In the matter of Monorex Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 08.08.2024 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) IN THE MATTER OF : Bank of India Vs Monorex Pvt Ltd MAIN PETITION NUMBER : CP/1381/IB/2018 (IA/MA) APPLICATION NUMBERS IA(DIS)/12(CHE)2024 ORDER Present: None for the Applicant / Liquidator. Vide separate order pronounced in Open Court, the company Monorex 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 (DIS)/12(CHE)/2024 in MA/886/2019 in CP/1381/IB/2018 (Filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016) In the matter of Monorex Private Limited CA S Prabhu, Liquidator of Monorex Private Limited SPP Insolvency Professionals LLP 2nd Floor, CODISSIA- GD Naidu Towers, Huzur Road, Coimbatore – 641 018 … Applicant

Order Pronounced on 08thAugust 2024 CORAM

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

For Applicant: A.G.SathyanarayanA, Advocate

ORDER (Hearing Conducted through VC)

This Application has been filed under Section 54(1) 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., MONOREX PRIVATE LIMITED.

2. It is stated that CIRP of the Corporate Debtor was initiated by this Tribunal vide order dated 27.02.2019 and one Mr. Murugesan was IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited 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 20.12.2019 in MA/886/2019 and one Mr.

Devadoss Duraiswami Reddy was appointed as the Liquidator.

4. Pursuant to the order of Liquidation, the liquidator caused the Public Announcement on 11.03.2020 in Form –B of Schedule II by inviting claims from all the stakeholders and fixed the last date for submission of claim as 09.04.2020.

5. It is stated that in response to the Public Announcement inviting claims, the liquidator received the claims and the same was verified with the records submitted by the claimants and intimated to the concerned stakeholders. Subsequent to that, the liquidator filed the final List of stakeholders on 04.06.2020 under regulation 31 of the IBBI (Liquidation

Process) Regulations, 2016 before this Tribunal. A revised list of stakeholders was filed on 27.11.2020.

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

6. It is stated that as per Regulation 31(2) and 12(3) of the IBBI (Liquidation Process) Regulations, 2016, the liquidator caused the public announcement on 06.06.2020 whereby the final list of stakeholders filed before this Tribunal was notified to the stakeholders.

7. Further, the Liquidator constituted the Stakeholders Consultation

Committee (SCC) under Regulation 31A of the IBBI (Liquidation

Process) Regulations, 2016 and the nominees to represent in the SCC were duly intimated to the respective stakeholders and subsequently

SCC was re-constituted based on the revised list of stakeholders.

8. It is stated that the erstwhile liquidator opened a Liquidation

Bank Account in the name of Monorex Private Limited with Bank of India, Mount Road Branch bearing Account No.800120910000001.

9. It is stated that the erstwhile liquidator conducted the SCC Meeting as tabled below:

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

10. It is stated in that after the 4th SCC meeting dated 28.12.2023, the erstwhile liquidator filed an application IA/315/2024 for replacement of the liquidator before this Tribunal and the same was allowed by Tribunal vide order dated 27.02.2024 and the applicant Mr. S.Prabhu was appointed as the new liquidator. The applicant took the charge from the erstwhile liquidator and continued to render his services for the smooth flow of the liquidation process.

11. It is stated that applicant intimated to all the statutory authorities regarding the replacement of the liquidator on 07.03.2024 upon taking charge as the liquidator and INC-28 was filed on 09.03.2024.

12. It is stated that Bank of India filed an application IA/2269/2023 seeking withdrawal of its claim and the same was ordered by this Tribunal vide order dated 18.12.2023.

13. It is stated that Liquidator/Applicant has submitted request with bank for closure of the Liquidation bank account of the Corporate

Debtor on 20.04.2024 as there were no assets in the Corporate Debtor and hence there was no realization/distribution. Further the Liquidation

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited account of the Corporate Debtor has been duly audited and submitted to Adjudicating Authority periodically (along with the progress reports).

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 1 Regulation 12 Public Announcement in Form B 45-46 The CD had no fixed assets and due to non- Appointment of Registered Valuers availability of 2 Regulation 35(2) where no valuation conducted during books of CIRP accounts, no valuation of the Financial assets could be done List of Stakeholders within 45 days of 3 Regulation 31(2) 212-230 the Liquidation Commencement Date Constitution of Stakeholders Para 8 of the 4 Regulation 31A Consultation Committee (SCC) application 5 Regulation 13 Preliminary Report dated 07.06.2020 47-51 Preparation of Asset Memorandum 6 Regulation 34 within Seventy-Five days from LCD 52-55 dated 07.06.2020 Opening of Bank Account in the name Para 12 of the 7 Regulation 41 of the company in Liquidation in application “IDBI Bank Limited” Proof of Closure of the above Bank 8 Account and other account in the N/A name of the Company Quarterly Progress Reports and proof 9 Regulation 15 56-202 of filing the same before this Tribunal Asset Sale Reports after sale of 10 Regulation 36 N/A Reports

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

Proof of Distribution within Ninety 11 Regulation 42(2) N/A days from the receipt of realization 12 Regulation 45 (3) Final report dated 22.04.2024 12-23 Regulation 5 (1) 13 Compilation of Minutes of SCC 232-249 (e) Audited Accounts of receipts and 14 Regulation 15 250 Payments Liquidation Order dt.20.12.2019. Completion of Liquidation Process Three extensions within one year from Liquidation allowed by this 15 Regulation 37 Commencement Date or extension if Tribunal. any, date of the order & period Accordingly, Liquidation period ends on 27.08.2024 16 Form-H –Compliance Certificate 253-259

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

16. It is relevant to mention that the erstwhile liquidator had filed a Section 66 Application IA/1287/2020 against the directors to pay Rs.3.28 crores being the value of Corporate Debtor assets siphoned off by the promoters/directors as per the books of account of the Corporate Debtor as no assets were handed over to the erstwhile RP/liquidator. The IA/1287/2020 was dismissed by this Tribunal vide order dated

23.02.2024.

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

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

Transactions.

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

Realization: Nil

Distribution: Nil

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., Monorex 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.

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited

20. In terms of the above, this IA(DIS)/12/CHE/2024 stands allowed and CP/IB/1381/CHE/2018 also stands disposed of.

21. File be consigned to records.

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

Vinitavarshini.K

IA(DIS)/12/CHE/2024 in MA/886/2019 in CP/1381/IB/2018 In the matter of Monorex Private Limited