In the matter of AGH WIRES PRIVATE LIMITED

ORDER IA (Liq.) /43/ND/2024:- 1. Our attention is drawn to the minutes of the 4th meeting of the Committee of Creditors where the Resolution that the Corporate Debtor should be liquidated has been passed. The relevant excerpt of the Resolution passed reads thus:

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2. The Resolution also contains the provision regarding the meeting of the liquidation cost. The decision to the effect taken by the CoC in the aforementioned meeting by way of resolution passed reads thus:

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3. Having analyzed the factual position, we passed the order dated 02.06.2025 expressing our concern that when the Corporate Debtor has no assets how the Liquidation cost would be met. The order dated 02.06.2025 reads thus:-

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4. In terms of the order dated 16.02.2026, we noted that the representative of the State Bank of India submitted that the Liquidation Process would be beneficial. The order dated 16.02.2026 reads thus:

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In the affidavit filed by it, the SBI espoused that the Corporate Debtor is entitled to recover that to the extent of INR 21.70 Crores owed to it by its sundry debtors. The Para No. 6 of the affidavit is extracted below: 6. Given that the available financial records of the Corporate Debtor are of the year 2017, it appears that the recovery of Corporate Debtor's debt to the tune of INR 21.70 Crore (owed to it by its sundry debtors) seems unlikely. A perusal of affidavit revealed that the recovery of aforementioned amount i.e. INR Rs. 21.70 Crores seems unlikely. If such is a situation, we are unable to appreciate that how and why the SBI is keen to pursue the liquidation process. Nevertheless if a public Bank is of the view that the Liquidation process would be useful and the CoC with 100% voting share, in terms of provisions of Section 33(2) of the Code resolved for Liquidation of the Corporate Debtor, it would be appropriate to liquidate the Corporate Debtor. However, it is made clear that the since the State Bank of India (sole member of CoC) is of the view that the recovery from the sundry debtors is unlikely, the Liquidator may resort to the provisions of Regulation 37A of the IBBI (Liquidation Process) Regulations, 2016 and ensure that the liquidation process is completed within three months. 5. As can be seen from Section 33(2) of IBC, 2016, where the RP, at any time during the CIRP, but before confirmation of resolution plan intimate the Adjudicating Authority of the decision of CoC taken with not less than 66% vote share to liquidate the CD, this Adjudicating Authority need to pass order as per sub clauses (i), (ii) & (iii) of sub-section I of Section 33. 6. 6. Ms. Shruti Gupta having Reg. No: IBBI/IPA-001/IP-P00303/2017- 2018/10567 and e-mail ID: guptashrutica@gmail.com is appointed as Liquidator qua the Corporate Debtor to carry out the liquidation process inter alia in terms of the following directions:- a) The Liquidator shall strictly act in accordance with the provisions of IBC, 2016 (viz. Sections 35, 36, 38, 39 and 41 thereof) and other relevant rules and Regulations including the IBBI (Liquidation Process) Regulations, 2016 as amended up to date, enjoined upon him. b) The Liquidator shall issue the public announcement that the Corporate Debtor is in liquidation. In relation to officers/ employees and workers

Mamta/Amisha of the Corporate Debtor, taking into consideration Section 33(7) of IBC, 2016, this order shall be deemed to be a notice of discharge. c) The Liquidator shall investigate the financial affairs of the Corporate Debtor particularly, in relation to preferential transactions/ undervalued transactions and such other like transactions including fraudulent preferences and file a suitable application before this Adjudicating Authority. d) In terms of section 178 of the Income Tax Act, 1961, the Liquidator shall give necessary intimation to the Income Tax Department. In relation to other fiscal and regulatory authorities which govern the Corporate Debtor, the Liquidator shall also duly intimate about the order of liquidation. e) The order of Moratorium passed under Section 14 of the Insolvency and Bankruptcy Code, 2016 shall cease to have its effect and a fresh Moratorium under section 33(5) of the Insolvency and Bankruptcy Code shall commence. f) The Liquidator is directed to investigate the financial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations and also file its response for disposal of any pending Company applications during the process of liquidation. g) The Liquidator shall submit a Preliminary report to this Tribunal within 75 (seventy-five) days from the liquidation commencement date as per Regulation 13 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016. Further, such other or further reports as required are to be filed under the relevant Regulations shall also be duly filed by him with this Adjudicating Authority. h) Copy of this order be sent to the financial creditors, Corporate Debtor and the Liquidator for taking necessary steps and for extending the necessary cooperation in relation to the Liquidation process of the Corporate Debtor, viz., company-in-liquidation.

Mamta/Amisha i) The Registry is directed to communicate this order to the Registrar of Companies, having jurisdiction over the Corporate Debtor and the Insolvency and Bankruptcy Board of India. j) It goes without saying that fee of the Liquidator would be payable in terms of the provisions of Section 34(7) of the IBC, 2016 read with Regulation 4 of IBBI (Liquidation Process) Regulation 2016. The present I.A. bearing I.A. (IBC)(LIQ.)43 (ND) 2024 stands disposed of in the aforesaid terms.

-Sd- -Sd- (ATUL CHATURVEDI) (ASHOK KUMAR BHARDWAJ) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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