In the matter of Nekka Oil & Fats Private Limited

Under section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 14 of The Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations,2016.

In theMatter of : NEKKA OIL AND FATS PRIVATE LIMITED, (CIN:51909WB2017PTC219656) having its office at p-48 Strand Bank Road, Kolkata700007, Represented byits Liquidator– Mr. Neeraj Kejriwal ….Applicant/Liquidator

Date ofHearing:08.04.2022 Date ofpronouncement: 12/05/2022

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH KOLKATA IA(I.B.C)/286(KB)2022 IA(IBC)/470(KB)2020 IA(IBC)154(KB)2021 in C.P.(IB)/1116(KB)2019 CORAM: Mr. RohitKapoor : Member (Judicial) Mr. Harish ChanderSuri : Member (Technical)

Appearances: For applicant : Mr. Udit Agarwal, Adv. Mr. Neeraj Kejriwal, Liquidatorin person OR DE R Per:Harish Chander Suri, Member (Technical) 1. ThisTribunal convenedviaphysical and video conference. 2. IA(IBC)/286(KB)2022, IA(IBC)/470(KB)2020 and IA(IBC)/154(KB)2021 are taken up together for consideration and are being disposed of by means of a single order. IA(IBC)/286(KB)2022 3. This is an application filed under section 54 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called the “Code”) read with Regulation 14 of the IBBI (Liquidation Process) Regulations, 2016 by the Liquidator of Nekka Oils and Fats Private Limited (CIN: 51909WB2017PTC219656) (hereinafter called the “Corporate “Debtor”) praying for dissolution of the Corporate Debtor. 4. Vide order of this Adjudicating Authority dated 19/02/2020, the Corporate Debtor was admitted under CIRP appointing Mr. Neeraj Kejriwal as Interim Resolution Professional. Subsequently, his appointment was confirmed as Resolution Professional. Having been not able to resolve the stressed assets of the Corporate Debtor as the Corporate Debtor is not a going concern and there

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH KOLKATA IA(I.B.C)/286(KB)2022 IA(IBC)/470(KB)2020 IA(IBC)154(KB)2021 in C.P.(IB)/1116(KB)2019 is no scope of any resolution of the company, at the request of the Resolution Professional, an order of liquidation was passed vide order dated 09/11/2021 appointingtheResolution Professional, Mr. Neeraj Kejriwal, as a Liquidator. 5. Public announcement of commencement of liquidation was made in Form ‘B’ in “Financial Express” (English) and “Aajkal” (Bengali) on 16/11/2021 inviting proof of claims from the stakeholders of the Corporate Debtor in the specified forms and Form ‘B’ was also uploaded on the IBBI website. In response, the Liquidator had received only one claim from the Indian Bank. However, the same was not accepted due to incomplete form. In spite of serios of emails to file the form in a prescribed manner, Indian Bank has failed to do so. The petitioning petitioner has also not filed its claim. Since no other creditors have filed its claim with the Liquidator, Stakeholder Consultation Committeecould not beconstituted. 6. The applicant states that there are no balances available from the existing Current Accounts, thus the applicant did not open any current account of the Corporate Debtor in liquidation process as required under regulation 41(1) of theIBBI (Liquidation Process) Regulations,2016. 7. In compliance of regulation 13 of the IBBI (Liquidation Process) Regulations, 2016, the liquidator has filed Preliminary Report dated 28/02/2022 along with the“NIL”listof StakeholderConsultation Committee. 8. The applicant submits that from the available assets of the Corporate Debtor, which is a commercial vehicle only, even the Liquidation Process Cost incurred cannot be recovered from the sale proceeds of that assets. No Liquid saleable asset of the Corporate Debtor could be identified till date and it is transparent that the realisable properties of Corporate Debtor are insufficient toeven cover thecost oftheliquidationprocess.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH KOLKATA IA(I.B.C)/286(KB)2022 IA(IBC)/470(KB)2020 IA(IBC)154(KB)2021 in C.P.(IB)/1116(KB)2019 9. The applicant further submits that the Indian Bank in 8th CoC meeting has confirmed the fees of liquidator as Rs.1.50,000/- plus taxes which is also yet to bepaid including expenses incurred by the liquidator in the liquidation process. Therefore, direction shall be given to Indian Bank to pay the fees and costs to thetuneofRs.2,25,979/-. 10.Final Report dated 28/03/2022 ( at page 47) and Compliance Certificate in Form –H(at page68) havebeen filed. 11.Ld. Counsel for the Liquidator submits that in the aforesaid circumstances, no purpose would be served in continuing with the liquidation process and early dissolution of the Corporate Debtor u/s. 54 of the Code read with regulation 14 oftheIBBI (Liquidation Process) Regulations, 2016shallbe passed. 12.In view of the above facts and circumstances, there is no impediment to the CorporateDebtor being dissolved, and itis ordered accordingly. 13.The Liquidator is further directed to serve a copy of this order upon the Registrar of Companies, West Bengal, immediately and, in any case, within fourteen days of receipt of this order. The Registrar of Companies, Kolkata shall takefurther necessary action uponreceipt ofa copy ofthis order. 14.The CoC is directed to pay the fees and costs to the Liquidator as approved in the 8th CoC meeting held on 05/06/2021 and confirmed vide letter dated 25/06/2021 (Annexures ‘F’ & ‘G’ at pages 53 to 57 of the application), if not already paid. 15. IA (IBC)/286(KB)2022 along with CP(IB)/1116(KB)2019 shall stand disposed ofin accordance with theabovedirections.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH KOLKATA IA(I.B.C)/286(KB)2022 IA(IBC)/470(KB)2020 IA(IBC)154(KB)2021 in C.P.(IB)/1116(KB)2019

IA(I.B.C.)/470(KB)2020 andIA(I.B.C.)/154(KB)2021 16. In view of the order passed in IA(IBC)/286(KB)2022 directing dissolution of the Corporate Debtor, IA(I.B.C.)/470(KB)2020 and IA(I.B.C)/154(KB)2021 have become infructuous and shall standdismissed as such. 17. The Registry is directed to send e-mail copies of the order forthwith to all the parties and theirLd.Counsel for information and for taking necessary steps. 18. Certified copy of this order may be issued, if applied for, upon compliance of all requisiteformalities. 19. File beconsigned totherecord.

(HarishChanderSuri) (RohitKapoor) Member (Technical) Member (Judicial)

Signed this, 12th dayofMay, 2022.

hb.