In the matter of Expertus Infotech Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – II, CHENNAI IA /IBC (LIQ) / 10 (CHE) / 2025 IN CP(IB) / 214 (CHE) / 2023 (Under Section 33(2) r/w Section 34 of Insolvency & Bankruptcy Code, 2016 along with IBBI (Liquidation Process) Regulations, 2016) Mr. Rosita Fernando, Resolution Professional of Expertus Infotech Private Limited, Plot No.245, 11th Street, Kothari Nagar, Ramapuram, Chennai, Tamil Nadu - 600 089. … Applicant In the matter of Expertus Infotech Private Limited … Corporate Debtor Order Pronounced on 13th August 2025 CORAM Shri JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL) Shri RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL) Present: For Applicant/ RP : Clara Hepsiba S & Prashanth P, Advocates. ORDER (Heard through video conferencing) The Present application has been filed under Section 33 & 34 of the Insolvency & Bankruptcy code, 2016 (herein after termed as “the Code”) by Rosita Fernando, RP of Expertus Infotech Private Limited, i.e. the Corporate Debtor (hereinafter referred as “CD”) seeking following reliefs hereby, a) That this Hon’ble Adjudicating Authority may be pleased to order Liquidation of the Corporate Debtor, M/s. Expertus Infotech Pvt. Ltd; b) That this Hon'ble Adjudicating Authority may be pleased to pass an order that the Resolution Professional Rosita Fernando having IBBI Regn No. IBBI/1PA-003/1CA1- N-00452/2024-2025/14405, be appointed as the Liquidator of the Corporate Debtor; and c) To pass such other orders or further orders which may be deemed to be fit and proper in the interest of justice.

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2. It is stated that, Corporate Debtor is registered at RoC, Chennai and involved in Software publishing, Consultancy and Supply. 3. The corporate debtor, was admitted to Corporate Insolvency Resolution Process, (hereinafter referred as “CIRP”) vide an order dated 20.12.2024 passed by this Adjudicating Authority and applicant herein was appointed as the Interim Resolution Professional (“IRP”) of the CD. 4. It is stated that, Public Announcement was issued on Business Standard and Dinamani (Tamil) on 24.12.2024 and fixed last date for receiving claims as 04.01.2025. 5. It is stated that, 2 claims from Operational creditors was first received. No claims from any other creditors including financial creditors was received and IRP therefore constituted the CoC only with the said Operational Creditors. 6. It is stated that, even after that, a new claim from EPFO was received on 17.01.2025 and their claim was admitted on 19.01.2025. 7. The 1st CoC Meeting was conducted on 24.01.2025 which resolved to confirm the IRP as RP. 8. It is stated that, another claim from Greater Chennai Corporation was received on 30.01.2025, post 1st CoC meeting. The revised Constitution of the CoC with the admitted claim amounts is as follows, Amount Admitted Voting % S. No. Creditor Details in Rs. The Income Tax Officer, Corporate 1. 1,22,91,305.00/- 27 Ward 2(1), Chennai 2. EPFO, Chennai 2,63,72,341.00/- 58 Commissioner, Greater Chennai 3. 67,12,976.00/- 14 Corporation, Professional Tax 4 SPAB & C Velacherry, Chennai 2,51,880.00/- 1 Total 4,56,28,496.00/- 100 9. Applicant stated that, the CD was not operating, neither at the Registered address which is available in MCA records nor at the address provided in the Petition Copy. 10. It is stated that, the lastly the CD operated from the leased premises located on 7th and 5th Floors of Dowlath Towers, Kilpauk, Chennai between 30.07.2014 and 26.10.2016 and ceased its operations.

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11. It is stated that, the resignation letters dated 31.03.2017, of the last worked 46 employees were submitted, however failed to file the same with EPFO for closure process. 12. It is stated that, CD has submitted the Audited Financial Statements from 31.03.20218 to 31.03.2024 which shows zero revenue. 13. It is stated that, applicant has reviewed the banking transactions of the company’s accounts maintained with IDFC First Bank for possibility of avoidance transactions. 14. The 2nd CoC meeting was conducted on 21.02.2025, where the above submissions were discussed. It is stated that, as the CD is not a going concern and completely defunct. It has no assets other than the bank credit balance. There is no employee and no physical office or administrative infrastructure. The engagement of valuers to assess the assets of the CD in such circumstance would only incur costs and do not serve purpose. 15. It is stated that, the RP did not find any material substance for preparation of Preliminary Report, Preparation of an Information Memorandum or the Invitation of the Resolution Plan or the Publication of Expression of Interest in Form G. 16. It is stated that, during the 3rd CoC which held on 03.04.2024, the RP informed the CoC members about the amounts that has been recovered from the suspended directors of the CD. 17. It is stated that, the CoC in the said meeting on 03.04.2024, resolved to liquidate the CD and authorized the applicant to move necessary application. 18. Heard the Ld. Counsel appeared on behalf of the applicant and perused the records. 19. From the Compliance certificate (Form H) attached with the application the dates and events subsequent to initiation of CIRP of the CD is as follows, S. No Date Events 1. 20.12.2024 Commencement of CIRP & appointment of IRP Publication of FORM – A, in Business Standard (English) and 2. 24.12.2024 Dinamani (Tamil). 3. 10.01.2025 Constitution of Committee of Creditors (CoC) 4. 24.01.2025 1st CoC meeting and recommendation of IRP as RP Reconstitution of CoC and confirmation of IRP as RP vide 5. 17.02.2025 IA(IBC)/236/(CHE)/2025 IA (IBC) (LIQ)/ 10 (CHE)/2025 IN CP (IB)/214 (CHE)/2023 – Rosita Fernando, RP OF EXPERTUS INFOTECH PRIVATE LIMITED PAGE 3 OF 10

6. 21.02.2025 2nd CoC Meeting 7. 25.02.2025 Voting on agenda of Liquidation of the CD 8. 03.04.2025 3rd CoC Meeting 9. 10.04.2025 Filing the present application praying Liquidation of the CD 10. 18.06.2025 Expiry of 180 days of CIRP 20. It is observed that, Form A was published on 24.12.2024 on Business Standard and Dinamani (Tamil). 21. It is observed the Reconstituted CoC as on 17.02.2025 pursuant to IA(IBC)/236/(CHE)/2025 is as follows, Amount Admitted Voting % S. No. Creditor Details in Rs. The Income Tax Officer, Corporate 1. 1,22,91,305.00/- 27 Ward 2(1), Chennai 2. EPFO, Chennai 2,63,72,341.00/- 58 3. SPAB & C Velacherry, Chennai 2,51,880.00/- 1 Commissioner, Greater Chennai 4. 67,12,976.00/- 14 Corporation, Professional Tax Total 4,56,28,496.00/- 100 22. It is observed that, during the 2nd CoC meeting that held on 21.02.2025, CoC discussed the issues relating to transaction audit and analysis conducted by the RP for the immediate last two years prior to CIRP initiation. The findings of the RP is extracted as follows,

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23. Apart from the transaction audit, the CoC also discussed upon written off amounts of Receivables in 2016 as follows,

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24. It is seen that, Resolution to Liquidate the Corporate Debtor was passed with 100% voting by the CoC and the voting results are extracted hereunder,

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25. Further it is noted that, certain amount of money has been brought back to the Company’s account from the Suspended director. The same was discussed during the 3rd CoC meeting dated 03.04.2025 and the relevant extracts is hereunder,

26. The financial position of the CD as on the 03.04.2025 is as follows

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27. It is seen that, the CoC in its 3rd meeting resolved to appoint the applicant herein as the Liquidator of the CD. However, this Tribunal vide order dated 09.05.2025 requested the CoC to reconsider the proposal for Liquidator in line with the IBBI circular. During the subsequent hearing on 30.06.2025, applicant by way of memo having SR No. 1532 dated 10.06.2025 submitted that, CoC on its 4th meeting dated 28.05.2025, resolved with 99% voting and proposed Mr. V. Duraisamy having IBBI Reg. No. IBBI/IPA-002/IP-N00609/2018-19/11862 in the place of applicant RP for appointment as Liquidator for the CD. 28. It is clear from the submissions of the applicant RP that, the CD is not a going concern and do not have any valuable assets for proceeding towards inviting Resolution Plan. There were no financial claims and the CoC is completely constituted with Operational Creditors, where the major claimants are EPFO, IT Department and Greater Chennai Corporation. 29. The maximum period of 180 provided under IBC for completion of CIRP has been expired, and no extension of the CIRP was also prayed. Further, the CoC with 100% voting resolved to liquidate the Corporate Debtor as there is no assets or valuables in the CD and need for invitation of Resolution Plan did not arise. The resolution for Liquidation of the Corporate Debtor has been passed taking into consideration, the interest of the Corporate Debtor and all other stakeholders concerned. Therefore it is seen that, the CoC has directed the Resolution professional to file application for Liquidation of the Corporate Debtor. 30. It is seen that the Applicant/RP submitted FORM-H dated 24.04.2025 as per Regulation 39 (4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations 2016. The same is placed at Page 44 - 48 of the application. As observed from Form-H, there is no PUFE applications pending in respect of the CD. The same is extracted hereunder,

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31. However, from the Minutes of the 2nd CoC meeting dated 21.02.2025, it is seen that, Income Tax Department has initiated prosecution under Section 276 CC by EOCC vide 93/2014 which is pending before ACMM (EO-II) for the AY 2013 – 20214. It is understood that, the said prosecution is pending for compounding and committee is yet to be formed for compounding process. It is viewed that, the Liquidation of the CD can be continued and said proceedings will have no interference. 32. From the above facts and circumstances, considering the decision taken by the CoC of the Corporate Debtor, this Adjudicating Authority deems it fit to order Liquidation of the Corporate Debtor. Accordingly, we order Liquidation of the Corporate Debtor i.e. Expertus Infotech Private Limited. 33. Further, after verifying the disciplinary status from the IBBI portal, we appoint Mr. V. Duraisamy having Reg. No. IBBI/IPA-002/IP-N00609/2018- 19/11862, email id: karurdurai.samy@gmail.com, Contact No. 99620 59300 with valid AFA till 31-12-2025 as the Liquidator for the Corporate Debtor. 34. The Liquidator Mr. V. Duraisamy is directed to carry out the liquidation process subject to the following terms/directions: - a. The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 and the attendant Rules and Regulations including Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 as amended up to date enjoined upon him. b. The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/ employees and workers of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c. The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/ undervalued transactions and such other like transactions including fraudulent preferences and file a suitable application before this Adjudicating Authority. d. The Registry is directed to communicate this order to the Registrar of Companies, Chennai and the Insolvency and Bankruptcy Board of India; e. In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal

IA (IBC) (LIQ)/ 10 (CHE)/2025 IN CP (IB)/214 (CHE)/2023 – Rosita Fernando, RP OF EXPERTUS INFOTECH PRIVATE LIMITED PAGE 9 OF 10 and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. f. The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under Section 33(5) of the Insolvency and Bankruptcy Code shall commence. g. The Liquidator is directed to proceed with the process of liquidation in a manner laid down in Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016. h. The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section – 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company Applications during the process of liquidation. i. The Liquidator shall submit individual Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further such other or further reports as are required to be filed under the relevant Regulations, in addition, shall also be duly filed by him with this Adjudicating Authority. j. Copy of this order be sent to the financial creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary cooperation in relation to the Liquidation process of the Corporate Debtor. 35. With the above directions, IA(IBC)(LIQ)/ 10(CHE)/ 2025 in CP(IB)/ 214(CHE)/ 2023 stands allowed and disposed of.

-Sd/- -Sd/- RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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