Case Details: P.M. Cold Storage (P.) Ltd. vs. Goouksheer Farm Fresh (P.) Ltd. [2025] 180 taxmann.com 849 (NCLT - Kolkata)
Judiciary and Counsel Details
- Labh Singh, Judicial Member
- Ms. Rekha Kantilal Shah, Technical Member
- Kuldip Mallick, Ms. Pallavi Ray, S. Dutta, Advs. Niraj Kumar, CS for the Appearing Parties.
Facts of the Case
In the instant case, the corporate Debtor was admitted into the CIRP and, as no resolution plan was received, the liquidation was ordered, and the applicant was appointed as the liquidator.
The liquidator thereafter filed an application seeking dissolution of the corporate debtor. It was noted that all assets of the corporate debtor had been disposed of and distributed in accordance with the Code and rules and regulations framed thereunder, and the final report had been submitted.
Further, it was noted that since the 4th SCC meeting, the Tribunal had considered circumstances necessitating the end of the liquidation process of the corporate debtor; therefore, the Financial Creditor was to be directed to proceed forthwith with the section 66 Application.
NCLT Held
The NCLT observed that since the liquidation process was fully complete and the Liquidator, in compliance, had filed the present application under section 54 of the IBC seeking an order of dissolution of the corporate debtor, dissolution of the corporate debtor was to be ordered and, consequently, the Liquidator stood relieved from his responsibilities, subject to procedural compliances.
The NCLT held that since the Liquidator’s fees claimed to the tune of Rs. 4.80 lakhs were more than double and no tangible basis or supporting rationale had been demonstrated justifying such a fee, the Liquidator was directed to consider the payment already made to be full and final and reduce the fees to the extent liquidation expenses were not paid for.
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