Central Inland Water Transport Corpn Ltd
The wind-down at a glance. Follow the recorded outcome, financials and people behind this company.
What did the wind-down return?
Reported financials Rs crore, shown in lakh below Rs 1 crore
Where the money went
Reported amountsCreditor dues are not reported, so the payout cannot be assessed against them.
All financial figures & reading notes
| Realisation of assets | Not reported |
|---|---|
| Amount due to creditors | Not reported |
| Amount paid to creditors | Not reported |
| Liquidation expenses | Not reported |
| Surplus to members | Not reported |
"Not reported" means no figure is available. A reported zero is shown as zero. Registry capital further down the page is separate from liquidation proceeds, and so are any figures read from the NCLT order.
Where this wind-down sits
against every completed s.59 on the registeralready longer than the median completed wind-down (618 days)
the median age of the 978 wind-downs still in process is 786 days
This is a voluntary liquidation under IBC Section 59 — a solvent company choosing to wind up. Creditors are paid in full and costs met before any surplus returns to members; there is no haircut and no acquirer. Read assets realised, creditor payments, expenses and members' surplus separately. This one has not finished, so the money columns are empty — an accurate picture of an unfinished process, not a gap in the record.
The NCLT order
Read from the document itself
- Bench
- Kolkata Bench
- Case number
- CA.(IB) No. 791/KB/2018
- Order date
- 28 Sep 2018
The voluntary liquidation of the Applicant Company namely Central Inland Water Transport Corporation Ltd. is hereby suspended as per Reg.40(2) of Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017. The prayer for conversion to an application under section 271 of the Companies Act, 2013 for winding up and for compulsory Liquidation is rejected.
What the bench said
A voluntary liquidation can only be done in case the corporate person discharged its debts to the satisfaction of the creditors and if no litigation is pending. These ingredients are not satisfied. Compulsory liquidation or winding up order under Section 271 of the Companies Act cannot be passed in this application as both proceedings are different, but the prayer for suspension of voluntary liquidation can be allowed.
Statutory observations
The very pre-requisite for voluntary liquidation that the company is to be solvent is absent in the instant case. Claims against the corporate debtor exceed the value of its assets.
Why the company wound up
In the order's own words
In line with the decision of the Government to revitalise sick public sector undertakings wherever possible or to wind up irretrievable cases, the dissolution of the corporate debtor was proposed to be initiated after disposal of movable and immovable assets.
- What it was set up to do
- engaged in river services between Calcutta and Assam and Calcutta and Bangladesh and used to undertake movement of oil from Haldia to Budge/Paharpur for the Indian Oil Corporation. Further, it also provided for services such as lighterage, stevedoring operations, ship building, ship repairing and other engineering services.
The wind-down, stage by stage
3 dated stages
- 25 Nov 2017 Board resolution to wind up
- 19 Dec 2017 Liquidation commenced
- 28 Sep 2018 NCLT order
Green marks a date from the IBBI register; blue marks a date read from an NCLT order.
The company behind the record
Identity, registration and capital
- MCA status
- Strike Off
- Company class
- Private
- Category
- Company limited by shares
- Sub-category
- Union government company
- Listing
- Unlisted
- State
- West Bengal
- ROC
- ROC Kolkata
- Industry
- Real Estate and Renting
- PIN
- 700001
- Incorporated
- 22 Feb 1967
- Authorised capital
- Rs 251.00 Cr
- Paid-up capital
- Rs 130.48 Cr
- CIN
- U71120WB1967GOI027014
- Registered office
- 4 FAIRLIE PLACE,KOLKATA,West Bengal,700001-India
Directors named in the order
Chandramani Rout · Balaji Arun Kumar
The money, as the order printed it
Rs as stated in the document — not the crore figures above
What the company held
Substantial portion of the assets/properties of the corporate debtor, including movable assets such as vessels, pontoons, barges, etc. were already disposed of. Certain land parcels are to be disposed of. Receivables amount to Rs. 12.14 Crores out of which Rs. 11.46 Crores is pending for last 3 years and not considered recoverable.
Creditors and claims
As the order records them
Claims against the corporate debtor exceed the value of its assets. Claims by Kolkata Port Trust and Garden Reach Shipbuilders and Engineers Ltd. are Rs. 99.16 Crores and Rs. 24.29 Crores respectively.
Creditor approval
Kolkata Port Trust and Garden Reach Shipbuilders and Engineers Ltd. gave consent with conditions that their claims to the tune of Rs. 99.16 Crores and Rs. 24.29 Crores respectively are payable to them.
Litigation and delays
The frictions the order records
Litigation
The corporate debtor has several pending litigation.
Figures come from IBBI, NCLT, MCA and other official sources. Methodology · Report an error
See other companies in the voluntary liquidation register.