MUMBAI BENCH, COURT V

Under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016 read with Rule 11 of

the NCLT Rules, 2016

Mr. Naren Sheth,

Resolution Professional

Of Shreem Corporation Limited

…Applicant

IN THE MATTER OF State Bank of India …Financial Creditor

vs.

Shreem Corporation Limited

…Respondent

Order Dated: 05.04.2024

Coram:

Hon’ble Ms. Reeta Kohli, Member (Judicial)

Hon’ble Ms. Madhu Sinha, Member (Technical)

Appearance:

For the Applicant: Sr. Adv. Gaurav Joshi (PH)

For the SBI: Adv. Pulkit Sharma (PH) For the Axis Bank : Shadab Jan (PH)

Brief Facts of the Case

1. The above Interlocutory Application bearing I.A. No. 442 of 2024 is filed by Mr. Naren Sheth, RP of Shreem Corporation Limited (hereinafter referred to as the “Applicant”) seeking direction against Shreem Corporation Limited (hereinafter referred to as the “Respondent”) under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) praying for following reliefs:

(i) That this Hon’ble Tribunal may be pleased to allow/permit the Applicant to immediately distribute the excess amount of Rs. 100.61 Crores lying in the current account of the Corporate Debtor to State Bank of India, the sole CoC