SL. No.4 NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH COURT HALL NO: II PHYSICAL HEARING 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 13.10.2023, At 10:30 AM

ORDER

IA (IBC)/1368/2023 Present : Ld. Counsel Mr.Jubeer Hussain for the applicant 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 NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – II u/s. 30(6) of IBC, 2016 In the matter of M/s. Srikanth International Private Limited, Corporate Debtor Mr. Immaneni Eswara Rao, Resolution Professional .... Applicant /

Resolution Professional Between M/s. Pattabi Enterprises .... Operational Creditor Vs.

M/s. Srikanth International Private Limited …. Corporate Debtor Date of Order: 13.10.2023 CORAM Hon’ble Sri Rajeev Bhardwaj, Member (Judicial)

Hon’ble Sri Sanjay Puri, Member (Technical)

Counsels present For the Applicant : Mr. S.A. Juber Hussain, Advocate Heard on : 27.09.2023 PER: BENCH

ORDER

1. This is an application filed by the Resolution Professional of the Corporate Debtor (CD) M/s Srikanth International Private Limited under Section 30(6) of IBC, 2016 r/w Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, seeking approval of the Resolution Plan submitted by the Resolution Applicant (RA) M/s. Summit Marine Exports Private Limited, duly approved by the Committee of Creditors (CoC) with 100% voting.

Briefly, the facts mentioned in the application, are as follows:

2. The Corporate Insolvency Resolution Process (CIRP) was initiated against CD by virtue of the Order of this Tribunal dated 30.06.2022 and Mr. Mayur Rajendra Kumar Popat was appointed as Interim Resolution Professional (IRP). In due course, the IRP made public announcement on 14.07.2022 inviting claims and constituted the Committee of Creditors (CoC) comprising of single member i.e. State Bank of India.

3. The CoC in its 1^st meeting held on 12.08.2022 appointed the present Applicant as the Resolution Professional (RP)1 and the same was affirmed by this Tribunal vide order dated 30.08.2022.2

4. It is stated that, since the order dated 30.08.2022 was received by the Applicant RP after 39 days i.e. on 19.09.2022, as per the directions of CoC, the Applicant RP had filed an Application in IA 1416 of 2022 for exclusion of 51 days from CIRP period of 180 days and the same was allowed by this Tribunal vide order dated 12.04.2023.3

5. The Applicant RP published Form-G on 09.11.2022 as well as on

04.12.2022 inviting the Expression of Interest (EoI)4 from the Prospective Resolution Applicants (PRAs) for submission of Resolution Plan.

6. It is stated that the Applicant RP informed the CoC regarding the receipt of EoI from an individual PRA and since the due date of submission of EoI was extended, the said PRA proposed to submit a fresh EoI along with

1 Page 23 of the Application (Annexure–A). 2 Page 26 of the Application (Annexure-B).

another Applicant as a consortium and requested to adjust the EMD of Rs.15 lakhs which was deposited earlier in an individual capacity to the new application by consortium. The same was permitted by the CoC in its

4^th meeting held on 15.12.2022.

7. It is stated that the Applicant RP informed the CoC in its 5^th meeting held on 21.12.2022 regarding the hindrance caused by the suspended management in the preparation of information memorandum and Request For Resolution Plan (RFRP) due to non-submission of books of accounts etc. as well as other issues faced by the Applicant RP and also