1. This application is filed, seeking for dissolution of the Corporate Debtor in terms of section 54(2) of the I & B Code, 2016.

2. The facts of the case briefly are as follows:

(i) The Corporate Insolvency Resolution Process was initiated by virtue of the Order dated 01.03.2021 in CP (IB) No. 205/7/HDB/2020 under section 7 of the I & B Code. By the said order Shri Jagadees Kumar Morri was appointed as IRP. However, Committee of Creditors (CoC), in its first meeting dated 29.03.2021, with 100% voting, decided to replace him and appointed Ms. Mummaneni Vazra Laxmi to act as Resolution Professional. Such replacement/appointment has been approved by this Tribunal vide order dated 24.04.2021 in IA No. 182 of 2021.

(ii) The RP conducted Third Meeting of the CoC on 23.08.2021, wherein having deliberated on the value of financial assets of the Corporate Debtor, which is zero, and it was opined with 100% voting that while recoverability of the Corporate Debtor is impossible even for meeting the CIRP costs the Corporate Debtor is required to be liquidated.

(iii) This Tribunal ordered that M/s. Tejaswini Engineering Pvt. Limited shall be liquidated vide order dated 30.12.2021 in IA (IBC) No. 481 of 2021 in CP (IB) No. 205/7/HDB/2020.

(iv) The RP made public announcement in Form 'B' on 14.01.2022 inviting the stakeholders to submit their claims. Claims so received were verified and CoC and admission/rejection of claims was intimated to the stakeholders. List of stakeholders was file before the Tribunal.

(v) The Liquidator has done the following under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016:

• Opened a new Bank account under Regulation 41 has filed Preliminary.

• Filed Preliminary Report dated 16.03.2022 under Regulation 13 of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 before this Tribunal.

• Filed Asset Memorandum dated 16.03.2022 under Regulation 34 of the IBBI (Liquidation Process) Regulations, 2016 before this Tribunal.

• Submitted Quarterly Progress Reports under Regulation 15 of IBBI (Liquidation Process) Regulations, 2016.

• Constituted Stakeholders' Consultation Committee (SCC) under Regulation 31A of IBBI (Liquidation Process) Regulations, 2016.

(vi) It is submitted that the Liquidator has received Expressions of Interest (EoI) from M/s. Annadatha Retail Pvt. Ltd. to purchase the Corporate Debtor as a going concern. The Liquidator has worked on the said EoI and made efforts in that regard, but in vain. Ultimately, the Liquidator has filed Final Report and Form 'H' (Compliance Certificate) dated 28.12.2022 under Regulation 45(3) of IBBI (Liquidation Process) Regulations, 2016.

3. The applicant is seeking dissolution on the following grounds:

(i) The Corporate Debtor has neither immovable assets nor plant and machinery.

(ii) Average liquidation value of the Corporate Debtor as per the valuation reports is zero.

4. Pursuant to notice issued on 06.01.2023, the Registrar of Companies, Telangana has submitted report dated 08.02.2023, offering the following comments:

(i) Status of the Corporate Debtor as per MCA records is 'Active compliant' and 'under liquidation'.

(ii) There are charges pending as per MCA 21 Portal and the name of charge holder is Lakshmi Vilas Bank Limited.

(iii) There is no ongoing inquiry, inspection or investigation against the Corporate Debtor.

(iv) CIN of the Corporate Debtor belongs to Andhra Pradesh, whereas registered office is in Telangana.

5. In the light of the above submissions made by the applicant, the point that merged for consideration is:

• Whether order of disolutiosn of the Corporate Debtor can be passed in terms of section 54(2) of the I & B Code, 2016 as prayed for

6. Heard Ms. Mummaneni Vazra Laxmi, Liquidator. We have perused the petition as well as Final Report and Form 'H' (Compliance Certificate) dated 28.12.2022 submitted by the Liquidator, besides resolutions dated 20.03.2022, 23.08.2022, and 10.11.2022 passed by the Stakeholder Consultation Committee (SCC) and the Utilization Certificate for liquidation dated 29.12.2022 issued by the Chartered Accounts, certifying receipts and payments of Liquidation Account.

POINT:

• Whether order of dissolution of the Corporate Debtor can be passed in terms of section 54(2) of the I & B Code, 2016 as prayed for

7. A perusal of receipts and payments of Liquidation Account issued by the Chartered Accountant discloses that the assets of the Corporate Debtor in liquidation have been duly distributed. As per the Final Report of the Liquidator there are no assets of the Corporate Debtor, as on date.

8. As regards the Report dated 08.02.2023 submitted by the RoC there is no ongoing inquiry, inspection or investigation against the Corporate Debtor. Thus, we are satisfied that it is a fit case for ordering dissolution of the Corporate Debtor in terms of section 54(2) of the I & B Code, 2016. Hence dissolution as requested by the Liquidator is allowed and the Corporate Debtor stands dissolved.

9. In the Result, the Petition is allowed and Corporate Person stands dissolved from the date of this order. In exercise of the powers conferred on the Adjudicating Authority under Section 59(7) of the I & B Code, 2016, we hereby allow the application with the following directions:-

(A) The Corporate Person, M/s. Tejaswini Engineering Private Limited is hereby dissolved, with immediate effect.

(B) The Liquidator is directed to forward a copy of this order within a period of 14 days from the date of this order to the Registrar of Companies, Hyderabad, Telangana for making appropriate remarks for the Corporate Person on MCA website and Insolvency & Bankruptcy Board of India.

(C) The Liquidator is also directed to forward copies of this order to all the Statutory Authorities connected with the affairs of the Corporate Person.

(D) The Liquidator is further directed to preserve a physical or electronic copy of reports, registers, books of accounts referred to in Regulation 8 and 10 for at least eight years after the dissolution of the Corporate Person, either with himself or with the information utility.

10. Accordingly, I.A. No. 19 of 2023 in CP (IB) No. 205/7/HDB/2020 is allowed and disposed of.