NCLT allows distribution of Intangible Assets being Book Debts which remain unsold (Unsold Assets), amongst the stakeholders under Regulation 38 of Liquidation Process Regulations – Pratap Mukherjee Liquidator of Janpragati Commodities Pvt. Ltd. – NCLT Kolkata Bench
Hon’ble NCLT Kolkata Bench observed that in the instant matter the intangible assets being the book debts remain unsold and hence the Liquidator is seeking to distribute the same amongst the stakeholders. Since the efforts of the Liquidator in realizing the intangible assets have borne no fruit, the options remaining with the SCC are to either identify the asset as not readily realizable assets under Regulation 37A of the Liquidation Process Regulations or to distribute the aforesaid unsold assets among the stakeholders under Regulation 38 of the Liquidation Process Regulations. The Liquidator, with the consent of the SCC in the 6th SCC Meeting, has decided to take the latter route.