NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM No.201 IA/546(MP)2025 in TP 184 of 2019 [CP(IB) 113 of 2017]

Order under Section 60(5)(c) r.w. 32A IN THE MATTER OF:

Bhaskar Prakashan Pvt Ltd ........Applicant V/s Devendra P. Jain Liquidator of Sandhya Prakash Ltd ........Respondent Coram:

Hon’ble Shri Brajendra Mani Tripathi, Member (J)

Hon’ble Shri Man Mohan Gupta Member (T)

PRONOUNCEMENT OF ORDER Delivered on 23/04/2026 The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Chandni - LRA IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH IA (I.B.C)/546/MP/2025 in TP 184 of 2019 [CP(IB) 113 of 2017]

[An application filed under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016 r.w. Regulation 32(e) & 32A of the IBBI (Liquidation Process) Regulations, 2016 and Rule 11 of National Company Law Tribunal Rules, 2016]

IN THE MATTER OF Bhaskar Prakashan Private Limited Represented by Amit Agarwal, Successful Bidder of Sandhya Prakash Limited, 16, Amar Stambh, Press Complex Zone-I, M.P. Nagar, Bhopal, Madhya Pradesh – 462 011 …Applicant/ E-mail: bhaskarprakashanpl@gmail.com Successful Bidder VERSUS Mr. Devendra P. Jain, Liquidator of Sandhya Prakash Limited, Reg. No. IBBI/IPA-001/IP-P00255/2017-

2018/10484, Top Floor, C/o Swati Jewellers, Spring Field, Judges Bungalow Road, Vastrapur, Ahmedabad, Gujarat – 380 054 E-mail: liq.sandhya@gmail.com …Respondent/Liquidator CORAM:

SHRI BRAJENDRA MANI TRIPATHI, HON'BLE MEMBER (JUDICIAL)

SHRI MAN MOHAN GUPTA, HON'BLE MEMBER (TECHNICAL)

APPEARANCE:

For the Applicant: Mr. Nilesh P. Udernani, Adv. (Online)

For the Respondent: Mr. Nipun Singhvi, Adv. (Online) a/w Mr. Mayur Jugtawat, Adv. (Online)

ORDER

Delivered on 23.04.2026

1. The present Interlocutory Application has been filed by M/s. Bhaskar Prakashan Private Limited (hereinafter referred to as 'Applicant') under Section 60(5)(c) a/w Section 32A of the Insolvency and Bankruptcy Code, 2016 read with Regulation 32(e) of the IBBI (Liquidation Process) Regulations, 2016 read with Rule 11 of the NCLT Rules, 2016, seeking certain reliefs and concessions from this Hon'ble Adjudicating Authority as the Corporate Debtor M/s. Sandhya Prakash Limited is sold as a going concern in liquidation.

2. The brief facts and circumstances leading to the filing of the present Application are as follows:

(a) This Hon'ble Adjudicating Authority vide its order dated 20.09.2019 passed a Liquidation Order against the Corporate Debtor M/s. Sandhya Prakash Limited and thereby appointed Mr. Devendra P. Jain as the Liquidator of the Corporate Debtor. Copy of Liquidation Order dated

20.09.2019 is annexed hereto and marked as Annexure-A.

(b) On 17.01.2025, the Liquidator published an Auction Notice for the e-

auction of the Corporate Debtor, scheduling the e-auction to be conducted on 14.02.2025. Copy of the e-auction public announcement dated 17.01.2025 is attached and marked as Annexure-B. The options given under the notice were as follows:

Option A: Sale of Corporate Debtor as a Going Concern under Regulation 32(e) read with Regulation 32A of the Regulations — Reserve Price: Rs. 47,00,00,000/-; EMD: Rs. 4,70,00,000/-. Specific Exclusion: Cash and Cash Equivalents, other bank balances.

Option B: Sale of assets of the Corporate Debtor.

(c) The Applicant participated in the e-auction conducted on 14.02.2025 and made a bid of Rs. 47,00,00,000/- (Rupees Forty Seven Crores Only) for the Corporate Debtor under Option A (Sale as Going Concern) and was declared as the Successful Bidder. The payment details made by the Successful Bidder are as follows:

(d) The entire payment was received by the Liquidator and the Sale Certificate was issued on 28.02.2025 as per the terms and conditions prescribed. Copy of Sale Certificate issued on 28.02.2025 is attached and marked as Annexure-C. The Sale Certificate was issued on 'As Is Where Is Basis', 'As Is What Is