In the matter of Janpragti Commodities Private Limited

An application under Section 54 of the Insolvency & Bankruptcy Code, 2016 read with Regulation 45(3)(b) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 and Rule 11 of NCLT Rules, 2016 for dissolution of the Corporate Debtor In the matter of: Dhiraj Enterprises Pvt Ltd ...FINANCIAL CREDITOR Versus Janpragti Commodities Private Limited ...CORPORATE DEBTOR And In the matter of: Mr. Sudipta Ghosh ...APPLICANT

Date of pronouncement of order: 19.05.2026

CORAM: SMT. BIDISHA BANERJEE, HON’BLE MEMBER (JUDICIAL) CMDE SIDDHARTH MISHRA, HON’BLE MEMBER (TECHNICAL) Appearances (via Video Conferencing/Physical): Ms. Pallavi Ray, Adv. ] For the Liquidator Ms. Chandrika Sharma, Adv. ]

Per: Bidisha Banerjee, Member (Judicial) 1. The Court congregated in a hybrid mode. 2. I.A. (IB) Dis. No. 32/KB/2025 is filed by the Applicant seeking following reliefs:

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 a. To allow dissolution of the Corporate Debtor in accordance with Section 54(1) of the Insolvency and Bankruptcy Code, 2016 and the Rules and Regulations framed thereunder; b. To relieve the Liquidator from his current duties and dissolve his office. c. To pass such orders/directions as this Hon’ble Tribunal may deem fit and necessary in the facts and circumstances of the case.

3. Facts of the Case: 3.1. That this application has been filed by Dhiraj Enterprises Private Limited (hereinafter referred to as “Financial Creditor”) vide order dated 15.07.2021 under Section 7 of the I&B Code, 2016 to initiate Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) against Janpragti Commodities Private Limited (hereinafter referred to as “the Corporate Debtor”). Mr. Kailash Kumar Rathi was appointed as the IRP. On 13.08.2021 in the first meeting of CoC it was resolved to appoint Mr. Sudipta Ghosh as the RP in place of Mr. Kailash Kumar Rathi, IRP which was approved by this Adjudicating Authority on 01.12.2021. 3.2. That on 13.05.2022 in the 8th CoC meeting a resolution was passed for initiation of Liquidation Process against the Corporate Debtor. Therefore, an application for initiation of Liquidation Process was submitted before this Tribunal and the Liquidation Order was pronounced on 08.12.2022 for commencement of Liquidation Process and the Applicant herein as the Liquidator was appointed. 3.3. That on 13.12.2022 a Public Announcement in the newspaper was made in ‘Form B’ inviting claims from Stakeholders of the CD in “Financial Express” (English Newspaper-Kolkata Edition)

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 and “Aajkal” (Bengali Newspaper-Kolkata edition). The Public Announcement is marked as “Annexure A”. 3.4. Upon receipt of claim during the liquidation process and the claims collated during the CIR process, the SCC committee was formed with the following members as under: Sl. Details of Amount of Claim Percentage of No. Creditors admitted (Rs.) claim admitted to total claim admitted 1. Dhiraj Enterprises 3,676,426 0.02 Private Limited 2. Indian Overseas 1,115,216,995 6.80 Bank 3. Union Bank of 3,148,707,511 19.19 India 4. Bank of Baroda 4,069,496,247 24.80 5. Punjab National 819,987,154 5.00 Bank 6. ICICI Bank 392,753,640 2.39 7. Indian Bank 2,124,890,963 12.95 8. Income Tax 555,865,727 3.39 Department 9. Rare Asset 2,76,16,25,946 16.82 Reconstruction Limited 10. PTC India 141,76,54,503 8.64 Financial Services Limited Total 164,098,75,112 100

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019

3.5. That a valuation was conducted with respect to the Financial Assets being the sole class of assets belonging to the Corporate Debtor during the Liquidation Process. That there is no fixed asset held by the Corporate Debtor and the average fair market value and average liquidation value of the Corporate Debtor as determined by the registered valuers are produced herein below:

Particulars Fair Market LIQUIDATION Value (Rs.) VALUE Value determined NIL NIL by: Registered Valuer 1: Mr. Ankush Garg Value determined NIL NIL by: Registered Valuer 2: Mr. Rajan Sahdev Total Value NIL NIL Average Value NIL NIL

Copies of the relevant pages/extracts of valuation reports as issued by both the aforesaid Registered Valuers is marked as Annexure B.

3.6. That a total of seven e-auction sale was conducted by the applicant wherein the 2nd e-auction sale, 3rd e-auction sale and the 7th e-auction sale were successful and the remaining e-auction sale was unsuccessful. In the 2nd E-auction sale conducted on 03rd July, 2023 was partly successful, where one

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 auctioned asset was sold. The sale Notice and Bid history is marked as Annexure D. On 21st August, 2023 third e-auction sale was conducted where three blocks of assets were sold. Copies of the third e-auction sale notice and bid history reports are marked as Annexure E. 3.7. That the Seventh E-auction was held on 28th December, 2024 wherein all the remaining assets were sold. The copies of the sale notice and bid history report are marked as Annexure I.

3.8. That this Tribunal vide order dated 08.12.2022 was pleased to pass the liquidation order in terms of Section 33 read with Sub- Section (1) thereof the Code and thereby appointed the Applicant as the Liquidator in the present matter.

3.9. That according to the Financial Statements available on 31st March, 2021 and July 15, 2021 of the Corporate Debtor hold two different bank accounts, namely, IDFC First Bank, SaltLake Branch and Punjab National Bank, Lords Branch were maintained by the Corporate Debtor. The Applicant vide letters requested the said Banks to close the accounts of the Corporate Debtor and transfer the remaining amount in favour of the designated bank account opened and maintained for the purpose of Liquidation of the Corporate Debtor with Federal Bank Limited, BBD Bagh Branch, Kolkata-700001, bearing Account No. 21530200010370. the bank confirmed that the bank account of the Corporate Debtor has been closed after transferring the funds into the designated account opened with the Federal Bank Limited. The document evidencing such closure is attached herewith and marked as Annexure M.

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 3.10. The Applicant submits that till date has filed thirteen progress reports. The said details of the reports are produced herein below:

Details of Report Date of submission Preliminary Report 21.02.2023 List of Stakeholders 21.02.2023 Asset Memorandum 21.02.2023 Modified List of Stateholders 26.10.2024 1st Quaterly Progress Report 04.01.2023 2nd Quaterly Progress Report 15.04.2023 3rd Quaterly Progress Report 15.07.2023 4th Quaterly Progress Report 14.10.2023 5th Quaterly Progress Report 05.01.2024 6th Quaterly Progress Report 06.04.2024 7th Quarterly Progress Report 15.07.2024 8th Quarterly Progress Report 15.10.2024 9th Quarterly Progress Report 08.01.2025 10th Quarterly Progress Report 09.04.2025 11th Quarterly Progress Report 10.07.2025 12th Quarterly Progress Report 14.10.2025 13th Quarterly and Final Progress 11.11.2025 Report

3.11. That the funds have been received on the occasion of sale of Assets of the CD of Rs.12,45,738/- from Hytone Merchants Private Limited and Navdhara Verso Private Limited, being the successful bidders of E-Auction of Assets. The details of such receipt are produced herein below: AMOUNT RECEIVED FROM AMOUNT (Rs.) Hytone Merchants Private Limited 10,45,738.00

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 Navdhara Verso Private Limited 2,00,000.00 TOTAL 12,45,738/-

PARTICULARS OF AMOUNT (RS.) LIQUIDATION COST Legal Charges 7,84,566.00 Cost of Public Announcement 46,091.00 etc. Auditors Remuneration 33,600.00 E-Auction Charges 70,620.00 Valuation Fees 31,000.00 Other expenses 1,17,412.75 TOTAL 10,83,289.75

Summary of Cost reimbursed PARTICULARS AMOUNT(RS.) Cost incurred during CIRP 2,25,000.00 Liquidation Cost 10,83,289.75 Amount of Liquidation Cost NIL left unpaid

3.12. That the audit of the receipts and payment of liquidation has been conducted as and when required under the statute and the copies of the said audit receipt and payment accounts for the period December 08, 2022 to March 31, 2023, April 01, 2023 to March 31, 2024, April 01, 2024 to March 31, 2025 and April 01, 2025 to November 11, 2025 are collectively marked as Annexure N.

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 3.13. It is submitted that the Liquidator in compliance has filed the present application under Section 54 read with Regulation 45 of Insolvency and Bankruptcy copy of the Compliance Certificate in Form H and Final Report under Regulation 45(3) of the IBBI (Liquidation Process) Regulation, 2016 seeking for an order of dissolution of the Corporate Debtor is marked as Annexure O.

3.14. Liquidator has also submitted Form H in compliance to the code and IBBI (Liquidation Process) Regulation, 2016 is at Page 113 to 121.

3.15. That all the Assets of the Corporate Debtor have been disposed of in accordance with law and the Final Report has been prepared and submitted. Therefore, the Corporate Debtor may be dissolved. The Copy of Form H and Final Report under Regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016 is prepared and marked as Annexure O.

3.16. It is thus agreed that the Corporate Debtor needs to be dissolved are per the provisions of Section 54 of IBBI Code, 2016 r/w Regulation 44(1) of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

4. We have considered the application and perused records. Various provisions of the Code dealing with the dissolution of the Corporate Debtor are as follows: “54. Dissolution of corporate debtor. - (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 Adjudicating Authority for the dissolution of such corporate debtor. (2) The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly. (3) A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered.”

5. A conjoint reading of these two provisions leads to the requirement of completion of the liquidation of the assets of the corporate debtor and subsequent application to the Adjudicating Authority by the liquidator for dissolution under section 54 of the IBC where the assets of the Corporate Debtor has been completely liquidated after distribution among the Stakeholders for the Liquidation Process Regulations when the realizable properties of the corporate debtor are insufficient to cover the cost of the liquidation process, the liquidator may apply to the Adjudicating Authority for dissolution.

6. In view of the above facts and circumstances, this Adjudicating Authority in exercise of the powers conferred under sub-section (2) of section 54 of the Code hereby orders dissolution of the Corporate Debtor, viz., Janpragti Commodities Private Limited from the date of this Order, and the Corporate Debtor stands dissolved.

7. Consequently, the Liquidator stands relieved subject to all procedural compliances.

KOLKATA BENCH (Court-I) KOLKATA I.A. (IB) Dis. No.32/KB/2025 In C.P.(IB) No. 1689/KB/2019 8. The Liquidator and the Registry are hereby directed to serve a copy of this order upon the Registrar of Companies, West Bengal, immediately and, in any case, within fourteen days of receipt of this order. The Registrar of Companies shall take further necessary action upon receipt of a copy of this order.

9. We also direct the Dhiraj Enterprises Private Limited to make the payment of due liquidation cost.

10. Thus, I.A.(IB) Dis. No.32/(KB)/2025 and CP (IB) No. 1689/(KB)/2019 is allowed and disposed of with the above directions.

11. The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps.

12. Certified Copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

Siddharth Mishra Bidisha Banerjee Member (Technical) Member (Judicial)

Signed on this, the 19th May, 2026.

S. Ghose, (Steno)/Sayon, (Steno)