2 CP/1254/IB/2018 IA(IBC)/1484(CHE)/2025; IA(IBC)/1496/CHE/2025 in IA(IBC)/2121(CHE)/2024 ORDER IA(IBC)/2229(CHE)/2024 Present: Ld. Counsel Shri. Avinash Krishnan Ravi for the Applicant /

Liquidator.

Ld. Counsel Ms. Malini George for the Respondent.

Despite service and opportunity given, Respondent has not filed any reply. Right of the Respondent to file reply is closed.

List the application for hearing on 18.12.2025 IA(IBC)/2120(CHE)2024; IA(IBC)/2121(CHE)2024;

IA(IBC)/2087(CHE)/2024; IA(IBC)/2091(CHE)/2024;

IA(IBC)/2093(CHE)/2024;

Present: Ld. Counsel Shri. Avinash Krishnan Ravi for the Applicant /

Liquidator.

Ld. Counsel Shri. Rohan Rajasekaran for R1 to R4.

None for R5 and R6.

Heard.

The CIRP in the present case was initiated on 31.12.2019. The transaction audit was conducted on 24.08.2020. The Auditor gave the interim report on the basis of which clarifications / information were sought from the Respondents through mails in September 2021. During the period from 2021- 23, no decision was taken about the pursuance of the transactions highlighted in the report filed by the Auditor. The report was filed on 10.05.2022. There is no record to show that it was shared with the Respondents immediately after receipt of the report. The liquidation process was initiated on 21.03.2022.

Meetings of the SCC were held from time to time. The issue as to filing of avoidance applications or referring the same to SFIO was considered by the SCC for the first time on 15.09.2023, however, it did not find favour from the SCC. Again this matter was taken up by the SCC on 21.08.2024 where it was decided to file applications relating to PUFE transactions since SCC was not inclined to take over NRRA. Even before filing the applications, no response was taken from the Suspended Directors about the transactions.

Before considering the above applications, let the Liquidator give an explanation justifying the delays and also call the meeting of SCC seeking its views about the PUFE applications.

We are informed that except the PUFE applications, the liquidation process is almost complete.

List the applications on 18.12.2025.

IA(IBC)/1484(CHE)/2025; IA(IBC)/1496/CHE/2025 in IA(IBC)/2121(CHE)/2024 Present: Ld. Counsel Shri. Avinash Krishnan Ravi for the Applicant /

Liquidator.

Ld. Counsel Shri. Rohan Rajasekaran for R1 to R4.

None for R5 and R6.

Ld. Counsel for the Applicant submits that this Tribunal has already permitted the Applicant to file Rejoinder and as such these applications have become infructuous.

Recording the submissions, the applications are disposed of as having become infructuous.

Sd/- Sd/-

(VENKATARAMAN SUBRAMANIAM) (SANJIV JAIN) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

MG Date: 11.11.2025