In the matter of Jagsukhkarak Housing Developers Ltd.

(Hybrid Mode) The case is fixed for pronouncement of order. The order is pronounced in the open court, vide separate sheet.

-SD- -SD- SANJEEV SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT–I, AHMEDABAD CP(IB)/233(AHM)2026 (Company Petition under Section 59(7) of the Insolvency and Bankruptcy Code 2016 read with Regulation 38(3) of the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) Regulations, 2017) In the matter of: Jagsukhkarak Housing Developers Ltd. Mr. Sanjay J Shah Voluntary Liquidator of Jagsukhkarak Housing Developers Limited (under Voluntary Liquidation) Having its registered office at: 501-502, Abhijit-1, Mithakhali Six Road, Navrangpura, Opp. Bhuj Mercantile Bank, Ahmedabad, Gujarat - 380009 …. Applicant/Liquidator Order Pronounced on 17.09.2026

MR. SHAMMI KHAN, HON’BLE MEMBER (JUDICIAL) MR. SANJEEV SHARMA, HON’BLE MEMBER (TECHNICAL)

For the Applicant : Mr. Rahul Bhavsar, Adv. a. w. : Mr. Sanjay J Shah, Voluntary Liquidator For the IT Dept. : Mr. Aman A. Mir, Sr. Standing Counsel

Per Bench

CP(IB)/233(AHM)/2026 Mr. Sanjay J Shah, Liquidator of Jagsukhkarak Housing Developers Ltd.

1. This Company Petition has been filed on 15.06.2026 by Mr. Sanjay J. Shah, Voluntary Liquidator of Jagsukhkarak Housing Developers Limited (hereinafter referred to as “the Corporate Person”) under Section 59(7) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”) read with Regulation 38(3) of the IBBI (Voluntary Liquidation Process) Regulations, 2017 (hereinafter referred to as the “VLP Regulations”), seeking an order of Dissolution of the Company with following prayers: - a) Your Lordships may be pleased to allow the present petition filed under Section 59(7) and 59(8) of IB Code, 2016 and pass appropriate orders for the dissolution of the Corporate Debtor; b) Your Lordships may be pleased to allow extension and/or condone delay for 17 days in submission of Final Report under Regulation 37 read with Regulation 38, if any; c) Your Lordships may be pleased to discharge the Liquidator from the Voluntary Liquidation process of the Corporate Debtor; d) Your Lordships may be pleased to pass appropriate orders under Section 59(7) of IB Code, 2016 read with VLP Regulations, 2017 and other applicable provisions permitting dissolution of Corporate Debtor; and e) Your Lordships may be pleased to pass such order or further order(s) with this Hon’ble Adjudicating Authority may deem fit, proper and just under the circumstances of the case.

CP(IB)/233(AHM)/2026

2. The Applicant/Voluntary Liquidator has placed the facts and documents in the following manner: - 2.1. It is submitted that the Corporate Person, Jagsukhkarak Housing Developers Limited, incorporated on 10.11.2008, was engaged in real estate and housing development and had not committed any default in respect of its debts, thereby satisfying Section 59(1) of the Code. 2.2. The Board of Directors approved voluntary liquidation on 30.01.2025 under Section 59 of the Code read with the VLP Regulations, 2017. The declarations of solvency dated 29.01.2025, financial statements and list of unsecured creditors were filed with the RoC in Form GNL-2. Annexure-C and Annexure-D (Colly.) were relied upon. 2.3. Pursuant to the EGM resolution dated 28.02.2025, Mr. Sanjay J. Shah was appointed as Liquidator. The requisite Form MGT-14 filing and intimation under Section 59(4) to the IBBI were stated to have been duly completed. 2.4. Public announcement of commencement of voluntary liquidation was published in Financial Express in English and Gujarati, inviting claims up to 30.03.2025. No claim was received from any creditor or shareholder, and Form VL-1 was filed with the IBBI on 11.04.2025.

CP(IB)/233(AHM)/2026

2.5. A separate liquidation bank account was opened with IDFC First Bank Ltd. on 15.03.2025. The Liquidator intimated the process to the concerned authorities, and the Preliminary Report dated 14.04.2025 was submitted within the prescribed period under Regulation 9 of the VLP Regulations, 2017. 2.6. The first distribution phase resulted in distribution of Rs.2,33,06,599/- towards deemed dividend and return of capital to 195 Members/Shareholders. Unclaimed amounts of Rs.6,30,724/- and Rs.1,12,000/- were deposited in the IBBI Corporate Voluntary Liquidation Account on 18.07.2025. 2.7. The liquidation period was extended to 26.08.2025 and thereafter to 22.11.2025, principally on account of pending statutory and tax compliances, including non-availability of the ITR-6 utility. The requisite meetings and approvals were stated to have been duly undertaken. 2.8. Upon release of the ITR-6 utility, the Liquidator filed the return for FY 2024-25/AY 2025-26, claiming refund of Rs.5,29,870/-. The refund, together with interest of Rs.29,140/-, was received on 13.02.2026, following which further distribution and statutory compliances were completed. 2.9. The balance liquidation estate was distributed after statutory deductions and payment of liquidation costs.

CP(IB)/233(AHM)/2026

Unpaid amounts of Rs.6,912/- and Rs.1,389/- were deposited in the IBBI Corporate Voluntary Liquidation Account on 12.03.2026 and 24.03.2026, respectively. 2.10. The books were thereafter closed and audited liquidation accounts up to 31.03.2026 were prepared. The Auditor’s and Liquidator’s Reports, TDS return and other statutory filings were completed and notice of the Final AGM was duly issued and published. 2.11. At the Final AGM held on 30.04.2026, the Members considered the audited accounts, Receipts and Payments Account, Reports, Final Report under Regulation 38 and liquidation costs of Rs.4,04,624/-. Completion of distributions and deposit of unclaimed amounts were also taken on record. 2.12. The Final Report dated 30.04.2026 was filed with the IBBI on 04.05.2026 and the requisite filings were made with the RoC on 05.05.2026 and 06.05.2026. The unclaimed amount of Rs.7,51,025/- was transferred to the IBBI Corporate Voluntary Liquidation Account. 2.13. The Applicant further states that provision for preservation of records under Regulation 41(6) was made and the requisite Auditor’s Certificate and Compliance Certificate in Form-H were filed.

2.14. The Applicant seeks condonation of the stated one-day delay in convening the EGM on 28.02.2025, attributing the same to inadvertent miscalculation of the prescribed CP(IB)/233(AHM)/2026 period and submitting that it was neither deliberate nor prejudicial to any stakeholder. 2.15. Reliance has been placed upon Powerplant Performance Improvement Pvt. Ltd. through Liquidator Mr. Rajan Das Gupta, C.P. (IB) No. 50/ND/2025, wherein dissolution followed compliance with the voluntary liquidation requirements, including statutory filings, reports, Form- H and closure of the liquidation account. 2.16. Reliance is also placed upon Viswanathan Rajagopalan, Liquidator of Stuser Tools Pvt. Ltd., CP(IB)/45/(CHE)/2025, stated to concern condonation of delay in completion of voluntary liquidation. The NCLT cause list independently confirms CP(IB)/45/CHE/2025 as a Section 59 proceeding concerning Viswanathan Rajagopalan, Liquidator of Stuser Tools Pvt. Ltd. The Applicant accordingly seeks condonation of delay and dissolution under Sections 59(7) and 59(8) of the Code. 3. It is submitted that after making various payments including liquidation costs as per the provisions of Section 53(1) of IBC, 2016, the Liquidator has distributed the funds among the stakeholders of the company as well as the Voluntary Liquidation Process conducted as detailed in the Form-H which are reproduced as under:- 5. Details of Distribution to stakeholders as per Section 52 or 53 of the Code CP(IB)/233(AHM)/2026 (Amount in Rs.Lakh) Sl.

Stakeholders* Amount Amount Amount Amount Remarks No. under Section Claimed Admitted Distributed Distributed to 52 and 53(1) the Amount Claimed (%) (1) (2) (3) (4) (5) (6) (7) 1 Realization of NIL NIL NIL NIL NA Security Interest [Sec. 52(1)(b)] 2 Liquidation 4.04 4.04 4.04 1.62% Approved Cost [Sec.53(1)(a)] 3 Workmen’s NIL NIL NIL NIL NA Dues [Sec.53(1)(b)(i)] 4 Debts of NIL NIL NIL NIL NA Secured Creditors [Sec.53(1)(b)(ii)] 5 Wages and NIL NIL NIL NIL NA Unpaid Dues to Employees [Sec.53(1)(c)] 6 Debts of NIL NIL NIL NIL NA Unsecured Financial Creditors [Sec.53(1)(d)] 7 Government NIL NIL NIL NIL NA Dues + Amount Unpaid following Enforcement of Security Interest [Sec.53(1)(e)] 8 Any remaining NIL NIL NIL NIL NA Debts and Dues [Sec.53(1)(f)] 9 Preference NIL NIL NIL NIL NA Shareholders [Sec.53(1)(g)] 10 Equity 245.62 245.62 245.62 98.38% NA Shareholders [Sec.53(1)(h)] Total 249.66 249.66 249.66 100% NA

6. The Voluntary Liquidation Process has been conducted as per the stipulated timeline: Sl. Section/Regul Description of Task Norm Complianc Actual No. ation (Number of e Date Timeline Days) (Number of CP(IB)/233(AHM)/2026 days) (1) (2) (3) (4) (5) (6) Declaration from T – 28 30.01.2025 T- Four majority of directors / Four Weeks Weeks Section 59(3)(a), partners regarding 1 Regulation solvency of corporate 3(1)(a) person and it not being liquidated to defraud any person Passing of resolution / T = 0 28.02.2025 0 special resolution by Section 59[3)(c) members / partners and (5)], about commencement 2 Regulation of voluntary 3(1)(c) and 3(3) liquidation process and appointment of insolvency professional as liquidator Approval of creditors T + 7 28.02.2025 0 representing two-third 3 Proviso to in value of debt, if the NA No Section corporate person owes Creditors 59(3)(c), any debt, of the hence Regulation resolution passed NA 3(1)(c) under section 59(3)(c) or regulation 3(1)(c) Intimation by T + 7 07.03.2025 7 Days Insolvency Professional regarding 4 Regulation 5(2) his appointment as Liquidator, to the Board Public Announcement T + 5 10.03.2025 * 10 Days 5 Regulation 14(1) in Form A by the Liquidator Notification to T + 7 07.03.2025 7 Days & T Registrar of or & plus 26 Companies and Board T + 14 26.03.2025 days* about the resolution passed under section 6 Section 59(4), 59(3)(c) and regulation Regulation 3(2) 3(1)(c) or subsequent approval of creditors thereto, as the case may be, by corporate person Section 38(1), Submission of claims T + 30 30.03.2025 30 Days* 7 Regulation by stakeholders No claims 14(2) received Withdrawal / T + 44 13.04.2025 44 Days* 8 Section 38 (5) modification of claim No claim by stakeholders hence no modificatio CP(IB)/233(AHM)/2026 n Submission of T + 45 14.04.2025 45 Days 9 Regulation 9 preliminary report to (1) the corporate person by the Liquidator 10 Regulation Verification of claims T + 60 29.04.2025 60 Days* 29(1) by the Liquidator No claims Intimation about T + 67 06.05.2025 67 Days* decision of acceptance No Claims 11 Section 40(2) / rejection of claim to the stakeholders by the Liquidator Preparation of list of T + 45*/75 14.04.2025 45 Days* 12 Regulation 30(2) stakeholders by the Only Liquidator Shareholde rs are the stakeholder s Appeal by creditor T + 81 20.05.2025 81 Days* 13 Section 42 against the decision of No Claims the Liquidator & No such appeal Distribution of the Date of 05.06.2025 1)52 Days 14 Regulation 35(1) proceeds to realization & from the stakeholders by the + 30 23.02.2026 Submission Liquidator of Preliminary Report 2) 9 days from the realization of Income Tax Refund.

Deposit of amount of Prior to 18.07.2025, 1)140 days unclaimed dividends submission 12.03.2026 from the and undistributed of & date of 15 Regulation 39(2) proceeds in Corporate application 24.03.2026 Commence Voluntary Liquidation under sub-ment of Account by The section (7) Liquidation Liquidator of section Process 59 2) 27 & 39 days from the realization of Income Tax Refund. Submission of Final T + 90*/270 04.05.2026 431/432/4 Report to the Board & 33 days 16 Regulation 38(2) and Registrar of 05.05.2026 from the CP(IB)/233(AHM)/2026

Companies by the / date of Liquidator 06.06.2026 Commence ment of Liquidation Process Submission of Final T+90*/270 08.06.2026 466 days 17 Section 59(7), Report, along with the from the Regulation 38(3) application for date of dissolution, to AA Commence ment of Liquidation Process Completion of T + 90*/270 30.04.2026 427 days Voluntary Liquidation from the 18 Regulation 37(1) Process date of Commence ment of Liquidation Process Meeting of T + 365 08.05.2025 Meetings of Contributories and 29.05.2025 the Board 19 Regulation 37(2) presentation of 26.08.2025 and Annual Status Report 22.11.2025 Contributor (Status Report/ Final 25.02.2026 ies/Membe Report) 30.04.2026 rs also 31.07.2025 Status & Report & 30.04.2026 Final Report- As per Table attached here under- Explanatio ns

T = Liquidation Commencement Date * Applicable where approval of creditors was not required under Section 59(3)(c) or regulation 3(1)(c) * As the Intimation of appointment received from the Board on 07th March 2025. There is a delay in the Public Announcement by the liquidator.

4. It is submitted that the Company has completed the requisite formalities and procedure for voluntary liquidation in compliance with the Rules and Regulations and filed this CP(IB)/233(AHM)/2026 application for passing Dissolution Order under Section 59(8)

of the IB Code.

5. In compliance with the order dated 22.07.2026, an affidavit of service and compliance with the order of this Tribunal were filed on 03.08.2026 and 14.08.2026 vide Inward Nos. D-6427

& D 6822 respectively. Further, pursuant to the order dated

01.09.2026, an additional affidavit was filed on 11.09.2026 vide Inward No. D-7759. Both the affidavits are taken on record.

6. In pursuance to the notice issued by this Tribunal to the Income Tax Department as well as RoC, the Income Tax

Department has filed a report on 14.08.2026 vide Inward No.

R 539, inter alia, stating therein that no outstanding demand and any proceedings pending against Jagsukhkarak Housing

Developers Limited. Neither anyone appeared for the RoC nor filed any response to this effect.

7. Vide order dated 14.09.2026, the Applicant/Liquidator has affirmed on oath that no litigation is neither pending nor filed by or against the company, its Directors or Promoter. The said declaration is taken on record.

CP(IB)/233(AHM)/2026

8. We have considered the Petition, Final Report, Compliance

Certificate, audited liquidation accounts, proof of distribution, proof of deposit of unclaimed amounts, bank closure documents, reports of the statutory authorities and the affidavits placed on record.

9. We are satisfied that the affairs of the Corporate Person have been completely wound up, its assets have been realised and distributed, its liabilities have been duly dealt with, the unclaimed/undistributed amounts have been deposited in accordance with the applicable Regulations, and no litigation or proceeding remains pending so as to impede dissolution.

The requirements of Section 59 of the Code read with the VLP

Regulations are accordingly satisfied.

10. Having regard to the facts and circumstances of the case, the reasons furnished for the delay, the completion of the liquidation process, realisation and distribution of the liquidation estate, deposit of the unclaimed amounts, completion of the statutory filings and absence of objection from any stakeholder or statutory authority, the delay in completion of the voluntary liquidation process beyond the CP(IB)/233(AHM)/2026 period prescribed under Regulation 37 is hereby condoned.

The inadvertent one-day delay in convening the EGM is also condoned and the consequential acts undertaken pursuant thereto are taken on record.

11. Consequently, in exercise of the powers conferred under

Section 59(8) of the Insolvency and Bankruptcy Code, 2016, the Corporate Person, Jagsukhkarak Housing Developers Limited (CIN: U45208GJ2008PLC055385), stand dissolved from the date of this order.

12. Consequently, Mr. Sanjay J. Shah, Voluntary Liquidator, stands discharged from the liquidation assignment, subject to compliance with such statutory obligations as survive dissolution, including preservation of the records of the voluntary liquidation process in accordance with Regulation 41 of the VLP Regulations, 2017.

13. The Registry shall forward a copy of this order to the Registrar of Companies, Gujarat, within fourteen (14) days from the date of this order in terms of Section 59(9) of the Code. The Liquidator shall furnish a copy of this order to the IBBI and comply with the applicable post-dissolution filing

CP(IB)/233(AHM)/2026 requirements. The concerned statutory authorities may also be furnished a copy of this order as required.

14. The Liquidator shall preserve the records of the voluntary liquidation process in accordance with Regulation 41 of the IBBI (Voluntary Liquidation Process) Regulations, 2017, for the period and in the manner prescribed therein.

15. Accordingly, CP(IB)/233(AHM)2026 stands allowed and disposed of in the aforesaid terms.

16. Urgent certified copy of this order, if applied for, be issued upon compliance with all requisite formalities.

-SD- -SD- SANJEEV SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL) Sweta/Steno

CP(IB)/233(AHM)/2026