WCRCPL (UNDER LIQUIDATION)

NOTICE
FOR
CONSULTATION MEETING
WITH THE STAKEHOLDERS
IN THE LIQUIDATION
PROCESS OF
WORLD CONSULTING AND RESEARCH CORPORATION PRIVATE
LIMITED (UNDER LIQUIDATION)

DATE & TIME:

WEDNESDAY, 10th MARCH, 2021
AT 12:00 P.M.

VENUE:
E-7, KAILASH COLONY, NEW DELHI-110054.

Page 1 of 8
NOTICE FOR CONSULTATION MEETING WITH THE STAKEHOLDERS IN
THE LIQUIDATION PROCESS OF WORLD CONSULTING AND RESEARCH
CORPORATION PRIVATE LIMITED

NOTICE is hereby given under Section 35(2) of Insolvency and Bankruptcy Code,
2016 for the third meeting for consultation with the Stakeholders of WORLD
CONSULTING AND RESEARCH CORPORATION PRIVATE LIMITED (in short,
“WCRCPL”), a company undergoing liquidation process under the provisions of
Insolvency & Bankruptcy Code, 2016, will be held on 10 th MARCH, 2021 at 12:00 P.M. at
E-7, Kailash Colony, New Delhi-110054.

The agenda of the matters to be discussed at the meeting is hereby enclosed along with notes
to agenda and explanatory statements.

SD/-
Kanti Mohan Rustagi
Liquidator
In the matter of World Consulting And Research
Corporation Private Limited (Undergoing
Liquidation Process)
IBBI Regn. No: IBBI/IPA-002/IP-N00097/2017-18/10240
Address: E-7, Kailash Colony, New Delhi – 110054
Email: liquidator.wcarcpl@gmail.com

Date: 08th MARCH, 2021

Place: New Delhi

Enclosed:

1) List of Persons to whom the Notice for the Consultation meeting of stakeholders is
being sent;

2) Agenda, Notes to Agenda, Explanatory Statements.

LIST OF PERSONS TO WHOM THE NOTICE ALONG WITH AGENDA IS
BEING SENT:

S. Name of the Represented by

No. Stakeholders/ (Attendee) Email
ID
Invitee
mukesh.chandra@icicibank.com,
ICIC BANK paramjeet.singh@icicibank.com,
Paramjeet Singh Nagi,
1 LIMITED soumitro.patnaik@icicibank.com,
Mukesh Chandra
(Invitee)
HDFC BANK Tarun Bhatt Tarun.Bhatt@hdfcbank.com,
2. LIMITED Sampurna Gupta, Sampurna.Gupta@hdfcbank.com,
The Commissioner of
OPERATIONAL Income Tax (A)-9
3. CREDITOR DELHI.CIT.APL9@incometax.gov
Room No. 108, D-Block,
.in,
1n Floor Vikas Bhawan
New Delhi 110002.
Abhimanyu Ghosh nayak04061973@gmail.com,
4 STAKEHOLDERS Ganesh Nayak (Auditor) ag300876@gmail.com,
AND PARTNERS (Authorised Representative
of CD)
 AGENDA

Agenda for the Third Meeting of the Stakeholders of World Consulting And Research
Corporation Private Limited (Under Liquidation) to be held on Wednesday, 10 th March,
2021, at 12:00 P.M. at E-7, Kailash Colony, New Delhi-110054, via Video Conferencing
is as follows:

Item Particulars
No.
A. List of matters to be discussed/noted
1. The Liquidator to take the Chair.
2. To take note of developments/progress subsequent to the passing of the order
of the liquidation dated 07.08.2019 by Hon’ble NCLT, Delhi bench.
3. To discuss the Process for funding of Liquidation Cost.
4. To discuss the issue of No Objection Certificate not received from ICICI Bank.
5. To discuss the Process of sale of car and the Brand to the bidders and likely
availability of funds in Liquidation Estate.
6. To discuss upon finalize the steps for closure and Filing the Dissolution
Application.
Any other matter with the permission of the chair

SD/-
Kanti Mohan Rustagi
Liquidator
In the matter of World Consulting And Research
Corporation Private Limited (Undergoing
Liquidation Process)
IBBI Regn. No: IBBI/IPA-002/IP-N00097/2017-18/10240
Address: E-7, Kailash Colony, New Delhi -
110054 Email: liquidator.wcarcpl@gmail.com

Date: 08th March, 20201

Place: New Delhi
A. LIST OF MATTERS TO BE DISCUSSED / NOTED

ITEM NO. 1

THE LIQUIDATOR TO TAKE THE CHAIR.

The undersigned, in his capacity as the Liquidator of World Consulting And Research
Corporation Private Limited, will chair the meeting.

ITEM NO. 2

TO TAKE NOTE OF DEVELOPMENTS/PROGRESS SUBSEQUENT TO THE

PASSING OF THE ORDER OF THE LIQUIDATION BY HON’BLE NCLT, NEW
DELHI BENCH.
The Liquidator will apprise the stakeholders regarding the developments/steps taken
subsequent to the passing of the order of the initiation of the liquidation by Hon’ble NCLT,
New Delhi on 07.08.2019 which are as follows:
 Public Announcement in Form B in accordance with Regulation 12 of the IBBI
(Liquidation Process) Regulations, 2016 regarding commencement of liquidation
proceedings;
 Intimation to Financial Creditors regarding initiation of the liquidation process and
requesting them to file their claims on or before the last date of submission of claim.
 Consolidated proofs of claims under section 38 of IBC, verified the proof of
claims in pursuance of Section 39 of IBC read with Regulation 30 of the Insolvency
& Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
 Communicated the decision of acceptance and rejection of the claims in terms of
Section 40(2) of the Insolvency & Bankruptcy Code, 2016 to the stakeholders.
 Sent intimation to banks regarding the change of authorised signatory for the
accounts maintained by the Corporate Debtor.
 Filed List of stakeholders as required under Regulation 31 of the Insolvency &
Bankruptcy Board of India (Liquidation Process) Regulations, 2016 before the
Hon’ble NCLT, Delhi.
ITEM NO. 3

TO DISCUSS FUNDING OF THE LIQUIDATION COST FOR COMPLETING THE

LIQUIDATION PROCESS OF CORPORATE DEBTOR.

The Liquidator has incurred expense in the Liquidation process of the corporate debtor and the
corporate debtor has only two assets available one is Vehicle and Brand Name of Company. It
is pertinent to note that it is the responsibility of the stake holder to pay the expenses done by
liquidator on actual basis.

DETAILS OF THE EXPENSES.

COST INCURRED BY THE LIQUIDATOR FROM 07.08.2019 TO

07.03.2021 AND ESTIMATED COST TILL DISSOLUTION
Sl. Nature of Expenses Amount
No (In Rs)
1. Liquidator’s expenses towards f e e a n d s u p p o r t s e r v i c e s 118000
(Please note that in addition to the above the fee will be given as per
the liquidation fee table as per IBBI – Liquidation Process Regulations)
2. Public announcement dated 10.08.2019 in Form-B 6840
4. Out of pocket expenses, travelling, takeover of documents 13330
5. Filing of legal documents before Hon’ble NCLT, New Delhi 4325
6. Expense for INC-28 300
7. Expenses for Brand Valuation 5000
8. Expenses for Car Valuation 5000
9. Legal counsel’s Fee for appearing in NCLT hearing 59000
10 Estimated Expenses for Dissolution Application and hearings 41300
11 Estimated Cost of Filing 5th and 6th Progress Reports and final 4500
Progress Report
12 Estimated cost of preservation of documents 29500
13 Estimated Cost of selling the Car 5000
14 Misc. Expenses including ROC filing, conveyance 5900

Total 297985

The financial creditors are requested to contribute towards the liquidation cost under Regulation
2A of the Liquidation Process Regulations in the ratio of their claims.

ITEM NO.4

TO DISCUSS THE ISSUE OF NO OBJECTION CERTIFICATE NOT RECEIVED

FROM ICICI BANK.
ITEM NO.5

TO DISCUSS THE PROCESS OF SALE OF CAR AND THE BRAND TO THE

BIDDERS AND LIKELY AVAILABILITY OF FUNDS IN LIQUIDATION ESTATE.

ITEM NO.6

TO DISCUSS UPON FINALISE THE STEPS FOR CLOSURE AND FILING THE
DISSOLUTION APPLICATION.

Since there are is only two assets available in the company one is Vehicle and Brand Name of
the Company is available with the liquidator. There for liquidator is of the view the company
should be dissolved as per section 54 of the IBC 2016 after sale of the assets as above.

B. ANY OTHER MATTER WITH THE PERMISSION OF THE CHAIR

In case, there is no other matter for discussion in the meeting, the meeting will be
concluded with a vote of thanks to all present in the meeting.

SD/-
Kanti Mohan Rustagi
Liquidator
In the matter of World Consulting And Research
Corporation Private Limited (Undergoing
Liquidation Process)
IBBI Regn. No: IBBI/IPA-002/IP-N00097/2017-18/10240
Address: E-7, Kailash Colony, New Delhi -
110054 Email: liquidator.wcarcpl@gmail.com

Date: 08th March, 2021

Place: New Delhi