In the matter of Concept Biosciences India Private Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT NO. II KOLKATA I.A. (IB) NO. 1121/KB/2024 IN C.P. (IB) NO. 74/KB/2020 An Application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016

IN THE MATTER OF: Radico Khaitan Limited ...Operational Creditor And Concept Biosciences India Private Limited ...Corporate Debtor And IN THE MATTER OF: Concept Biosciences India Private Limited, being represented by Mr. Sanjay Kumar Poddar, the Liquidator ...Applicant Versus 1.Radico Khaitan Linmited ... Respondent No.l 2. Mahima Lifesciences Private Limited Respondent No. 2 Date of Pronouncement of Order: 7th January, 2025

-Banct

CERTIFIED TO BE TRUE COPY

TRIBUNAL COMPANY LAW IN THE NATIONAL B ENCH, COURT NO. II DIVISION KOLKATA 1121/KB/2 024 LA. (IB) NO. IN C.P. (IB) NO. 74/KB/ 2020

Coram: Smt. Bidisha Banerjee, Member (Judicial) Shri. D. Arvind, Member (Technical)

Appearance: For the Operational Creditor: Mr. Ayan Dutta, Adv. Mr. Sumit Biswas, Adv. Mr. R. Bhoumick, Adv. Mr. Himanshu Kitli, Adv. For the Respondent No.2 : Mr. Ajay Kumar Agarwal, RP For the Erstwhile IRP: For the Liquidator : Ms. Nimisha Agarwal, Adv. Mr. Deep Gupta, Adv. Mr. Sanjay Poddar, CA

ORDER Per: Bidisha Banerjee, Member (Judicial) 1. The Court congregated through hybrid mode. 2. The Ld. Counsels of both the parties were heard. 3. The instant application has been filed by Concept Biosciences India Private Limited, being represented by Mr. Sanjay Kumar Poddar, the Liquidator against Radico Khaitan Limited, hereinafter referred toa s the Respondent No. 1' and Mahima Lifesciences Private Limited, hereinafter referred to as the Respondent No. 2' under section 60(5) of the Insolvency and Bankruptcy Code, 2016, for brevity, 1&B Code' to seek the following reliefs: cOmpanyls

Koikat-Benc CERTIFIED TOB E TRUE COPY

DIVISION BENCH, COURT NO. II KOLKATA 121/KB/2024 I.A. (IB) NO. 1 IN C.P. (IB) NO. 74/KB/2020 1. To release theL iquidator as the SCC Members are unwilling to carry on the process. u. Such further and/ other orders and/or direction or directions as the Tribunal deems fit and proper.

Facts Of The Case 4. An application being C.P.(L.B.) No. 74/KB of 2020 under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by Radico Khaitan Limited, the Operational Creditor before this Tribunal against the Corporate Debtor. 5. By an Order dated 01.04.2022 the said application was admitted and was initiated against the Corporate Insolvency Resolution Process Corporate Debtor (now in liquidation). A copy of the said Order of Admission dated 01.04.2022 passed by this Tribunal annexed hereto and marked as Annexure "A". 6. An Order of liquidation dated 14th May, 2024 was passed by this Tribunal under Section 33 of the said Code and Mr. Sanjay Kumar Poddar was appointed as the Liquidator of the Corporate Debtor.

Submissions of the Ld. Counsel of the Petitioner: 7. A public announcement of Form B was published on 16.05.2024 in two newspapers namely Aajkal and Business Standard. A copy of the paper fater O.company

CERTIEIED TOB E TRUE COPY

TRIBUNAL COMPANY LAW NATIONAL IN THE BENCH, COURT NO. II DIVISION 1121/KB/2024 KOLKATA I.A. (IB) NO. IN 74/KB/2020 C.P. (IB)N O. Annexure 16.05.2024 is annexed hereto and marked as publication dated C Radico Khaitan 8 L. i m I i t t e i d s a s n u d b m M it a te h d im a th L a if t e s t c h i e e r n e c e a s re P ri t v w a o t e w S L i C t i h m C d i r t M a e w d e m in H b g o t e w h r e s e m ve s r e, lv a es l e f t r t o e m r h th a e s been received from Respondent No. 2 for SCC. A copy of the letter is annexed hereto and mnarked as Annexure "D" 9. Further, an application has been filed by Mahima Lifesciences Private Limited before this Tribunal for withdrawing themselves fron the Liquidation process. 10. That the lst SCC Meeting was duly held on 21.05.2024 wherein only one SCC member Radico Khaitan Limited attended the meeting and expressed their intent to withdraw their application being C.P.(I.B.) NO. 74/KB/2020. A Copy of the minutes of the meeting dated 21.05.2024 is annexed hereto and marked as Annexure E". 11. It is submnitted that the SCC Members do not want to contribute to the unpaid CIRP Costs and Liquidation Costs and stated that they will withdraw themselves from the process. 12. It is further submitted that the liquidator is unable to perform his duties due to the actions of the SCC members. Due to the unavailability of valuation report, transaction audit report and little/no interest of the SCC members in the process the liquidator cannot fulffl the objective of the liquidation process. 13. We have heard the Ld. Counsels of both the parties and perused the documnents on record. fafy

G To kata-Ba

CERTIFIED TO BE TRUE COPY

IN THE NATIONAL COMPANY LAw TRIBUNAL DIVISION BENCH, COURT NO. II KOLKATA ILA. (IB) NO. 1121/KB/ 2024 IN 74/KB/2020 C.P. (IB) NO.

Analysis and Findings 14. We find that by an order dated 01.04.2022, an application under section 9 for initiation of the Corporate Insolvency Resolution Process has been admitted against Concept Biosciences India Private Limnited, the Corporate Debtor. 15.That by an order dated 14th May, 2024, liquidation was allowed by this Tribunal under Section 33 of the T&B Code and Mr. Sanjay Kumar Poddar has beena ppointed as the Liquidator of the Corporate Debtor. 16. We note that there are two SCC Members, Radico Khaitan Limited and Mahima Lifesciences Private Limited, wherein a letter has been received from Mahima Lifesciences for withdrawing themsclves from the SCC. 17. We also find that in the 1st SCC Meeting which was held on 21.05.2024, it was only Radico Khaitan Limited who attended the meeting and expressed their intent tow ithdraw the application being C.P (1.B.) NO. 74/KB/2020. 18. At this juncture, we would refer to the relevant provisions of the I&B Code which are stated below: 35.(1)..... (2) In cases not covered under sub-regulation (1) or where the liquidator is of the opinion that fresh valuation is required under the circumstances, he shall within seven days] of the liquidation commencement date, appoint two registered valuers to determine the realisable value of company,

Tokata Bont CERTIFIED TO BE TRUE COPY

IN THE NATIONAL cOMPANY LAy TRIBUNAL DIVISION BENCH, COURT NO. II KOLKATA 1121/KB/2024 I.A. (IB)N O. IN 74/KB/2020 C.P. (IB) NO. the assets or businesses under clauses (a) to ) of regulation 32 of the corporate debtor: Under Regulation 35(2) the registered valuers are to be appointed within 7 days from the Liquidation Commencement Date. However, the SCC members stated that there are no known assets and of unavailability of books of Accounts of the Corporate Debtor for the purpose of valuation. Thus, the valuers were not consented to be appointed during the CIRP Period and further in the Liquidation Process by the SCC. 19. As per Regulation 13 and 34 Preliminary Report and Asset Memorandum is to be prepared by the Liquidator. Due to the unavailability of books of Accounts and the Valuation Reports, the same cannot be prepared. 13. Preliminary report. The liquidator shall submit a Preliminary Report to the Adjudicating Authority within seventufive days from the liquidation commencement date, detailing- (a) the capital structure of the corporate debtor; (b) the estimates of its assets and liabilities as on the liquidation commencement date based on the books of the corporate debtor: Provided that if the liquidator has reasons to believe, to be recorded in writing, that the books of the corporate debtor are not reliable. he shall also provide such estimates based on reliable records and data otherwise available to him:

tlaiong, ench

GERTIFIED TOB E TRUE COPY

DIVISION BENCH, COURT NO. II KOLKATA I.A. (IB) NO. 1 121/KB/2024 IN C.P. (IB)N O. 74/KB/2020 (c) whether, he intends to make ans further inquiry in to any matter relating to the promotion, formation or failure of the corporate debtor or the conduct of the business thereof; and (a) the proposed plan of action for carrying out the liquidation, including the timeline within which he proposes to carry it out and the estimated liquidation costs.

20. In the aforesaid backdrop, no useful purpose would be served by continuing with the liquidator and therefore we hereby order the release of the liquidator as prayed for in the instant application. 21. The I.A( IB) NO. 1121/KB/2024 stands allowed and disposed of. 22. Urgent certified copy of this order, if applied or, be supplied to the parties, subject to compliance with all requisite formalities.

Sd/ D. Arvind Bidisha Banerjee Member (Technical) Member (Judicial) This Order is signed on this, the 7th Day of January, 2025

Oindrila, K. (LRA)

fafey compan ata-gen - CERTIFIED TO BE TRUE COPY onst

CERTIFIED TOB E TRUE COPY

Date of Presentatiun of No. of Pages..n..aps.. Copying Fee... Registration &P ostage Fee... Total Date of Receipt é Record of Cop: Daie of Prepareti an of CopyKlol29 24 Date of Deliver of Copy-Aa2o2.. ARI Court Offce* JR/DR/ NatidgBCompany Law Trih. Koltat