05 NATIONAL COMPANY LAW TRIBUNAL GUWAHATI BENCH GUWAHATI ORDER SHEET OF THE HEARING ON 30^th APRIL 2026 CP (IB)/24/GB/2019 Present: 1. Hon’ble Member (Judicial), Shri Rammurti Kushawaha

2. Hon’ble Member (Technical), Shri Yogendra Kumar Singh Appearances (via video conferencing/physically)

IA (IBC)/45/GB/2023 For Petitioner (s) : None For Respondent (s) : Mr. Mukesh Sharma, Adv. R-5

ORDER

Order pronounced in open court vide separate sheets.

Sd/- Sd/-

Yogendra Kumar Singh Rammurti Kushawaha Member (Technical) Member (Judicial)

Zeba (PS)

NATIONAL COMPANY LAW TRIBUNAL GUWAHATI BENCH GUWAHATI An application filed under Section 68 read with section 60(5) of the Insolvency and Bankruptcy Code, 2016 and under Rule 11 of NCLT Rules 2016;

In the matter of CP (IB)/24/GB/2019:

Punjab National Bank … Financial Creditor -Versus-

Shree Sai Prakash Alloys Private Limited … Corporate Debtor -And-

In the matter of IA (IBC)/45/GB/2023:

Sandeep Kaithan, Liquidator of Shree Sai Prakash Alloys Private Limited, having Address at Singhi & Co. Sanmati Plaza, G.S. Road, Opp IDBI Bank, ABC Area, Guwahati, Kamrup, Assam– 781005;

…Applicant/Liquidator -Versus-

Smt. Shalini Bhagat, W/o Late Shri. Sandeep Kumar Bhagat having address at ISPAT Complex, Flat No. 01 G.E. Fatashil, N.S. Road, P.O. Bharalumukh, Guwahati, Kamrup (M), Assam- 781009;

...Respondent No. 1(a)

-And Ms. Smriti Bhagat, D/o Late Shri. Sandeep Kumar Bhagat having address at ISPAT Complex, Flat No. 01 G.E. Fatashil, N.S. Road, P.O. Bharalumukh, Guwahati, Kamrup (M), Assam- 781009;

...Respondent No. 1(b)

-And Ms. Rashi Bhagat, D/o Late Shri. Sandeep Kumar Bhagat having address at ISPAT Complex, Flat No. 01 G.E. Fatashil, N.S. Road, P.O. Bharalumukh, Guwahati, Kamrup (M), Assam- 781009;

...Respondent No. 1(c)

-And Smt. Shalini Bhagat, Suspended Board of CD, having address at Flat No.1/GE Ispat Complex N S Road, Fatasil, Guwahati, , Kamrup (M), Assam- 781009;

...Respondent No. 2 -And Mr. Donborroy Thangkhiew, Suspended Board of CD having address at Mavlai Nongwar, Block-I, G.S. Road, East Khasi Hills, Shillong-793017;

...Respondent No. 3 -And Mr. Deepak Kumar Choudhary, S/o Dinesh Prasad Choudhary, having address: N.S.

Road, Fatasil, Guwahati- 781009;

...Respondent No. 4 -And Mr. Anirudh Jalan, Partner of Jalan Sales Corp, S/o. Late Kailash Kumar Jalan having address at H.NO. 20, Near Baruah Market, M.G. Road, Guwahati-781001;

...Respondent No. 5 -And Mr. Chotu Khan (Alias Abdul Kalam Khan) having address at Nalapara, Sarusajai Sports Complex, Gate No.2, Guwahati-781034;

...Respondent No. 6 Coram:

Shri Rammurti Kushawaha : Member (Judicial)

Shri Yogendra Kumar Singh : Member (Technical)

Appearances (through video conferencing):

For Petitioner : Mr. A. Prasad For Respondent : Mr. Nishant Das (Adv.) (R-1, 2 & 4), Mr. M Sharma (Adv.) (R. 5)

Order pronounced on: 30.04.2026

ORDER

1. The present Interlocutory Application is filed before this Tribunal under the provisions of Section 68 read with section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“the Code”) and under Rule 11 of NCLT Rules 2016 (“NCLT Rules”). The present application has been filed by the Resolution Professional of Shree Sai Prakash Alloys Private Limited which was later substituted by Liquidator/Applicant, seeking for the following reliefs:-

a) allow the present Application;

b) Pass necessary order(s) / direction(s) under section 68 of the Code against Respondents for removal of the part property of CD;

c) Pass any further order(s) / direction(s) as this Hon'ble Tribunal may deem fit and necessary in the facts and circumstances of the present case.

2. Submissions by the Applicant:

2.1. The Applicant submitted that the application for initiation of Corporate Insolvency Resolution Process under Section 7 of the code was filed by Punjab National Bank, was reinstated by the Hon’ble NCLT, Guwahati Bench vide order dated 30.09.2022 which was originally admitted on 23.08.2019 and the period from 23.08.2019 to 29.09.2022 was excluded.

2.2. It was further submitted that the