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S.No.10 IN THE NATIONAL COMPANY LAW TRIBUNAL HYDERABAD BENCH – II VC AND PHYSICAL (HYBRID) MODE ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON

01.09.2026 AT 10:30 A.M.

IA (IBC)/64/2026 in IA (IBC)/1820/2023,IA (IBC) 1184/2026 in Company Petition IB/64/9/HDB/2023 U/s 9 of IBC IN THE MATTER OF:

GP Petroleums Ltd …Petitioner/s Vs Tirumala Hills Asphalat Pvt Ltd …Respondent/s C O R A M:-

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

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

O R D E R

IA (IBC)/64/2026 in IA (IBC)/1820/2023 Present: Mr. Sridhar, Ld. Counsel for the Applicant. Mr. Adinarayana Babji Kota, Liquidator/Respondent.

Learned Counsel for the Applicant states that he wants to withdraw the Application.

Accordingly, this Application is disposed of as withdrawn.

IA (IBC) 1184/2026 Present: Mr. Adinarayana Babji Kota, Liquidator.

1. The present Application has been filed by the Liquidator seeking extension of the liquidation period for a further period of six months with effect from 06.09.2026. This is the fourth extension sought in the liquidation proceedings.

2. The justification now advanced by the Liquidator is substantially the same as that advanced on the earlier occasions, namely, non-cooperation on the part of the Suspended Directors in handing over the documents, records and assets of the Corporate Debtor. It has been specifically pleaded that the Suspended Directors have not complied with the orders passed in IA No. 1820 of 2023 dated 09.04.2025 and IA No. 1819 of 2023 dated 04.04.2025.

3. It is stated that, pursuant to the order passed in IA No. 1820 of 2023 on

09.04.2025, the Suspended Directors have failed to hand over the assets, including the plant and machinery of the Corporate Debtor. According to the Liquidator, the Suspended Directors were informed by email dated 10.04.2025 and were thereafter apprised of the position by further communication dated 24.05.2025, followed by a notice dated 11.12.2025. It is further stated that the Suspended Directors have filed an application seeking recall of the order passed in IA No. 1820 of 2023.

4. Likewise, IA No. 1819 of 2023 was disposed of by order dated 04.04.2025, whereby the Suspended Directors were required to contribute a sum of ₹1,00,80,42,880.92 towards the assets of the Corporate Debtor. The record shows that they were intimated by email dated 05.02.2025. The Suspended Director also attended the meeting of the Stakeholders’ Consultation Committee held on 16.04.2025. Nevertheless, the aforesaid amount has not been paid.

5. The justification furnished by the Liquidator, however, does not withstand scrutiny. The orders in IA Nos. 1819 and 1820 of 2023 were passed in April 2025. Almost one and a half years have elapsed thereafter. Yet, the record does not disclose any effective or substantive step having been taken by the Liquidator for execution and enforcement of the said orders, recovery of the amount directed to be paid, or securing custody and control of the assets of the Corporate Debtor.

6. The material placed on record indicates that the efforts of the Liquidator have substantially remained confined to issuance of emails and notices. Issuance of correspondence, by itself, cannot be regarded as execution or enforcement of an order passed by this Adjudicating Authority. Once specific orders had been passed for recovery of an amount and handing over of the assets, the Liquidator was expected to take all lawful and effective steps available to him for securing compliance with those orders. No material has been placed before us to demonstrate that any such substantive step was taken during the period that has elapsed.

7. More importantly, the Liquidator cannot seek successive extensions of the liquidation period merely by referring to the continued non-cooperation of the Suspended Directors, particularly when the orders passed to address such non-cooperation have themselves not been effectively pursued. An order in favour of the liquidation