S.No.1 IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – 1 VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

05-05-2026 AT 01:00 P.M.

CP(IB) No. 155/9/HDB/2021 AND IA (IBC) 1986/2024 in CP(IB) No. 155/9/HDB/2021 u/s. 9 of IBC, 2016 IN THE MATTER OF:

Jai Corp Ltd …Operational Creditor AND G S Oils Pvt Ltd …Corporate Debtor C O R A M:-

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

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

O R D E R

I A (IBC) 1986/2024 Present: Mr. Y Suryanarayana, Learned Counsel for the Liquidator.

Mr. GP Yash Varshan Learned Counsel for the SCC.

Orders pronounced, recorded vide separate sheets.

In the result, this application is dismissed Sd/- Sd/-

MEMBER (T) MEMBER (J)

Manohar IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – I, HYDERABAD In CP (IB) No. 155/9/HDB/ 2021 (Under Section 35(1)(n) R/w Section 60 (5) (c) of Insolvency and Bankruptcy Code, 2016)

In the matter of M/s. G S OILS Limited Between Mr. Gonugunta Murali Liquidator for M/s GS Oils Ltd MSKM Group, 11th Floor, 1209, Vasavi MPM Grand, Ameerpet, Hyderabad-500038.

…Applicant Versus Stakeholders Consultation Committee of M/s GS Oils Ltd Lead by State Bank of India Gunfoundry Branch, Hyderabad.

… Respondent Coram:

Sri Rajeev Bhardwaj, Hon’ble Member (Judicial)

Sri Sanjay Puri, Hon’ble Member (Technical)

Parties/Counsels:

For Applicant : Mr. Y. Suryanarayana, Advocate For Respondent : Mr. G.P. Yash Varshan, Advocate, And Mr. Vikram Pooserla, Senior Advocate

1. The present application is filed by Mr. Gonugunta Murali, Applicant, Liquidator for M/s GS Oils Ltd ² under Section 35(1)(n) read with Section 60(5)(c) of the Insolvency and Bankruptcy Code, IBC, 2016, against the Stakeholders Consultation Committee Led by State Bank of India4, inter alia, seeking relief to direct the Respondent i.e. State Bank of India to exclude the time period from the date of the commencement of liquidation i.e., from 12.09.2022 till final order passed by this bench on removal of ED Attachment against the company and properties dated 10.07.2024 in computing the fee of the Liquidator.

Case of the Applicant:

2. It is submitted that this Tribunal vide order dated 21.12.2021 admitted the Corporate Debtor into Corporate Insolvency Resolution Process (CIRP) and appointed Mr. Gonugunta Murali as the Interim Resolution Professional. Thereafter, the Committee of Creditors (CoC) was constituted and in its first meeting held on 27.01.2022, the said Interim Resolution Professional was confirmed as the Resolution Professional.

3. It is submitted that since no Resolution Plan was received during CIRP, the Resolution Professional filed IA No.619 of 2022 seeking liquidation of the Corporate Debtor, and this Tribunal vide order dated

2 Corporate debtor

4 Respondent

12.09.2022 ordered liquidation and appointed the Applicant herein as the Liquidator.

4. It is further submitted that during CIRP, the Applicant filed IA (IBC)

No.70 of 2022 under Section 19(2) of the IBC seeking cooperation from the erstwhile management and suspended directors and the same was allowed on 07.02.2022. However, despite directions of this Tribunal, the erstwhile management failed to provide the requisite information and documents pertaining to the Corporate Debtor.

5. Consequently, the Applicant filed Contempt Application in IA (IBC)

No.422 of 2022, which was dismissed on 23.09.2024 with liberty to approach the concerned CBI authorities or the concerned Court for certified copies of the records.

6. It is submitted that the Applicant had requested the committee of Creditors (CoC) to furnish the list of assets standing in the name of the Corporate Debtor and only the State Bank of India had provided the details of such assets available with it.

7. It is submitted that pursuant to investigation in ECIR No.

ECIR/HYZO/04/2016, the Directorate of Enforcement issued Provisional Attachment Order No.09/2022 dated 25.03.2022, whereby a large number of assets of the Corporate Debtor were attached during the CIRP per