602 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 16.12.2025 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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APPLICATION NUMBER : IA/IB/2365/CHE/2024 PETITION NUMBER : IBA/304/2020 NAME OF THE APPLICANT : R.Venkatakrishnan(RP) M/s Star Trace Pvt Ltd NAME OF THE RESPONDENT(S) : Hindustan Copper Ltd UNDER SECTION : Sec 60(5) of IBC, r/w Rule 11 of NCLT Rules,2016 ----------------------------------------------------------------------------------------------------------------

ORDER

Vide separate order pronounced in open court, Application is Dismissed.

Sd/- Sd/-

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

phk IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – II, CHENNAI I.A.(IBC)2365/(CHE)2024 In IBA/304/(CHE)2020 (Under Section 60(5) of the Insolvency & Bankruptcy Code, 2016)

In the matter of Star Trace Private Limited R. VENKATAKRISHNAN, Liquidator - M/s. Star Trace Private Limited Rajparis, 1st floor, 147, G. N. Chetty Road, T. Nagar, Chennai – 600 017 … Applicant -vs-

HINDUSTAN COPPER LIMITED, Tamra Bhavan, 1 - Ashutosh Chouwdhury Avenue, Kolkata – 700 019.

…Respondent Order pronounced on 16.12.2025 CORAM SHRI. JYOTI KUMAR TRIPATHI, MEMBER (JUDICIAL)

SHRI. RAVICHANDRAN RAMASAMY, MEMBER (TECHNICAL)

Present;

For Petitioners: M/s. Ashwin Shanbhag, A. Sella Visalakshi, Reshmitha G. Sarma, Advocates For Respondents: Antony R Julian, V. R. Swetha Naidu and Janani P.R, Advocates

ORDER

(Hearing through hybrid mode The present application has been filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016, by R. Venkatakrishnan, Liquidator of M/s. Star Trace Private Limited. The Applicant has filed this application seeking a direction to the Respondent, Hindustan Copper Limited, to refund a sum of Rs.16,95,05,650/-, representing 95% of the performance security encashed by the Respondent during the COVID-19 period, with the following reliefs:

“In light of the submissions made herein, it is most respectfully prayed that this Hon'ble Tribunal may be pleased to a. Direct the Respondent to issue a refund of Rs.16,95,05,650/- (Rupees Sixteen Crores Ninety Five Lakhs Five Thousand Six Hundred and Fifty only) being 95% of the total sum of the total value of bank guarantees bearing Guarantee Nos. 0505617BG0012527 and 0505618BG0016698 encashed during the Covid-19 period pursuant to the Applicant's Claim ID 64431711382233184 under the Vivad se Vishwas-I and allied office memorandums; and b. Pass such other or further orders as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case in the interest of justice.”

2. SUBMISSIONS OF THE PETITIONERS

2.1. The Applicant, who is the Liquidator of the Corporate Debtor, submits that the present Application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 has been filed seeking a direction to the Respondent, Hindustan Copper Limited, to refund a sum of Rs.16,95,05,650/-, representing 95% of the performance security encashed by the Respondent during the COVID-19 period.

2.2. It is stated that the said refund has been claimed pursuant to Claim ID 64431711382233184 filed under the “Vivad Se Vishwas–I” Scheme introduced by the Ministry of Finance for the benefit of MSMEs which suffered contractual difficulties during the pandemic. The Applicant submits that the amount sought to be refunded forms part of the liquidation estate and is crucial for distribution to stakeholders.

2.3. The Applicant narrates that the Corporate