NATIONAL COMPANY LAW TRIBUNAL COURT ROOM NO. 1, MUMBAI BENCH Item No. 11 IA(I.B.C)/74/MB/2026 in C.P. (IB)/548(MB)2024 CORAM:

SH. PRABHAT KUMAR SH. SUSHIL MAHADEORAO KOCHEY HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING ON 08.01.2026 NAME OF THE PARTIES: IN THE MATTER OF MR. VIJAY PITAMBER LULLA (R.P. OF M/S SYSKA E-RETAILS LLP) VS COMMITTEE OF CREDITORS COMPRISING OF CANARA BANK, STATE BANK OF INDIA AND UV ASSETS RECONSTRUCTION COMPANY LIMITED &

IN THE MATTER OF THE CANARA BANK LIMITED Vs SYSKA E-RETAILS LLP Section 60(5)(c) of IBC Code 2016 r/w Rule 11 of NCLT Rules 2016 r/w 33(1) (a)

(i) to (iii) of the Insolvency and Bankruptcy Code, 2016 __________________________________________________________________

ORDER

IA(I.B.C)/74/MB/2026 in C.P. (IB)/548(MB)2024

1) Adv. Raina Birla, Ld. Counsel for the Applicant/Resolution Professional is present.

2) This is an Interlocutory Application filed by the Applicant/Resolution Professional of the Corporate Applicant under Section 60(5)(c) of IBC Code 2016 r/w Rule 11 of NCLT Rules 2016 for seeking appropriate directions from this Tribunal with regards to the future course of action and the manner in which the Corporate Insolvency Resolution Process of corporate debtor is to be proceeded with in the case of M/s Syska E-Retails LLP (Corporate Debtor).

3) The facts leading to the case in hand are as follows:

a. Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by this Tribunal vide order dated 17.06.2025 upon admission of a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (the Code) and the Applicant herein was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor, who subsequently has been confirmed as the Resolution Professional of the Corporate Debtor.

b. Pursuant to the Admission Order, the Resolution Professional Published Form - A in Financial Express and in Loksatta on 19.06.2025 inviting claims against the Corporate Debtor with a last date fixed as

01.07.2025 c. Further, Subsequent to the publication of Form A, IRP received 3 claims from Financial Creditor on till the last date of submission of claim i.e., 01.07.2025.

d. Accordingly, the Applicant constituted the Committee of Creditor which consists of Canara Bank, State Bank of India and UV Assets Reconstruction Company Limited, Financial Creditors. The first Meeting was convened on 14.07.2025 wherein the IRP was reaffirmed as RP as per Sec. 22(2) of IBC 2016. Thereafter 2^nd and 3^rd meeting of COC was held on 28.07.2025 and 18.08.2025 and Form G was published on 20.08.2025 to invite Expression of Interests from eligible prospective resolution applicants.

e. The 4^th meeting was conducted on 11.09.2025 wherein 2 PRA’s namely Ambrane India Private Limited and Mr. Kapil Aggarwal were finalized by the COC. It is submitted that no resolution plan was received by the last date of 10.11.2025 as one PRA was unable to submit a plan due to non-availability of information earlier, and the other PRA, M/s Ambrane India Private Limited. declined to proceed and sought refund of its EMD. The COC further extended the last date till 25.11.2025 to enhance the possibility of receipt of resolution plan, however, no resolution plan was received till 25.11.2025.

f. The 7^th COC meeting was conducted on 10.12.2025 wherein the resolution for filing of an appropriate application before the National Company Law Tribunal and thereby seeking extension of the CIRP period or in the alternative initiation of liquidation proceedings upon expiry of the CIRP period as was placed for voting. The proposal for publication of a fresh Form G was also placed for e-voting. Both of the proposals were not passed. The relevant extract of minutes of meeting dated 10.12.2025 in verbatim as follows;

“The RP then asked the CoC to decide whether to proceed with the

publication of the fresh Form G. The representatives of SBI stated that they

are not in favor of that. The RP then