NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC
Udai Yashvir Singh
10 May 2023 7:30 AM GMT
NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited (“Corporate Debtor”) under section 54 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution...
NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited (“Corporate Debtor”) under section 54 of Insolvency and Bankruptcy Code, 2016(“IBC, 2016”). The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor
The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution Process (“CIRP”) vide an order dated 11.08.2017. There was no resolution of the Corporate Debtor, an application for Liquidation of the Corporate Debtor was filed under section 33(1)(a) of IBC, 2016. The Tribunal passed an order dated 24.01.2018 for Liquidation of the Corporate Debtor.
Public announcements were made in newspaper calling for claims from stakeholders. The Liquidator admitted claims of Rs. 338.74 crores from 3 Financial Creditors i.e. Union Bank of India, UCO Bank and Bank of Baroda and of Rs. 6.69 crores from Operational Creditors. The Liquidation Estate of the Corporate Debtor comprised of 25 acres of Land, Plant and Machinery and inventories of Ceramic tile with an Average Liquidation Value of Rs. 10.65 crores.
E-auctions were conducted, however, there was no bidder paid the advance amount and the bid application. So the assets of the Corporate Debtor were sold via private sale of assets for a price of 9.75 crores. The Liquidation amount was distributed amongst the Secured Financial Creditors in the order of priority given under Section 53 of IBC, 2016.
The Tribunal being satisfied that all provision of IBC, 2016 and the Regulations thereunder had been complied with, ordered for Dissolution of the Corporate Debtor
M/s Boss Profiles Limited was a Non-govt. company engaged in production of Ceramic Tile
Case No.
IA(IBC)/892(CHE)/2021 in TCP/126/IB/2017
Case Name
In the matter of M/s Boss Profiles Limited
