ORDER SHEET OF THE HEARING ON 30th APRIL 2026

IA (IBC)/44/GB/2023

CP (IB)/22/GB/2019

Present: 1. Hon’ble Member (Judicial), Shri Rammurti Kushawaha

2. Hon’ble Member (Technical), Shri Yogendra Kumar Singh

In the Matter of

Punjab National Bank

VS

Shree Sai Rolling Mills India Ltd.

Under Section U/s 7 of IBC, 2016

Appearances (via video conferencing/physically)

IA (IBC)/44/GB/2023

For Petitioner (s) : None

For Respondent (s) : Mr. Mukesh Sharma, Adv. R-5

ORDER

Order pronounced in open court vide separate sheets.

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 Rolling Mills India 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 are 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:

2 Complete Workshop Shop of Plant, 2 Lathe Machines, 2 Siring Machines, Electric Panel Board, 5 Continuance Motors, 2 Inter Motors, 8 Stands, 3 Gear Box Sets, 2 Main Motors, Blower Motor, 3 D.C. Motors, 5 Pinch Roll Motors, Flying Siring Motor, Chattal, Braker, Conveyer Motor, Fry Wheel, 3 Rollers, 7 Continuance Machines, Sparke Machine and Coil Infra Including Stand.

Vehicle

a. 14 Nos. of Vehicles

Investment in Shares

a. Shree Sanyeeji Steels & Power ltd. Rs. 1,43,00,000/-.

b. Shree Sai Prakash Alloys Pvt Ltd Rs. 35,00,000/-.

c. Shristi Reverine Private Limited Rs. 47,37,000/-.

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. 8,79,48,978/- 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 incap