Oriental Bank of Commerce Vs AVJ Infrastructure Private Limited (NCLT Delhi)
The National Company Law Tribunal, Principal Bench, New Delhi, considered an application filed under Section 54 of the Insolvency and Bankruptcy Code, 2016, seeking dissolution of M/s AVJ Infrastructure Private Limited after completion of the liquidation process. The application was filed by the Liquidator, Mr. Brijender Singh Deswal.
The Corporate Debtor had originally been admitted into the Corporate Insolvency Resolution Process (CIRP) on 30 September 2019 and was subsequently ordered to be liquidated on 6 November 2020. Following the liquidation order, the Liquidator conducted the liquidation process in accordance with the Insolvency and Bankruptcy Code and the Liquidation Process Regulations. Public announcements inviting claims were issued in multiple newspapers, and claims received from financial and operational creditors were verified and collated.
The Liquidator constituted Stakeholders’ Consultation Committees on multiple occasions and convened ten meetings during the liquidation process to discuss progress and issues relating to the liquidation estate. Valuers were appointed to assess the assets of the Corporate Debtor. The record showed that the Corporate Debtor did not possess substantial realizable assets other than movable asset “sand” and certain Not Readily Realisable Assets (NRRAs), including avoidance transaction proceedings pending before the Tribunal.
