In the matter of Shri Nath Resdenci Pvt. Ltd.

IN THE NATIONAL COMPANY LAW TRIBUNAL PRINCIPAL BENCH NEW DELHI IA (I.B.C)/30 (PB)2025 (Dis.) IN Company Petition No. (IB) - 354(PB)/2022 (Under Section 54 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016)

IN THE MATTER OF: Bank of Baroda … Financial Creditor vs. Shri Nath Residenci Pvt. Ltd. …. Corporate Debtor

AND IN THE MATTER OF: Anshul Sharma Liquidator of Shri Nath Residenci Pvt. Ltd …. Applicant

ORDER RESERVED ON: 31.08.2026 ORDER PRONOUNCED ON: 03.09.2026 CORAM: JUSTICE ANUPINDER SINGH GREWAL HON’BLE PRESIDENT SHRI RAVINDRA CHATURVEDI HON’BLE MEMBER (TECHNICAL)

APPEARANCES: For the Applicant/ : Mr. Iswar Mohapatra, Advocate and Anshul Liquidator Sharma, Liquidator (VC)

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

ORDER IA (I.B.C)/30(PB)2025 (Dis.) 1. This is an application for dissolution of M/s Shri Nath Residenci Pvt. Ltd. (Corporate Debtor/CD), filed by the Liquidator, Mr Anshul Sharma, under Section 54 of the Insolvency and Bankruptcy Code, 2016 (IBC / Code) read with Regulations 44 and 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations). The prayers made in the Application are as follows:

i. To pass an order to dissolve the Corporate Debtor under section 54 of the IBC, 2016; ii. Direct the ROC to record the dissolution of CD iii. To discharge the liquidator from. the Liquidation process and any proceedings related to the Corporate Debtor after necessary compliance with the ROC and intimation to IBBI iv. Pass such other orders/directions as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case

Brief facts of the case as stated in the application: As submitted by the parties in the pleadings and submissions made in the court, the following are the relevant facts of the case: 2. A petition under Section 7 of the Code bearing no. CP (IB)-354/2022 was filed by the Financial Creditor (Bank of Baroda) against the Corporate Debtor/M/s Shri Nath Residenci Pvt. Ltd., which was admitted into Corporate Insolvency Resolution Process (CIRP) by this Adjudicating Authority vide order dated 05.01.2023, and Mr Sajjan Kumar Dokania was appointed as the Interim Resolution Professional.

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3. The 1st meeting of the Committee of Creditors (CoC) was held on 04.02.2023, wherein the IRP was confirmed as the RP, and the report certifying the same was taken on record by this Adjudicating Authority vide order dated 07.06.2023 in IA-3139/2023.

4. Subsequently, as no resolution plan was received, an application bearing no IA-5154/2023 was filed under section 33 of the Code seeking permission of this Adjudicating Authority to commence liquidation against the Corporate Debtor. This Adjudicating Authority vide order dated 16.02.2024 allowed the same and appointed Mr. Anshul Sharma as the liquidator. The relevant excerpt of the order is reproduced hereunder: “i. The IA-5154/2023 filed by Mr. Sajjan Kumar Dokania, the Resolution Professional of the Corporate Debtor is allowed and the Corporate Debtor is ordered to be liquidated in terms of Section 33(2) of the Code read with sub-clause (i) of clause (b) thereof; ii. The Insolvency and Bankruptcy Board of India (“IBBI”) vide its circular number Liq-12011/214/2023-IBBI/840 dated 18/07/2023 in the exercise of its powers conferred under Section 34(4)(b) of the Code had recommended that an IP other than the RP/IRP may be appointed as Liquidator in all the cases where Liquidation order is passed henceforth and the Liquidator can be appointed from the panel list of the IBBI. iii. Therefore, this Adjudicating Authority appoints Mr. Anshul Sharma as the Liquidator of the Corporate Debtor from the available list of panel of Resolution Professionals/Liquidators as maintained by the IBBI. The Registration number of the Liquidator is IBBI/IPA003/00386/2021- 2022/13930, the address of the Liquidator is A-6, Ashok Nagar, Mandoli Road, Shahdara, Near Tyagi Diary, East, National Capital Territory of Delhi110093 and the e-mail id of the Liquidator is cma.anshulsharma2020@gmail.com and the contact no. of the Liquidator is 9899320257. The Liquidator shall file a valid Authorization

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022 for Assignment along with Written Consent in Form-2 and Registration Certificate within 3 days of the pronouncement of this order. iv. Mr. Sajjan Kumar Dokania, the Resolution Professional of the Corporate Debtor is relieved from the present assignment as the Resolution Professional. The present Resolution Professional is directed to hand over the relevant documents and control of the Corporate Debtor to the newly appointed Liquidator forthwith. v. The Liquidator will charge fees.” 5. In compliance with Regulation 12(1) of the Liquidation Process Regulations, the Liquidator made a public announcement in prescribed Form B dated 06.03.2024 in the Economic Times, English newspaper’s Lucknow edition and Amar Ujala, Hindi Language, Kanpur, edition inviting claims from all stakeholders with the last date for submission being 04.04.2024.

6. Meanwhile, the Liquidator filed an application bearing no. I.A.- 1412/2024 for excluding 17 days from the period of liquidation on account of the delay in uploading the order of liquidation. The same was allowed by this Adjudicating Authority vide order dated 01.04.2024.

7. The claims received from financial creditors and other creditors were collated and verified by the applicant. In compliance with Regulation 31A of the Liquidation Process Regulations, the Stakeholders Consultation Committee (SCC) was formed, and the same has been updated from time to time. The final list of stakeholders is extracted herein below:

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8. The applicant has convened a total of 15 SCC meetings during the Liquidation process of the Corporate Debtor. The details of the same are extracted herein below:

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9. Further, pursuant to Regulation 13 and 34 of the Liquidation Regulations, the Liquidator has filed ‘Preliminary Report’ and ‘Asset Memorandum’ vide IA(I.B.C)/2613(PB)2024. The same was taken on record by this Adjudicating Authority vide order dated 21.05.2024. The details of the assets as per the Asset Memorandum report are extracted as below:

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Notice for the sale of CD as a going concern

10. The notice was published on 17.05.2024 in the Economic Times Lucknow edition in English Language and Lokbharati Kanpur edition, Shah Times Muradabad in Hindi language, for the sale of the corporate debtor as a going concern. The last date to receive the bid documents was scheduled for 31.05.2024. However, no bid was received till the last date, resulting in the failure to sell the CD as a going concern.

1st Notice for the sale of the assets of the CD (separate lots)

11. Pursuant to this, the Liquidator published the 2nd sale notice in the Financial Express (English) newspaper and Jansatta (Hindi), Delhi/NCR and Lucknow Editions, on 02.06.2024 for the sale of assets in separate lots.

12. The liquidator sold the Land at Rampur and actionable claims for amounts of Rs. 3,32,02,736/- and Rs. 50,17,260/- respectively. However, the vehicle could not be successfully auctioned initially.

13. The 6th SCC meeting was convened on 01.08.2024, wherein the SCC members suggested the liquidator reduce the reserve price for the vehicle and put the vehicle on e-auction at a reserve price of Rs. 6 lakhs.

2nd Notice for the sale of the vehicle of the CD

14. The liquidator issued another sale notice on 03.08.2024 in Financial Express (English) newspaper and Jansatta (Hindi), Delhi/NCR and Lucknow Editions. But again, no person submitted an EOI to purchase the said vehicle.

15. The 7th SCC meeting was convened, wherein the SCC members decided to reduce the price of the vehicle further.

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3rd Notice for the sale of the vehicle of the CD

16. Accordingly, the 3rd sale notice was issued in the above-named newspapers on 02.09.2024, but no one submitted an EOI despite the publication of the notice thrice.

17. Thus, the liquidator approached Cars 24 and Spinny, which deal in the sale/purchase of cars. The best price offered by these websites was Rs. 3.5 lakhs, subject to the fulfilment of certain conditions. An application bearing no. I.A. 5167/2024 was filed by the Liquidator to allow the sale of the vehicle through private sale. The application was withdrawn on 18.02.2025.

18. After consultation with the SCC members, a fresh valuation was conducted for the vehicle, and the following price was given by the valuers:

4th Notice for the sale of the vehicle of the CD

19. The liquidator has issued another sale notice for the auction of the vehicle of the CD in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition, on 27.10.2024. Once again, the liquidator received no EOI within the prescribed time frame. IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

5th Notice for the sale of the vehicle of the CD

20. After reducing the reserve price by 10%, the Liquidator issued a sale notice on 13.11.2024 in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition. The last date to receive the Eol was 27.11.2024, and no person submitted their offer.

6th Notice for the sale of the vehicle of the CD

21. The liquidator again issued notice for the sale of the vehicle in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition on 29.11.2024. No success in selling the vehicle was found in this attempt.

7th Notice for the sale of the vehicle of the CD

22. The Liquidator has again issued the sale notice for auction of vehicle of the corporate debtor in Financial Express and Jansatta newspaper, Lucknow Edition, on 29.11 .2024. The last date to receive the Eol was 13.12.2024. No bid was received.

8th Notice for the sale of the vehicle of the CD

23. The liquidator issued another notice for the sale of the vehicle in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition on 18.12.2024. The last date to receive the Eol was 01.01.2025, and the liquidator received 4 Eols this time. Out of these 4 persons, one person, after due diligence, was denied participation in the auction process. The e-auction was conducted on January 13, 2025, and three persons participated in the e-auction. The reserve price of the Vehicle was Rs. 3,54,294/-, and the highest bid price was Rs. 3,63,294/-.

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Letter of intent was issued to the highest bidder on 14.01.2025 to deposit the balance consideration of Rs. 3,27,864/- on or before 14.04.2025. Provided that the payment made after 30 days, i.e., after 14.02.2025, shall attract interest @12% pa, and the EMDs of the unsuccessful bidders were returned to them. The liquidator sent several follow-up reminders to the successful bidder dated 03.03.2025, 05.03.2025, 10.03.2025, and 12.03.2025. However, the bidder neither responded to the mails nor picked up the calls. 9th notice for the sale of the vehicle of the CD 24. In light of the above, the liquidator had to publish another sale notice on 24.04.2025 in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition.

25. The e-auction for the vehicle Santa FE was conducted on 19.05.2025, and only Mr. Harisha M., Proprietor of ELECTROTEQ ENGINEERS & ENGINEERS, participated in the process and submitted the bid and relevant documents. After deliberations in the 13th SCC meeting held on 20.05.2025, the SCC resolved to declare Mr Harisha M. Proprietor of ELECTROTEQ ENGINEERS & ENGINEERS, as the successful bidder for the e-auction held on 19.05.2025 for the vehicle Santa FE (reg. no. UP90M 0786) and pursuant to the full payment of Rs. 3,18,865 a sale certificate dated 03.07.2025 was executed in his name.

26. The RP of NIIL Infrastructure Pvt. Ltd. did not provide any documents of the land, purportedly belonging to the CD situated in Agra. Therefore, the liquidator had lodged an FIR for the lost/misplaced original property documents of M/s Shri Nath Residenci Private Limited, pertaining to land measuring 15,211 sq. m. located on 80 Ft. Road, NH-2, Opposite Kamayani Hospital, Sikandara, Agra–comprising Khasra Nos. 439, 440, 442, 443, 444, 446, 447, 448, 449 (5760 sq. m.), Kh. 1/12 (8068 sq. m.), and Kh. 1/12 (1383 sq. m.). A complaint in this regard was lodged under

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L.A.R. No. 20250000248073 dated 11-04-2025. Thereafter, a public announcement in the newspaper Hindustan Times (Hindi) on 17.04.2025 and HT City (English) on 16.04.2025 covering the Agra region was given by the Liquidator.

Sale notice on 08.10.2024 for assignment of NRRA-Assets underlying in the proceedings of application filed u/s 43 & 66 of IBC, 2016: 27. An application bearing no. I.A.-5874/2023 was filed by the RP for declaring certain transactions of the CD as preferential and fraudulent transactions under Section 43 and 66 of the Code.

28. In the 5th SCC meeting convened on 01.07.2024, since I.A. 5874/2023 was pending, the following resolution was passed for the assignment of the avoidance transaction application as Not Readily Realisable Asset (NRRA):

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29. The liquidator issued a notice on 08.10.2024 in the Financial Express (English Newspaper) covering Delhi/NCR and Lucknow editions for the assignment of NRRA. Only one financial offer was received from Mr. Kamal Suri within the stipulated time frame, i.e., by 21.10.2024.

30. The SCC members deliberated upon the proposal received from Mr. Kamal Suri in the 9th and 10th SCC meetings, and with 99.999% votes accorded its consent to assign the avoidance transactions application bearing no. I.A. 5874/2023 to Mr. Kamal Suri in pursuance of Regulation 37A of IBBl (Liquidation Process) Regulations, 2016, and the same is subject to further negotiations. The relevant excerpt of the meeting is attached below.

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10th SCC Meeting:

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11th SCC meeting:

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31. An application bearing no. I.A- 809/2025 was filed by the Liquidator, permitting the substitution of the name of the respondent/assignee, Mr. Kamal Suri, as the petitioner in the pending application I.A. 5874/2023, and the same was allowed by this Adjudicating Authority vide order dated 18.02.2025. The relevant portion of this order is extracted below:

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

32. In the 15th SCC meeting held on 22.07.2025, the SCC, with 99.99% votes, resolved to file an application for dissolution of the Corporate Debtor. The relevant extract of the same is provided below:

Property situated at Agra:

33. Accordingly, the present application IA (I.B.C)/30(PB) 2025(Dis.) was filed for the dissolution of Shri Nath Residenci Pvt. Ltd on 30.07.2025.

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

Details about the dissolution of the Corporate Debtor: 34. The Liquidation period commenced on 16.02.2024. As per regulation 44, the liquidation shall be completed within 1 year, and on failure of the same, he shall make an application to the AA to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. The liquidation period of 1 year was expiring on 05.03.2025 (after adjusting days excluded on account of delay in upload of liquidation order). Accordingly, the liquidator sought several extensions, which were allowed by this Adjudicating Authority, the details for which are tabulated below:

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35. Further, in compliance with Regulation 15(1)(a) of the IBBI Liquidation Process Regulations, 2016, the Liquidator submitted 6 progress reports for every quarter post commencement of liquidation, which were taken on record by this Adjudicating Authority. The details of the progress reports are given below:

36. Pursuant to Regulation 41 of the Liquidation Regulations, the Liquidator had also opened a separate bank account in the name of the Corporate Debtor as on 28.03.2024, the details of which are provided as under: Account Name: Shri Nath Resedenci Private Limited – in Liquidation Bank & Branch: Indian Overseas Bank, Hargobind Enclave Liquidation Account Number: 172602000000746 IFSC Code: IOBA0001726

All the accounts of the CD maintained with Indian Overseas Bank, Union Bank of India, Punjab National Bank, and Bank of Baroda (as IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022 shown in the Balance Sheet) have been closed, and whatever money is lying there has also been transferred into the liquidation account of the CD. The particulars of Bank Account and closure is as follows:

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

The acknowledgment for bank account closure by the Indian Overseas Bank is extracted below:

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37. In accordance with the Liquidation Process Regulations, the Liquidator had maintained a detailed record of all receipts and disbursements made during the course of the liquidation. The audited and certified Statement of Receipts and Payments for the period from the date of the Liquidator's appointment i.e., 05.03.2024 to 23.07.2025 is provided in the brief note by the Liquidator.

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38. A CA certificate has been placed on record as regards the veracity of the statement of receipts and payments.

39. Further details in relation to the status of the assets as averred in the application are extracted below:

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40. The details of the amount distributed to the stakeholders as per Section 52 or 53 of the Code are as follows:

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We note that all the realisable assets of the CD have been sold and distributed to the stakeholders in accordance with Section 53. It is submitted by the liquidator that the liquidation value of the liquidation estate of the CD was Rs. 3,64,81,424/ (Three crore sixty-four lakh eighty-one thousand four hundred twenty-four rupees. However, the Applicant has realised an amount of Rs. 3,95,50,612/- (Indian Rupees Three crore ninety-five lakh fifty thousand six hundred twelve rupees only). The total amount realised of Rs. 3,95,50,612/- has been distributed as per the waterfall mechanism under Section 53 of the IBC, 2016. An amount of Rs. 3,45,25,000/- has been distributed to stakeholders - Bank of Baroda: Rs. 2,20,69,891/- (2.55% of admitted claim of Rs. 86,53,10,950/-) and Alchemist ARC: Rs. 1,24,55,109/- (2.55% of admitted claim of Rs. 48,83,36,905/-). The balance has been utilized towards CIRP costs and liquidation process costs, including Liquidator's fee. Total receipts and total payments both stand at Rs. 4,31,70,571/-; balance at end of liquidation period is NIL (Rs. 0). A statement supporting receipts and total payments calculation is as follows:

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IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

It has been submitted that apart from the ‘Not Readily Realisable Asset’ in the form of avoidance transactions, there was no realisable asset of the CD that could be sold and distributed to the stakeholders in accordance with section 53.

41. A Final Report has to be filed under Regulation 45(3) of the Liquidation Process Regulations, which reads as: 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).

42. The Liquidator has filed a Final Report in compliance with Regulation 45 of the Liquidation Process Regulations, 2016, vide IA-4052/2025. The same was taken on record by this Adjudicating Authority on 13.05.2026.

43. The Compliance Certificate in Form H, as per Regulation 45(3) of the Liquidation Process Regulations, has also been prepared and attached along with the Final Report at Annexure-39 of IA-4052/2025. A copy of the Form-H is extracted below for ready reference:

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Findings and Analysis

44. We have gone through the present Application filed by the Liquidator praying for closure of the liquidation process and dissolution of the Corporate Debtor, and in terms of Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

45. That the Applicant/Liquidator has filed application(s) and various documents/Reports which were required to be submitted as per the provisions of IBC, 2016, read with relevant regulations.

46. That the Liquidation process has been conducted within the extended timelines, the details of which have been accompanied with this application.

47. That the Liquidator had made efforts to sell the assets of the Corporate Debtor on a standalone basis as per Regulation 32(a) read with Regulation 33 of the IBBI Liquidation Process Regulations, 2016, through E-Auction in the manner specified in Schedule I of the IBBI Liquidation Process Regulations, 2016. In pursuance thereof, the Liquidator had conducted several rounds of E-Auctions.

48. That the Not Readily Realisable Assets (NRRAs) of the Corporate Debtor have been assigned to Mr. Kamal Suri., as resolved at the 10th and 11th SCC meeting held on 13.11.2024 and 09.12.2024, with majority votes received from all stakeholders.

49. The Deed of Assignment is attached at Annexure-5 under IA-809/2025. As per the Deed of Assignment entered into between M/s Shri Nath Residency Pvt. Ltd. and Mr. Kamal Suri (assignee), the following assets of the Corporate Debtor were assigned to the assignee:

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50. The proceeds received from NRRA’s will be realised in accordance with the Deed of Assignment, the relevant portion of which is extracted from the application as below:

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51. That the details of the litigation pending against the CD, to the best of the knowledge, belief and effort of the Liquidator, are provided as below:

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52. The pending application bearing IA No. 5874/2023 pertains to avoidance transactions, which have been assigned as NRRA. The application is next listed for hearing on 23.09.2026.

53. That as required by Regulation 45(3) of IBBI (Liquidation Process) Regulations, 2016, Final Report has been filed by the Liquidator.

54. That the compliance report in form H in terms of regulation 45(3) was placed on record by the Applicant.

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55. That, in compliance with Order dated 16.02.2024, the Applicant submits that it had intimated the relevant Statutory Authorities at their respective offices located at New Delhi regarding initiation of Liquidation Proceedings of the Corporate Debtor

56. The dissolution application was listed for hearing on 22.09.2025 wherein the following order was passed:

A convenience compilation was uploaded by the Liquidator in IA- 4052/2025 on 03.10.2025 on the DMS e-portal in respect of the same. The same has been taken on record.

57. On 15.12.2025 the following order was passed by this Adjudicating Authority:

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58. On 13.05.2026, the Adjudicating Authority directed the applicant to file a short note in the matter. In compliance with the same, a short note has been uploaded by the Applicant on 15.06.2026 on the DMS e-portal. The same has been duly considered by this Adjudicating Authority while making this order.

Clarification regarding the property situated at Agra:

59. The application was reserved for orders on 03.08.2026. However, upon perusal of the record, this Adjudicating Authority, vide order dated 10.08.2026, noticed that the present status of the land measuring 15,211 sq. mtrs. situated at 80 Ft. Road, NH-2, opposite Kamayani Hospital, Sikandara, Agra, has not been indicated in the dissolution application and accordingly directed the Liquidator to furnish a clarification. In compliance with the same, the Liquidator had filed an affidavit on 26.08.2026 on the DMS e-portal, which has been taken into consideration by this Adjudicating Authority.

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60. It has been stated in the affidavit that a Joint Development Agreement dated 31.07.2010 was executed between M/s Shri Nath Residenci Pvt. Ltd. and M/s NIIL Infrastructure Pvt. Ltd. in respect of the said land for development of the residential project “Florence”. Under the said arrangement, 6.50% of the sale proceeds from the residential project was payable to the Corporate Debtor towards the cost of the land. The Liquidator wrote mails to the monitoring professional of NIIL Infrastructure Pvt. Ltd. seeking the relevant bank statements, flat-wise details of receipts and payments, reconciliation of sale proceeds and other documents necessary to ascertain the amounts due and payable to the Corporate Debtor under the JDA. However, the requisite information was not furnished.

61. The ex-Director of the Corporate Debtor also informed the Liquidator that the entire sale consideration under the JDA had not been received and that approximately Rs. 1–2 crore was still receivable, though the exact particulars and supporting records were not available with the Corporate Debtor.

62. It is further stated that the aforesaid land had been mortgaged in favour of Bank of Baroda and DMI Finance Pvt. Ltd. (now Alchemist Asset Reconstruction Company Ltd.). The Bank of Baroda held security interest over 8,204 sq. mtrs. of the property, while Alchemist ARC held security interest over 7,007 sq. mtrs. Both the secured creditors relinquished their security interest in favour of the liquidation estate of the Corporate Debtor. The Liquidator thereafter issued a sale notice dated 02.06.2024 for the actionable/contractual rights arising from the aforesaid JDA and, pursuant thereto, the rights of the Corporate Debtor under the JDA were assigned to Mr Kamal Suri, the successful auction purchaser/assignee, for a consideration of Rs. 50,17,260/-. The amount realised was dealt with in accordance with the liquidation process.

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63. The Liquidator has further stated that the available financial statements, JDA/MoU, ledger and representations received from the ex-Directors were furnished to the Registered Valuer for independent assessment. The Securities and Financial Assets Valuer assessed the Fair Value of the aforesaid “Inventory – Land” at Rs. 1,00,00,000/- and the Liquidation Value at Rs. 50,00,000/-. The Land and Building Valuer recorded that the Agra land was under the control of NIIL Infrastructure Pvt. Ltd. pursuant to the JDA and, in view of the insolvency proceedings of NIIL Infrastructure Pvt. Ltd. and non-acknowledgement of the claim in its resolution plan, the possibility of direct recovery of the land was very low. The Liquidator has accordingly stated that the asset was identified and dealt with on the basis of the available books and records, enquiries made from the ex-Directors and independent valuation.

64. In view of the above facts and circumstances, it is prayed by the Applicant that the CD may be dissolved under Section 54 of IBC, 2016.

65. We have heard the submissions made by the Applicant, perused the Application and the compliance Affidavit filed by the Liquidator. It is relevant to mention Section 54 of IBC, 2016, and Regulation 45 IBBI (Liquidation Process) Regulations, 2016 here: “Section 54 IBC-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.”

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022 “IBBI (Liquidation Process) Regulations, 2016 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).” That from the conjunct reading of the above provisions, this Adjudicating Authority is required to see whether the assets of the Corporate Debtor are completely liquidated or not. In the instant case, the Liquidator has furnished his Final Report and Form-H to support the same.

66. Since in the instant case, all the relisable assets of the Corporate Debtor have been liquidated, and all the requirements of Regulation 45 of IBBI (Liquidation Process) Regulations, 2016 have been fulfilled, therefore, we are inclined to allow the present Application under Section 54(2) of the IBC, 2016.

67. The assignee of NRRA, Mr. Kamal Suri shall, after recovery is made from the NRRAs, distribute the proceeds as per the assignment agreement and in accordance with Section 53 of the IBC.

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022

68. The Liquidator has also furnished clarification regarding the Agra property and has placed on record the steps taken in respect of the rights of the Corporate Debtor arising out of the JDA, including the assignment of the actionable/contractual rights for consideration of Rs. 50,17,260/-.

69. Accordingly, there being no other impediment, the present Application is allowed, and the Corporate Debtor is ordered to be dissolved with immediate effect.

Order:

70. I.A. (I.B.C.) (Dis.)/30(PB) 2025 is allowed and disposed of.

The Registry is directed to send a copy of this order passed under Section 54(2) to the ROC Delhi & Haryana, with which the Corporate Debtor is registered and the IBBI within seven days from the date of this order.

Files be consigned to the record room (current) Sd/- (ANUPINDER SINGH GREWAL) PRESIDENT

Sd/- (RAVINDRA CHATURVEDI) MEMBER (TECHNICAL)

IA (IBC) (Dis.) 30/2025 In CP (IB)-354/2022