In the matter of SPS Steels Limited

Under sections 54(2) of theInsolvency &Bankruptcy Code,2016 readwith regulation 45(3) of theIBBI (LiquidationProcess) Regulations, 2016

Inthematter of: Jai Balaji Industries Limited ….OperationalCreditor Versus SPSSteelsLimited (CIN: U27109WB2003PLC096537) ….CorporateDebtor And Inthematter of: Mr. Nitesh Kumar More, LiquidatorofSPSSteels Limited …Applicant

Order reserved on:09/10/2023 Orderpronounced on: 20/11/2023

Coram: Smt. Bidisha Banerjee : Member (Judicial) ShriArvind Devanathan : Member (Technical)

Appearances (through hybrid mode): For Liquidator : Mr. Saurav Jain, Adv.

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1035(KB)2022 inCP(IB)/1342(KB)2018

O RDE R Per:Bidisha Banerjee, Member (Judicial) 1. ThisAdjudicating Authority convened through hybrid mode.

2. IA(IBC)/1035(KB)2022 is an application filed u/s. 54(2) of the Insolvency and Bankruptcy Code, 2016 (“IBC 2016”) read with regulation 45(3) of the IBBI (Liquidation Process) Regulations, 2016 (“Liquidation Process Regulations”) by the Liquidator of SPS Steels Limited, the Corporate Debtor, praying for following reliefs: - (a) The Hon’ble Tribunal to dissolve the corporate debtor under Section 54(2) of IBC 2016;or (b) To pass an order to dissolve the corporate debtor from the date of order passed bytheHon’bleNCLT, KolkataBench; or (c) The Hon’ble Tribunal be pleased to consider and take the Final report on record;and (d) Any other directions which the Hon’ble National Company Law Tribunal, KolkataBench may deemfit in thefacts andcircumstances of thematter. This application is supported by an affidavit1 duly affirmed by Mr. Nitesh Kumar More, the RP.

3. This Adjudicating authority vide its order dated 29/03/2019 in CP(IB)/1342(KB)2018, had ordered initiation of CIRP against the Corporate Debtor appointing Mr. Nitesh Kumar More as the Interim Resolution Professional. Vide order dated 14/05/2019, it was recorded that Committee of Creditors unanimously decided to approve the appointment of IRP as RP. Liquidation order2 was passed on 06/01/2020 appointing the applicant as the Liquidator.

4. As per regulation 41 of the Liquidation Process Regulations, the Liquidator had duly opened a bank account being Account No. 031205006593 in the name of 1Videaffidavitaffirmedon01/03/2023 2 AnnexureP2atpages21to26oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1035(KB)2022 inCP(IB)/1342(KB)2018 “SPS Steels Limited – In Liquidation”, the Corporate Debtor with ICICI Bank Ltd., MintoPark Branch, Kolkata.

5. This Adjudicating Authority vide orders dated 18/02/2021, 03/11/2021 and 18/04/2022had excluded/extended theliquidation period as follows: Date of Application No Exclusion/Extension No. in order From | To days 18/02/2021 IA(IBC)/65(KB)2021 25/03/2020 | 31/12/2020 282 03/11/2021 IA(IBC)/863(KB)2021 01/04/2021 | 14/08/2021 136 18/04/2022 IA(IBC)/183(KB)2022 Extension 6months Copies of all the orders including extension and exclusion orders passed by this Adjudicating Authority form Annexure‘P3’3. 6. The applicant had prepared a Final Report as on 26/08/2022 disclosing all the material facts and information with respect to the liquidation process of the Corporate Debtor. With the Final Report the Liquidator has annexed the following documents: Annexure Description At page numbers A Newspaper publications in Form B on 63and 64 11/01/2020 B List of Stakeholders showing details of claims 65to74 received C Public Announcement for the attention of 75 stakeholders of SPS Steels Ltd. in liquidation as per regulation 31(2) read with regulation 12 of Liquidation Process Regulations 2016 and also filed before this Adjudicating Authority D Preliminary Report as per regulation 13 of the 76to98 Liquidation Process Regulations & Asset Memorandum as per Regulation 34(4) of the Liquidation Process Regulations filed before this Adjudicating Authority

3 Atpages27to49oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1035(KB)2022 inCP(IB)/1342(KB)2018

E Copy of Bank Statements with regard to 99to100 Liquidation Account in the name of the CorporateDebtor F Relevant communications with RARE Asset Pages Construction Limited (“RARE”), who had not 101(Vol.1) relinquished the security interest, however by to207(Vol.2) letter dated 23/03/2021 RARE had relinquished the security interest. Applicant had also filed revised assets memorandum with 5th Progress Report on16/04/2021. G Copies of Minutes of 11th Stakeholders’ 208to224 ConsultationCommitteeMeeting (Applicant had held 11 SCC meetings. Minutes of other SCC meetings (1st to 10th) had been filed withtherespective progress report) H Copies of all E-Auctions notices published in 225to229 ‘Financial Express’ (English) and ‘Ekdin’ (Bengali) I Copy of auction report, letter of intent, letter of 230to233 handing over of possession, sale bill and asset salereport J Copy ofaudited receipt & payment a/c 234to236 K Distributionamongstakeholders u/s. 53(1) 237 L Copies of Orders dated 11/08/2021, 12/06/2019, 238to242 17/09/2019, 19/03/2020, 18/02/2021 & 19/03/2021

7. The Final Report as submitted by the applicant along with the application is taken onrecord. ACopy oftheFinal Report forms Annexure‘P4’4

8. In compliance of regulation 45(3) of the Liquidation Process Regulations, the Liquidator has prepared Compliance Certificate in Form H, a copy whereof

4 Atpages50to242oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1035(KB)2022 inCP(IB)/1342(KB)2018 forms Annexure‘P5’5.

9. In compliance of regulation 45(2) of the Liquidation Process Regulations, the Liquidator in paragraph T6 of the Final Report has given reasons for increase in LiquidationCost overand above theestimated liquidationcost as follows :- “Due to Covid 19, lock down, bad scenario in the real estate market, suitablebuyer at the auction reserve price could not befound andthat the increase in the Liquidation cost was majorly caused due to five round of E-Auction with publication in the newspapers as per regulation 12(2) of Liquidation Regulation during each such occasion, along with the cost incurred for hosting the E-Auction at the online portal of the NCLT Auction Tiger. The delay in concluding E-Auction has also caused for increase in the other miscellaneous expenditure. Apart from this, there was substantial increase in the litigation cost, due to filing of exclusion, extension & other applications. However, the fees of the Liquidator has been paidas per theRegulation 4ofthe LiquidationRegulations.”

10. The affairs of the Corporate Debtor were completely liquidated after realizing the assets and distributing the amount to the stakeholders after complying with the provisions of section 53 of the IBC, 2016 in the order of priority as mandated under the IBC 2016. The Liquidation Account in terms of regulation 45(1) of the Liquidation Process Regulations and details thereof have been attached along withBank Statement showing“zero”balance inthe liquidationaccount.

11. Upon hearing the Ld. Counsel appearing for the Liquidator and perusing the documents annexed to the application, it appears that affairs of the Corporate Debtor have been completely would up and its assets have been completely liquidated. The bank account has also been closed. In view of the above, there is no impediment to the Corporate Debtor being dissolved, and it is ordered accordingly.

12. The Liquidator is further directed to serve a copy of this order upon the Registrar of Companies, West Bengal, immediately and, in any case, within fourteen days 5 Atpages243to246oftheapplication 6 Atpage61oftheapplication

INTHENATIONALCOMPANYLAWTRIBUNAL KOLKATABENCH(CourtII) IA(IBC)/1035(KB)2022 inCP(IB)/1342(KB)2018 of receipt of this order. The Registrar of Companies shall take further necessary action uponreceipt of acopyof thisorder.

13. The Liquidator shall stand discharged from his responsibilities, subject to all procedural compliances.

14. IA(IBC)/1035(KB)2022 is allowed with the above directions and both IA(IBC)/1035(KB)2022 and CP(IB)/1342(KB)2018 shall stand disposed of accordingly.

15. 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.

16. Certified Copy of this order may be issued, if applied for, upon compliance of all requisiteformalities.

17. Filebe consigned torecords.

ArvindDevanathan Bidisha Banerjee Member(Technical) Member (Judicial)

Signed onthis, the20th day ofNovember, 2023.

hb.