makkal Kural Annexure 3 dated 12.02.2019 Appointment of Registered Valuers where 2 Regulation 35(2) N/A no valuation conducted during CIRP As per order dated List of Stakeholders within 45 days of the 12.12.2023 in 3 Regulation 31(2) Liquidation Commencement Date IA/1341/CHE/2023 -NIL Stakeholders Constitution of Stakeholders Consultation 4 Regulation 31A NA Committee (SCC) Preliminary Report was filed vide 5 Regulation 13 Preliminary Report SR.No. 3785 dated 14/08/2019.

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.

-NA- (Paragraph Preparation of Asset Memorandum within No. 41 at Page No. 6 Regulation 34 Seventy-Five days from LCD 16 of the Application) Opening of Bank Account in the name of 7 Regulation 41 the company in Liquidation in “IDBI Bank Annexure 2 Limited” Proof of Closure of the above Bank 8 Account and other account in the name of Annexure 6 the Company Quarterly Progress Reports and proof of Page 13-14 of the 9 Regulation 15 filing the same before this Tribunal Application typeset 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 Filed on 20.06.2024 at Page Nos. 50 to 12 Regulation 45 (3) Final report 58 of the Application typeset 13 Regulation 5 (1) (e) Compilation of Minutes of SCC NA Audited Accounts of receipts and 14 Regulation 15 Annexure 7 Payments Completion of Liquidation Process within one year from Liquidation Para 46 of the 15 Regulation 37 Commencement Date or extension if any, Application. date of the order & period Page 59-63 of the 16 Form-H –Compliance Certificate Application typeset.

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

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

Transactions.

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

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.

12. 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

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.

for the dissolution of the Corporate Debtor viz., Deleo Construction

Private Limited. 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.

13. In terms of the above, this IA (Dis)19/CHE/2024 stands allowed and CP/18/IB/2018 also stands disposed of.

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

IA(Dis)/19/CHE/2024 in CP/18/IB/2018. In the matter of Deleo Construction Private Limited.