You are a corporate consultant and have been serving the corporate world for the past one decade. Academically erudite, you are an extrovert Company Secretary and also a qualified Insolvency Resolution Professional. With

You are a corporate consultant and have been serving the corporate world for the past one decade. Academically erudite, you are an extrovert Company Secretary and also a qualified Insolvency Resolution Professional. With keen interest in academic research, you have mastered thoroughly, the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) and select Economic Laws. SOSAAL Ltd. : Recently, you have been approached by 'Step One, Step Ahead Automobiles Ltd' (SOSAAL) a listed entity, based out of Chennai, engaged in the manufacture of electric two and three wheeler with nearly 175 dealers across the country. The CEO of the Company, Mr. Kirti Iyer, along with his senior management officials, has provided the following inputs for your understanding and thereafter, to provide relevant advice on the issues, in the light of the provisions of the IBC, 2016. At a Board Meeting of SOSAAL held on October 2023, the Directors present at the Board Meeting reviewed and took note of the ageing schedule of the amounts receivable from various dealers of the company as under: Age ₹ in Lakhs Number of Dealers 0 to 180 days 1,505 135 180 to 720 days 280 34 > 720 days 905 1 Total 2,690 170 The Chairman of the Audit Committee, a non-executive Independent Director, who was present at the Board Meeting, informed the Board, that the amounts receivable for more than 2 years is from a dealer, called "My Bike," and the same is being followed up for payment on a regular basis. On this aspect, the other Independent Directors present at the Board Meeting wanted to explore the possibility of taking action against "My Bike" under the provisions of the IBC, 2016. The CFO of the Company informed that the financial creditors of "My Bike" has already commenced the process of liquidation and the liquidator has reached out the CFO last week to understand the claims of SOSAAL against "My Bike". During the course of discussion with the CFO, the Liquidator shared the following assets and liabilities of "My Bike": (₹ in Lakhs) 01 Realizable value of Fixed Assets 2,800.00 02 Receivables from various customers 225.00 03 50% of the receivables is not realizable — 04 Cash and Cash Equivalents 22.50 05 Bank Loans taken from Bank A 1,500.00 06 Bank Loans taken from Bank B 1,050.00 07 Both the banks have relinquished their security interest and their securities have been realized by the Liquidator for inclusion in the Liquidation estate — 08 Payable to SOSAAL (Operational Creditor) 905.00 09 Payable to ABC (Operational Creditor) 75.00 10 Outstanding wages to workmen (relate to the period of 24 months preceding to the date of commencement of liquidation) 75.00 11 Statutory Employer Contributions 30.00 12 Loan taken from Mr. X, the son of the Promoter Director, who attended the Board meetings to provide guidance/directions on policy matters. 75.00 Based on the details of assets and liabilities of "My Bike" shared by the liquidator, assuming no liquidation costs, examine and calculate the amount that is receivable by SOSAAL from "My Bike" in the light of the provisions of the IBC, 2016.