In the matter of Shubham Industries Limited

In matter of: Jhe An application under Section 54 of the Insolvency and Bankruptcy Code, 2016, read with IBBI (Liquidation Process) Regulations,20L6,

-And-ot In lhe M?,ttgr M/s, SPM Leasing & Finance Pvt. Ltd, a private lirnited company incorporated under the Companies Act, 1956 having its Registered Office situated at: 16,{ Shakespeare Saraniunitiind,2nd Floor, PS Park Street, Kolkata -7OO 071, W,B, ... ., ... Finan,cial Crgditqr -Versus- In the Ms119rs[: M/s. Shubham lndustries Limited, a public limited company incorporated under the Companies Act, 1956 having its Registered Office situated at: Clo Purna Ch. Dasadhilcari Tapundia Ilernu Jasuli, Baleshwar -- 7 56 0B 1, Odisha. ... Cgregfate De.b,tor q.L -And- ,5J"

Ip the. Lfattqf-pf: Mr. Sunil Kumar Keswani, Liquidator of M1s. Shubharn Industries Limited having his office situated at: H. No. 31, Ravi Nagar, Raja Talab, Canal Linking Road, Raipur, C.G. ,. ,.. ... Apnli.ca{t/Liquidator

Coun$glq appearpd for the Pet-itioner (s): 1. Mr" Sunil I(eswani, Liquidator 2. Mr, Aranni Guha, Adv. Cou,nsels appgare.d for the Respg-ndent (s):

Date of pronouncement of Order: ...... da/ of April, 2021, oRpE&

Per Ms. Sucharitha,R., Me.mber (D; 1. This application is filed by the Mr. Sunil Kumar Keswani, Liquidator (hereinafter referred as "the Liquidator/applicant") under Section 54 of the Insolvency ar-rd Bankruptcy Code, 2A16, (hereinafter o'the referred as Code") read with IBBI (Liquidation Process) Regulations, 2016 seeking reiiefs in this appiication are as under: - "a, To consider an.d take ctn record Preliminary Report as attachedwith this application. (2 | )\' b, To dissolve the Company, c. To pass such further order/orders as this Hon'ble Tribunctl ntttlt deent ,fit ctncl proper in the circumstances, d. To instrttct the Financial Creditor to pay tlte applicant the remu.nercttion ct.s' fixed by the Hon'ble I'ICLT via Orcler dated l}th January, 2a20."

2. The applicant submits that this Adjuclicating Authority vide Order dated 14.11,2019 had ordered the commencement of Corporate Insolvency Resolution Process (hereinafter referred as "CIRP") against the Corporate Debtor and appointed Mr. Anil Kumar Saraf as Interim Resolution Protbssional. The Interim Resolution Professiona.l made public announcerrent in Form A on 17 ,11 .2019 in English newspaper "Orissa Post" and vernacular newspaper "Odisha Bhaskar". The Cornmittee of Creditors (hereinafter referred as "COC") was formed on 06.12.2019 and the 1st CoC Meeting was held on 11 .12,2019 wherein the CoC resolvecJ with a majority of t00o/o that the Corporate Debtor is not a "going concern" and there is no business nor any assets of the Corporate Debtor. I-lence, approved for initiation ol'[,iquidation Process with 10002 voting share. As ("I i,.-)c'\* r') \ .' f**---'" ,o)c}" { a result, an application was filed before this Adjudicating Authority for initiation of'Liqr"ridation Process of tlie Corporate Debtor.

3. An Order dated 10.01 .2020 was passed for initiation of Liquidation Process of the Colporate f)ebtor by this Adjudicating Authority and Mr, Sr-uril Kumar Keswani was appointed as a Liquidator, Liquidation Process was initiated by the Liquidator by making a public announcernent in Fonn o'Business B on 13.01.2020 in two newspaper, namely, English newspaper Standard" and vernacular uewspaper "Odisha llhasl<ar". The Liquidator' had not received any claims by any of the stakeholders of the Corporate Debtor within 30 days from the commenaement ofthe Liquidation Process. The applicant further subrnits that since the comrnencement o1'Liquidation Plocess, the Corporate Debtor was not having any business operation nol any assets to initiate Liquidation Process. Hence, there are no assets for realisation, the question of distribution to the stakeholders does not arise.

4. After perusal of the docnments, we have noticed that the Corporate Debtor does not have business nor any assets in the possession leaving the only option of' dissolving the company. In view of the salre, we hereby dissolve this Corporate Debtor directing the applicant/Liqr"ridator to file this Order with Registrar of Companies, Odisha and IBBI within 14 days hereof'. (\l ,')(t s" Accordingly, the IA No. 92lCTBl2020 connected with CP (lt)) No, 1 t7 lcTBlz}lg is ALLOWED.

6. Registry is hereby directed to communicate this Order to thc applicant/Liquidator, Financial Creditor and Corporate Debtor by Speecl Post as well as through e-rnail. Let the certified copy of the Order be issued upon compliance with the requisite fonnalities.

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Sh*' (- -',\- ,dr Prasacl haritha R. , ,)--.cr (T) Member (,tr) ;" a )vrv* ,@[ Signed on this, the .......t,.. day of 202t,

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