In the matter of Sonachi Industries Limited

Appearances: For the Applicant: Mr. Pulkit Sharma a/w Haris A. Khan i/s Adv. Ajinkya Kurdukar

Per: Ms. Lakshmi Gurung, Member (Judicial)

ORDER 1. This application has been filed by Mr. (CA) Kshitiz Gupta (‘Applicant’) Liquidator of M/s. Sonachi Industries Limited (‘Corporate Debtor’) under Section 54 of the Insolvency and Bankruptcy Code, 2016 (‘The Code’) by the Liquidator seeking following reliefs: i. The Applicant Prays a) To pass appropriate directions approving the final distribution of balance assets that reflect in the books of accounts of the corporate debtor in favour of the Sole Creditor and to entitle the said Sole Creditor to recover the same as deemed fit in accordance with the Regulation 38 of the Liquidation Regulation; and b) To pass appropriate directions with regard to the ‘Dissolution' of the Corporate Debtor; and c) To pass appropriate directions to allow the Liquidator to close the Liquidation Bank Account held with Allahabad Bank (now Indian Bank); and d) To direct all the statutory authorities to act on this ‘Order of Dissolution’.

e) To pass such additional directions as deemed necessary in the light of justice and equity.

ii. To pass such other order/directions as this Hon’ble Bench may deem fit and proper in the facts and circumstances of the case.

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Commencement of CIRP

2. Upon an Application filed by Biostadt India Limited under Section 9 of the Code the Corporate Debtor was admitted into corporate insolvency resolution process (CIRP) by this Tribunal, vide order dated 02.05.2018 and Mr. Syamal Baram Bhattacharya was appointed as the Resolution Professional (‘RP’). Order dated 02.05.2018 is annexed to the application as Exhibit A.

Initiation of Liquidation Process

3. It is submitted that as no resolution plan was approved within the timeline this Tribunal vide order dated 28.02.2019 passed an order dated 28.02.2019 for liquidation of Corporate Debtor in M.A. No. 719 of 2019 and appointed Mr. Kshitiz Gupta as the Liquidator of the Corporate Debtor. The said order dated 28.02.2019 is annexed to the Application as Exhibit B.

4. It is submitted that the Liquidator published public announcement dated 17.03.2019 in newspaper namely ‘The Financial Express’ (English) and ‘Navshakti (Marathi) and in ‘Gujarat Mitra’ (having wide circulation in Dadra, Silvassa and Vapi) inviting claims from the stakeholders and informed that the last date for submission of claims was 11.04.2019. The said Public Announcement is annexed to the Application as Exhibit C.

5. The Applicant has submitted that he had intimated the concerned stakeholders namely employees and workmen, the directors and key managerial persons, bankers of the Corporate Debtor by way of issuing letters and emails about the commencement of Liquidation of the Corporate Debtor.

6. The Applicant has filed Form INC 28 and GNL-2 Forms with ROC in compliance, thereby updating the status of Corporate Debtor undergoing

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Liquidation Process on the MCA portal.

7. It is submitted that the Applicant had filed Asset Memorandum and Preliminary Report on 23.05.2019, as per Regulation 13 and 36 of the Insolvency and Bankruptcy Board of India (Liquidation Regulations).

8. It is submitted that the Valuation Reports obtained by the RP during the CIRP period have been considered in accordance with Regulation 35 of the Liquidation Regulations. A summary of valuation reports to arrive at the average fair value and liquidation value is annexed to the Final Report (Annexure Q ) as Annexure 12. The fair value and liquidation value of the assets of the Corporate Debtor as per form H are as follows:

Fair Value (in Rs.) Liquidation Value (in Rs.)

20,33,08,500 14,17,23,350

9. The Applicant submitted that liquidation estate of the Corporate Debtor, as per Valuation Report for average liquidation value for various assets are given below:

Asset Class Assets Average Liq. Value (in Rs.) A. Land, Factory Land situated at Demini 7,91,70,000 Building and Village Road, Dadra other civil Factory and Office Building 1,80,00,000 structures Factory sheds, warehouse and 1,47,56,100 Packing area Roads and other land 36,25,000 developments Pump Room 11,52,500 Furniture and Fixtures at Factory 9,90,00

Total of A 11,76,93,600

B. Plant and Generator 2,38,750

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Machinery Electric panel and control panel 3,87,500 assets Compressor 1,20,000 -Stacker, Forklift, DM Plant, 2,22,50,000 Packing Machines, Oven etc -Machines acquired along with factory while purchasing from BASF and -Machines acquired during years 2013-201 Hyundai Creta Car (Refer Note 3) 7,40,000

Total of B 2,37,36,250 C. Other Assets Scrap 1,06,000 Inventory of stock and packing 1,87,500 material Total of C 2,93,500 Total of All Assets (A+B+C) 14,17,23,350

10. As per Form H, the Liquidator could realise only Rs. 11,40,23,652 as per details given below: Assets Mode of Liquidation Realisation Date of Sale Value Amount Transfer to (Rs.) Liquidation Account

Land and building E-auction 14,17,23,350 11,22,95,622 Details as along with furniture, per Note plant and machinery No.1 below and furniture EMD: Car E-auction 7,40,000 7,28,030 07.11.2019 Balance: 15.11.2019 Not readily realisable Comparati NIL 10,00,000 Received on assets comprising of ve (Upfront) 06.07.2021 Sundry proposals and Debtors/other received Assignment current assets pursuant Agreement to Public executed on I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Announce 14.07.2021 ment TOTAL 1424,63,350 1140,23,652

Note 1 Total amount of Rs. 11,58,54,209/- was received from Goodweek Industries for Assets at Factory unit, which included the GST amount and interest on delayed payment as per following details: A. Principal Payments Date NEFT/RTGS Ref. Number Amount Received (in Rs.) 21.12.2019 HDFCR52019122160690603 1,10,00,000 31.12.2019 HDFCR52019123162172970 1,70,00,000 25.02.2020 HDFCR52020022571002106 1,00,00,000 07.03.2020 HDFCR52020030773177617 1,10,00,000 18.03.2020 N079201097464876 2,15,00,000 N079201098562574 2,04,67,292 19.03.2020 N079201098551813 1,00,00,000 20.03.2020 TDS Challan (No. 05646) 9,18,862 21.03.2020 HDFCR52020032175428148 91,13,846

Total (A) 11,10,00,000

B. Other Payments 19.03.2020 N079201098577523 (GST) 35,18,429 26.03.2020 HDFCR52020032675871077 12,95,622 (Interest on Delay Payments) 27.03.2020 N086201103354553 40,158 (GST on Interest) Total (B) 48,54,209

Grand Total of Payments Received (A+B) 11,58,54,209

List of Stakeholders

11. It is submitted that the Liquidator has received total 36 claims from various stakeholders. As per Regulation 31 of Liquidation Regulations, the I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Applicant has prepared List of Stakeholders. The list of all the Stakeholders is annexed to the petition as Exhibit F. A summary of the claims received and admitted is stated below:

S Stakeholder Claim Received Claim No. Category Count Value Admitted 1. F inancial Creditors 1 17,73,22,068 17,55,66,412 (Secured) 2. F inancial Creditors 3 23,20,469 23,15,163 (Unsecured) 3. W orkmen and 1 30,54,375 26,75,508 Employees 4. O perational 30 14,79,57,698 14,02,41,381 Creditors 5. O ther Stakeholders 1 12,76,502 12,76,502 Total 36 33,19,31,112 32,20,74,966

12. The Applicant further submitted that the Allahabad Bank (now Indian Bank), Andheri Branch, Mumbai was the banker of the Corporate Debtor. Therefore, the Applicant intimated Allahabad Bank for change of the authorized signatory from the RP to the Liquidator and subsequent change in the name of Corporate Debtor to Sonachi Industries Limited – in Liquidation. The account number 50446881466 held with Indian Bank, is the account operated by the Applicant during the Liquidation period.

13. It was submitted that in during the Liquidation process, the Applicant had approached ‘Bank of India’ with current account with number 20080210001363 having balance of Rs. 28,459/- and ‘UCO Bank’ with current account with number 003820110001083 having balance of Rs. 82,388/- requesting the respective banks to release the funds to the current account maintained by the Applicant for Liquidation Process. But the said banks declined the request stating that the bank accounts were attached by the Income Tax Department. The Applicant moved an application bearing IA No. 1137 of 2021 seeking directions to the said

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 banks for transfer of funds of Corporate Debtor to the liquidation account. The said IA was allowed vide order dated 29.11.2024.

14. It is further submitted that as per Regulation 31A of the IBBI (Liquidation Process) Regulations, 2016, the constitution of Stakeholders Consultation Committee is not applicable as Liquidation commenced before notification dated 25.07.2019.

15. The Applicant has further submitted that Allahabad Bank is the only secured financial creditor of the corporate debtor and despite several follow-ups and requests, the bank failed to communicate its decision under section 52 of the code to the Applicant and failed to pay the liquidation expenses, consequent to which the Applicant proceed to this Tribunal for directions. The Applicant submits that this Tribunal allowed the application i.e., MA 2126 of 2019 vide its order dated 19.08.2019, directing the Applicant to proceed with the disposing of the liquidation estate as per the governing regulations and the asset memorandum and directed the bank to pay the expenses towards liquidation within 15 days.

E- Auctions

16. The Applicant submits that the first E-Auction sale notice was published on 16.09.2019, vide newspapers ‘Economic Times’ and ‘Maharashtra Times’ in Mumbai; ‘Economic Times’ and ‘Nav-Bharat Times’ in Delhi/NCR region; and in the ‘Times of India’ and ‘Gujarat Economic Times’ in Ahmedabad, inviting bids for Factory Unit with Land with Reserve Price of Rs. 1410 Lakhs and Motor Car with Reserve Price of Rs. 7.40 Lakh.

17. Following the said public announcement of the E-auction, it is submitted that no bid and/or EMD were received by the Applicant. The Applicant published second E-Auction sale notice dated 17.10.2019, reducing the reserve price in accordance with the Schedule I of the Liquidation Regulation. The reserve price of factory unit with land was kept at Rs.

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 1175 Lakhs reduced from Rs. 1410 Lakhs and for motor car was kept at Rs. 5.55 Lakhs reduced from Rs. 7.40 Lakhs.

18. It is submitted that no bid was received for the factory land but six bidders participated in the auction of the motor car. One Mr. Ashishkumar Subhash Chandji Sanghavi emerged successful with the highest bid of Rs. 6,65,000/-. The motor car was sold to the successful bidder for the said amount plus GST of Rs 63,030/-. The sale deed dated 21.11.2019, of the said motor car is annexed to the petition as Exhibit G.

19. The Applicant submitted that the third e-auction sale notice dated 27.11.2019 was published, inviting bids for the factory unit and the reserve price of the said factory unit was set at Rs. 1175 Lakhs. However, no bids were received by the Applicant.

20. It is further submitted that the Applicant published fourth e-auction sale notice dated 13.12.2019 and reduced the reserve price of factory land to Rs. 11 Crores. The EMD amount was set at Rs. 1.10 Crore only and the last date for payment of EMD and submission of documents was 24.12.2019. The applicant received 6 bids with respect to the factory land and after rounds of bidding one M/s Goodweek Industries emerged as successful buyer with a bid price of Rs. 11.10 Crore. Accordingly, letter of intent was signed by the successful bidder and EMDs were returned to the unsuccessful bidder.

21. The Applicant submitted that M/s Goodweek Industries paid the entire amount of consideration in multiple tranches starting from 21.12.2019 and the final tranche was remitted in the liquidation account of the Corporate Debtor on 27.03.2020 along with interest on delayed payment and GST.

22. The Applicant submitted that the registration and execution of sale deed was delayed due to nationwide lockdown in view of Covid-19. The applicant

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 issued the possession letter dated 24.06.2020 to M/s Goodweek Industries for carrying out repairs and maintenance of the factory assets. After the travel restrictions were relaxed to certain extent, the Applicant executed and registered the transfer instrument of the factory unit of the Corporate Debtor.

23. The Applicant submitted that the Applicant liquidated the following assets of the Corporate Debtor:

Sr. Assets Sale detail Sale Consideration No. 1. 'Motor Vehicle' (Creta 1.4 Invoice no Rs. 6,65,000/- and CRDI) bearing Registration SONACHI/LIQ/INV- Rs 63,030/- as GST No. DN09 L 1002 01 charges

2. Plant and Machineries Invoice no: Rs. 1,81,03,431/- SONACHI/LIQ/INV-and Rs. 32,58,618/- 02 as GST charges

3. Furniture Invoice no: Rs. 7,79,362/- and SONACHI/LIQ/INV- Rs. 32,58,618/- as 03 GST charges

4. Scrap and Inventory Invoice no: Rs. 2,31,053/- and SONACHI/LIQ/INV- Rs. 41,590/- as GST 04 Charges

5. Land unit Sale Deed dated Rs. 9,18,86,154/- 11.12.2020

24. It is further submitted that after completion of liquidation and registration of the sale deed, the Applicant entered into an agreement with Capital Record Centre Private Limited for maintenance of the records of M/s Sonachi Industries Limited for a period of eight (8) years. A copy of the agreement is annexed with the Final Report.

25. It is submitted that after liquidating the assets and realization of the amounts, the Applicant distributed the funds so realized among the I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 stakeholders in accordance with the sequence of distribution prescribed in the Section 53 of the Code. Further, a detailed sheet evidencing the funds distributed by the Applicant to the stakeholders and adjusted towards CIRP Costs and Liquidation Expenses was duly prepared and shared with the sole secured Financial Creditor i.e. Indian Bank.

26. It is submitted that there are certain financial assets in the name of the Corporate Debtor and Applicant has issued several correspondences with an attempt to recover the financial assets standing in the name of the Corporate Debtor. The Applicant and the sole financial creditor in a meeting held on 17.04.2021 mutually agreed that the liquidator shall issue a public announcement and assign/transfer the not readily realizable assets in a transparent process as per the Regulation 37A of the Liquidation Regulations, except the bank balances with other two banks and TDS receivable.

27. After the finalisation of the assets to be assigned as per Regulation 37A of the Liquidation Regulation, a publication was issued on 20.04.2021, inviting proposals for assignment of NRRA. Thereafter the proposal of Mr. Sunil John was approved and finalised. Upon receipt of the upfront amount of Rs. 10,00,000/- as per the terms and timelines of the Letter of Intent, an assignment agreement was entered into between the corporate debtor in liquidation and Mr. Sunil John dated 14.07.2021 and Mr. Sunil John was assigned the assets that are qualified as NRRA. The said agreement is annexed to the petition as Exhibit O. As per the assignment agreement, following assets of the corporate debtor are assigned:

Sr. No. Type of Asset Amount (in Rs.)

1. Sundry Debtor Rs. 3,71,85,695/- (Net of Provision for Doubtful Debts stand of Rs.16,66,00,221/- Total Debtors being Rs. 20,37,85,916/-

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 2. Security Deposit Rs. 7,65,310/-

3. Sundry Advances / Rs. 4,47,245/- Other Current Assets TOTAL Rs. 3,93,98,250/- Net of Provision (Rs.20,59,98,471/- Gross)

28. It is further stated in the assignment agreement that the corporate debtor has assigned all assets listed above which are the underlying assets to the proceedings filed under sections 43 to 51 and 66 of the IBC 2016 or any under any other provisions of the relevant laws.

29. The Applicant has provided details of PUFE applications as follows:

Sr No Case No. Section Nature of Allegation Status

1 IA 1508/ 2021 66 Fraudulent Trading Pending

2 MA 1419/ 2018 66 Fraudulent Transaction Pending

30. It was further submitted that the Applicant has distributed the sale proceeds from liquidation estate strictly as mandated by the Code except certain amount of money in the liquidation bank account and informed the sole secured creditor vide the letter dated 30.03.2021 that the liquidator shall keep the withheld fund for meeting the expenses incurred during the liquidating process. Further, upon approval of the dissolution, the balance amount in the liquidation bank account shall be transferred to the sole secured financial creditor which is agreed and duly acknowledged by the creditor.

31. The Final Report and compliance certificate in the 'Form H' are annexed as Exhibit Q and Exhibit R respectively.

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017

32. The amounts distributed to stakeholders as mentioned in Form H are as reproduced below: (Amount in Rs.) Sl. Stakeholders Amount Amount Amount Amount No. under section claimed Admitted Distributed Distributed 53(1) to the Amount claimed (%) 1. (a): CIRP Costs 36,14,359 36,14,359 36,14,359 100% 2. (a): Liquidation 86,85,128 100% Costs 3. (b)(i): 13,55,104 12,49,199 7,21,877 57.79% Workmen’s dues 4. (b)(ii): Debts 17,73,22,068 17,27,82,052 9,98,45,943 57.79% owed to secured creditor who has relinquished security in the manner set out in section 52 5. (c) Employees 17,86,298 15,13,336 NIL 0% dues 6. (d): Financial 23,20,469 23,15,163 NIL 0% debts owed by Unsecured creditors 7. (e)(i) amount 6,05,44,462 6,05,16,655 NIL 0% due to Central Government and the state government 8. (e)(ii) Debts NIL NIL NIL 0% owed to secured creditor for amount unpaid following the enforcement of I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 security interest 9. (f): Remaining 13,93,47,559 13,16,59,049 NIL 0% debts and dues 10. (g): Preference NIL NIL NIL 0% shareholders 11. (h): Equity 12,76,502 12,76,502 NIL 0% shareholders or partners TOTAL 38,75,66,821 38,36,11,443 11,28,67,307

33. The Liquidator has mentioned that actual distribution is little less as some amount is withheld by the Liquidator to meet expenses till the date of approval of dissolution and any excess amount shall be released to the sole secured financial creditor upon the dissolution order.

34. Vide order dated 22.09.2025, this Tribunal permitted the distribution of the assets to sole secured financial creditor under Regulation 38 of Liquidation Regulations and prayer (a) of the Applicant was allowed. The relevant part of the said order is reproduced below:

“2. Heard Ld. Counsel for the applicant on Regulation 38 of Liquidation Regulations. The ingredients of Regulation 38 as mentioned in the application are discussed below: a. Bank Balances of Rs. 1,10,847 is under Lien by statutory authorities. b. The bank balance could not be liquidated as the same was under lien of Income Tax Department. However, it is submitted that this Tribunal has passed orders dated 29.11.2024 in I.A. 1137/2021 directing the statutory authority to de-freeze the account which is awaited. c. Rs. 9,18,862 on account of TDS deducted by the buyer of Factory during liquidation sale. d. For TDS receivable from Income Tax Department, I.A. bearing No. 1156/2021 is filed wherein final order has been passed

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 on 30.07.2025 directing the Income Tax Department to release the TDS. e. Accordingly, the above unsold assets of the corporate debtor can be distributed to the sole secured financial creditor i.e. Indian Bank.

3. Having considered all aspects, this Tribunal permits the distribution of the above assets to sole secured financial creditor under Regulation 38 of Liquidation Regulations. Accordingly, prayer (a) is allowed….”

35. Thereafter vide order dated 19.11.2025, this Tribunal recorded that tax refund which is awaited from Income Tax Department shall be appropriated by the sole secured financial creditor as permitted vide order dated 22.09.2025 under Regulation 38 of the Liquidation Regulation and thereafter the bank shall close the account. No other assets are remaining to be liquidated or distributed to the stakeholders.

Additional Affidavit dated 06.03.2026

36. In response to queries raised by this Tribunal vide order dated 10.02.2026, the Applicant has filed Additional Affidavit dated 06.03.2026 clarifying that UCO Bank and Bank of India have transferred the funds to the liquidation account of the Corporate Debtor. Further, TDS refund is still awaited and the said asset has been distributed to the sole secured financial creditor of the corporate debtor i.e. Indian Bank. Hence, Indian Bank shall be entitled to follow up with the concerned tax authorities for TDS refund. It is further submitted that the bank has undertaken to close the liquidation bank account once the said refund is received as recorded in order dated 19.11.2025.

37. The Applicant has annexed an audited summary of receipts and payments for liquidation process from 12.03.2019 to 26.02.2026, the extract of I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 which is given below:

Particulars of Amount Particulars of Paid from Receipts (Refer Payment (Refer Bank Notes below) Notes below) account Opening Bank 20,480 Audit Fees 2,06,250 Balance as on 12th March 2019 (Current Account Number of Allahabad Bank 50446881466 ) Payment received 10,39,35,347 CIRP Costs 53,05,163 from Goodweek Reimbursed Industries EMDs for Auction of 6,60,00,000 Tax and Other 37,28,834 Factory Statutory Payments Bank Charges 30 Legal Expenses 6,84,000 reversal (Liquidation Costs) Receipts for sale of 10,00,000 Security Expenses 20,01,970 Assets (Liquidation Costs} Full and Final 6,73,030 Other Liquidation 16,87,944 Payment Received expenses against Invoice No. Sonachi/Inv/01 for sale of car Advance from 17,61,886 Liquidator fees- 44,13,391 Allahabad Bank Kshitiz Gupta Receipts from 87,422 Allahabad Bank - 9,89,59,680 Debtors Distribution u/s 53(1)(b) EMDs for Auction of 3,30,000 Payment towards 7.21,756 Car Received workmen – Distribution u/s 53(1)({b} Transfer from Bank 72,388 EMD Refunded to 5,52,75,000 of India - A/c unsuccessful closure /non-participating bidders Transfer from UCO 28,460 Bank - A/c closure

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Closing Bank 9,25,053 Balance as on 26th Feb 2026 Total Receipts 17,39,09,042 Total Payments/ 17,39,09,042 Expenses Notes :

1. Order of Liquidation dated February 28, 2019 was received by the Liquidator on 12th March 2019. Therefore, transactions post 12th March 2019 are covered under the Liquidation Period. 2. The Liquidator operates the current account no. 50446881466 in the name of Sonachi industries Limited - In Liquidation maintained with Allahabad Bank, Andheri East Branch. 3. We Conducted Our Examination of the statement in accordance with the guidance note on report or certificate for special purpose issued by the institute of chartered accountants of India. The Guidance note requires that we comply with the ethical requirements of the code of ethics issued by the institute of chartered accountants of India.

38. It may be noted that though the total of receipt shown is Rs. 17,39,09,042/- which includes EMD received for auction of factory, but there is also refund of EMD to unsuccessful bidders of Rs. 5,52,75,000/-.

39. As per Regulation 44 (as stood prior to 25.07.2019, Notification No. IBBI/2019-20/GN/REG047) required to liquidate the corporate debtor within two years. Order directing the liquidation of assets of the Corporate Debtor was passed on 28.02.2019. The Applicant filed IA No. 1372 of 2021 on 22.06.2021 seeking exclusion of the period of 386 days and was allowed and disposed of vide order dated 11.09.2023. The Present Application was filed on 13.01.2022 and is therefore, within prescribed time.

40. As per Form H, final report and additional affidavit dated 06.03.2026 and considering the facts and circumstances of the present case, all assets of the corporate debtor have been liquidated/ distributed to the Stakeholders in accordance with section 53 of IBC, 2016.

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 41. Under normal circumstances, corporate debtor would be dissolved only after the liquidation account is closed. However, in the present case, the Liquidation account of the Corporate Debtor is not yet closed as TDS refund is expected to be received from Income Tax Department. The closing balance in liquidation account and TDS receivable have already been distributed to the sole secured Financial Creditor. The entire remaining balance in the liquidation account belongs to sole secured financial creditor and can be appropriated to their dues and closed. Thus there are no further assets to be liquidated and distributed and hence no useful purpose would be served by keeping this application pending and not passing dissolution order, which will only increase the liquidation cost with no further benefit to any stakeholder. Therefore, order is passed in following terms:

ORDER

42. We order for the dissolution of the Corporate Debtor M/s Sonachi Industries Limited with the following directions:

i. Prayer (a) stood allowed on 22.09.2025 ii. The Corporate Debtor shall stand dissolved from date of this order.

iii. Under the peculiar facts of the case, we note that the liquidation account is not yet closed, but the amount remaining in the liquidation account after payment of all liquidation cost, belongs to the sole secured financial creditor i.e. Indian Bank. Further, Indian Bank, being sole secured financial creditor of the corporate debtor is entitled to follow-up with the Income Tax Authorities for TDS refund and thereafter shall close the liquidation account of the corporate debtor.

iv. Liquidator is directed to forward copy of this Order to the concerned

I.A. 312/2022 In C.P. No. (IB) 1479/MB/C-III/2017 Registrar of Companies, IBBI and other concerned authorities like Income Tax Department, GST Department, etc. for their record.

v. Needless to say, as consequential, all authorities shall take cognizance of this order.

43. With the above observations and directions Prayer (b) is allowed.

44. Avoidance Applications shall continue and proceeds if any therefrom shall be appropriated as per the Assignment Agreement dated 14.07.2021.

45. The Registry is directed to forward copy of this Order to the concerned Registrar of Companies and to the IBBI, within 7 (seven) days.

46. In the result, IA No. 312 of 2022 stands disposed of in terms of above directions.

Sd/- Sd/- Hariharan Neelakanta Iyer Lakshmi Gurung Member (Technical) Member (Judicial) Saloni