In the matter of M.N. Horological Industries Private Limited

ORDER Present: Ms. Varshini A., Ld. Counsel for the Applicant/Liquidator. Vide separate order pronounced in the Open Court, the application is allowed and the Company M/s. M N Horological Industries Pvt. Ltd. is dissolved.

File 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 (IBC)(Dis)/37(CHE)/2024 In CP/1441/IB/2018 (Filed under Section 54 of the Insolvency and Bankruptcy Code, 2016)

In the matter of M.N.Horological Industries Private Limited

Mr. L.V.Shyam Sundar Liquidator of M/s. M.N.Horological Industries Private Limited, IBBI/IPA-002/IP-N00262/2017-18/10775, 3rd Floor, No.113/52, Ankur Plaza, GN Chetty Road, Parthasarathi Puram, T. Nagar, Chennai-600017 … Liquidator/Applicant

Order Pronounced on 04th of February, 2025 CORAM SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

For Applicant: Sriram Venkatavardan, Saai sudharsan Sathiyamoorthy, Varshni A and Anand Madhavan S, Advocates

ORDER (Hearing Conducted through VC)

1. This Application has been filed under Section 54 of the Insolvency and Bankruptcy Code, 2016 by the Liquidator of the IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

Corporate Debtor herein seeking for an order for Dissolution of the Corporate Debtor viz.,. M.N.Horological Industries Private Limited. 2. It is stated that CIRP of the Corporate Debtor was initiated by this Tribunal vide order dated 23.07.2019 in CP(IB)/1441(CHE)/2018 and the Applicant herein was appointed as Interim Resolution Professional (IRP) and thereafter as Resolution Professional (RP). 3. It is stated that, the Applicant issued a public announcement in Form A on 30.07.2019 and invited for the submission of claims from the creditors of Corporate Debtor. 4. It is stated that in the 6th meeting held on 18.01.2020, the CoC passed a resolution to liquidate the CD. Pursuantly, the Applicant filed MA/103/2020 in CP(IB)/1441(CHE)/2018 before this Tribunal. Subsequently, this Tribunal vide order dated 05.05.2020 passed an order liquidating the Corporate Debtor and appointed the Applicant herein as the liquidator. 5. It is stated that pursuant to the appointment as liquidator, the Applicant issued a public announcement in Form-B in two newspapers viz., Trinity Mirror(English) and in Makkal Kural(Vernacular Tamil) inviting claims from the stakeholders in accordance with the provisions of Insolvency and Bankruptcy Code, 2016 (hereinafter IBC,2016) on 17.07.2020. It is stated that, the Applicant received claims and the composition of the Stakeholders’ Consultation Committee stood modified upon approval from this Tribunal.

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

6. It is stated that, the liquidator had duly received the claims from the various stakeholders of the CD and filed the list of stakeholders and constituted the Stakeholders’ Consultation Committee in accordance with Regulations 30,31 and 31A of the Liquidation Process Regulations. 7. Modified list of stakeholders as provided by the Applicant is reproduced below:

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

8. It is stated that, Bank of Baroda, a secured financial creditor, submitted the claim in Form-D dated 12.08.2020 and decided to relinquish its security interest to the liquidation estate and to receive proceeds from the sale of assets by the Applicant. 9. It is stated that, the liquidation period of one year as provided under Regulation 44 of the IBBI(Liquidation Process) Regulation, 2016 ended on 04.10.2021. The liquidator filed applications under Regulation 44(2) of the IBBI(Liquidation Process) Regulations, 2016 time after time for extension of the liquidation timeline. It is stated that, the final extension granted by this Tribunal ends on 30.11.2024 vide order dated 01.08.2024 in IA/1661(CHE)/2024. 10. It is stated that there are no pending applications before this Tribunal as on the date of this Applicaition. 11. It is stated that, all the creditors of the CD have been duly settled in full. The details of the distribution made pursuant to Section 53 of the Code are annexed along with the Application as Annexure 21. 12. It is stated that, the liquidator has not identified any PUFE transactions in the CD and no application in this regard was filed before this Tribunal. 13. It is stated that, all the quarterly progress reports with the NCLT and the IBBI were filed within the prescribed timelines as per Regulation 15 of the IBBI(Liquidation Process) Regulations, 2016. 14. It is stated that, the liquidator had opened current account with Yes Bank for the purpose of liquidation pursuant to Regulation 41 of IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited the IBBI (Liquidation Process) Regulations, 2016. It is stated that the Liquidator closed the Yes Bank Account on 27.11.2024. 15. It is stated that as on the date of the Application, the liquidator completed the liquidation process as per the regulations. It is stated that, the liquidator intimated all the statutory authorities regarding the commencement of liquidation and also the conclusion of the liquidation process. 16. 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 1 Regulation 12 Public Announcement in Form B 40 Appointment of Registered Valuers 2 Regulation 35(2) where no valuation conducted during NA CIRP List of Stakeholders within 45 days of the Annexure 6, page no:57 3 Regulation 31(2) Liquidation Commencement Date Annexure 7, Page No.64 Constitution of Stakeholders Annexure 6, page no:57 4 Regulation 31A Consultation Committee (SCC) Annexure 7, Page No.64 5 Regulation 13 Preliminary Report dated 19-06-2018 Annexure 10 at Page 83 Preparation of Asset Memorandum 6 Regulation 34 within Seventy-Five days from LCD Annexure 9 at Page 74 dated 14.07.2022 Opening of Bank Account in the name of 7 Regulation 41 the company in Liquidation in “Union Annexure 23, Page 803 Bank of India” Proof of Closure of the above Bank Annexure 23, Page 818 & 8 Account and other account in the name of 818 the Company Quarterly Progress Reports and proof of Annexure 22, Page 294 9 Regulation 15 filing the same before this Tribunal (17 Progress Report) Annexure 12 at Page107, 10 Regulation 36 Asset Sale Reports after sale of assets Annexure 14 at Page 122, Annexure 16 at Page 174 Proof of Distribution within Ninety days 11 Regulation 42(2) Annexure 21 at Page 293 from the receipt of realization 12 Regulation 45 (3) Final report dated Annexure 27 at Page 829 Regulation 5 (1) 13 Compilation of Minutes of SCC Annexure 18 at Page 198 (e) IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

Audited Accounts of receipts and 14 Regulation 15 Annexure 24 at Page 820 Payments i. The liquidation expired on 04.10.2021 and it was extended until 02.04.2022. ii. The extended liquidation period expired on 02.042022 and it was extended until 01.10.2022. iii. The extended liquidation period expired on 01.10.2022 and it was extended until 01.02.2023. iv. The extended liquidation period expired on 01.02.2023 and it was extended Completion of Liquidation Process within until 01.08.2023. one year from Liquidation 15 Regulation 37 Commencement Date or extension if any, v. The extended date of the order & period liquidation period expired on 01.08.2023 and it Was extended until 01.02.2024. vi. The extended liquidation period expired on 01.02.2024 and it was extended until 01.05.2024. vii. The extended liquidation period expired on 01.05.2024 and it was extended until 01.08.2024. viii. The extended period expired on 01.08.2024 and it was extended until 30.11.2024. To furnish of details of any application 16 pending before the Adjudicating No Authority if any in relation to CD 17 Form-H –Compliance Certificate Annexure 27, page 829

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

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

18. The liquidator has filed the Form H showing the realization and the distribution which are reproduced as under:

Realization:

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

Distribution:

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

19. 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., M.N.Horological Industries Private Limited.

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited

20. 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.

21. In terms of the above, this IA(IBC)(Dis.)/37/CHE/2024 stands allowed and CP/1441/IB/2018 also stands disposed of. File consigned to records.

-Sd- -Sd-

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

Kishore P

IA(IBC)(Dis.)/37/CHE/2024 in CP/1441/IB/2018 In the matter of M.N.Horological Industries Private Limited