NATIONAL COMPANY LAW TRIBUNAL COURT-V, MUMBAI BENCH

4. IA/70/2025 C.P. (IB)/163(MB)2023 IN THE MATTER OF Phoenix Arc Private Limited … Petitioner Vs Precision Realty Developers Pvt Ltd … Respondent U/s 7 of the Insolvency and Bankruptcy Code, 2016 Order Delivered on 12.05.2026 CORAM:

SH. NILESH SHARMA SH. CHARANJEET SINGH GULATI MEMBER (J) MEMBER (T)

Appearance through VC/Physical/Hybrid Mode:

For the Applicant: Pankaj Uttaradhi i/b Ms. Sabeena Mahadik (VC)

For the Respondent:

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ORDER IA/70/2025- The above IA is listed for pronouncement of order. The same is pronounced in open Court, vide a separate order.

Sd/- Sd/-

CHARANJEET SINGH GULATI NILESH SHARMA Member (Technical) Member (Judicial)

//Avdhesh (PS)//

NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, V IA (IBC) NO. 70 OF 2025 IN Section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of National Company Law Tribunal Rules, 2016 CP (IB) NO. 163/MB/2023 IN THE MATTER OF IndusInd Bank Ltd Registered office at: 2401, General Thimmayya Road, Pune - 411 011 Corporate office at: 11^th floor, Tower 1, One World Centre, 841, S. B. Marg, Prabhadevi, Mumbai- 400013 … Applicant Versus Pradeep Kabra, Resolution Professional of Precision Realty Developers Pvt. Ltd.

301, 3^rd Floor, Reegus Business Centre, New City light Road, Above Mercedes-Benz Showroom, Bharthana-Vesu, Surat 395007 … Respondent No. 1/ Resolution Professional Phoenix ARC Private Limited, 3rd floor, Wallace Towers, 139/140/B/1, Crossing Sahar Road and Western Express Highway, Vile Parle (East), Mumbai - 400057 … Respondent No. 2 OCL Steel & Iron Ltd.

Having registered office at: Village Lamloi, Post.

Garvana, Rajgangpur, Orissa, India, 770017 … Respondent No. 3 IN THE ORIGINAL MATTER OF Phoenix ARC Private Limited … Financial Creditor Versus Precision Realty Developers Private Limited … Corporate Debtor Order Delivered on: 12.05.2026.

Coram:

Sh. Nilesh Sharma, Hon’ble Member (Judicial)

Sh. Charanjeet Singh Gulati, Hon’ble Member (Technical)

Appearance through VC/Physical/Hybrid Mode:

For the Applicant: - Adv. Mr. Shadab S. Jan a/w. Mr. Sabeena Mahadik and Mr. Pankaj Uttaradhi (PH)

For the Respondent No. 1: - Adv. Aniket Malu (VC)

For the Respondent No. 2: - Adv. Niyati Merchant i/b MDP Legal (VC)

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ORDER IA (IBC) NO. 70 OF 2025

1. The present IA dated 04.11.2024 has been filed by the IndusInd Bank Limited (‘the Applicant’) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (‘IBC/the Code’) read with Rule 11 of National Company Law Tribunal Rules, 2016 (‘NCLT Rules’) with the following prayers:

(a) reject the application filed by Respondent No. 1 under Section

31 of Insolvency & Bankruptcy Code, 2016 for approval of resolution plan submitted by OCL Iron & Steel Limited, and pass consequential order under Section 33 of Insolvency & Bankruptcy Code, 2016 for initiating liquidation process of the Corporate Debtor;

(b) pass an order permitting the Applicant to withdraw its security interest and to realise the same outside the liquidation process in accordance with law;

(c) In the alternative and strictly without prejudice to prayer clauses (a) and (b), pass an order to:

i. set aside Resolution No. 3 passed in the 13^th meeting of Committee of Creditors, and;

ii. remand the resolution plan submitted by OCL Iron & Steel Limited/Respondent No.3 for reconsideration before the Committee of Creditors, and;

iii. direct the Respondents to provide minimum liquidation value commensurate with the value of the security interest held by the creditors and ensure that a Resolution Plan made and voted upon is in compliance of the provisions of the Code.

(d) In the alternative and strictly without prejudice to prayer clauses (a) to (c), direct OCL Iron & Steel Limited/Respondent No.3 to provide minimum liquidation value of Rs.19,72,12,274.93 to the Applicant under the Resolution Plan;

(e) pending hearing, adjudication an