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ORDER SHEET OF THE HEARING ON 26^th MARCH, 2025

IA (IBC)/15/GB/2025 in IA (IBC)/99/GB/2023

In CP (IB)/15/GB/2022

Present: 1. Hon’ble Member (Judicial), Shri Rammurti Kushawaha

2. Hon’ble Member (Technical), Shri Yogendra Kumar Singh

State Bank of India

In the Matter of Vs

Santosh Kr. Jaiswal & Five Others

Under Section U/s 60(5) of IBC, 2016 r/w R. 11 of NCLT Rules, 2016

Appearances (via video conferencing/physically)

For Petitioner (s) : Mr. A. Parvez, Adv.

For Respondent(s) :Mr. K. Borad, Adv. (Proxy)

ORDER

Order pronounced in the open court vide separate sheets.

Sd/- Sd/-

Yogendra Kumar Singh Rammurti Kushawaha

Member (Technical) Member (Judicial)

Shubham Tiwari (PS)

In IA (IBC)/99/GB/2023 In CP (IB)/15/GB/2022 An application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule

11 of NCLT Rules, 2016;

In the matter of:

State Bank of India, Stressed Assets Management Branch-1, Nagaland House, 8th Floor, 11 & 13, Shakespeare Sarani, Kolkata-700071, Represented by its Chief Manager ...Applicant -Versus-

Santosh Kumar Jaiswal, Suspended Director of BRAHMAPUTRA GALVOCHEM PRIVATE LIMITED, having residence at H/No-14, Aashish, Ramsa Hill, Kharguli, Guwahati, Assam- 781004;

…Respondent No. 1 -And Padma Nath Deka, Suspended Director of BRAHMAPUTRA GALVOCHEM PRIVATE LIMITED having residence at Naboday Apartment, 1st Floor, 200 Narengi Road, Chinaki Path, M.T. Road, Guwahati, Assam- 781024;

….Respondent No. 2 -And Prism Fincap Limited, a company the meaning of the Companies Act, 2013 having its registered office at 4th Floor, Sagar Bizzplex, G.S. Road Shani Ram Bora Lane, Ulubari, Guwahati, Kamrup, Assam- 781007;

….Respondent No. 3 -And Biscon Steels Private Limited, a company within the meaning of the Companies Act, 2013 having its registered office at 4th Floor, Sagar Bizzplex, G.S. Road Shani Ram Bora Lane, Ulubari, Guwahati, Kamrup, Assam- 781007;

In IA (IBC)/99/GB/2023 In CP (IB)/15/GB/2022 __________________________________________________________________________________________

….Respondent No. 4 -And Brahmaputra Aashiana Limited, a company within the meaning of the Companies Act, 2013 having its registered office at 4th Floor, Sagar Bizzplex, G.S. Road Shani Ram Bora Lane, Ulubari, Guwahati, Kamrup, Assam- 781007;

….Respondent No. 5 -And Jaiswal Steel Rolling Mills, a partnership firm carrying on business from National Highway 37, West Boragaon, Guwahati, Kamrup Metropolitan, Assam- 781033;

….Respondent No. 6 Coram:

Shri Rammurti Kushawaha : Member (Judicial)

Shri Yogendra Kumar Singh : Member (Technical)

Appearances (through video conferencing):

For Petitioner : Mr. A. Parvez (Adv.)

For Respondent : Mr. M. Sharma (Adv.)

Order pronounced on: 26.03.2025

ORDER

1. The present application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) read with Rule 11 of the National Company Law Tribunal Rules, 2016 (“NCLT Rules”) on behalf of State Bank of India (“Applicant”), seeking the following reliefs:

a) That a suitable order be passed to substitute and incorporate the name of State Bank of India in place of Liquidator Mrs. Meena Sureka, wherever it appears in the application and other pleadings in the I.A. (I.B.C.) 99 of 2023;

In IA (IBC)/99/GB/2023 In CP (IB)/15/GB/2022 __________________________________________________________________________________________

b) The Hon’ble Tribunal may be pleased to substitute the Case title as:

"State Bank of India, Stressed Assets Management Branch-1, Nagaland House, 8th Floor, 11 & 13, Shakespeare Sarani, Kolkata-700071 represented by its Chief Manager" vide order dated 13/12/2024 passed in I.A. (IBC)(Dis.)/1/GB/2024;

c) And/or be pleased to pass any such further order/orders which your Honour deem fit and proper for the ends of justice.

2. Brief summary of the facts as stated by the Applicant are as follows:

2.1. Mrs. Meena Sureka in her capacity as the Insolvency Professional of Corporate Debtor had filed IA (IBC)/99/GB/2023 before this Tribunal under Section 43, 45 & 66 of