In the matter of Kamineni Steel & Power India Private Limited

S.No.1 IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1 VC AND PHYSCIAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 10-05-2024 AT 10:30 AM CP(IB) No. 11/10/HDB/2017 AND IA (IBC) (Dissolution) 02/2024 & IA (IBC) No: 903/2024 in CP(IB) No. 11/10/HDB/2017 u/s. 10 of IBC, 2016 IN THE MATTER OF: Kamineni Steels & Power India Pvt Ltd., …Petitioner

C O R A M:- DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL) SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

IA (IBC) (Dissolution) 02/2024 Order pronounced. In the result, the Company i.e. M/s Kamineni Steels & Power India Private Limited is hereby dissolved as per the terms mentioned in the order and the Liquidator stands discharged. IA (IBC) No: 903/2024 Mr K Vatsa Kumar, Liquidator present through Video Conference. This is an application to take on record 5th Progress report. Report taken on record. Accordingly, this application is allowed and disposed of.

Sd/- Sd/- MEMBER (T) MEMBER (J)

NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH-I IA (Dissolution) No.2 of 2024 In CP (IB) NO. 11/10/HDB/2017 IN THE MATTER OF M/S KAMINENI STEEL & POWER INDIA PVT LTD (COMPANY IN LIQUIDATION) Filed by: M/s Kamineni Steel & Power India Pvt Ltd Represented by its Liquidator K Vatsa Kumar Office at Plot 717, Journalist Colony, Road No.2 Banjara Hills, Hyderabad 500034. … Applicant / Liquidator Date of order: 10.05.2024 Coram: Dr. N. Venkata Ramakrishna Badarinath, Hon’ble Member Judicial Shri Charan Singh, Hon’ble Member Technical

Appearance: For Applicant: Ms. MS Mano Ranjani & Mr. M Rama Rao, Advocates Mr.K. Vatsa Kumar, Liquidator in person

PER: BENCH ORDER 1. This application is filed under Section 54 of the Insolvency & Bankruptcy Code, 2016 (herein after referred to as “CODE”) r/w Regulation 45 of Insolvency & Bankruptcy Board of India (Liquidation Process) by the Liquidator appointed for M/s KAMINENI STEEL & POWER INDIA PVT LTD, seeking dissolution of the Corporate Person/ M/s KAMINENI STEEL & POWER INDIA PVT LTD.

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2. The averments in brief of the Application are that; 2.1 This Tribunal vide order dated 10.02.2017 admitted the petition filed U/S 10 of the Code and Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Person. 2.2 Subsequently on 26.10.2018, when the Resolution Plan submitted by Corporate Applicant was declared as not approved with requisite majority by the Hon’ble Apex Court, this Hon’ble AA ordered for Liquidation of the Corporate Person and appointed, Mr Racharla Ramakrishna Gupta as the Liquidator. 2.3 Period of Liquidation Process: The Liquidation process commenced on 26.10.2018 and the final report was filed on 08.03.2024. The necessary approvals for extension of the liquidation period from time to time accorded by this Adjudicating Authority are tabled as below: SNo Particulars and Reason Valid upto 1 Liquidation commencement date 26.10.2018 2 Liquidation Period as per Regulation 44(2) applicable in the 25.12.2020 case of Corporate Person is 2 years 3 Exclusion of 180 days due to COVID lockdown granted by (IA 23.04.2021 992 of 2020) 4 Extension of 6 months (from 16.06.2021 ( IA 208 of 2021) – 15.12.2021 To complete Liquidation as E Auctions held were unsuccessful 5 Extension of 6 months (from 18.04.2022 (IA 727 of 2022)- To 17.10.2022 complete Liquidation as E Auctions held were unsuccessful 6 Extension of 3 months (from 26.10.2022 (IA 1093 of 2022)- 25.01.2023 To complete Liquidation as E Auctions held were unsuccessful 7 Extension of 4 months (from 25.01.2023 (IA 90 of 2023)- To 24.05.2023 complete Liquidation as E Auctions held were unsuccessful 8 Extension of 3 months (from 26.05.2023 (IA 859 of 2023) - To 09.09.2023 complete Liquidation as E Auctions held were unsuccessful

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IA 1476- Interim order - To enable liquidator to discharge 25.09.2023 functions 9 IA 1476 – Final Order - Extension of 4 weeks from 16.10.2023 12.11.2023 for SCC to complete valuation 10 Extension of 6 months (from 13.11.2023 (IA 1827 of 2023) - To complete Liquidation as E Auctions held were 12.05.2024 unsuccessful

2.4 Later, this Adjudicating Authority vide orders in IA# 1637/2023 dated 08.11.2023 appointed Mr Kallat Vatsa Kumar (Regn# IBBI/IPA-002/IP- N00922/2019-2020/12980), the applicant herein as the Liquidator, who filed his consent in Form AA on 10.11.2023. 2.5 Upon assuming the role of Liquidator, the Applicant/Liquidator on 16.11.2023, officially took custody of the Corporate Person's assets through execution of a Panchnama. Subsequently, on 17.11.2023, the Liquidator received possession of the original title deeds, along with link documents provided by Indian Bank, from the Erstwhile Liquidator. Physical files pertaining to the liquidation process were also transferred into the custody of the Liquidator on 20.11.2023,. 2.6 It is stated that the Applicant/Liquidator convened 21st meeting of the SCC, which comprised of the following members:

SNo SCC Members Name Type of Amount Voting % Claim/ (Rs. Cr) Representing 1. In dian Bank Secured FC 431.75 21.37% 2. In dian Bank Secured FC 150.94 7.47% e Allahabad Bank 3. U nion Bank of India e Andhra Secured FC 241.01 11.93% Bank 4. B ank of Maharashtra Secured FC 118.35 5.86% 5. C entral Bank of India Secured FC 218.76 10.83%

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6. In dian Overseas Bank Secured FC 287.35 14.23% 7. P unjab National Bank e Secured FC 206.35 10.22% Oriental Bank of Commerce 8. J M Financial ARC Ltd Secured FC 240.65 11.91% 9. S MS India Pvt Ltd OC 5.57 0.28% 10. M aharashtra Seamless Ltd OC 99.51 4.93% eUnited Seamless Tubular P Ltd 11. T SSPDCL, Nalgonda OC 19.65 0.97% 12. U nited Steel Allied Shareholder NA Nil Industries Private Ltd Total 2019.88 100.00%

2.7 Brief overview of the liquidation process and how the assets of Corporate Person were liquidated including subsequent distribution of the liquidation proceeds

2.7.1 Invitation of Claims in Form B: The liquidator notified the stakeholders about commencement of the liquidation of the Corporate person by issuing a Public Announcement on 30.10.2018 in “The Hindu” (English) and “Sakshi” (Telugu-Vernacular language) newspapers, as per Section 33(1)(a)(ii) of the Code and Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Regulations”), and invited claims from the stakeholders on or before 25.11.2018. 2.7.2 Constitution of SCC/ List of Stakeholders: The Liquidator verified the claims received in accordance with Regulation 30 of the Liquidation Process Regulations and compiled the list of stakeholders. The same was filed with this Tribunal on 05.01.2019. Subsequently the list of stakeholders was modified three times i.e. on 27.05.2020, 12.08.2021, and 07.09.2023.

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2.7.3 Valuation of the Corporate Person’s Assets: Pursuant to Regulation 35 of Liquidation Regulations, the Erstwhile Liquidator appointed the IBBI registered valuers in January 2019 to ascertain the values of the assets of the Corporate Person. As the sale of assets could not be completed until recently, a revaluation of the Corporate Person's assets was conducted by the Erstwhile Liquidator in June 2022. Subsequently, in November 2023, with the knowledge of this Adjudicating Authority, the valuation was redone by the SCC. Details of the asset values derived from these three valuations taken on average of valuation done by 2 valuers for each category are tabulated below: (Rs. In Crores) Asset Class First Second Third Valuation done during Jan-19 Jun-22 Nov-23 Land & Buildings 150.25 152.63 176.99 Plant & M/c (incl Vehicles) 316.32 324.54 434.96 Securities & Financial Assets 7.22 1.9 0.88 Total Fair Value 473.79 479.07 612.83 Land & Buildings 105.18 102.6 146.03 Plant & M/c (incl Vehicles) 237.28 224.07 304.47 Securities & Financial Assets 7.22 1.9 0.88 Total Liquidation Value 349.68 328.57 451.38

2.7.4 Asset Memorandum: The erstwhile Liquidator prepared the Asset Memorandum which was filed with this Tribunal on 05.09.2019. The indicated value of the assets in the Asset Memorandum is Rs. 403.79 cr.

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2.7.5 SCC Meetings during Liquidation: The Liquidators conducted 22 meetings with the SCC members as tabled below: SNo Date of the SCC Meeting Liquidator Name 1. 17.12.2018 Mr Ramakrishna Gupta 2. 19.02.2019 Mr Ramakrishna Gupta 3. 24.09.2019 Mr Ramakrishna Gupta 4. 11.03.2020 Mr Ramakrishna Gupta 5. 09.06.2020 Mr Ramakrishna Gupta 6. 24.11.2020 Mr Ramakrishna Gupta 7. 26.02.2021 Mr Ramakrishna Gupta 8. 17.03.2021 Mr Ramakrishna Gupta 9. 28.05.2021 Mr Ramakrishna Gupta 10. 20.07.2021 Mr Ramakrishna Gupta 11. 25.08.2021 Mr Ramakrishna Gupta 12. 17.03.2022 Mr Ramakrishna Gupta 13. 05.05.2022 Mr Ramakrishna Gupta 14. 13.07.2022 Mr Ramakrishna Gupta 15. 21.12.2022 Mr Ramakrishna Gupta 16. 14.02.2023 Mr Ramakrishna Gupta 17. 20.04.2023 Mr Ramakrishna Gupta 18. 05.05.2023 Mr Ramakrishna Gupta 19. 21.06.2023 Mr Ramakrishna Gupta 20. 29.09.2023 Mr Ramakrishna Gupta 21. 29.11.2023 Mr K Vatsa Kumar 22. 29.01.2024 Mr K Vatsa Kumar

2.7.6 Progress Reports filed during the conduct of Liquidation Process: Complying with Regulations 13 & 15 of Liquidation Regulations, the Liquidator regularly filed the Progress Reports and this Adjudicating Authority took them on record; as tabulated below: SNo Progress Report Quarter Filed on IA/Memo 1. P reliminary Report To be filed by 05.01.2019 Memo in 75 days 09.01.2019 2. 1 st Progress Report Oct-Dec 2018 11.01.2019 Memo 3. 2 nd Progress Report Jan-Mar 2019 15.04.2019 Memo

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4. 3 rd Progress Report Apr-Jun 2019 11.07.2019 Memo 5. 4 th Progress Report Jul-Sep 2019 14.10.2019 Memo 6. 5 th Progress Report Oct-Dec 2019 10.01.2020 Memo 7. 6 th Progress Report Jan-Mar 2020 08.06.2020 Memo 8. 7 th Progress Report Apr-Jun 2020 13.07.2020 Memo 9. 8 th Progress Report Jul-Sep 2020 08.10.2020 Memo 10. 9 th Progress Report Oct-Dec 2020 08.01.2021 Memo 11. 1 0th Progress Report Jan-Mar 2021 08.04.2021 Memo 12. 1 1th Progress Report Apr-Jun 2021 12.07.2021 Memo 13. 1 2th Progress Report Jul-Sep 2021 11.10.2021 Memo 14. 1 3th Progress Report Oct-Dec 2021 07.01.2022 Memo 15. 1 4th Progress Report Jan-Mar 2022 12.04.2022 Memo 16. 1 5th Progress Report Apr-Jun 2022 07.07.2022 Memo 17. 1 6th Progress Report Jul-Sep 2022 10.10.2022 Memo 18. 1 7th Progress Report `Oct-Dec 2022 11.01.2023 89/2023 19. 1 8th Progress Report Jan-Mar 2023 12.04.2023 678/2023 20. 1 9th Progress Report Apr-Jun 2023 13.07.2023 1225/2023 21. 2 0th Progress Report Jul-Sep 2023 13.10.2023 1637/2023 22. 2 1st Progress Report Oct-Dec 2023 10.01.2024 174/2024

2.7.7 Sale Notices issued during the Liquidation Process: The erstwhile Liquidator, Mr Racharla Ramakrishna Gupta, issued sale notices 1 -5 and announced 11 e-auctions during the Liquidation process while the applicant/Liquidator, Mr Vatsa Kumar issued the 6th sale notice, details are as tabulated below: Sale Notice # Sale Notice Dt Reserve Price Dt of Auction 1. 12.10.2019 14.11.2019 14.11.2019 610 Crores 04.12.2019 13.12.2019 16.01.2020 2. 27.01.2020 460 Crores 29.02.2020 26.02.2020 30.03.2020 01.04.2020 24.04.2020 3. 10.06.2020 410 Crores 10.07.2020 4. 26.07.2020 350 Crores 26.08.2020 5. 10.08.2022 02.09.2022

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26.09.2022 330 Crores 26.10.2022 08.11.2022 10.12.2022 6. 09.12.2023 450 Crores 05.01.2024

Except for the 4th Auction Notice, all the other eAuction notices issued by the erstwhile liquidator failed due to non-participation of interested bidders. Under the 4th sale notice M/s Nimmagadda Surya Pradeep Biotech P Ltd participated in eAuction and was declared as successful bidder to acquire the Corporate Person as a going concern for a bid amount of Rs.351 Cr and paid EMD of Rs. 5 Crores. However, as the successful bidder failed to honour its commitments, this Adjudicating Authority vide orders in IA#727/2022 and IA#114/2022 directed the erstwhile Liquidator to forfeit the EMD of Rs.5Cr paid and to start the bidding process afresh.

2.7.8 Reason for increasing the Reserve Price from 330 Crores to 450 Crores in the 6th Sale Notice: According to the Liquidator/Applicant herein, during its 21st meeting, the SCC clarified that this Adjudicating Authority recognized its intention to revaluate the Corporate Person’s Assets in the order dated 16.10.2023 passed in IA#1476/2023. Accordingly, the SCC decided to conduct valuations for Land & Building and Plant & Machinery and the valuation for Securities and Financial Assets was then underway. Thus, the Liquidator, as per the valuation determined by the SCC and as per the directions of this Tribunal vide the order dated 07.12.2023 in IA#1907/2023, had got issued the 6th sale notice at a reserve price of Rs. 450 crores.

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2.7.9 Details of the Corporate Person’s properties and Sale Process:

2.7.9.1 The Corporate Person possesses the following properties:

Land admeasuring 143.825 acres located at Survey Nos.115, 117, 118, 119, 120, 121, 174, 175, 176, 177, 178, 179 of Yellareddigudem Village and 46, 47, 48, 49, 50, 796 of Cheruvugattu Village, Narketpally Mandal, Nalgonda District with building thereon along with Plant & Machinery of 350,000 MTPA Steel Billet Plant including vehicles. 2.7.9.2 According to the Liquidator, the 6th Sale Notice, issued on 09.12.2023 was for sale of assets in 3 parcels (i) all assets together (ii) Factory assets (iii) Non-core vacant land, keeping the reserve price equivalent to the forced sale value as per the valuation undertaken by SCC. He further stated that Parcel 1 included Parcel 2 and Parcel 3. The Reserve Price of the 3 Parcels was Rs. 450 cr, Rs. 422 cr and Rs. 28 cr respectively. Further, it was indicated that eAuction of Parcel 2 and 3 will commence only if there are no bidders for Parcel 1. 2.7.9.3 In response to the 6th sale notice, 2 EOIs were received i.e (i) EOI for Parcel 1 from Kalyani Steels Ltd and (ii) EOI for Parcel 3 from Mahidhara Projects Ltd. Both qualified as eligible bidders. Though Kalyani Steel Ltd submitted the EMD on time, the Mahidhara Projects submitted EMD after stipulated timeline and hence, was not considered. The eAuction took place on 05.01.2024, and Kalyani Steels Ltd with a Bid amount of Rs. 450 cr, was declared as the successful bidder. The Liquidator issued the LOI on 08.01.2024 which was duly accepted by the successful bidder on 10.01.2024.

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2.7.9.4 Pursuant thereto, Kalyani Steels Ltd remitted the entire sale consideration of Rs. 450 cr after deducting applicable TDS on 07.02.2024 (including EMD of Rs. 23 Cr). The amount received from Kalyani Steels Ltd is Rs. 4,48,23,60,000/-, (after deduction of applicable TDS of Rs. 1,76,40,000/-). Additionally, they remitted the applicable GST amount for plant and machinery on 09.02.2024, of Rs.54,72,00,000/- which has been remitted to the GST department. 2.7.10 Sale Certificate and handing over to the Corporate Person’s Assets to M/s Kalyani Steels Limited: The sale certificate has been issued to the successful bidder, M/s Kalyani Steels Limited, on 10.02.2024, by the Liquidator which has been duly acknowledged as received by M/s Kalyani Steels Limited and on the same day they took physical possession of the Corporate Person’s assets. 2.7.11 Details of realisation and distribution of proceeds: It is submitted that: 2.7.11.1 During the period 26.10.2018 to 08.01.2024 (ie prior to receipt of consideration for sale of assets under 6th E Auction) a total amount of Rs. 11,24,40,391/- recovered from the receivables and forfeited EMD under 4th sale notice, has been distributed by the erstwhile Liquidator amongst the Financial Creditors as per Section 53 of the code. The amount has been distributed from the receipts as detailed below:

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SNo From Amount Remarks 1. O rient Refractories Ltd 52,947.00 Recovered from 2. S imtech Services Pvt Ltd 21,185.00 Receivables 3. S teel Exchange India Ltd 28,21,159.00 4. W artsila India Pvt Ltd 8,39,65,828.00 5. N immagadda Surya Pradeep Bio 5,00,00,000 EMD Forfeited Tech P Ltd 13,68,61,119

2.7.11.2 The details of proceeds realised from sale of Corporate Person’s assets following the 6th sale notice and their distribution are as under: SNo Particulars Amount (Rs.) 1. Am ount received towards Sale Consideration 4,48,23,60,000 from Kalyani Steels Ltd (after deduction of TDS of Rs. 1,76,40,000/-). GST amount received of Rs. 54,72,00,000/- has been remitted to GST department. 2. HD FC Liquidation A/c Balance of the 77,95,581 Corporate Person 3. To tal Funds (1 + 2) 4,49,01,55,581 4. Co ntingency provision is kept to address 30,00,000 future litigation etc as decided by 22nd SCC & parked with Lead Bank ie Indian Bank 5. Fu nds available for Distribution under Section 4,48,71,55,581 53 (3 - 4) The Liquidator further submits that residual amount of Rs. 1,14,776.86/- left in the HDFC Bank account after meeting all estimated expenses (and prior to closure of account) has also been passed on to the Lead Bank i.e. Indian Bank for meeting any contingency / litigation along with the provision of Rs. 30 lakh earmarked above.

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2.7.11.3 As per Section 53 of the code, the amount received on Sale of assets has been distributed / disbursed as under: SNo Distributed to Amount in Rs. 1. Insolvency Resolution Process Costs 0 2. Liquidation Costs 14280619 3. Liquidator Fee on Distribution 6607336 4. Workers Dues for 24 months prior to 0 Liquidation Commencement Date 5. Indian Bank - e Allahabad Bank 355715547 6. Indian Bank 1017498772 7. Union Bank of India - e Andhra Bank 567974271 8. Bank of Maharashtra 278902694 9. Central Bank of India 515557396 10. Indian Overseas Bank 677186169 11. Punjab National Bank - e Oriental Bank of 486295236 Commerce 12. JM Financial Asset Reconstruction 567137539 Company Limited 13. Amount Distributed on sale of assets in 6th 4,48,71,55,581 E Auction 14. Amount distributed to Financial Creditors 446,62,67,624 on sale of assets in 6th E Auction 15. Amount distributed to Financial Creditors 11,24,40,391 prior to 6th E Auction 16. Total Amount distributed to Financial 457,87,08,015 Creditors

2.7.12 As per Regulation 15(5) audited accounts of the Liquidator’s receipts and payments for all the financial years were annexed along with the progress report for the 4th quarter of the respective financial year and the audited accounts of the Liquidator’s receipts and payments for the period 26.10.2018 to 04.03.2024 is annexed and marked as Annexure A14.

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2.8 Details of the matters pending for decision concerning the Corporate Person are submitted as below:

As seen from the records, Company Appeal (AT) (CH) (Ins) No.187/2022 which is filed by Nimmagadda Suryapradeep Biotech P Ltd (successful bidder in the 4th E Auction) seeking not to cancel their bid and further not to forfeit EMD is pending before Hon’ble NCLAT, Chennai. 2.9 Liquidation Cost details: The total Liquidation cost of the Corporate Person incurred is Rs. 6,50,14,956 /-. 2.10 It is averred that Designated Bank Account for the Corporate Person during liquidation period i.e. from 26.10.2018 to 26.11.2019, in terms of Regulation 2A (2) of the Liquidation Regulations, was opened with State Bank of India. Thereafter, a designated liquidation account was opened with HDFC Bank on05.10.2019,which was closed on 16.03.2024 after the completion of the liquidation process. All the receipts and payments during the liquidation process of the Corporate Person have been done through these accounts and after the proceeds are distributed as per the waterfall mechanism, the account has been closed on 16.03.2024 with a zero balance. Further, an amount of Rs. 31,14,776.86 /- towards contingency was kept with the lead bank, Indian Bank. The Liquidator has filed the receipts and payments of the Corporate Person during liquidation duly audited by Dimple Agarwal and Associates. The certificate dated 05.04.2024 issued by the Auditor is annexed and marked as Annexure A14.

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3. In the light of above facts and circumstances of the case, the only point that emerges for consideration of the Tribunal is Whether the Corporate Person can be dissolved? 4. We heard the Ld. Counsel for the Liquidator Ms. Manoranjani and Ld. Liquidator Mr. K. Vatsa Kumar and perused the record. 5. The record reveals that six sale notices were issued by the Liquidator. Except for the 4th Auction Notice, all other e-auction notices failed. Under the 4th sale notice M/s Nimmagadda Surya Pradeep Biotech (P) Ltd participated in e-auction and was declared as successful bidder to acquire the Corporate Person as a going concern for a bid amount of Rs. 351 cr and paid the EMD of Rs. 5 Crores. However, the successful bidder failed to honour its commitments and this Tribunal vide order passed in IA 727/2022 and IA 114/2022 directed the erstwhile Liquidator to forfeit the EMD of Rs. 5 crores and initiate fresh bidding process. 6. Accordingly, the present Liquidator issued 6th e-auction notice and as per the decision taken in the 21st SCC meeting the reserve price was increased from Rs.330 crores to Rs. 450 crores. M/s Kalyani Steel Limited was declared as the Successful Bidder in the e-auction held on 05.01.2024 with the bid amount of Rs.450 crores. 7. The record further reveals that prior to 6th e-auction notice, i.e. during the period from 26.10.2018 to 08.01.2024, and amount of Rs. 11,24,40,391/- was distributed by the erstwhile Liquidator amongst the Financial Creditors as per Section 53 of the Code. Likewise, post

NCLT HYD-1 IA (Dissolution) No.2 of 2024 In CP (IB) NO. 11/10/HDB/2017 DOO: 10.05.2024 realization of the assets under 6th e-auction notice, Rs. 4,48,71,55,581/- was distributed and the residual amount of Rs.1,14,776.86 left in the HDFC Bank account, after meeting all estimated expenses (prior to closure of accounts) has been transferred to the Lead Bank i.e. Indian Bank, for meeting any contingency/litigation along with Rs. 30 lakhs already earmarked towards contingency claims, as per the decision taken by the SCC in its 22nd meeting. 8. Further the record reveals that a Company Appeal (AT) (CH) (Ins) No. 187/2022 filed by M/s Nimmagadda Suryapradeep Biotech P Ltd, who was the successful bidder under 4th e-auction sale notice, challenging this Tribunal order dated 18.04.2022, is pending before Hon’ble NCLAT, Chennai. However, no stay is granted by the Hon’ble NCLAT and the matter is posted to 21.06.2024. 9. At the outset it may be stated that Section 54 of the IBC lays down the criteria for dissolution of the Corporate Debtor. 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 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.

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10. Regulation 45 of Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016 reads as under:-

Regulation 45: Final report prior to dissolution. (1) When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated. (2) If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same. (3) The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for – (a) closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or (b) for the dissolution of the corporate debtor, in cases not covered under clause (a).]

11. The final Compliance certificate in Form-H is filed by the Liquidator. As per Regulation 44(2) applicable then, the period for liquidation was two years. The Liquidation commenced on 26.10.2018 and the period was extended from time to time and the final extension was granted up to 12.05.2024. Further As per the final report the Liquidation value of the liquidation estate is Rs. 450.50 crores. The amount realized from sale of liquidation estate pursuant to the 6th e-auction notice is Rs. 450 crores and the amount has been distributed to the stakeholders as per section 52 or 53 of the Code, under waterfall mechanism. The Liquidator has paid all the CIRP costs and Liquidation expenses.

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12. In view of the above facts, we are satisfied that the criteria laid down under law has been fully complied with. As such, the Corporate Person is liable to be dissolved. Hence, we hereby order dissolution of the Corporate Person as under: - 12.1 The Corporate Person/M/s Kamineni Steel & Power India Private Limited stands dissolved from the date of this Order, in terms of Section 54(1) of IBC, 2016, and the Liquidator stands relieved. 12.2. The Liquidator is directed to send the copy of this Order within 14 days from the date of pronouncement, to the Registrar of Companies, Hyderabad. 12.3 Upon dissolution of the Corporate Person, the records of the Company which are in possession of the Liquidator, be handed over by the Liquidator to the IBBI. 12.4 The Registry is also directed to communicate this order to the Registrar of Companies, Hyderabad for updating the master data.

12.5. A copy of this order be also forwarded to the Insolvency & Bankruptcy Board of India, New Delhi.

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12.6 In terms of the above, IA (Dissolution) No. 2/2024 filed by the Liquidator appointed for M/s KAMINENI STEEL & POWER INDIA PVT. LTD (Corporate Person) for dissolution of the Company under Section 54 (1) of IBC, 2016, is allowed and stands disposed of accordingly. Since the Corporate Person stood dissolved vide this order and no proceedings are now pending, therefore, the Registry is directed to consign the file to records.

SD/- SD/- (Charan Singh) (Dr. N.Venkata Ramakrishna Badarinath) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

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