S.No.3

IN THE NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH – 1

VC AND PHYSCIAL (HYBRID) MODE

ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

07-08-2024 AT 10:30 AM

CP (IB) No. 335/7/HDB/2022

AND

Inv. P (IBC) 31/2023, IA (IBC) 910/2023 & IA (IBC) (Liquidation) 8/2024

in CP (IB) No. 335/7/HDB/2022

u/s. 7 of IBC, 2016

IN THE MATTER OF:

State Bank of India …Financial Creditor

AND

M/s. G S Biotech Limited …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

Inv. P (IBC) 31/2023

This application is dismissed.

IA (IBC) 910/2023

This application is dismissed, giving liberty to the Applicant to approach the

competent authority under PMLA.

IA (IBC) (Liquidation) 8/2024 For orders call on 13.08.2024.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Sridher

IN THE NATIONAL COMPANY LAW TRIBUNAL, HYDERABAD BENCH-1, HYDERABAD Inv.P. (IBC) No. 31 of 2023 IN C.P. (IB) No.335/7/HDB/2022 Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of The National Company Law Tribunal Rules, 2016 IN THE MATTER OF:

THE DIRECTORATE OF ENFORCEMENT Rep. by the Joint Director, Dept. of Revenue, Ministry of Finance, Government of India, 3rd Floor, Shankar Bhawan, Basheerbagh, Hyderabad-500004 ...APPLICANT Versus Interim Resolution Professional M/s. G S Biotech Limited, Plot No. 22 & 23, G.S. Estates, Adilabad, 504001. …RESPONDENT Date of Order: 07.08.2024 Coram:

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

SHRI CHARAN SINGH, HON’BLE MEMBER (TECHNICAL)

Parties/Counsels present:

For Applicant : Mr. Narendra Naik, Counsel For Respondent : Mr. B Ravi Teja, Counsel PER BENCH

ORDER

1. This is an application filed by the ‘Enforcement Directorate, Hyderabad Zone’ (hereinafter referred as ‘Applicant’) under Section 60 (5) of ‘The Insolvency and Bankruptcy Code, 2016’ (hereinafter referred as ‘IBC') read with Rule 11 of The National Company Law Tribunal Rules, 2016 against the Resolution Professional of M/s. G.S. Biotech Limited seeking the following reliefs:

i. Allow the Applicant herein to be impleaded in the C.P. (IB) No. 335/7/HDB/2022 and direct the Respondent to provide the Applicant i.e., Directorate of Enforcement, Hyderabad Zone with copies of all relevant/required documents ii. Exclude the properties attached by the Applicant under PMLA from the IM and purview of CIRP.

iii. Consequently, provide an opportunity to the Applicant herein to submit its contentions elaborately pertaining to the properties of CD that are attached under the PAO.

2. The core contention of the applicant is that, the assets of the Corporate Debtor which is under CIRP by virtue of the order of this Tribunal dated 24.03.2023 were provisionally attached by the applicant under the provisions of PMLA vide the order No. 07/2017 dated 29.09.2017 and order No. 09/2022 dated 25.03.2022 and the same were later confirmed vide confirmation order dated 19.03.2018 and 16.09.2022 respectively by the Adjudicating Authority under the PMLA. As such the said properties are amenable to the jurisdiction of this Tribunal under the IB Code, however as the Resolution Professional is proceeding with the said assets, the present application is filed seeking to implead the applicant in the company petition and for exclusion of the said assets from CIRP of the Corporate Debtor.

3. This application is resisted by the Resolution Professional of Corporate Debtor contending, inter alia, that mere attachment of the properties of the Corporate Debtor by the competent authority under PMLA by itself will not take away the rights of the Resolution Professional to deal with the said properties under the provisions of the IB Code.

4. In the light of the contest as above we have framed the following point.

POINT:

Whether the applicant is necessary and proper party for the just and proper adjudication of the company petition?

5. We have heard the Learned Counsel Mr Narendra Naik, for the applicant and Learned Counsel Mr B Ravi T