In the matter of Naman Ispat Private Limited

INTHE NATIONAL COMPANY LAW TRIBUNAL KOLKATABENCH (Court -I) KOLKATA IA(IBC)/1019(KB)2023 in CP(IB)/127(KB)2021 Inthematter of: An application under section 33(2) oftheInsolvency and Bankruptcy Code, 2016; And Inthematter of: Shubh Mohini Enterprises Private Limited, CIN: U32109DL1998PTC148221, having registered office at X-37, Pratap Street, Gandhi Nagar, Delhi East, Pin–110031; ….Financial Creditor –Versus- Naman Ispat Private Limited, CIN: U27109WB2005PTC101589, having registered office at 235/2A, A.J.C.Bose Road, Kolkata700020,West Bengal; ….Corporate Debtor And Inthematter of: SudiptaGhosh, ResolutionProfessional ofNaman Ispat PrivateLimited. ….Applicant And IA(IBC)/1095(KB)2023 in CP(IB)/127(KB)2021 Inthematter of: An application u/s. 60(5) of the Insolvency and Bankruptcy Code, 2016 read with rule 11oftheNational CompanyLaw Tribunal Rules, 2016; And Inthematter of: Shubh Mohini Enterprises Private Limited, CIN: U32109DL1998PTC148221, having registered office at X-37, Pratap Street, Gandhi Nagar, Delhi East, Pin–110031; ….Financial Creditor -Versus- Naman Ispat Private Limited, CIN: U27109WB2005PTC101589, having registered office at 235/2A, A.J.C.Bose Road, Kolkata700020,West Bengal; ….Corporate Debtor And INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021

Inthematter of: Pratap Mukherjee, Liquidator of Radission Resources Private Limited, having registration no. IBBI/IPA-001/IP-P02515/2021-2022/13851 and office at 27A, Bhattacharjee ParaRoad,Kolkata 700063; ….Applicant -versus- Inthematter of: Sudipta Ghosh, Resolution Professional of the Corporate Debtor, having its registration no. IBBI/IPA-001/IP-P00484/2017-2018/10872 and office at 8, N. N. Mukherjee 3rd Lane, Uttarpara, Hooghly, WestBengal 712258 ….Respondent

Orderpronounced on: 23/11/2023 Coram: ShriRohitKapoor : Member (Judicial) ShriBalrajJoshi : Member (Technical)

Appearances (through hybrid mode): For RP : Ms.Urmila Chakraborty, Adv. Ms.Pallavi Ray, Adv. For applicant inIA/1095/2023 : Ms.Rakhi PurnimaPaul, Adv. Ms.Vedika Sureka, Adv. Mr. Pratap Mukherjee, Liquidator of RadissionResources PrivateLimited O RDE R Per:RohitKapoor, Member (Judicial) 1. ThisAdjudicating Authority convened through hybrid mode. IA(IBC)/1019(KB)2023 2. This is an application filed under section 33(2) of the Insolvency and Bankruptcy Code, 2016 (in short “IBC”) by the Interim Resolution Professional (“IRP”) of Naman Ispat Private Limited, the Corporate Debtor, praying for liquidation of INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021 the Corporate Debtor. This application is supported by an affidavit1 duly affirmed byMr. SudiptaGhosh,theRP. 3. This Adjudicating Authority, on a petition filed u/s. 7 of the IBC read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Shubh Mohini Enterprise Private Limited, the Financial Creditor, vide order2 dated 11/11/2022 in CP(IB)/127(KB)2021, had ordered initiation of CIRP against Naman Ispat Private Limited, the Corporate Debtor. Mr. Sudipta Ghosh was appointed as theInterim Resolution Professional (“IRP”). 4. In terms of regulation 6 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, (“CIRP Regulations”) Public Announcements3 in Form A was published on 13/11/2022 in “Financial Express” (English) and “Ekdin” (Bengali) inviting claims from the creditors. Committee of Creditors (in short “CoC”) was duly formed with the sole petitioningFinancial Creditor. 5. At the 1st meeting of the CoC held on 09/12/2022, the CoC had approved appointment of IRP as Resolution Professional (“RP”). Minutes of the 1st CoC meeting forms Annexure C4. RP has altogether conducted five CoC meetings. Copies of Minutes of the second to fifth meetings form Annexure D5. The applicant has filed three Progress Reports on 20/12/2022, 28/02/2023 and 14/04/2023respectively. 6. In terms of regulation 36A(1) of the CIRP Regulations, Form G6 was published on 12/01/2023 in “Financial Express” (English) and “Ekdin” (Bengali) inviting Expression of Interest (“EoI”) from prospective resolution applicants (“PRA”). However, in response no EoI was received. CoC had discussed over non-receipt

1Atpages19and21oftheapplication 2AnnexureAatpages22to31oftheapplication 3AnnexureBatpages32to33oftheapplication 4 Atpages34to43oftheapplication 5 Atpages44to79oftheapplication 6 AnnexureEatpages80to81oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021 of EoI at its third meeting held on 06/02/2023 and resolved to re-issue Form G. Pursuant to the decision taken by the CoC, the applicant reissued Form G7. However, theapplicant didnotreceive any EoIfrom any PRAs this timealso. 7. Two Registered Valuers, Mr., Pranab Kumar Chakraborty and Mr. Shyamal Mukherjee were appointed to determine and ascertain the Fair Value and Liquidation Value, who have submitted their reports to the applicant. Copies of valuation reports form AnnexureG8. 8. The applicant has admitted the claim of Income Tax Department and reconstituted the CoC and updated the List of Creditors on 16/01/2023 and submitted the same to the Adjudicating Authority on 27/01/2023. Copies of the report on the re-constitution of CoC and updated list of stakeholders forms AnnexureH9. 9. The applicant has appointed M/s. TKR & Associates, Chartered Accountants as the Transaction Auditor to audit under the relevant provisions of the IBC who has submitted its report dated 10/04/2023 to the applicant. It is stated in the report that none of the transactions during the relevant period, fall within the category of Preferential, Undervalued, Extortionate and Fraudulent transaction. The said report has been approved by the members of the CoC with 100% voting share at the 5th CoC meeting held on 14/04/2023. Copy of the said transaction audit report forms AnnexureI10. 10. As no resolution plan u/s. 30(6) of the IBC was received, the CoC at its 5th meeting held on 14/04/2023 with 100% voting share has passed the following resolution toliquidatethe Corporate Debtor: “RESOLVED THAT in the event of non-receipt of Resolution Plan, Liquidation Process in the matter of Corporate Debtor be and is hereby

7 AnnexureFatpages82to83oftheapplication 8 Atpages84to110oftheapplication 9 Atpages111to123oftheapplication 10 Atpages124to137oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021 approved by the Committee of Creditors and necessary application be moved to theAdjudicatingAuthority.” Minutes of the 5th CoC meeting was placed at pages 68 to 79 of the application (AnnexureD). 11. The applicant has given his written consent11 along with AFA to act as the Liquidator of the Corporate Debtor subject to the confirmation by this Adjudicating Authority. 12. It is stated in theapplication that vide order12dated 17/04/2023, thisAdjudicating Authority condoned the delay in filing claim by the Punjab National Bank with direction to the applicant to consider the claims of the applicant bank on its merit uninfluenced by the fact that delay in filing the same has been condoned. The applicant in order to verify and consider the claim of the Punjab National Bank asked for certain documents vide e-mail dated 04/05/2023. The Bank has reverted back by an e-mail dated 08/05/2023. However, the applicant did not receive proper information for consideration of their claim. As such the applicant has not been able to admit the claim of the Bank till date. Copies of e-mails dated 04/05/2023and 08/05/2023form AnnexureL13 13. It is to be noted here that the 180 days CIRP period has ended on 09/05/2023 and noapplication for extensionofthe CIRP period has been filed. 14. Section 33(1)(a) of the Code mandates that the Adjudicating Authority shall pass an order of liquidation where no resolution plan is received before the expiry of the CIRP. Sub-section (2) thereof requires the Adjudicating Authority to pass the liquidation order where the Resolution Professional intimates to the Adjudicating Authority the decision of the Committee of Creditors approved by not less than 66%ofthe votingshare toliquidatetheCorporate Debtor.

11 AnnexureJtpages138to143oftheapplication 12 Atpage144oftheapplication 13 Atpages145and146oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021

15. A conjoint reading of these two provisions leaves this Adjudicating Authority withnoother option butto order liquidationof theCorporate Debtor. 16. ThisBench, therefore, hereby orders as follows: - a. IA(IBC)/1019(KB)2023 filed by Mr. Sudipta Ghosh, RP of Naman Ispat Private Limited, the Corporate Debtor, is allowed. Consequently, the Corporate Debtor is ordered to be liquidated in terms of section 33(2) of the Coderead with sub-section (1)thereof; b. Though the RP has given his consent to act as the Liquidator of the Corporate Debtor but in view of direction of the IBBI Circular dated 18/07/2023 vide no. Liq-12011/214/2023-IBBI/840 for appointment of Liquidator other than IRP/RP under section 34(4)(b) of the Code, we are appointing Ms. SARIKA JAIN, Regn. No.IBBI/IPA-001/IP-P-02666/2022- 2023/14071 having e-mail i.d. jsarika2750@gmail.com mobile no. 9874182810 as Liquidator as provided under section 34(1) of the Code, subject, however, to his possessing a valid Authorisation for Assignment (AFA) issued by the Insolvency Professional Agency (IPA) of which he is a professional member, in terms of regulation 7A of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2019. The Liquidator is directed to submit his consent to act as Liquidator within 10 days of receipt of this order. The erstwhile RP shall handover all papers and documents in his possession concerning the Corporate Debtor to the Liquidator appointed in this matter within10days. c. The Liquidator shall initiate liquidation process as envisaged under Chapter-III of the Code and the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016. d. Public Notice shall be issued in the same newspapers in which advertisements were issued earlier, stating that the Corporate Debtor is in liquidation.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021 e. All the powers of the Board of Directors, and of key managerial persons, shall cease to exist in accordance with section 34(2) of the Code. All these powers shall henceforth vest inthe Liquidator. f. The personnel of the Corporate Debtor are directed to extend all assistance and co-operation to the Liquidator as required by him in managing theliquidation process oftheCorporate Debtor. g. On initiation of the liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with itsproviso. h. In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtorcontinued during the liquidation process bytheLiquidator. i. In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, West Bengal, within whose jurisdiction the Corporate Debtor is registered. Additionally, the Registry shall alsoforward acopy ofthisOrder to theRegistrar ofCompanies, West Bengal. 17. The application bearing IA(IBC)/1019(KB)2023 shall stand disposed of in accordance withtheabove directions. 18. CP(IB)/127(KB)2021 is to come up for filing of Periodical Progress Report on 08-01-2024.

IA(IBC)/1095(KB)2023

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtI) IA(IBC)/1019(KB)2023 & IA(IBC)/1095(KB)2023 inCP(IB)/127(KB)2021

19. This is an application filed under section 60(5) of the IBC read with rule 11 of the National Company Law Tribunal Rules, 2016 by Mr. Pratap Mukherjee, Liquidator of Radission Resources Private Limited, the applicant herein against Mr. Sudipta Ghosh, Resolution Professional of Naman Ispat Private Limited, the Corporate Debtor, praying for condonation of delay of 104 days in submission of Form C under regulation 8 of the CIRP Regulations, 2016. This application is dulysupported byan affidavit affirmed bythe Liquidator. 20. Since the Naman Ispat Private Limited, the Corporate Debtor herein, has been admitted under liquidation vide order of even date the present application has become infructuous and is dismissed ‘as infructuous’. However, liberty is given to the applicant in IA(IBC)/1095(KB)2023 to file its claim before the Liquidatorappointed in Naman Ispat PrivateLimited. 21. The Registry is directed to send e-mail copies of the order forthwith to all the parties and theirLd.Counsel for information and fortaking necessary steps. 22. Certified Copy of this order may be issued, if applied for, upon compliance of all requisiteformalities.

BalrajJoshi RohitKapoor Member(Technical) Member (Judicial)

Signed onthis,the23rdday ofNovember, 2023.

hb.