In the matter of Shiv Cotgin Private Limited

Limited, under Section 54 of the Insolvency and Bankruptcy Code, 2016 for an order of dissolution by seeking relief as follows: (a) Allow the present application; and/or (b) Pass order of dissolution of the Corporate Debtor in accordance with Section 54 of the Code read with Regulations 44 to 46 of the Liquidation Process Regulations, 2016 and/or (c) Direct the applicant to intimate the order for dissolution of the Corporate Debtor to the Registrar of Companies, Ahmedabad; and/or (d) Discharge the applicant of his duties as the Liquidator of the Corporate Debtor from the date of order for dissolution of the Corporate Debtor; and/or (e) Grant any other relief as may deem fit in the interest of justice.

2. It is Submitted that the Petition for Corporate Insolvency Resolution Process was filed by Bharatbhai Varjalbhai Selani against the Corporate Debtor Viz. M/s Shiv Cotgin Private Limited bearing C.P. No. 132/7/NCLT/AHM/2019 u/s 10 of the Insolvency and Bankruptcy Code 2016 pursuant to which order for initiation of CIRP was passed by the Hon'ble NCLT, Ahmedabad Bench via. order dated 21.08.2017 wherein Mr. Premraj Laddha was appointed as Interim Resolution Professional.

3. It was resolved in the 3rd CoC Meeting to liquidate the Corporate Debtor and to file an application under Section 33 (2) of the IBC, 2016 and appoint Mr. Manoj Gangwal as Liquidator.

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

3. It is stated that this Bench by its order dated 27.04.2018 in IA No. 79 of 2018 ordered for initiation of the Liquidation Process of M/s Shiv Cotgin Private Limited and Mr. Manoj Gangwal Applicant/RP came to be appointed as Liquidator of the company in accordance with the provisions of Chapter III of part II of the Insolvency and Bankruptcy Code, 2016.

4. The applicant submitted that he made a public announcement, calling upon the stakeholders to submit their claims as required under Regulation 12 of the Liquidation Regulations, filed preliminary report on 20.07.2018 as required under Regulation 13, verified the claims of various stakeholders as required under Regulation 30, prepared the list of stakeholders as required under Regulation 31 and also prepared the assets memorandum under Regulation 34.

5. A perusal of Form H reveals that there is a sole Financial Creditor, i.e. Bank of Baroda, Para Bazar, Ahmedabad which was earlier known as Dena Bank. (Annexure 3, page no.32 of the application).

6. The applicant further stated that a total of seven rounds of e-auction were conducted after setting the reserve price in consultation with the members of the Stakeholders Consultation Committee (“SCC”) pursuant to obtaining valuation from two registered valuers as mandated under the Code as under:

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

Valuation 1: June 2018 (Rs. in Crores) Particulars Land Building P&M Total Best Appraisal Realisable Value 4.59 2.57 1.01 8.16 Multi Mulyankan Realisable Value 8.04 - 1.01 9.05 Average 8.61 Realisable Value Reserve Price 8.61 Proposed

Valuation 2: February 2019 (Rs. In Crores) Particulars Land Building P&M Total Pri. Val. Associates Realisable Value 3.46 1.70 0.68 5.84 Gajjar Techno Economic Realisable Value 3.90 1.60 0.55 6.05 Average 5.95 Realisable Value Reserve Price 5.95 Proposed

Valuation 3: August 2019 (Rs. In Crore) Particulars Land Building P&M Total Pri. Val. Associates Realisable Value 3.19 1.48 0.61 5.28 Gujarat Techno Economic Realisable Value 3.70 1.40 0.50 5.60 Average 5.44 Realisable Value

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

Reserve Price 5.44 Proposed

7. It is submitted that based on the above valuations, the Reserve Price for the various e-auctions was set in consultation with the SCC as follows: E Newspaper Reserve Reduction Auction Advertisement Price Results in RP (%) No. Date Set 1 11-Jul-18 8.61 No Bid 2 24-Oct-18 6.90 19.9 No Bid 3 28-Mar-19 5.95 13.8 No Bid 4 30-Sept-19 5.45 8.4 No Bid 5 14-Feb-20 4.90 10.1 No Bid 6 11-Mar-20 4.50 8.2 No Bid 3 Bids received. 7 07-Aug-20 4.25 5.6 Sold at Rs.5.04 Crores

8. As per the applicant, on 07.08.2020, he issued 7th E-Auction advertisement inviting bids for auction of the sole property of the Corporate Debtor, wherein, one Krystal Pebble Infrastructures turned out to be the highest bidder and a letter of intent was issued in its favour. Copies of E-Auction advertisements as given by the applicant for the sale of assets of the Corporate Debtor are annexed as Annexure D to the present application.

9. The applicant stated that the property of the Corporate Debtor was sold to Krystal Pebble Infrastructure for IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

Rs.5,04,00,000/-. However, pursuant to some delay in payment, the applicant, vide I.A. No.894 of 2020 sought appropriate directions vide by this Bench’s order dated 25.01.2021, the bidder was directed to deposit the balance amount within seven days along with the interest. It is submitted that, in compliance of order of this Bench, the successful bidder paid an interest of Rs.17,29,677/- for the delay in payment of the entire sale consideration. The applicant has submitted the details of distribution as per the details below:

Amount Amount Percentage Particulars Claim Distributed (%) CIRP Cost 17,09,626 17,09,626 100% Liquidation 36,26,749 36,26,749 100% Cost Financial 42,60,64,043 4,68,08,302 11% Creditor Operational Creditor 10,07,41,125 - - (Government Duties) Total 53,21,41,543 5,21,44,677 9.8%

10. It is stated that the distribution of funds took place on 09.06.2021. The Liquidation process was completed and the dues of the stakeholders were recovered.

11. As submitted, the Liquidator has opened Liquidation account with Bank of Baroda, in the name of “M/s. Shiv Cotgin Private Limited, in Liquidation” bearing account no.

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

70160200000910 having Customer ID: AE9D18787. As per Section 53 of IBC, 2016, the Liquidator distributed the proceedings to stakeholders. Copy of certificate issued by the Bank of Baroda declaring that account was closed on 14.09.2023 was submitted during the proceedings.

12. The details of the relevant compliances as mandated under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with IBBI (Liquidation Process) Regulations, 2016 are listed hereunder:-

Reference Sr. Compliance Page No. Number (Regulation 12) Public Announcement in Form B within 1.5.2018 1 five days of the appointment of the Page 33 liquidator (Regulation 35(2)) Appointment of Registered valuers in 2 Page 33, 36 matters where no valuation conducted during the CIRP (Regulation 31(2)) 20.07.2018 3 Filling the List of Stakeholders within forty-five days of LCD (Regulation 31A) 15.07.2018 4 Constitution of SCC within sixty days from LCD. (Regulation 13) Filing 'Preliminary Report' before the 20.07.2018 5 Adjudicating Authority within seventy- Page 33 five days from the LCD. (Regulation 34) Preparation 20.07.2018 6 of Memorandum within seventy-five Page 33 days from LCD. 7 Regulation 41) 14.05.2018

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

Opening of Bank Account in the name Page 33 of the Company followed by the words 'in liquidation' in a Scheduled Bank. Proof of Closure of the above Bank Yes 8 Account and any other account in the 14.09.2023 name of the Company. (Regulation 15) Quarterly Progress Reports and proof of 9 Page 26, 27 filing the same before the Adjudicating Authority. (Regulation 36) 10 Page 34 Asset Sale Report after sale of Assets. (Regulation 42(2)) 11 Proof of distribution within ninety days No from the receipt of realization. (Regulation 45(3)) with 12 'Final Report' along Compliance Page 28 Certificate in Form H to be filed along the Application. (Regulation 5(1)(e)) 13 N.A. (Compilation of the Minutes of SCC). (Regulation 15) Audited accounts of receipts and payments. (Page No. of the Auditor 14 Page 38 Certificate in the Application Typeset) (Regulation 37) Completion of liquidation process 15 Page 27 within one year from LCD or exte sion if any, date of the order & period. To furnish of details of any application 16 pending before the Adjudicating No Authority if any. Whether any application pending before this Tribunal in relation to the 17 No Corporate Debtor, if any. (Details to be furnished)

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited

13. Heard the submissions made by the Learned Counsel for the Applicant. At this juncture, it is relevant to point out Section 54 of the IBC, 2016 provides as follows:- Section 54: “(1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered.”

14. 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 and no applications are pending in the matter. In the circumstances, as averred and as prayed for by the Applicant that an order for dissolution is to be passed by this Tribunal under Section 54 of the Code.

15. Accordingly, we hereby order for the dissolution of the Corporate Debtor as under:- i) The Corporate Debtor, viz., M/s. Shiv Cotgin Private Limited having CIN No. U17120GJ2013PTC077715

IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited stands dissolved from the date of this order as per Section 54(2) of the Insolvency and Bankruptcy Code, 2016.

ii) Consequently, the liquidator Mr. Manoj Gangwal is discharged from his duties and responsibilities as the liquidator of the Corporate Debtor.

iii) The Liquidator shall preserve physical or electronic copy of the reports, registers, and books of account referred to in Regulations 45A of the IBBI (Liquidation Process) Regulations, 2016 for at least eight years after the dissolution of the Corporate Debtor, either with himself or with an information utility.

iv) The liquidator is directed to send a copy of this order to the RoC concerned and also to the IBBI within seven days from this order for information and necessary action.

16. In terms of the above, IA(IBC)/928(AHM)/2023 in CP(IB) No. 73/AHM/2017 is allowed and stands disposed of.

-Sd- -Sd- SAMEER KAKAR SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

AT IA/928/AHM/2023 in CP(IB)73 of 2017 In the matter of M/s. Shiv Cotgin Private Limited