CP (IB)/ 571 (MB) 2019 Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. M/s ASREC (India) Ltd …Applicant Vs.

Mr. Bhaskar Gopal Shetty … Respondent 1 Kamlesh Mehta, … Respondent 2 In the matter of Company Petition No. 571 of 2019, Under Section 9 of the Insolvency and Bankruptcy Code, 2016. STPM LOGISTICS LLP … Operational Creditor Vs.

MIRAGE CERAMICS PVT. LTD.

… Respondent Order delivered on: 09.01.2026 Coram :

Shri. Prabhat Kumar Shri Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)

CP (IB)/ 571 (MB) 2019 Appearances:

For the Applicants : Adv. Ganesh Venkata Siva Rama Krishna Remani, For the Respondent 1 : Adv. Kejal Kamdar For the Respondent 2 : I.V. Merchant & Co.

ORDER

1. The Applicant viz. ASREC (India) Limited, one of the financial creditor, has filed this application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) read with Rule 11 of the National Company Law Tribunal Rules, 2016 challenging the validity and maintainability of the claim filed by Mr. Kamlesh Mehta as a secured financial creditor which was duly accepted by the Liquidator in the liquidation proceedings of the Corporate Debtor viz. Mirage Ceramics Pvt. Ltd. being carried out under Company Petition No. 571 (MB) of 2019 and has prayed for following :

a. Allow the present application;

b. Pass an order directing the Respondent 1 to declare the claim of Respondent 2 as an unsecured creditor of the Corporate Debtor.;

c. Replace Respondent #1 with another insolvency professional as deemed fit by the hon’ble bench d. Issue notice to Insolvency and Bankruptcy Board of India to initiate disciplinary proceedings against the Liquidator e. Pass any such order/directions as this Hon’ble Tribunal may deem fit and proper in facts and circumstances of this case..

2. The Applicant is an Asset Reconstruction Company to whom Abhyudaya Co-operative Bank assigned its loan exposure along CP (IB)/ 571 (MB) 2019 with all underlying security interests of the Corporate Debtor. By virtue of this assignment, the Applicant stepped into the shoes of the original first charge holder and became a secured financial creditor of the Corporate Debtor. During the Corporate Insolvency Resolution Process (CIRP), the Applicant was a member of the Committee of Creditors and rejected the resolution plan submitted by Respondent No. 2. Owing to the failure of the resolution process and absence of an approved resolution plan, the Corporate Debtor ultimately proceeded into liquidation.

3. The Corporate Debtor, Mirage Ceramics Pvt. Ltd., was admitted into CIRP on 14.02.2020 upon a petition filed under Section 9 of the IBC by STPM Logistics LLP and the Corporate Debtor was subsequently ordered into liquidation on 15.06.2023.

4. Respondent No. 1, initially appointed as the Interim Resolution Professional of the Corporate Debtor upon commencement of CIRP, later on confirmed as the Resolution Professional, was appointed as the Liquidator to conduct the liquidation process in accordance with law.

5. Respondent No. 2 is a financial creditor of the Corporate Debtor who participated in both the CIRP and the subsequent liquidation process. Respondent No. 2 claims to hold a second charge over certain assets of the Corporate Debtor and, on that basis, sought to be treated as a secured creditor in liquidation, and was admitted accordingly.

6. The Corporate Debtor had earlier availed credit facilities from Abhyudaya Co-operative Bank, creating mortgage and hypothecation over its immovable and movable assets, including CP (IB)/ 571 (MB) 2019 land at Gat No. 94/1 and 94/2, industrial structures admeasuring 25,556.77 sq. mtrs., plant and machinery, stocks and receivables. By a Deed of Assignment dated 26.08.2020, Abhyudaya Co-operative Bank assigned all its rights, title and interests in these secured assets to the present Applicant.

7. During the CIRP, Respondent No.1 admitted the claim of Respondent No.2 as an unsecured financial creditor, and in liquidation also, in