BEFORE THE NATIONAL COMPANY LAW TRIBUNAL, KOLKATA BENCH-2 In CP(IB) No. 1172/KB/2019 Date of Pronouncement: 13/01/2026 In the matter of:

State Bank of India Financial Creditor Versus Adi Ispat Private Limited Corporate Debtor And In the matter of:

Mr. Daulat Ram Jain, Insolvency Professional, having Registration No. IBBI/IPA-001/

IP- P00945/2017 2018/11565, Liquidator of Adi Ispat Private Limited, having his Office at 33, Shakespeare Sarani, Police Station Shakespeare Sarani, Post Office- Circus Avenue, Kolkata - 700 017;

Applicant An application under Regulation 44(2) of the IBBI(Liquidation Process) Regulation 2016 read with Section 60(5) of the IBC Code 2016 and Rule 11 of the NCLT Rules 2016 Coram: Labh Singh, Hon’ble Member (Judicial)

Rekha Kantilal Shah, Hon’ble Member (Technical)

Present:

For the applicant: Mr. Amandeep Singh,Advocate Ms.Bhawna Tekriwal,Advocate

O R D E R

LABH SINGH, JUDICIAL MEMBER

1. The present Application has been filed by Mr. Dault Ram Jain, the Insolvency Professional of Adi Ispat Private Limited(hereinafter to referred as “the Corporate Debtor”) with prayer to condone the delay in filing the present application with further prayer to grant exclusion of the time period in the liquidation process from 10^th October, 2023 till the date of order under Regulation 44 of the IBBI (Liquidation Process) Regulations, 2016. It has further been prayed for an order granting an extension of 90 (ninety) days from the date of order to be passed by this Tribunal in the present application for the purpose of completing the liquidation process and filing the final report in accordance with Regulation 45(3)(a) of the IBBI (Liquidation Process) Regulations, 2016, for the orderly closure of the liquidation proceedings; and pass such further or other orders as this Tribunal may deem fit and proper in the facts and circumstances of the present case.

2. This Tribunal, upon application filed under Section 7 of IBC Code 2016 by the State Bank of India, admitted the Corporate Debtor in CIRP process vide order dated 22^nd November 2019.

Thereafter, This Tribunal, vide order dated 21^st September 2021, appointed the applicant as the Resolution Professional of the Corporate Debtor in place of the earlier Resolution Professional who was appointed at the time of commencement of the CIRP.

3. The CIRP process of the Corporate Debtor could not be completed and hence, the CoC, in its commercial wisdom, resolved to proceed with the liquidation of the Corporate Debtor in accordance with Section 33 of the IBC Code 2016. Accordingly, this Tribunal passed an order of liquidation dated 27^th September, 2022 for initiation of liquidation process and appointed Mr. Daulat Ram Jain, the present Applicant, as the Liquidator to conduct the liquidation in accordance with the provisions of the Code and the IBBI (Liquidation Process) Regulations, 2016.

4. It has further been submitted that pursuant to his appointment as the Liquidator, the applicant published an e-auction sale notice dated 28^th October, 2022 inviting bids for the sale of the assets belonging to the Corporate Debtor. He further published auction sale notice in two leading newspapers Sanmarg (Hindi) and the Times of India (English) as well as in Business Standard (English), inviting bids. In pursuance of auction sale notice, ASL Enterprises Limited participated in the auction process and was declared the successful bidder. Subsequently, a Letter of Intent(for short “LoI”) dated 29^th November, 2022 was issued in favour of the ASL Enterprises Limited (hereinafter refereed as “SRA”) confirming its selection as the purchaser. Upon payment of the entire consideration amounting to Rs. 15 crores, the Liquidator issued Sale Certificate on 20th March, 2023 formalizing the transfer of the assets to SRA. Subsequent to issuance of the Sale Certificate, physical possession and control of the assets were formally handed over to the SRA.

5. Thereafter, the applicant undertook the distribution of the sale proceeds