S.No.2

IN THE NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH – 1

VC AND PHYSCIAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

08-05-2024 AT 10:30 AM

CP(IB) No.299/7/HDB/2018

AND

IA(IBC) 897 & 898/2024 & IA (IBC) 976/2024 in IA (IBC) 924/2024 in

CP(IB) No.299/7/HDB/2018

u/s. 7 of IBC, 2016

IN THE MATTER OF:

Punjab National Bank

(erstwhile Oriental Bank of Commerce) …Financial Creditor

AND

NCS Sugars Ltd …Corporate Debtor

C O R A M:-

DR. VENKATA RAMAKRISHNA BADARINATH NANDULA, HON’BLE MEMBER (JUDICIAL)

SH. CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

O R D E R

IA(IBC) 897/2024

Orders pronounced. In the result, this application is allowed. No costs.

IA(IBC) 898/2024

In the light of the orders passed in IA(IBC) 897/2024, this application becomes

infructuous. Accordingly, this application is disposed of as infructuous.

IA (IBC) 976/2024

Learned Counsel Mr Y Suryanarayana, for applicant present physically.

Matter adjourned to 09.05.2024.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – I, HYDERABAD In [u/s. 60(5) of Insolvency and Bankruptcy code, 2016 and rules 11 of NCLT rules, 2016]

IN THE MATTER OF M/s NCS SUGARS LIMITED BETWEEN:

Mr. Narayanam Nageswara Rao, S/o. Narasimha Murthy Aged about 68 years, Plot No. 9, Huda Enclave, Road No. 69, Nandagiri Hills, Jubilee Hills, Hyderabad – 500033 ... Applicant Versus

1. Mr. K. Sivalingam, Resolution Professional of M/s. NCS Sugars Ltd., R/o Flat No. 1603, Tulive Horizon Residences, 16/01 Arunachalam Road, Saligramain, Chennai, Tamil Nadu - 600093.

2. Committee of Creditors, of M/s. NCS Sugars Ltd., Represented by the Alchemist ARC Limited ...Respondents IN THE MATTER OF:

Punjab National Bank ...Financial Creditor Versus M/s. NCS Sugars Ltd. ...Corporate Debtor Coram:

Dr. Venkata Ramakrishna Badarinath Nandula, Hon’ble Member (Judicial)

Shri Charan Singh, Hon’ble Member (Technical)

Appearance:

For Applicant : Ms. Siva Praneetha, Advocate For Respondent no. 1 : Mr. Y. Suryanarayana, Advocate PER: BENCH COMMON ORDR IA.No.897 of 2024 IA.No.898 of 2024

1. IA.No.897 of 2024 This application is filed under section 60 (5) of the insolvency and bankruptcy code, 2016 herein after referred to as “Code” and Rule 11 of the National Company Law Tribunal Rules, 2016, by the suspended director herein after referred to as the “Applicant” of M/s NCS Sugars Ltd herein after referred to as the “Corporate Debtor”, against the Resolution Professional and Committee of Creditors herein after referred to as the “Respondents no. 1 & 2” respectively,  To Set aside the decision taken by the Respondent No.2 in the 18^th Committee of Creditors meeting dated 07.03.2024 to the extent of Agenda No.8;

 To Declare that the Applicant is eligible to submit a Resolution Plan and consequently, permit the Applicant to participate as a Resolution Applicant.

IA.No.898 of 2024  To Stay all further proceedings in furtherance of Form-G dated 24.02.2024 issued by the Respondent No.1 or alternatively  To Direct the Respondent No. 1 to provide the evaluation matrix and Information Memorandum to the Applicant and permit the Applicant to participate as a Resolution Applicant;

1) Brief of averment in the Application:

1.1. That vide order dated 24.06.2022 the Corporate Debtor was admitted into Corporate Insolvency Resolution Process herein after referred to as “CIRP”. Subsequently, the Resolution Professional published Form-G on 06.10.2022, inviting bids for the submission of Resolution Plans. The Applicant being a suspended director/promoter, submitted a Resolution Plan in October 2022. However, the Applicant was initially excluded from the provisional list of eligible Resolution Applicants on 30.10.2022, due to missing documents. A revised list on 03.11.2022, included the Applicant, contingent upon providing the required documentation.

1.2. It is averred that due to various factors, the Resolution Professional issued a notice on 24.02.2024, inviting fresh bids. The Applicant was under the impression that previous Expressions