In the matter of MISSION HOLDINGS PRIVATE LIMITED

Today, Ms. Sabhya Jain, Advocate submitted that though the Vakalatnama in her favour is executed on behalf of the IndusInd Bank Ltd., but she is appearing for CoC and the Power of Attorney/ Vakalatnama in her favor is executed by IndusInd Bank Ltd. It is submitted that IndusInd is having (17.72 % of vote share), but even other creditors i.e. Export Import Bank of India (vote share 6.31%), IAMCL-(FIPL) (vote share 7.25%), IAMCL- (FEDCO) (vote share 4.20%), RBL Bank Ltd. (vote share 2.36%), SBM Bank (India) Ltd. (vote share 2.48%), and Federal Bank (vote share 11.55%) qua IndusInd Bank Ltd. have engaged her as a Counsel. In her submission, she has authority to take stand on behalf of the Creditor who has 51.88% vote shares in the CoC and has instruction to make a statement that the Corporate Debtor should be liquidated. She could draw our attention to the resolution dated 20.08.2024 placed on record at Page-148 of the liquidation application to support her plea. The Resolution reads thus:-

Mr. Raunak Dhillan, appeared for Zenith Infra Investment Holding Pvt. Ltd. holding vote share of 48.12% qua CD and submitted that the said creditor did not support the aforementioned resolution, but now he has instructions from his client to state that the Corporate Debtor may be ordered to the Liquidation. Although, in terms of the provisions of Section 33(2) of the IBC, 2016, the decision by the CoC regarding liquidation of the Corporate Debtor has been taken with 66% vote share and in the present case, the resolution for liquidation was not supported by the required vote share, but the Ld. Counsel for Zenith Infra Investment Holding Pvt. Ltd. which had not approved the resolution for liquidation of the Corporate Debtor, now stated that the said creditor is also supported the liquidation of Corporate Debtor. Technically, the application cannot be allowed in terms of the provisions of Section 33(2) of the IBC, 2016, but since 180 days from the date of commencement of CIRP which commenced on 31.01.2024 is over and no application for extension of CIRP was filed, we have no option but to order liquidation of the Corporate Debtor. The application is allowed.

Accordingly, Mr. Hemant Sethi having Reg. No: IBBI/IPA-002/IP- N01107/2021-2022/13628, e-mail ID: hemantsethi60@gmail.com and Mobile No. 9899703132 is appointed as the Liquidator of 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 Insolvency and Bankruptcy (Liquidation Process) Regulations, 2017 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 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 are required to be filed under the relevant Regulations, in addition, 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. 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; 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.

IA-4137/2024: Ld. Counsel for the Applicant viz. Resolution Professional submitted that all the Respondents have filed their reply to the application and he has also filed his rejoinder thereto. He sought time to ensure that all the rejoinders are uploaded on DMS. At his request, the hearing is deferred to 17.09.2025.

Sd/- Sd/- (REENA SINHA PURI) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J)

Jitendra/Hetash/Ruchita