501 IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 27.03.2026 THROUGH VIDEO CONFERENCE ---------------------------------------------------------------------------------------------------------------------------------

CORAM: HON'BLE SHRI SANJIV JAIN, MEMBER (JUDICIAL)

HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

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IN THE MATTER OF : IDBI Trusteeship Services Ltd Vs Tuscan Consultants and Developers Pvt. Ltd MAIN PETITION NUMBER : CP(IB)/81(CHE)2023 (IA/MA) APPLICATION NUMBERS IA(Liq)/36(CHE)/2024; IA(IBC)/300(CHE)2024 ---------------------------------------------------------------------------------------------------------------------------------

ORDER IA(Liq)/36(CHE)/2024 IA(IBC)/300(CHE)2024 Present: Ms. Pragati Prajapti, Ld. Counsel for the RP. Mr. Ashok Pandey, Ld. Counsel for the Respondents.

Vide separate order pronounced in the open Court, application IA(IBC)/300(CHE)2024 is disposed of with directions.

Vide another order, the application IA(Liq)/36(CHE)/2024 is allowed.

Mr. Ashok Mittal is appointed as the Liquidator.

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[VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN]

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

MS

Date: 27.03.2026

IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI IA(IBC)/300(CHE)/2024 In CP(IB)/81(CHE)/2023 (filed Sections 14, 70(1)(A), 74(2) and 60(5) Of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 Of the National Company Law Tribunal Rules, 2016)

In the matter of Tuscan Consultants and Developers Private Limited Mr. Ashok Mittal, Resolution Professional of Tuscan Consultants and Developers Private Limited Registration Number: IBBI/IPA-001/IP-P02549/2021-2022/13889 S-138, 2nd Floor, B-Wing, Express Zone Commercial Hub, Western Express Highway, Goregaon East, Mumbai -400063 ……. Applicant/ Resolution Professional Vs

1.Vasudevan Sathyamoorthy Suspended Director of M/s Tuscan Consultants And Developers Private Limited G-2, Sona Palace 34, Norris Road Richmond Town, Bangalore- 560025, Karnataka ………..Respondent No.1

2.Sathya Moorthy Sai Prasad Suspended Director of M/s Tuscan Consultants And Developers Private Limited

2nd Floor No.35/1, Yellappa Chetty Layout, Civil Station, Ulsoor Road, Bangalore-560042, Karnataka ………..Respondent No.

Order Pronounced on 27th March, 2026 CORAM SHRI. SANJIV JAIN, MEMBER (JUDICIAL)

SHRI. VENKATARAMAN SUBRAMANIAN, MEMBER (TECHNICAL)

For Resolution Professional: Mr. Amir Bavani For Respondents: Debopriyo Moulik

ORDER

(Heard through Hybrid mode)

1. This Application has been filed under Sections 14, 70(1)(A), 74(2) and 60(5) of The Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 seeking the following reliefs:

i. Allow the instant Application;

ii. Direct the Respondents to remit the amount of Rs. 84,04,879/- to the bank account of the Corporate Debtor, iii. Issue necessary directions against the Respondents under Section 74(2) of the Code;

iv. Issue necessary directions to punish the Respondents under Section 70(1)(a);

v. Direct the Respondents to provide details of transactions from 10.10.2023 13.10.2023 and the details of beneficiaries in whose account such amounts were diverted to; and to vi. Pass any other order(s) as this Tribunal may deem fit in the facts and circumstances of the present case

2. It is stated that intimation with respect to the commencement of CIRP of the Corporate Debtor and declaration of moratorium thereof was communicated to the Respondents by the Applicant vide email dated 12.10.2023. The Applicant in the email had pointed out and explained that the act of withdrawing or transferring any amount of money from the bank account of the Corporate Debtor, post commencement of CIRP, would amount to contravening of Section 14 of the Code. Additionally, it was pointed out that any violation of moratoriu