BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL,

PRINCIPAL BENCH AT NEW DELHI

I.A NO.
C.P. (IB) NO.-1081 (ND)/2016

IN THE MATTER OF:

TATHAGATA BHATTACHARYA

…… OPERATIONAL CREDITOR

VS

WORLD CONSULTING & RESEARCH CORPORATION PVT. LTD

….. CORPORATE DEBTOR

IN THE MATTER OF:

KANTI MOHAN RUSTAGI

…..LIQUIDATOR

INDEX

S. NO. PARTICULARS PAGE

1. FOURTH PROGRESS REPORT FOR THE QUARTER

ENDED 30TH JUNE,2020 COVERING PERIOD FROM

01.04.2020 TO 30.06.2020 BY KANTI MOHAN

RUSTAGI, LIQUIDATOR IN THE LIQUIDATION

PROCESS OF WORLD CONSULTING & RESEARCH

CORPORATION PVT. LTD AS PER REGULATION 15

OF THE INSOLVENCY AND BANKRUPTCY BOARD

OF INDIA (LIQUIDATION PROCESS) REGULATIONS,

2016 ALONG WITH AFFIDAVIT IN SUPPORT.

2. COPY OF THE APPLICATION FILED BY THE

LIQUIDATOR UNDER SECTION 60(5) SEEKING

RELINQUISHMENT OF THE VEHICLE HELD BY ICICI

BANK AND DISBURSEMENT OF LIQUIATION COST.

ANNEXURE- A
3. COPY OF MAIL DATED 28-07-2020 LIQUIDATOR

WRITES A MAIL TO THE STAKE HOLDERS ICICI

BANK AND SHARE THE NCLT APPLICATION.

ANNEXURE- B
 4. COPY OF THE MAIL DATED 26-08-2020 RECEIVED

FROM ICICI BANK REGARDING RELEASE OF

CHEQUE BOOK AND PASS BOOK WITH RESPECT TO

LIQUIDATION ACCOUNT OPENED BY LIQUIDATOR.

ANNEXURE – C

(KANTI MOHAN RUSTAGI)

LIQUIDATOR
WORLD CONSULTING & RESEARCH CORPORATION PVT. LTD
IBBI/IPA-002/IP-N00097/2017-18/10240

PLACE: NEW DELHI

DATED: 00.00.2020

BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL,

PRINCIPAL BENCH AT NEW DELHI
I.A NO.
C.P. (IB) NO.-1081 (ND)/2016

IN THE MATTER OF:

TATHAGATA BHATTACHARYA
 …… OPERATIONAL CREDITOR

VS

WORLD CONSULTING & RESEARCH CORPORATION PVT. LTD

….. CORPORATE DEBTOR

IN THE MATTER OF:

KANTI MOHAN RUSTAGI

…..LIQUIDATOR

REPORT BY MR. KANTI MOHAN RUSTAGI, LIQUIDATOR IN THE

LIQUIDATION PROCESS OF WORLD CONSULTING & RESEARCH
CORPORATION PVT. LTD AS PER REGULATION 44(2) OF THE
INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (LIQUIDATION
PROCESS) REGULATIONS, 2016

MOST RESPECTFULLY SHOWETH:-

1. That the present status report is being filed by Mr. Kanti Mohan Rustagi (IP

Registration No. IBBI/IPA-002/IP-N00097/2017-18/10240), who was appointed

as the liquidator of the Corporate Debtor under the insolvency and bankruptcy

Code, 2016 (the “IBC”), by this Hon’ble Tribunal Vide order dated 07.08.2019

passed in company petition No. IB-1081/2016 filed by the Operational Creditor.

2. That the petition bearing no. IB-1081/2016 has been filed by the operational

creditor, ie Tathagata Bhattacharya under section 9 of the Insolvency an

Bankruptcy Code, 2016 (“IBC") seeking the commencement of the Corporate

Insolvency Resolution Process (“CIRP") in the matter of the Corporate Debtor,

i.e world consulting & research corporation Pvt. Ltd. In the said petition the

applicant has been appointed as the liquidator by this Hon’ble Tribunal vide

order dated 07.08.2019, a copy of which was received by the applicant on

09.08.2019. A copy of the order dated 07.08.2019 passed by this Hon’ble

Tribunal is already placed on record.

REPORT BY HEMANT SHARMA, LIQUIDATOR IN THE LIQUIDATION PROCESS

OF MAHENDRAKUMAR BABULAL JEWELS PVT. LTD. AS PER REGULATION
44(2) OF THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA
(LIQUIDATION PROCESS) REGULATIONS, 2016

1. That, the undersigned filed an application bearing application CA and /2019 in

CP (IB) 408/NCLT/AHM/2018 under Section 33(1) of IBC seeking directions

from this Hon’ble Tribunal for initiating liquidating assets of the Corporate

Debtor.

2. The said application was heard by this Hon’ble Tribunal and after hearing the same this

Hon’ble Tribunal issued directions vide order dated 17.09.2019 for initiation of

liquidation process of the Corporate Debtor and the Hon’ble Tribunal appointed the RP

i.e. Hemant Sharma as the liquidator. (Copy of the order of Hon’ble NCLT dated

17.09.2019 was received by the undersigned on 01.10.2019).

3. That due to the non-cooperation of the Corporate Debtor/Promoters, the undersigned was

unable to complete the financial records of the corporate debtor and therefore, the balance

sheets for the FY 2011 onwards would not be prepared and finalized. In this respect, the

undersigned had filed an application bearing no. IA 386 of 2019 under Section 19 of IBC,

2016 before the Hon’ble NCLT and alleged that due to the non-availability of the records

and the books of the corporate debtor and pursuant to the non-cooperation of the

Promoters of the Corporate Debtor, the undersigned was unable to prepare the Books of

Accounts and conduct the Corporate Insolvency Resolution Process of the Corporate

Debtor in smooth manner. The Hon’ble NCLT vide order dated 22.10.2019 had disposed

off the said Application and directed to the promoters /ex-management of the Corporate

Debtor to co-operate with the Liquidator and also directed them to provide the necessary

information, if they have, so that the undersigned would able to complete the Books of

Accounts /Balance Sheets of the Corporate Debtor. Pursuant to the said order /direction

dated 22.10.2019, the Liquidator vide emails dated 04.11.2019 and 30.11.2019 requested

to the ex-management /promoters to provide the necessary information. The ex-

management /promoter (Mr. Virat B Shah) vide email dated 02.12.2019 replied to the

undersigned and explained his difficulty to retrieve the data as the same was eight years

old and requested the undersigned to provide the same, if available, and extended his

voluntary cooperation to the liquidator. On the basis of the reply of the ex-management

/promoter, the books of account /balance sheet of the corporate debtor from FY 2011 to
 as on the liquidation commencement date was completed and thus Audited by the

Auditor i.e, M/s Pawan Puri and Associates.

4. Thus, it shall be incurred from this instance that the process of Valuation and Transaction

Audit was put to a halt till the Financial statements from FY 2011 to the Liquidation

Commencement Date of the Corporate Debtor was not completed.

5. Further, in the intervening period, the previous Transaction Auditor, M/s. Rohit Rakesh

& Associates, Chartered Accountants, submitted his resignation on 12.12.2019 since the

transaction auditor surrendered his Certificate of Practice (CoP) with ICAI.

6. Thereafter, as discussed in the Stakeholders Meeting, the Liquidator filed an Application

under Section 60(5) of the IBC read with Regulation 44 of the Liquidation Process

Regulations seeking exclusion of 174 days time-period from the total time period of

Liquidation from the Corporate Debtor before the Hon’ble Tribunal on 17.09.2020. The

Hon’ble Tribunal heard the counsel appearing on behalf of the Liquidator and allowed

the said Application via Order dated 07.10.2020. In the said Order, the Hon’ble Tribunal

allowed exclusion of 84 days in total from the Liquidation Process of the Corporate

Debtor thereby extending time period of one year of the Liquidation Process of the

Corporate Debtor to 10.12.2020.

7. That subsequent to the completion of Audit of the Financial statements of the Corporate

Debtor from the FY 2011 to Liquidation Commencement Date, the undersigned observed

that there was a vehicle (fixed asset) belonging to the Corporate Debtor whereas the

valuers appointed by the Liquidator were only for the valuation of the Financial Assets.

Thus, on the discovery of this new fact, the undersigned on consultation with the

Stakeholder appointed two sets of valuers for the valuation of the said fixed asset of the

Corporate Debtor. Subsequently, the undersigned shared the relevant Financial

Statements with the Valuers and consequently the valuers submitted their reports to the

Liquidator.

8. The in the intervening period, one of the Valuers appointed for the valuation of the

Securities & Financial Assets of the Corporate Debtor submitted his resignation to the

Liquidator. Due to the said resignation the process was delayed furthermore. Thereafter,

the Liquidator upon consultation with the Stakeholder floated the invitation for

expression of interest for Valuation of the Financial Assets of the Corporate Debtor and

subsequently appointed a new Valuer on duly analyzing his profile and credibility. The
 relevant documents and Financial Statements were shared with the said valuer and the

final report was henceforth submitted to the Liquidator.

9. Upon completion of the Audit of the Financial Statements of the Corporate Debtor, the

undersigned thought it prudent to appoint a new Transaction Auditor as the previous one

had submitted his resignation. Thereafter, the undersigned floated the invitation for

expression of interest for Transaction Audit of the Corporate Debtor and subsequently

appointed a new Transaction Auditor on duly analyzing his profile and credibility. The

relevant documents and Financial Statements were shared with the said Transaction

Auditor. However, the process of Audit is under process and the Transaction Auditor is

yet to submit his Transaction Audit Report to the Liquidator.

10. It is further brought to light the Liquidator was taken ill during this period and was

detected Covid-19 positive. The Government imposed policy of quarantine for 17

(seventeen) days from the date of Positive detection was applied on the Liquidator. As

such, the Liquidator was not physically fit to carry on the task at hand at full force during

the infected period as the fatigue and weakness due to the pandemic took a toll on his

health. Nevertheless, the Liquidator somehow managed to conduct the third consultation

meeting of Stakeholders because it was incumbent upon him to decide on the extension

of Liquidation Process of the Corporate Debtor before 10th December, 2020.

11. In the light of the above, it is further informed that, with regards to the current situation at

hand the residual time would be insufficient for completing the Liquidation Process of

the Corporate Debtor. Thus an extension of the Liquidation process period by another

One hundred and Eighty days (180) is sought by the undersigned since not much time is

left in the process period if due consideration be given to the publication E- Auction

Notice for the sale of Assets of the Corporate Debtor, conduction of E-Sale etc,

disbursement of sale proceeds, completion of the process of Transaction Audit, opening

of Liquidation Account of the Corporate Debtor and completion of compliances before

filing of Dissolution Application.

12. Further in compliance with Regulation 44(2) of Insolvency and Bankruptcy Board of

India (Liquidation Process) Regulations, 2016, the liquidator is submitting Report

alongwith Application for continuing Liquidation Process of the Corporate Debtor under

Regulation 44(2) of Insolvency & Bankruptcy Board of India (Liquidation Process)

Regulations, 2016.
 13. That lockdown was declared on 24th March, 2020 all around the country in wake

of the pandemic putting half on all the ongoing cases and proceedings. Hence, no

official visit to any place was done.

14. That the liquidator filed an application under section 60(5) before the

adjudicating authority dated 08.06.2020 seeking direction of the Hon’ble NCLT

regarding relinquishment of the vehicle held by ICICI bank since the value of the

vehicle is depreciating and also regarding the disbursement of liquidation cost.

ANNEXURE- A

15. Liquidator send mail dated – 28-07-2020 to the stakeholder ICICI Bank

and share the NCLT application filed under section 60(5). ANNEXURE- B

16. The liquidator successfully opened a bank account in ICICI bank and received

the cheque book. Liquidator also received mail dated – 26-08-2020 from

ICICI Bank regarding dispatched of escrow account check book and pass

book. ANNEXURE – C

PRAYER

In the view of the above facts and circumstances, the liquidator most respectfully
prays that the present progress report of the liquidator may be taken on record.
(KANTI MOHAN RUSTAGI)

LIQUIDATOR
IN THE MATTER OF
WORLD CONSULTING & RESEARCH CORPORATION PVT. LTD
IBBI/IPA-002/IP-N00097/2016-17/10240

PLACE: NEW DELHI

DATED: 00.00.2020
 BEFORE THE HON’BLE NATIONAL COMPANY LAW TRIBUNAL,
PRINCIPAL BENCH AT NEW DELHI
I.A NO.
C.P. (IB) NO.-1081 (ND)/2016

IN THE MATTER OF:

TATHAGATA BHATTACHARYA

…… OPERATIONAL CREDITOR

VS

WORLD CONSULTING & RESEARCH CORPORATION PVT. LTD

….. CORPORATE DEBTOR

IN THE MATTER OF:

KANTI MOHAN RUSTAGI

…..LIQUIDATOR

AFFIDAVIT

I, Kanti Mohan Rustagi, S/o Late Sh. Ram Avtar Rustagi, aged about 58 years, New
Delhi, ,110048, do hereby solemnly affirm and declare as under:

1. I am the Liquidator of World Consulting & Research Corporation Pvt. Ltd. as

appointed by this Hon’ble Tribunal vide its order dated 07.08.2019 and as such

well conversant the facts of the case. Hence, I am competent to swear this

Affidavit.

2. I say that the contents of the fourth Quarterly report ending on 30.06.2020 are true

to my knowledge derived from and are record based on information and I believe

them to be true.

DEPONENT

VERIFICATION

I, the deponent hereinabove, do hereby verify and state that the contents of the
paras 1 to 2 of the Affidavit are true and correct to the best of my knowledge and
belief and no part of it is false and nothing material has been concealed therefrom.

Verified and signed at New Delhi on this the ____ day of October, 2020.

DEPONENT