NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH, COURT – II CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING OF NATIONAL COMPANY LAW TRIBUNAL, CHENNAI BENCH, HELD ON 30.01.2026 AT

10.30 A.M. THROUGH VIDEO CONFERENCING:

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PRESENT: SHRI. JYOTI KUMAR TRIPATHI, HON'BLE MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, HON'BLE MEMBER (TECHNICAL)

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IN THE MATTER OF : M/s Jeppiaar Cements Pvt Ltd PETITION NUMBER : CP(IB)/685/2019 APPLICATION NUMBER : a) IA/IBC/22/CHE/2025 b) IA(IBC)/206(CHE)/2025 c) IA(IBC)/457(CHE)2024 d) IA(IBC)/537(CHE)2024 ----------------------------------------------------------------------------------------------------------------

ORDER

Vide separate order pronounced in open court, IA/IBC/22/CHE/2025, IA(IBC)/206(CHE)/2025, IA(IBC)/457(CHE)2024 and IA(IBC)/537(CHE)2024 are disposed of with directions.

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RAVICHANDRAN RAMASAMY JYOTI KUMAR TRIPATHI Member (Technical) Member (Judicial)

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IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – II, CHENNAI IA (IBC) 22/ (CHE)/ 2025 In CP (IB) 685/ (CHE)/ 2019 (Under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the NCLT Rules, 2016)

In the matter of Jeppiaar Cements Private Limited (In liquidation)

H. SHADHAM ALI, Son of Abdul Razack, Residing at: 24, Thandavarayan Street, Ariyalur – 521 704, Tamil Nadu.

… Applicant -vs-

UMESH GARG, Liquidator of M/s. Jeppiaar Cements Pvt. Ltd.

1413, 14th Floor, 6 Devika Tower, Nehru Plaza, New Delhi — 110 019 …Respondent / Liquidator Order pronounced on 30.01.2026 CORAM SHRI. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present;

For Applicant : K.Krishnaswamy, Venkataraman, M. Deepthadevi, L Sai Prashanth & R. Vetrivel, Advocates For Respondent/ Liquidator : Abhishek Anand & Mukesh Kumar Suman, Advocates ORDER (Hearing through hybrid mode The present application has been filed by H. Shadham Ali, the Applicant under Section 60(5)(c) of the Insolvency and Bankruptcy Code ('Code'/ 'IBC'), 2016 read with Rule 11 of the NCLT Rules, seeking appropriate directions against Umesh Garg, the Respondent/ Liquidator of Jeppiaar Cements Private Limited, in relation to the rejection of the Applicant’s claim and forfeiture of advance money arising out of an Agreement of Sale dated 13.06.2018, seeking the following reliefs:

“It is therefore most humbly prayed that this Hon'ble Tribunal may be pleased to allow the present Interim Application and consequentially Direct the Respondent Liquidator to execute appropriate Sale Deeds in favour of the Applicant in respect of Lands admeasuring 16.14 Acres of Dry Agricultural Land situate in Karuppur Senapathy Village, Ariyalur District upon receipt of the balance sale consideration of Rs.71,87,400/-and pass any Order or further Orders as this Hon'ble Tribunal may deem fit in the facts and circumstances of the present case and thus render justice.”

2. SUBMISSIONS OF THE APPLICANT:

2.1. The Applicant submits that the Corporate Insolvency Resolution Process was initiated against M/s. Jeppiaar Cements Private Limited pursuant to an order dated 10.10.2019 passed in CP(IB)685/(CHE)2019, and upon failure of resolution, liquidation was ordered by this Tribunal on 26.08.2022, appointing the Respondent as Liquidator.

2.2. It is submitted that prior to initiation of CIRP, he entered into an Agreement of Sale dated 13.06.2018 with the Corporate Debtor for purchase of 16.14 acres of land situated at Karuppur Senapathy Village, Ariyalur District, for a total consideration of Rs.1,46,87,400/-. An advance of Rs.75,00,000/- was paid, comprising Rs.25,00,000/- by cheque dated 13.06.2018, Rs.15,00,000/- by cheque dated 29.06.2018, Rs.10,00,000/- paid by the Applicant’s aunt Mrs. Anis Athiya Banu through cheque, and Rs.25,00,000/- paid in cash at the insistenc