SL. No.1

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 15.09.2025 at 10:30 AM

TRANSFER PETITION NO.

IA (IBC)/1358/2025 in

COMPANY PETITION/APPLICATION NO.

CP (IB) No.102/7/HDB/2019

NAME OF THE COMPANY Sarda Agro Oils Ltd

NAME OF THE PETITIONER(S) Allahabad Bank

NAME OF THE RESPONDENT(S) Sarda Agro Oils Ltd

UNDER SECTION 7 of IBC

ORDER

IA (IBC)/1358/2025

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

IA(IBC)/1358/2025 is allowed and disposed of.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Vamsi

IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH, COURT - II [U/s 230 of the Companies Act, 2013 R/W Applicable Provisions of the IBC, 2016 IBBI Liquidation Process Regulations, 2016 and Rule 11 of the NCLT Rules, 2016 for Approval of the Scheme of Compromise or Arrangement]

In the matter of M/s. Sarda Agro Oils Limited BETWEEN:

G. Madhusudhan Rao Liquidator for M/s.Sarda Agro Oils Limited (IBBI/IPA-001/IP-P00181/2017-18/10360)

7-1-285, Flat No.103, Sri Sai Swapna Sampada Apt.

Balkampet, Hyderabad 500 038.

…Applicant/Liquidator In the matter of Allahabad Bank Himayatnagar Branch, 3-6-435, Ground Floor, Main Road, Himayat Nagar, Hyderabad.

…Petitioner/Financial Creditor And M/s.SardaAgro Oil Limited

655, Seetamrai, Gagan Pahad, Hyderabad.

…Respondent/Corporate Debtor CORAM Shri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Shri Sanjay Puri, Hon’ble Member (Technical)

Counsel/Parties Present For the Applicant : Mrs. Mummaneni Vazra Laxmi, Ld. Counsel along with Mr. G. Madhusudhan Rao, Ld. Liquidator.

[ PER: BENCH ]

ORDER

1. This Application is filed by the Applicant/Liquidator of M/s. Sarda Agro Oils Limited under Section 230(1) of the Companies Act, 2013 read with applicable provisions of the Insolvency and Bankruptcy Code 2016, IBBI Liquidation process Regulations, 2016 and Rule 11 of the NCLT Rules, 2016 seeking the following reliefs:

i. Direct the Applicant/Liquidator to convene the meeting of the stakeholders for approval of the Scheme of Compromise/ Arrangement proposed by the Shareholder M/s. Prakash Oil Depot.

ii. Direct the Creditors and all other Stakeholders being Secured Financial Creditors, Unsecured Financial Creditors, Operational Creditors and other Operational Creditors, Shareholders be represented either in person or through proxy.

iii. Permit the Applicant/Liquidator to publish paper publication of Notice for conducting meetings in Newspapers in English and vernacular languages.

iv. Permit the Applicant to convene the meeting of Creditors/

Stakeholders of the Corporate Debtor by video conference/

electronically within 30 days’ notice.

BRIEF FACTS OF THE CASE:

2. It is submitted that Corporate Debtor is a Company incorporated under Companies Act with CIN No.U15143TG1992PLC014547 with Registered Office at Sy.No.655, Satamrai, Gaganpahad, Hyderabad, Telangana, which is a manufacturer, importers, Refiners of Edible Oils, Vanaspathi, Sunflower Refined Oil, Soya Bean Refined Oil, Cotton Seed Refined Oil, RBD Palm Oil, Ground Nut Refined Oil and Rice Bran Refined Oil. Its authorized share capital is Rs. 8,50,00,000.00 and its paid-up share capital is Rs.5,50,00,000.00.

3. It is submitted that due to losses incurred since 2012 onwards and default in payment of loans, one of the Financial Creditors (FC), Allahabad Bank now (Indian Bank) had filed a Petition CP(IB)No.102/7/HDB/2019 under Section 7 of the IBC, 2016, which was admitted by this Tribunal. Consequently, vide order dated 27.08.2019 Corporate Insolvency Resolution Process (CIRP) was initiated, and the Applicant was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor. Later, the Committee of Creditors (CoC) approved the continuation of the IRP as the Resolution Professional (RP).

4. The Suspended Directors of the Corpora