IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH, COURT – III

I.A. No. 1768 of 2022

IN

C.P. (IB) 3310/MB/2018

Under Section 33(1) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 and Rule 11 of the National Company

Law Tribunal Rules, 2016

Ashish Vyas

Resolution Professional of

M/s Vag Buildtech Limited

Having its office at:

A-402, Suashish IT Park,

Datta Pada Road, Borivali (East),

Mumbai – 400 066.

…. Applicant/ Resolution Professional

In the matter of:

Under Section 9 of the Insolvency and

Bankruptcy Code, 2016

Om Scaffolders

Having its office at: -

Village Kuranwala,

Derabassi - Barwala Road, Derabassi, District Mohali,

Punjab -140 507.

…. Petitioner/ Operational Creditor

Versus

Vag Buildtech Limited

[CIN: U45400MH2012PLC232077] Having its registered address at: -

Saba Palace, 3^rd Floor, Flat No. 301,

Khar (West), Mumbai – 400 052.

… Corporate Debtor

Order Pronounced on: 05.12.2025 Coram:

Smt. Lakshmi Gurung, Hon’ble Member (Judicial)

Shri Hariharan Neelakanta Iyer, Hon’ble Member (Technical)

Appearances:

For the Applicant: Adv. Rishi Thakur i/b. K. K. Associates.

Per: SHRI HARIHARAN NEELAKANTA IYER, MEMBER (Technical)

1. The instant application has been filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (‘Code’) by the Resolution Professional of Vag Buildtech Limited (‘Corporate Debtor’/ ‘CD’) Mr. Ashish Vyas (‘Applicant’/ ‘Resolution Professional’) seeking following reliefs:

i) The Adjudicating Authority of this Hon’ble Tribunal be pleased to pass an order directing the Corporate Debtor to be liquidated under Chapter III of Part II of the Insolvency and Bankruptcy Code, 2016 ii) The Adjudicating Authority of this Hon’ble Tribunal be pleased to appoint the Applicant as the Liquidator to conduct the Liquidation of the Corporate Debtor under Chapter III Part II of the Insolvency and Bankruptcy Code, 2016;

iii) Costs of this interlocutory application;

iv) Any other order of this Hon’ble Adjudicating Authority may deem fit and proper in the facts and circumstances of this case;

Submissions made by the Applicant: -

2. The Corporate Debtor was admitted in Corporate Insolvency Resolution Process (‘CIRP’) under Section 9 of the Code vide order of this Tribunal dated 26.11.2021 and the Applicant was appointed as Interim Resolution Professional (‘IRP’)

3. IRP issued a Public Announcement in ‘Form –A’ inviting claims from creditors on 03.12.2021. In pursuance to the Public Announcement, the Applicant received and collated claims of creditors as per Section

21 of the Code.

4. As per the minutes of the CoC meetings available on record, the 1^st CoC Meeting was held on 27.12.2021 which was attended by State Bank of India (‘SBI’), the sole financial creditor and the IRP. The IRP placed the summary of claims received by him as follows: -

(in Rupees)

5. The Applicant was appointed as Resolution Professional (‘RP’) during the 1^st CoC meeting.

6. In the 2^nd CoC Meeting held on 21.01.2022, the valuers and transaction auditors were appointed.

7. The CoC in its 3rd Meeting held on 16.02.2022, resolved to approve publication of Form-G for inviting Expression of Interest (‘EoI’) and eligibility criteria of Prospective Resolution Applicants (‘PRA’)

8. RP published an Invitation of EoI in Form-G as per the CIRP Regulations on 19.02.2022. The last date of submission of EoI was 07.03.2022 whereas, the last date of submission of Resolution Plan was

21.04.2022.

9. In its 4th meeting held on 14.03.2022, the CoC approved the issuance of request for resolution plan and evaluation matrix of PRA. The CoC in its 4^th meeting comprised of SBI and Canara Bank.

10. In the 5^th CoC meeting held on 25.04.2022, the CoC discussed the possibility of issuing a fresh Form-G due to non-receipt of EoI following the publication of first Form – G dated 19.02.2022. From the perusal of the minutes of the 5^th CoC, copy of which is annexed to the petition, it is seen that there is addition of two more financial creditors namely SREI Equipment Finance Limited and Canara Bank. Thus, the CoC c