KOLKATA IA (IB) No.537/KB/2022 in CP (IB) No.891/KB/2018 An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016.

In the matter of CP (IB) No.891/KB/2018 Punjab National Bank …Financial Creditors Versus Divine Vidyut Limited [CIN U40102WB2007PLC118068]

… Corporate Debtor IA (IB) No.537/KB/2022 In the matter of Shah Sponge and Power Limited ...Applicant/Successful Bidder Versus Rajesh Kumar Agarwal, liquidator of Divine Vidyut Limited ...Respondent Date of hearing: 03 November, 2022 Order pronounced on: 02 February, 2023 Coram:

Shri Rohit Kapoor : Member (Judicial)

Shri Balraj Joshi : Member (Technical)

Appearances (via video conferencing/physical hearing):

For the Applicant : Ms. Swati Dalmia, Advocate : Mr. Arijit Chatterjee, Advocate : Mr. Shubham Raj, Advocate For the RP : Mr. Rajesh Kr. Agarwal. Advocate CP (IB) No.891/KB/2018 __________________________________________________________________________________

ORDER

Per Balraj Joshi, Member (Technical)

1. This court convened viahybrid mode.

2. This is an Interlocutory Application filed under section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) by Mr Rishi Pratim Ghosh, Company Secretary, Shah Sponge & Power Limited(‘Applicant’), duly authorised vide Board Resolution dated 02 May, 2022, against the liquidator of DivineVidyut Limited (‘Corporate Debtor’), seeking the following reliefs:-

a. To pass necessary order directing the liquidator to issue the Sale Certificate to Shah Sponge and Power Limited, the Successful bidder, for sale of Corporate Debtor as going concern; and b. To pass necessary order granting the reliefs and waivers as prayed for in paragraph 22; and c. To pass necessary order directing the liquidator to provide all support and assistance to the Applicant for the smooth functioning of the Corporate Debtor to complete the acquisition; and d. Such further and/or other order or orders as this Adjudicating Authority may deem fit and proper.

3. The Ld. Counsel appearing on behalf of the Applicant submits as follows

3.1 The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (‘CIRP’) on 19 September, 2019 by this Adjudicating Authority and Mr. Rajesh Kumar Agarwal was appointed as the Interim Resolution Professional. Later on he was also confirmed as the Resolution Professional(‘RP’).Thereafter, on 26 February, 2021 the Application for the liquidation of the Corporate Debtor was allowed..

3.2 Subsequently, the Liquidator published a Sale notice in the newspaper on

21March, 2022 for sale of Corporate Debtor on a going concern basis. After providing few extensions, the e-auction was scheduled to be held on 29 April, 2022.

CP (IB) No.891/KB/2018 __________________________________________________________________________________

3.3 On 30th March, 2022, Shah Sponge and Power Limited, the Applicant, submitted an EoI along with refundable deposit of Rs.5,00,000/- (Rupees Five Lakh only). After verification of documents, the Liquidator intimated to the Applicant through his e-mail dated 04 April, 2022 that the Applicant was eligible to participate in the E-Auction Process.The Applicant also visited the plant of the Corporate Debtor for inspection and the Liquidator’s office for due diligence of the documents related to the Corporate Debtor.

3.4 On 12 April, 2022, the Applicant by way of Bank Guarantee deposited the EMD of Rs 2.20 Crores and participated in the E-Auction held on 29 April, 2022, and was declared as HI/Successful Bidder by the Liquidator.

3.5 The Liquidator issued LoI to the Applicant on 02 May, 2022 which was unconditionally accepted by the Applicant. As per the LoI, the Applicant has paid further 15% of the final bid value i.e., Rs.3.345 Crores on 12 May, 2022 in the Bank Account in the name of ‘Divine Vidyut Limited - In Liquidation’ and the Balance consideration is to be paid within 90 days of the issue of LoI.

3.6 Thereafter, on 03 June, 2022 the Applicant served a letter on the Liquidator informing him of the p