PRONOUNCEMENT OF ORDER

Delivered on 06/05/2026

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

COMMON ORDER

DATE OF ORDER: 06.05.2026

I. BACKGROUND AND FACTS

1) The present Common Order disposes of two Interlocutory Applications — I.A. (I.B.C)/484(MP)2025 and I.A. (I.B.C)/567(MP)2025— which have been heard together and are being disposed of by this Common Order, as both applications arise from the same set of facts and involve common questions of law pertaining to the Corporate Insolvency Resolution Process ('CIRP') of M/s Shreepati Steel Tubes Private Limited ('Corporate Debtor' or 'CD'), a company incorporated under the Companies Act with CIN No. U27106MP1996PTC011382, having its registered office at 254, Taraganj, A.B. Road, Sarangpur, Madhya Pradesh – 465697.

2) The two applications before this Tribunal are:

a. I.A. (I.B.C)/484(MP)2025 — Filed by the Resolution Professional, Mr. Gagan Jhavar, under Section 12A of the Insolvency and Bankruptcy Code, 2016 ('the Code' or 'IBC') read with Regulation 30A of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations'), seeking permission of this Tribunal to withdraw the Corporate Insolvency Resolution Process initiated against the Corporate Debtor, pursuant to the approval of the Committee of Creditors ('CoC') with 99.98% voting share.

b. I.A. (I.B.C)/567(MP)2025 — Filed by Mr. Nainesh Sanghvi, the Suspended Director of the Corporate Debtor, under Section 60(5) of the Code read with Rule 11 of the National Company Law Tribunal Rules, 2016 ('NCLT Rules'), objecting to the proposed withdrawal of CIRP and praying for directions to the Resolution Professional to file for liquidation under Section 33 or for direct dissolution under Section 54 of the Code.

3) The genesis of this matter lies in an application filed under Section 9 of the Code by M/s Rasnidhi Kumar & Bros. ('Operational Creditor'), being an Operational Creditor of the Corporate Debtor, in the year 2018, registered as CP(IB) No. 427 of 2018. The said application was admitted by this Tribunal vide order dated 16.06.2025 in TP (IB) No. 59 of 2019, thereby initiating the CIRP of the Corporate Debtor. By the said order, Mr. Gagan Jhavar was appointed as the Interim Resolution Professional ('IRP'), who was subsequently confirmed as the Resolution Professional ('RP').

4) Upon initiation of CIRP, the Resolution Professional made a public announcement on 19.06.2025 inviting claims from all stakeholders of the Corporate Debtor. Only two creditors submitted their claims in response to the public announcement. Upon verification of the said claims, the Committee of Creditors was duly constituted on 09.07.2025, comprising solely of operational creditors — M/s Rasnidhi Kumar & Bros. holding 99.98% voting share and one other creditor holding 0.02% voting share. There were no Financial Creditors of the Corporate Debtor.

5) The Resolution Professional, in discharge of his statutory duties under the Code, made sincere and best efforts to take control and custody of the assets, books of accounts and records of the Corporate Debtor. However, no books of accounts or records of any nature were found at the registered office of the Corporate Debtor at Sarangpur. The only items found thereat were minimal furniture and a non-functional computer. No assets of the Corporate Debtor were traceable or identifiable at any location.

6) The Suspended Director of the Corporate Debtor, Mr. Nainesh Sanghvi, vide his own email dated 23.06.2025 addressed to the Resolution Professional, expressly stated that there are no assets in the name of the Corporate Debtor, no inventory, no records and no books of accounts, and that the company has no liability except liability of statutory compliances and contingent liability of income tax. Notwithstanding this admission, the suspended director failed to provide even the basic books