SL. No.3

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 16.10.2024 AT 10:30 AM

TRANSFER PETITION NO.

IA (IBC)/1873/2024 in CP(IB)

COMPANY PETITION/APPLICATION NO.

No.416/9/HDB/2020

NAME OF THE COMPANY Ariston Pharma Novatech Pvt Ltd

NAME OF THE PETITIONER(S) Granules India ltd

NAME OF THE RESPONDENT(S) Ariston Pharma Novatech Pvt Ltd

UNDER SECTION 9 of IBC

ORDER IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH - II, HYDERABAD Under Section 35(1) (N) & Section 60(5)(C) of IB Code, 2016 R/W Regulation 45 (3)(A) of the IBBI (Liquidation Process) Regulations, 2016.

IA(IBC)/1873/2024

Orders pronounced, recorded vide separate sheets. In the result, this Application

is allowed and disposed of.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi

In the matter of :

M/s.Ariston Pharma Nova Tech Private L imited (Company in Liquidation)

In the matter of:

M/s.Granules India Limited ...Operational Creditor Versus M/s.Ariston Pharma Nova Tech Private Limited (Under Liquidation)

D.No.5-5-35/136/B, Ground Floor, Prasanthi Nagar, IDA, Kukatpally, Hyderabad – 500 072.

…Corporate Debtor Applicant:

Mr.Rajesh Chillale, Liquidator B-725, Western Plaza, H.S.Darga, OU Colony, Hyderabad – 500 008 ... Liquidator Date of Order:16.10.2024 CORAM Sri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Sri Sanjay Puri, Hon’ble Member (Technical)

Counsel/Parties present For the Applicant : Mr.Dishit Bhattacharjee, Advocate P e r : B e n c h

O R D E R

1. This application has been filed under Regulation 45 (3) (a) of the IBBI (Liquidation Process) Regulations, 2016 by the Liquidator of the Corporate Debtor (CD) M/s.Ariston Pharma Nova Tech Private Limited seeking closure of the Liquidation process of Corporate Debtor on account of successful sale of the Corporate Debtor as a going concern.

2. Brief Facts of the Case:

a) The Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) by this Tribunal vide Order dated 18.01.2023 in CP(IB) No.416/9/HDB/2020 filed under Section 9 of IBC, 2016 and Mr.Manjeet Bucha was appointed as Interim Resolution Professional (IRP).

b) On 21.01.2023, the IRP issued a public announcement in Form – A through newspapers officially declaring the commencement of the CIRP and inviting claims from creditors of the Corporate Debtor. In response to this announcement, the IRP received the claims from various creditors of the Corporate Debtor and a list of creditors was prepared in accordance with the provisions of IBC. A Committee of Creditors (CoC) was formed and report certifying the constitution of the CoC was submitted to this Authority.

c) In the 1^st CoC meeting held on 16.02.2023, the IRP was appointed as Resolution Professional (RP) and the same was confirmed by this Authority vide order dated 27.03.2023. The RP conducted 11 CoC meetings in total.

d) The Resolution Plan of the Sole Resolution Applicant was not approved by the CoC and the time stipulated for the conclusion of CIRP lapsed. The CIRP failed as the CoC did not receive any viable proposal for revival of the Company.

3. Commencement of Liquidation:

i. During the 11^th CoC meeting held on 25.12.2023, the RP presented the resolution for Liquidation of the Corporate Debtor for the approval of the CoC. The CoC unanimously decided to initiate the Liquidation of the Corporate Debtor in accordance with Section 33(2) of the IBC. In the meeting, it was also decided to appoint Mr.Rajesh Chillale as the Liquidator of the Corporate Debtor.

ii. This Authority vide order dated 03.04.2024 in IA(IBC) (Liq)/04/2024 in CP(IB) No.416/9/HDB/2020 allowed the application filed under Section 33 of the IBC, 2016 for liquidation of the Corporate Debtor M/s.Ariston Pharma Nova Tech Private Limited and confirmed the appointment of Mr.Rajesh Chillale as the Liquidator.

iii. It is s