In the matter of Kushal International Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH CA (IB) No.265/2018 in CP (IB) No.124/ALD/2018 In the matter of: An application under section 33(1) and Sec 33(2) of the Insolvency and Bankruptcy Code, 2016. In the matter of: Jammu & Kashmir Bank Limited … Financial Creditor Versus Kushal International Limited … Corporate Debtor And In the matter of: Mr. Pankaj Khetan RP of Kushal International Limited ... Applicant Coram: Shri Rajasekhar V.K. : Member (Judicial) Shri Virendra Kumar Gupta : Member (Technical) Appearances (through video conference): For Applicant : Ms. Babita Jain, Advocate Mr. Pankaj Khetan, RP in person Date of hearing: 14.12.2021 Date of pronouncement: 20.12.2021 ORDER Per: Rajasekhar V.K., Member (Judicial) 1. This application was filed by the Resolution Professional seeking liquidation of the Corporate Debtor, viz., Kushal international Limited which was considered earlier and this Adjudicating Authority vide its order dated 28.02.2019 passed the order of liquidation of the corporate debtor. However, the appointment of Liquidator was not made as Suspended Management of the Corporate Debtor had filed an application for removal of present RP and also to not appoint him as Liquidator. The application was fixed for hearing on ALLAHABAD BENCH CA No. 265/2018 in CP. No. (IB) 124/ALD/2018 In re: Kushal International Limited appointment of Liquidator on 11.03.2019. Subsequently, due to various reasons the appointment of Liquidator, in the present case, has remained pending. The RP in this period has discharged the functions of RP-cum-Liquidator.

2. At this stage, following the order of the coordinate Bench, without going into the validity or otherwise of the arguments made by the Suspended Management of the Corporate Debtor earlier, we need to appoint the Liquidator so that liquidation process can be completed in a time-bound manner.

3. Before doing so, it is worth mentioning that IA No.305/ALD/2020 was filed by the sole member of the Financial Creditor constituting the CoC, wherein name of the proposed Liquidator was suggested. The said application has already been dismissed vide order dated 14.12.2021. Accordingly, we appoint Mr. Rakesh Jindal, Registration No. IBBI/IPA-001/IP-P00375/2017-2018/10632; Address: II/E-64 Nehru Nagar, Ghaziabad, Uttar Pradesh ,201001 E-mail Id: ca.rakeshjindal@gmail.com; Mobile No. 9810063768 as a Liquidator whose name appears in list of insolvency professionals made available Allahabad Bench by IBBI. Mr Rakesh Jindal shall take charge of the affairs of the Corporate Debtor and complete the liquidation process as per the provisions of Code read with Regulations made thereunder forthwith.

4. The present RP is directed to hand over all the documents and possession of the assets of the Corporate Debtor to the appointed Liquidator within three days from the updating of this order on the website.

5. We have already noticed that the Liquidator had not been appointed earlier. Therefore, because of this exceptional situation, the period starting from 28.02.2019 till the date of passing of this order, is excluded from the liquidation process period.

6. The Registry is directed to send email copies of the order forthwith to the parties and their learned counsel for taking necessary steps.

ALLAHABAD BENCH CA No. 265/2018 in CP. No. (IB) 124/ALD/2018 In re: Kushal International Limited 7. We further direct to the Registry of this Bench to immediately intimate the newly appointed liquidator so that he can take charge.

8. Certified copy of the order may be issued, if applied for, upon compliance of all requisite formalities.

9. The aforesaid application stands finally disposed of with the aforesaid directions.

Virendra Kumar Gupta Rajasekhar V.K. Member (Technical) Member (Judicial)

Kavya Prakash Srivastava (Stenographer)