In the matter of Sintex Oil and Gas Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD COURT. 2 ITEM No 302 lA(Dis.)/28(AHM)2024 ln CP(!B) 150 of 2020 Proceedinqs under Section 54.60(5) of the IBC.2016 r/w 45 3(B) lBBl Req.2016 IN THE MATTER OF: and Mr.Nimai Gautam Shah Liquidator For M/s Sintex Oil ........Applicant Gas Limited ........Respondent Order delivered on: 05/05/2025 Coram: Mrs. Chitra Hankare, Hon'ble Member(J) Dr. Velamur G Venkata Chalapathy, Hon'ble Member(T)

ORDER

The case is fixed for pronouncement of order. The order is pronounced in open court, vide separate sheet.

DR. V. G. VENKATA CH MEMBER (TECHNICAL) MEMBER (JUDTCTAL)

NATIONAL COMPANY LAW TRIBUNAL AHMADABAD BENCH II COURT-

IA No. 28llilH.M.ll2o24 IN c.P. (I.8.) No. 15o (AHM)/2o2o (Ana,pplicationfilcdund'crScction54ofthelnsolvencyand Bankruptcy Code,2016)

IN THE MATTER OF: Mr. Nimai Gautam Shah Liquidator of M/s. Sintcx Oil and Gas Limited 605-607, Silver Oaks, Nr. Mahalaxmi Char Rasta, Paldi, Ahmedabad-380007 " 'APPlicant Memo of the Parties

M/". M.G. Wclls solutions Pvt. Ltd. ... opcrational creditor Vs. M/s. Sintex Oil and Gas Limitcd ... Corporate Debtor

Order Pronounced on: O5/O5/2O25

For thc Applicant: Mr. Kamil Lokhandwala, Adv. For the Income Tax: Ms. Bhumi Gandhi, Adv. for Ms. Maithali Mehta, Adv' For the RoC: Ms' RuPa Sutar, DY' RoC -..:.,'ii. ,-=.$.,.-#.11r,*ii.#

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IA No. 281(AHMIl2024 c.P. (r.8.) No. rsolfiu Mll2o2o JUDGMENT 1) The Instant Application is filed by Mr. Nimai Gautam shah' Liquidator of M/s. Sintex oil and Gas Ltd, the corporate Debtor' under Section 54, 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinaftcr rcfered to as "lB Codc") with a prayer to dissolve the corporate debtor i.e. ls. sintcx oil and Gas Ltd' 2l M/s. M.G. Wells Solutions Pvt Ltd. operational Creditor filed an g of thc IBC, 2016 i'e' cP(lB) application under Scction 150/NCLT/AHM/2o2owhichwasallowedon2l.l2.2021and Applicant was appointed as Intcrim Resolution Professional (hereinafter referred to as 'lRP"). In the second meeting dated o2,o3.2o22,MembersoftheCoCwithl00%Votingpasseda Resolution to liquidate the Corporate Debtor viz' M/s' Sintex Oil and Gas Ltd, accordingly applicant has filed IA No' 23212022 underSection33ofthelBCod.e,2016andtheperiodof liquidation is extended from time to time' 3)Inviewofpublicannouncementottheinitiationofliquidationof the corporate Debtor on lO.l22O22 in "Financial Bxpress" English and Gujarati Edition, thc Applicant has received claims fromstakehold'ersbycollatingthecla.imsandformed ConsultationCommittee(hercinafterreferrcdtoas..SCC,).Inthe

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IA No. 28l(AHMI/2024 C.P. (i.13.) No. 150 (AHMIl2020 sth meeting of SCC none participants had raised any objections to the final distribution tablc. 4) The Applicant stated that all the asscts of the Corporate Debtor has been disposed off and distribution of the realised amount has also been madc. s) The Applicant filed Form-H and final report dated 22.1o.2024 prior to dissolution of the corporatc Dcbtor. The Corporate Debtor has only one asset being Inventory and Tools of the corporate Debtor, which was sold in auction at the higher price then the liquidation valuc. Thc Applicant had also issued Asset Sale Reprt and Salc Certificate. 6) The Applicant has opened Liquidation bank account with HDFC Bank Limited bearing account no. 50200076534101 and all receipts and payments were received and distributed through the said account. 7) The litigation is pending regarding claim of Gujarat State Tax Department (VAT), so the claim amount was kept as term deposit subjcct to thc outcomc of thc pending appcal. However, the payment was nullified after receiving the order. The Applicant distributed the amount as per Section 53 of the Code. There are no movable/immovablc asscts to bc disposed off or liquidated. There are no pending IA's ror any other litigation against the 3lPage

IA No. 28l(AHMIl2024 IN C.1,. (1.I].) No. 150 (AHM)/2020 Debtor. No pcnding demands of the Income Tax Corpora.tc Department. All the clRP Costs, Liquidation costs has been paid off from the Sale proceeds of asset. Liquidation process was conducted in the effective manner, hence prayed for passing ord.er of dissolution of the Corporatc Dcbtor' 8) The Income Tax Department filcd their report stating that there are no outstanding demand from the Corporate Debtor only and there are only carricd forward losscs which is mentioned' 9) The Roc also filcd its report stating that no prosecution, complaints etc. are pending against the said company member may pass necessary ordcrs as per law' 1O) Heard Ld. counsels or the Applicant. It appears that the Liquidator has followcd duc proccdurc and assets of the corporate Debtor have been completely liuquidated. He has also conducted distribution of realisation amount. No objections are received. from any Stakeholders. No IA's are pending' Report and compliance certificate in Form-H is annexed' The Liqudator also annexed copies of Sale Report, Salc Certificate, Affidavit of the successful bidder, affidavit of asset memorandum, bank account statements and order of Ld. Deputy State Tax Commissioner' Hence the corporatc Debtor deserves to be dissolved, in view of the same, we pass thc followirlg orders: r 4lPage '---

IA No. 281( HMll2024 IN C.P. (1.8.) No. 150 (AHM)/2020 ORDER M/"' Sintex Oil and Gas Limited The Corporate Debtor, 1. having stand.s dissolved from the date of this order as per the Section 54 of the Insolvency and Bankruptcy Code' 2016. Copyofthisord'erbesent/CommunicatedtotheRegistrar 2. ofCompanies,Gujarat,Ahmedabadwithinsevendaysfrom the date of this order for information and necessary action' 3. Accordingly, IA 2B(AHM)2O24 in CP (lB) 150 of 2O2O is allowed and stands disPosed of'

SD)- S D/^ CHITRA HANI(ARE DR. V.G. VENI(ATA CHALAPATHY MEMBER(TfcHNrcAL)

VC

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