In the matter of Stone Export House Private Limited

1. Adv. Simran Singh for the Applicant/Resolution Professional is present. 2. This application is filed by the Applicant/Resolution Professional on 01.05.2024, seeking an order under section 54 of the Insolvency and Bankruptcy Code, 2076 ("Code") for "Dissolution" of the Corporate Debtor. .?, The Adjudicating Authority ("AA") vide its order dated 0s.12.2023 on a Petition filed by the Operational creditor under section 9 of the code directed initiation of the Corporate Insolvency Resolution Process ("CIRP") against the Corporate Debtor namely "M/s Stone Export House Private Limited" wherein, the Adjudicating Authority (,AA") had appointed Mr. Pravin Navandar (Reg. No. IBBI / IpA- 001/Ip- P00008/2016-17 / 10027) as an Interim Resolution Professional ("IRp"). 4. The Applicant submits that after an initiation of CIRP, the Applicant tried ry €#2 all means to trace the Suspended Directors of the Corporate Debtor but the Corporate Debtor's office was not traceable at the registered address or at the additional address nor the director were avarlable at their given addresses. 5. It is further submitted that the last Financials of the Corporate Debtor found during interim search on the Roc Portal,Probe42 and upon enquiry with the Auditors was Audited Balance Sheet for F.y. 20r6-L7 along with a Director's report. Therefore, due to the non-availability of the information, the CIRP was at standstill. 6. on 04.04.2024vide order in IA r0rg/2024, the Adjudicating Authority suggested the IRP to move forwardwith the Liquidation/Ear|y Dissolution process against the corporate Debtor. Pursuant to the order, 3'd coc meeting was held on 19.04.2023 to decide upon the agenda of moving forward with the liquidation under section 33 of the code r,/w Regulation 14(b) of Insolvency and Bankruptcy Boatd of India (Liquidation process) Regulations 2Ql6 or early dissolution as may be decided by coC. Accordingly, coc passed following resolution with 100% vote iri the meeting held on 19.4.2023.

"RESOLIIED THAT pursuant to the provisions contained Regulation 33 ,in of the Insolvenqt and Bankruptcy Board of India (Insolvenqt Resolution Processfor corporate Percons) Regulations, 2016 read along with appropriate sections and regulations of the Code, the Committee of Creditors do and hereby approve the Liquidation /direct-dissolution of stone Export House private Limited, the corporate debtor; RESOLTaED FURTWR THAT the committee of creditors do and hereby approves thefling of necessary application before Adjudicating Authority to give ffict to the above resolution;

RESOLIIED FUnTmR THAT the Commfttee of Creditors do and hereby approve the costs towardsfiling of relnant application before NCLT and advocatesfees as CIKP costs; RESOLTaED FIIRTWR THAT the Deemed Resolution Professional be and are hereby authorized to do all aas, deeds and things and take all such steps as may be necessary, propel or expedient to girte ffict to the above-mentione d res o lutions. " 7. As per the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations 2016, vide Regulation No.14, it is prescribed as under: - "14, Any time afier the preparation of Preliminary Report, if,it appears to the liquidator that - a. The realizable properties of the corporate debtor are insufficient to coyer the cost of liquidation process; and b. The afairs of the cotporate debtor do not require any funher investigation; he may apptly to the Adjudicating Authority for earry dissolution ofthe corporate debtor andfor necessary directions in respect of such dissolution." 8. Section 54 of rhe Insolvency and Bankruptcy code, 20l6,reads as under:- "54. (I) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall makc an application to the Adjudicating Authorityfor the dksolution of such cotporate debtor, (2) The Adjudicating Authority shall on applicationfiled by the liquidator undet subsection (1) order that the corporate debtor shalt be dissotvedfrom the date of that order and the cotporate debtor shall be dissolved accordingly.

(3) A copy of an order under sub-seAion (2) shatt within seven daysfrom the date of such order, beforwarded to the authority with which the corporate debtor is registered. 9. As a consequence, since no asset is avatlable for the pu{pose of 'Liquidation' as reported by Resolution Professional, no purpose shall be ryD e# served by admitting the Corporate Debtor fust into Liquidation andthereby pass the dissolution. Accordingly, we are of considered view that this is a fit case for dissolution of the Corporate Debtor to be dissolved in terms of Section 54 of Code read with Regulation 14 of Liquidation Process Regulation. l0.Ordered accordingly, the Corporate Debtor shall stand 'Dissolved' from the date of this Order. Consequently, IA 101,9/2024 is rendered infructuous. ll.Since the Debtor Company stood Dissolved vide this order and no proceedings are now pending, therefore the Registry is directed that the case file be consigned to records. ll.Copy of this Order shall be forwarded within 7 (seven) days to the concerned authorities and the Registrar of Companies having jurisdiction, for further necessary action as prescribed under Law.

13.As regards to the prayer for settlement forfees and out of pocket expense incurred by the applicant we find that applicant has received a sum of Rs. 2,50,000/- from the Original petitioner and the financial creditor Bank of India after having filed the claim refused to further pattcipate int eh CIRP process after discovering that no assets of the corporate Debtor were traceable. We further frnd that the applicant IRP had 3 meetings of CoC, verified 5 claims received from operational and financial creditors, filed one IA for co-operation u/s l9(2) and has filed present application for dissolution. Though the applicant's remuneration was fixed atthe rcte of Rs. 1,00,00 0/- p.mtill the constitution of the CoC. The CoC has not taken any decision on the remuneration ofthe applicantin view of no availabtlity of any asset with the Corporate debtor. However, it cannot be denied that the applicant had devoted his time and effort in this CIRP process for the resolution of the corporate debtor for the benefit of its creditors. The applicant has so far received Rs. 2,50,000/-. Considering the facts of the case we consider appropiate to allow the applicant to adjust the amount of ry €*#e

Rs. 2,50,000/- against his expenses and fees. No further orders are called for in the matter. l4.In the facts of this case, we also consider it appropriate to direct the Applicant to fiIe a complaint before IBBI for taking necessary action against the Suspended Board in terms of relevant provisions of the Code. Further, the Applicant shall also inform the Registrar of Companies in relation to farlvre of the Suspended Board to maintain the registered office and failure to maintain and preserve the statutory records and books of account of the Corporate Debtor, whereupon the Registrar of Companies shall initiate apptopriate proceedings to prosecute the suspendedboard members for the conftavention of provisions of the Companies Act,2013. l5.Accordingty, I.A No. 38 of 2024 is hereby allowed and disposed of. I.A No. 1019 of 2024 is disposed of as infructuous.

sd/- sd/- PRABHAT KUMAR JUSTICE VIRENDRASINGH BISHT MEMBER (TECHNICAL) MEMBER (JUDICIAL) /1\leeraj/

Certified True'eopy n-b"r,:ffii.l-lhdorl Conpanitew ltlbunal Mumbai Bench