In the matter of Zoom Dealcomm Private Limited

National Company Law Tribunal20 March 2025

CitationIA (IB) (Dis.) No. 5 (KB) 2025 in CP(IB) No. 221/KB/2022

Ratio decidendi

The rule this decision rests on

The Adjudicating Authority may order the dissolution of a corporate debtor under section 54 of the Insolvency and Bankruptcy Code, 2016, on the liquidator's application where, on the material placed before it, the affairs of the corporate debtor have been completely wound up and its assets fully liquidated, with no impediment to dissolution remaining.

Written by Miss Lucy from the judgment below, not taken from a headnote.

Judgment

As delivered

IN THE NATIONAL COMPANY LAW TRIBUNALKOLKATA BENCH (COURT NO. – I)KOLKATAIA (IB)(Dis.) No. 5/KB/2025inCP (IB) No. 221/KB/2022An Application under section 54(1) of the Insolvency andBankruptcy Code, 2016 read with regulation 45(3)(b) of theInsolvency and Bankruptcy Board of India (LiquidationProcess) Regulations, 2016.In The Matter Of:Navshikha Multitraders Private Limited… Financial CreditorVersusZoom Dealcomm Private Limited… Corporate Debtor-And-In The Matter Of:Mr. Sriram Mittal…Applicant/LiquidatorOrder pronounced on: 20.03.2025Coram:Smt. Bidisha Banerjee : Member (Judicial)Cmde Siddharth Mishra : Member (Technical)Appearance (video conference/physically) :Mr. Rabindra Kr. Mitra, Adv. ] For the LiquidatorMr. Riyanshu Agarwal, Adv. ]Mr. Siram Mittal ] Liq-in personKOLKATA BENCH, (COURT NO.-I)KOLKATAIA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022ORDERPer: Bidisha Banerjee, Member (Judicial)1. This court convened via video conferencing.2. This is an application filed under section 54(1) of theInsolvency and Bankruptcy Code, 2016 (“Code”) read withregulation 45(3)(b) of the Insolvency and Bankruptcy Boardof India [Liquidation Process] Regulations, 2016(“Liquidation Process Regulations”) by the Liquidator ofZoom Dealcomm Private Limited (“Corporate “Debtor”)praying for the following relieves:a) Allow the instant application for dissolution of theCorporate Debtor;b) To pass any other order as it may deem fit, just andnecessary in the interest of justice.3. This Adjudicating Authority vide order dated 02.11.2023,admitted the Corporate Debtor under Corporate InsolvencyResolution Process (“CIRP”) appointing Mr. BhaveshMansukhbhai Rathod as Interim Resolution Professional.Subsequently, Mr. Bhavesh Mansukhbhai Rathod wasreplaced with Mr. Manoj Sehgal as the Interim ResolutionProfessional vide order dated 07.12.2023. Thereafter, Mr.Manoj Sehgal, the Interim Resolution Professional, wasconfirmed as the Resolution Professional by the vote of100% of the Committee of Creditors(CoC) in the 1st meetingof the CoC held on 11.01.2024. Subsequently, the CoCresolved to liquidate the Corporate Debtor and accordingly,an application being IA (IBC)(Liq) 13/KB/2024, was filedbefore this Hon’ble Tribunal.KOLKATA BENCH, (COURT NO.-I)KOLKATAIA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022

4. Accordingly, an order of liquidation was passed by this Adjudicating Authority on 01.07.2024. Mr. Sriram Mittal, the applicant herein, was appointed as the Liquidator of the Corporate Debtor. A copy of the order is attached to the instant application as Annexure B. 5. Public announcement of the commencement of liquidation was made in “Financial Expression” (English), “Aajkaal”(Bengali) and “Lakshadeep” (Marathi) on 08.07.2024, inviting proof of claims from the stakeholders of the Corporate Debtor in the specified forms. 6. Pursuant to the Public Announcement, the applicant received a single claim, from the Financial Creditor namely Navshikha Multitraders Private Limited, which was subsequently admitted by the liquidator. Accordingly, the liquidator constituted the Stakeholder Consultation Committee with the single Financial Creditor. 7. In compliance with Regulation 34(1) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Liquidator filed Asset Memorandum with this Hon’ble NCLT. Further, the Liquidator opened a Current Account, as per Regulation 41 of the abovementioned Liquidation Process Regulations, 2016, in the name of the Corporate Debtor namely “Zoom Dealcomm Private Limited in Liquidation” with Axis Bank having Account No. 924020046383300. 8. The first e-auction notice was published by the Applicant Liquidator with reserve price for assets fixed at Rs. 37.02 lakhs. However, no Expression of Interest was received from any prospective buyer. Subsequently, the 2nd e-auction notice was issued by bringing down the reserve

KOLKATA BENCH, (COURT NO.-I) KOLKATA IA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022 price to Rs. 33.35 lakhs, however, no Expression of Interest was received yet again. 9. Thereafter, the liquidator issued third e-auction notice by further reducing the reserve price to Rs. 30.02 lakhs. On this occasion, an Expression of Interest was received from Mr. Mahesh Shrikishan Agrawal, who paid the EMD Rs. 3 lakhs. The e-auction was conducted as scheduled on 12th December, 2024, wherein Mr. Mahesh Shrikishan Agrawal, was declared as the succesful bidder. Accordingly, the applicant liquidator issued a Letter of Intent and the same was accepted by Mr. Agrawal. Mr. Mahesh Shrikishan Agrawal, subsequently paid the balance sale consideration of Rs. 27.02 lakhs. 10. It is further submitted that the total value distributed by the Liquidator is Rs. 30,58,676.34/-[(Rs.56,676.34/- as Balance Transferred from CIRP Bank acount) & Rs.30,02,000.00/- as realisation from sale proceeds). 11. The Liquidator distributed the above mentioned Rs. 30,58,676.34/-, as per Section 53 of the Insolvency and Bankruptcy Code, 2016. A summary of the amount realized and distributed has been mentioned in a tabular form in the Final Report along with details of the receipts and payments and detailed Liquidation Cost as incurred in the matter since the start of liquidation are mentioned in the Final Report which is being submitted along with this application as Annexure-H (Page Nos.64 to 66). The following is the reproduction of the chart :

KOLKATA BENCH, (COURT NO.-I) KOLKATA IA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022

12. Further, the application also contains the Audited Financial Statements of the Liquidation Account and the same is marked as Annexure I to the application and the same is reproduced below :

KOLKATA BENCH, (COURT NO.-I) KOLKATA IA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022

13. Subsequently, the Stakeholder Consultation Committee, in its 6th meeting held on 29th January, 2025, inter-alia, resolved to dissolve the Corporate Debtor. 14. As per mandatory requirement under regulation 45(3) of the Liquidation Process Regulations, the Liquidator has prepared a compliance certificate under prescribed ‘Form H’ and the same is annexed as Annexure – ‘K’ to the Interlocutory Application. 15. It is further submitted that in view of the completetion of the liquidation of the corporate debtor, the bank account namely “Zoom Dealcomm Private Limited in Liquidation” was reduced to a zero balance account and was subsequently closed. The bank statement of the said account along with the confirmation letter for the account closure provided by the bank are annexed as Annexure – ‘L’ to the Interlocutory Application which are as follows :

KOLKATA BENCH, (COURT NO.-I) KOLKATA IA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022

16. It is further submitted that the Applicant in compliance to the Code and its Regulation has discharged his duties diligently and has made several efforts for the maximum realization from the assets of the corporate debtor. That prima facie there are no other asset of the corporate debtor remains to be realized.

17. Upon hearing the Liquidator and on perusal of the documents annexed to the application, it appears that affairs of the Corporate Debtor have been completely wound up and its assets have been completely liquidated.

18. In view of the above facts and circumstances, there is no impediment to the Corporate Debtor being dissolved, and it is ordered accordingly.

19. The Liquidator is further directed to serve a copy of this order upon the Registrar of Companies, Kolkata, immediately and, in any case, within fourteen days of receipt of this order. The Registrar of Companies shall take further necessary action upon receipt of a copy of this order.

20. The Liquidator shall stand discharged from his responsibilities, subject to procedural compliances.

21. I.A. (IB)(Dis) No. 5/KB/2025 and CP (IB) No. 221/KB/2022 shall stand disposed of in accordance with the above directions.

KOLKATA BENCH, (COURT NO.-I) KOLKATA IA (IB)(Dis) 5/KB/2025 in C.P.(IB) No. 221/KB/2022

22. The Registry is directed to send e-mail copies of the order forthwith to all the parties for information and for taking necessary steps.

23. Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

24. File be consigned to the record

Cmde Siddharth Mishra Bidisha Banerjee Member (Technical) Member (Judicial)

Order Signed on this the 20th day of March, 2025

ARNAB. M. [LRA]

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