S.No.3 IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – II VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

06.03.2026 AT 10:30 A.M.

IA (IBC)/1795/2025 in Company Petition IB/102/7/HDB/2019 U/s 7 of IBC IN THE MATTER OF:

Allahabad Bank …Petitioner AND Sarda Agro Oils Ltd …Respondent C O R A M:-

SHRI. RAJEEV BHARDWAJ, HON’BLE MEMBER (JUDICIAL)

SHRI. SANJAY PURI, HON’BLE MEMBER (TECHNICAL)

O R D E R

IA (IBC)/1795/2025 Orders pronounced, recorded vide separate sheets. In the result, the proposed scheme is rejected.

Sd/- Sd/-

MEMBER (T) MEMBER (J)

Apoorva IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH, COURT – II in CP(IB) No.102/07/HDB/2019 [U/R 2B of the Liquidation Process Regulations, 2016; U/s.230 of the Companies Act, 2013 r/w Rule 15of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and Rule 11 of the NCLT Rules, 2016]

In the matter of Scheme of Compromise / Arrangement Between M/s.Sarda Agro Oils Limited And Their respective Shareholders and Creditors In the matter of Allahabad Bank vs. M/s.Sarda Agro Oils Limited G. Madhusudhan Rao Liquidator for M/s. Sarda Agro Oils Limited (IBBI/IPA-001/IP-P00181/2017-2018/10360)

7-1-285, Flat No.103, Sri Sai Swapna Sampada Apts.

Balkampet, Hyderabad – 500 038 … Applicant Date of Order: 06.03.2026 Coram:

Shri. Rajeev Bhardwaj, Hon’ble Member (Judicial)

Shri. Sanjay Puri, Hon’ble Member (Technical)

Counsel/Parties present:

For the Applicant : Mrs. Mummaneni Vazra Laxmi, Advocate Mr. Gonugunta Madhusudhan Rao, Liquidator For the RD : Ms. Kusum Yadav, Deputy Director For the ROC : Mr. Satyapal Singh, Representative [ PER: BENCH ]

ORDER

1. The present Application has been filed by the Liquidator of M/s Sarda Agro Oils Limited (Corporate Debtor in liquidation) under Regulation 2B of the IBBI (Liquidation Process) Regulations1, 2016, read with Section 230 of the Companies Act², 2013, Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, and Rule 11 of the NCLT Rules, 2016, seeking sanction of a proposed Scheme of Compromise/Arrangement stated to be proposed by one of the shareholders, namely M/s Prakash Oil Depot (as reflected in the Application)

2. The Corporate Debtor was incorporated on 21.07.1992 with CIN:

U15143TG1992PLC14547, having its Registered office at Sy.No.655, Satamrai, Gaganpahad, Hyderabad, and is manufacturer, importers, Refiners of Edible Oils and Vanaspathi, Sunflower Refined Oil, Soya Bean Refined Oil, Cotton Seed Refined Oil, RBD Palm Oil, Ground Nut Oil, Refined Oil, Rice Bran Refined Oil. Its Authorised Share Capital is Rs.8,50,00,000/- and Paid-up Share Capital is Rs.8,25,00,000/-.

3. Due to default in payment of loans, Allahabad Bank (now Indian Bank)

(FC) has filed a Company Petition CP(IB) No.102/7/HDB/2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against the CD, which was admitted by this Authority on 27.08.2019 by appointing the Applicant herein as the Interim Resolution Professional (IRP) and later confirmed as Resolution Professional (RP) by the Committee of Creditors (COC).

IBBI (Liquidation Process) Regulations, 2016

Companies Act 2013

4. The RP had filed an application IA 1323/2002 seeking to liquidate the CD, which was allowed by this Authority on 09.01.2023 and Amended Order was issued on 23.01.2023by correcting the name of the Liquidator.

5. M/s.Prakash Oil Depot (Scheme Proponent), a partnership firm with Mr. Jitendra Agarwal and Mr. Ved Prakash Agarwal, having 1,00,000 shares have submitted their ‘Scheme of Compromise or Arrangement between M/s. Sarda Agro Oils Limited and M/s.Prakash Oil Depot (Petitioner Companies), to the Liquidator on 25.01.2024, which was placed before the 8^th Stakeholders Consultation Committee (SCC Meeting held on 28.02.2024.

6. The Investor of the Scheme Proponent submitted a cheque dated

07.05.2024, for Rs.4,30,00,000/- towards Earnest Money Deposit (EMD being 10% of the proposed amount to FC.

7. After negotiations, the Scheme Proponent