IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH, BENGALURU

[Through Physical hearing/VC Mode (Hybrid)]

ITEM No.13

I.A (LIQ) No. 88/2025,

IA.Nos. 310 & 584/2024 in

C.P (IB) No. 220/BB/2018

IN THE MATTER OF:

M/s. Phoneix Arc Limited … Petitioner

Vs

M/s. Base Corporation limited --- Respondent

Order under Section 7 of the I & B Code, 2016

Order delivered on: 25.07.2025

CORAM:

SHRI. SUNIL KUMAR AGGARWAL

HON’BLE MEMBER (JUDICIAL)

SHRI. RADHAKRISHNA SREEPADA

HON’BLE MEMBER (TECHNICAL)

PRESENT:

For the Petitioner : None For the Respondent : None

ORDER

I.A. (Liq) No.88/2025

1. The 13th Progress report informing that progress taken place during the

quarter (from 01.04.02025 to 30.06.2025) of this year. We have gone through

report and same is taken on record.

2. Accordingly, I.A. (Liq) No. 88/2025 stands disposed of.

C.P (IB) No. 220/BB/2018

1. None appeared for either parties.

2. IA.No.310/2024 and IA.No.584/2024 allowed vide separate order.

3. File be sent to record room. The main C.P be listed with IAs if any, on

11.09.2025.

-Sd- -Sd-

RADHAKRISHNA SREEPADA SUNIL KUMAR AGGARWAL

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

BL

IN THE NATIONAL COMPANY LAW TRIBUNAL BENGALURU BENCH (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016)

(Through Physical Hearing/VC Mode (Hybrid))

I.A. No. 584/2024 in C.P. (IB) No.220/BB/2018 Application Under Section 35 (1) (n) of the Insolvency & Bankruptcy Code, 2016 r/w Rule 11 Of the NCLT Rules, 2016 In the matter of:-

Shri. Konduru Prashanth Raju, Liquidator of Base Corporation Ltd., B-804, Shriram Suhaana Apartments, Harohalli, Nagenahalli Gate, Yelahanka, Bengaluru - 560064 ... Applicant Versus The Special Land Acquisition Officer, The Karnataka Industrial Areas Development Board KIADB, Shanti Gruha Building, 4^th Floor, Palace Road, Bengaluru – 560001 And 3 others … Respondents Order delivered on: 25.07. 2025 CORAM: 1. Hon’ble Shri Sunil Kumar Aggarwal, Member (Judicial)

2. Hon’ble Shri Radhakrishna Sreepada, Member (Technical)

PRESENT:

For Liquidator : Mrs. Lakshmi Menon For KIADB : Shri H N Vasudevan.

O R D E R

Per RADHAKRISHNA SREEPADA, MEMBER (Technical)

1. The present Application is filed by the Mr.Konduru Prashanth Raju, Liquidator of Base Corporation Limited (hereinafter referred as “Applicant”) under Section 35 (1) (n) of the I & B Code, 2016 read with Rule 11 of the National Company Law Tribunal, 2016 against The Special Land Acquisition Officer and 3 others (hereinafter referred as “Respondents”).

2. Facts of the case are as mentioned by the Applicants in this application are as under:

a. It is stated that in the present main petition the insolvency proceedings against the corporate Debtor was initiated on 02.08.2019 and Mr. Aashish Gupta was appointed as Interim Resolution Professional (IRP). Thereafter, in the 11^th meeting, the Final resolution plan was put up to be approved by the Committee of Creditors (COC) by way of e-voting on 30.08.2020, however, the final resolution plan was rejected by the CoC on 02.08.2020.

b. The application was filed for liquidation of the Corporate Debtor under Section 33 (1) of the Code, which was admitted by this Adjudicating Authority vide order dated 26.04.2022 and the Applicant herein Mr.

Konduru Prashanth Raju was appointed as Liquidator.

c. Subsequently, the Applicant formed the Consultation Committee of Stakeholders (hereinafter referred as SCC). The Applicant thereafter conducted several meetings with the SCC and the reports to the same have been filed before this Tribunal. Currently, the Liquidator has been in te process of auctioning the assets of the CD through public auction. The assets of the CD namely, the flat at Mumbai as well as the Plant at HOsur have already sold in the auction to the highest bidders, on a going concern basis and the other major asset remaining the plant at Solan, Himachal Pradesh remains to be sold for which steps have been initiated.

d. During the course of its business, the Applicant understands that the CD had applied for allotment