THE NATIONAL COMPANY LAW TRIBUNAL

CHANDIGARH BENCH (COURT- I), CHANDIGARH

(Exercising powers of Adjudicating Authority under

the Insolvency and Bankruptcy Code, 2016)

IA No. 1418/2024

In

CP (IB) No. 124/Chd/Pb/2023

Under Section 60(5) of Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016

IN THE MATTER OF:-

Mudraksh Investment Pvt. Ltd.

........................................................Financial Creditor

With

Asian Alloys Limited

………………………………………………….Corporate Debtor

AND

IN THE MATTER OF IA NO. 1418/ 2024

Lalitha Pravin Garud,

Deputy General Manager,

Stressed Assets Stabilization Fund

3^rd Floor, D-Wing, IDBI Tower, WTC Complex, Cuffe Parade,

Mumbai- 400005

....................................................................................…Applicant

Versus

Shamsher Bahadur Singh,

Resolution Professional for Asian Alloys Pvt. Ltd.,

D-54, 1^st Floor, Defence Colony,

New Delhi-110024

..................................................................…………..Respondent

Order delivered on: 18.12.2024

Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. UMESH KUMAR SHUKLA, MEMBER (TECHNICAL)

Present:

For the Applicant : Mr. Virender Ganda, Sr. Advocate with Mr. Ashraf Belal, Advocate, Mr. Ayandev Mitra, Advocate, Mr. Abhishek Anand, Advocate, Mr. Karan Kohli, Advocate and Mr.

Akshit Awasthi, Advocate For the Respondent : Mr. Alok Dhir, Advocate with Mr. Kanishk Khetan, Advocate, Mr. Shamsher Bahadur Singh (RP in person)

Per: Harnam Singh Thakur, Member(Judicial)

Umesh Kumar Shukla, Member (Technical)

ORDER

This Interlocutory Application hereinafter referred to as the “IA”) No. 1418/2024 filed Under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC” or “Code”) read with Rule 11 of the National Company Law Tribunal Rules, 2016 (hereinafter referred to as the “NCLT Rules”) by the Stressed Assets Stabilization Fund (hereinafter referred to as the “Applicant” or “SASF” against Shamsher Bahadur Singh, Resolution Professional (hereinafter referred to as the “Respondent” or “RP”) of Asian Alloys Ltd. (hereinafter referred to as the “Corporate Debtor”) with the following prayer:

(a) To adjudicate the claim of the Applicant and direct the Respondent to admit the total claim of the Applicant in accordance with law and accordingly to reconstitute the Committee of Creditors (hereinafter referred to as the “CoC”) in accordance with the total claims of the Applicant;

(b) Direct the Respondent to put all the resolutions passed by the CoC before or during the pendency of IA No. 1418/2024 to be revoted based on the reconstituted CoC;

(c) Pass any order(s) which this Adjudicating Authority may deem fit and proper in the interest of justice and equity.

The Applicant has also prayed for interim relief to direct status quo to be maintained in the CIRP of the Corporate Debtor till the IA No. 1418/2024 is decided or till the CoC is re-constituted in accordance with the legitimate claim filed by the Applicant.

FACTS OF THE CASE

2 The brief facts of the case, as stated in the IA, are that:-

(i) The Applicant has been assigned the distressed Assets of the Industrial Development Bank of India (hereinafter referred to as the “IDBI”) in 2004 by the Assignment Deed dated 30.09.2004, the copy of which has been enclosed as Annexure-I of the IA.

(ii) The authority is executed in favour of Lalitha Pravin Garud, Deputy General Manager to sign, present the application and affidavit and authorise the professionals to argue the matters before Hon’ble NCLT/NCLAT/HC/SC, the copy of which has been enclosed as Annexure-

II of the IA.

(iii) The Applicant has first charge on all the assets of the Corporate Debtor situated at Sihi Village, Sikandarpur Road, Distt-Gurugram, Haryana and had advanced the credit facilities to the Corporate Debtor during 1995 to 1996 amounting to Rs.20.80 crore. The account of the Corporate Debtor became Non-Performing Assets (hereinafter referred to as the “NPA”) during the year 2000