SL. No.2

NATIONAL COMPANY LAW TRIBUNAL

HYDERABAD BENCH COURT HALL NO: II

Hearing Through: VC and Physical (Hybrid) Mode

CORAM: SHRI. RAJEEV BHARDWAJ – HON’BLE MEMBER (J)

CORAM: SHRI. SANJAY PURI - HON’BLE MEMBER (T)

ATTENDANCE-CUM-ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL,

HYDERABAD BENCH, HELD ON 20.03.2025 at 10:30 AM

TRANSFER PETITION NO.

COMPANY PETITION/APPLICATION NO. IA(IBC)/1491/2023 in CP (IB) No.666/7/HDB/2018

NAME OF THE COMPANY Splendid Metal Products Ltd

NAME OF THE PETITIONER(S) Punjab National Bank

NAME OF THE RESPONDENT(S) Splendid Metal Products Ltd

UNDER SECTION 7 OF IBC

ORDER

IA (IBC)/1491/2023

Order pronounced, recorded vide separate sheets. In the result, IA

(IBC)/1491/2023, is allowed.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Arpit Mishra

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH, COURT-II Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 In the matter of Invent Assets Securitisation and Reconstruction Private Limiteds Invent Assets Securitisation and Reconstruction Private Limited Through : Mr.Vivek Adari, Registered Office:

Suite-B, Ground Floor, Bakhtawar Backbay Reclamation Scheme – III, Nariman Point, Mumbai, India – 400 021.

Email: invent@inventarc.com ...Applicant V E R S U S

1) BANK OF BARODA Through its Authorised Representative, Registered Address:

Plot No.103, D.No.47-7-41, 4^th Lane, Dwarakanagar, Near Diamond Park, Sankaramatham Road, Visakhapatnam, Andhra Pradesh, India – 530 016.

Email: asilme@bankofbaroda.com

2) Mr.T.SATHISAN, Chairman of the Monitoring Committee &

Erstwhile Resolution Professional/Monitoring Agent of Thailavar Steels Limited – formerly Known as Splendid Metal Products Limited Registered Address: A-1-A, Mahindra Splendour, LBS Marg, Bhandup, Mumbai, India – 400 078.

Email: sathisan2011@gmail.com ... Respondents Coram:

Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Shri Sanjay Puri, Hon’ble Member (Technical)

Counsels Present For the Applicant : Ms.Akanksha Nehra, Counsel For the Respondents : Mr.Trivikram Chitturu, Mr.Srinivas Chitturi, Mr.A.H.Krishna, Mr.A.M.Kiran Kumar, Mr.T.Ravinder Reddy, Ms.Sravani, Advocates.

[P E R : RAJEEV BHARDWAJ]

O R D E R

1. This order will dispose of the present Application filed under Section 60(5)

of the Insolvency and Bankruptcy Code, 2016 for directing the Bank of Baroda, Aslimeta Branch, Visakhapatnam, Respondent No.1 to transfer approximately a sum of Rs.95,01,366.54 from the dormant bank account bearing No.12700200000426 held in the name of Splendid Metal Products Limited, Corporate Debtor (CD) to the designated bank account of the CD bearing No.86242110000968 held with the Bank of India, Kukatpally Branch, Hyderabad.

2. Briefly, the CD was put into Corporate Insolvency Resolution Process (CIRP) vide order dated 4^th April, 2019 in CP No.666 of 2018. The Resolution Plan submitted by Antanium Holdings Pte Ltd (AHPL) and the Applicant was approved by this Authority on 8^th April, 2021 and consequently the management and control of the CD stood transferred to the Resolution Applicants. Subsequently, AHPL transferred all its rights in favour of Puissant Global Private Limited (PGPL).

3. As the CD was sold as a going concern, it entered into business with Ramco Cement for an amount of Rs.3,39,94,620/-. Accordingly, the CD raised invoices. Inadvertently, part of the amount, i.e., Rs.95,01,366.54 was remitted in dormant account of the CD. The details of the said invoices are given in para No.7.17 of the Application.

4. Despite the correspondence made by the CD with the Respondent No.1, this amount was not remitted back to the Applicant.

5. The Liquidator who is the Respondent No.2 has no objection for the release of the said amount. However, the Respondent No.1 submitted that the CBI is conducting an enquiry with respect to the transactions in the accounts of the CD and its parent bank. In view of the ongoing investigation and the account being dormant, this amount cannot be released in favour of the Applicant.

6. Heard both the learned counsels for