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 erstwhile Interim Resolution Professional, Mr.

Anil Agarwal, was relieved from his duties and Mr. Amit Pareek, bearing IBBI Registration No. IBBI/IPA-002/IP-N00413/2017-2018/11205, was appointed as Interim Resolution Professional and subsequently confirmed as Resolution Professional by the Committee of Creditors in its 2nd meeting held on 07.11.2022 with 100% voting share. Copy of NCLT order dated 30.09.2022 & CoC Minutes dated 07.11.2022 is annexed as ‘Annexure-1’.

2.3. The Applicant further submitted that upon receipt of the NCLT order dated

30.09.2022, the Resolution Professional undertook multiple visits to the registered office and plant of the Corporate Debtor situated at Rongsokona Village, Meghalaya, on 05.10.2022, 07.10.2022, 17.10.2022, 07.11.2022 and many times for the purposes of physical verification, custody and security of assets and inspection of plant and machinery. During such visits, it was observed that Respondent No. 1 had removed substantial assets of the Corporate Debtor, including machinery, electric motors, vehicles, and investments in shares, having a consolidated value of more than Crores of rupees, details are as under:

Machineries & Electric motors:

Complete work shop of Plant, 2 Nos. of Lathe Machines, 2 Nos. Siring Machines, Electric Panel Board, 3 Nos. Continuance Motor, 3 Nos. Inter Motors, 3 Nos. Inter Stand, 3 Nos Gear Box set, Main Motor, Blower Motor, 2 Nos. D.C.

Motors, Pinch Roll Motor, Flying Siring Motor.

Vehicle a. 4 Nos. of Vehicles

2.4. Furthermore, the Applicant submitted that the CD was functioning and running its business till 13.08.2022, as evidenced from its provisional financial statements reflecting revenue from operations amounting to Rs. 5,42,99,287/- for the period April 2022 to September 2022. However, the operations ceased on account of disconnection of electricity supply by the Meghalaya Electricity Power Distribution Ltd. on 13.08.2022. It was contended that the removal of the aforesaid assets by Respondent No. 1 fraudulently, making CD incapable of continuing its operations. Copy of the provisional financial statements is annexed as ‘Annexure 2’.

2.5. Furthermore, the Applicant submitted that during site inspection, it was also discovered that at the factory site few machinery, electric mot