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. SIXTH PROGRESS REPORT FOR THE QUARTER

ENDED 31st DECEMBER, 2020 COVERING PERIOD

FROM 01.10.2020 TO 31.12.2020 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.

(KANTI MOHAN RUSTAGI)

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

PLACE: NEW DELHI

DATED: 08.03.2021
 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

SIXTH PROGRESS REPORT FOR THE QUARTER ENDED 31 ST DECEMBER ,

20201 COVERING PERIOD FROM 01.10.2020 TO 31.12.2020 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.

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 Insolvency and

Bbankruptcy Code, 2016 (the “IBC”), by this Hon’ble Tribunal vVide 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, i.e. Tathagata Bhattacharya under section 9 of the Insolvency and

 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. << I think we should

write a brief on appointment of RP, filing of Liquidation application and then

this appointment of liquidator should come up>> 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.

3. That in compliance of Regulation 15 of the Insolvency & Bankruptcy Board of

India (Liquidation Process) Regulation, 2016, a progress report towards steps

taken during the quarter ended on 31ST December, 2020 covering period from

01.10.2020 to 31.12.2020, is hereby submitted.

4. That in relation to Regulation 15(2) of Insolvency and Bankruptcy Board of

India (Liquidation Process) Regulations, 2016, it is submitted as under:

a) That no professional was appointed or terminated during the quarter.

b) That the status of the list of stakeholders did not change nor any property

was sold or realized nor any distribution was made to stakeholders nor was

any unsold property distributed to the stakeholders.

c) That the Liquidator did not receive any fee nor paid any fee or remuneration

to professionals and incurred expenses only in relation to filing of

Application before the Hon’ble Adjudicating Authority as detailed in

succeeding paragraphs.

d) That the details of material litigation entails litigation with ICICI Bank in

relation to liquidation estate and recovery of CIRP cost and Liquidation cost

Cost summarized in succeeding paragraphs << where is this stated>>.

e) That no application was earlier filed for avoidance of transactions in

accordance with Chapter III of Part II of the Court.

f) That the Liquidation cost may change depending upon the litigation with

ICICI Bank.
 5. That lockdown was declared on 24th March, 2020 all around the country in wake

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

official visit to any place was done.

6. 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.

7. Liquidator and his legal counsel is appearing in the hearings of the

application filed by the liquidator under section 60(5) before the

adjudicating authority.

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: 08.03.20201
 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 fifth Sixth Quarterly report ending on 30.0931-

12-.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 March, 2021.

DEPONENT