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Judgment
This is an application for dissolution of M/s Shri Nath Residenci Pvt. Ltd. (Corporate Debtor/CD), filed by the Liquidator, Mr Anshul Sharma, under Section 54 of the Insolvency and Bankruptcy Code, 2016 (IBC / Code) read with Regulations 44 and 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Process Regulations). The prayers made in the Application are as follows:
i.To pass an order to dissolve the Corporate Debtor under section 54 of the IBC, 2016;
ii.Direct the ROC to record the dissolution of CD
iii.To discharge the liquidator from. the Liquidation process and any proceedings related to the Corporate Debtor after necessary compliance with the ROC and intimation to IBBI
iv.Pass such other orders/directions as this Hon’ble Tribunal may deem fit and proper in the facts and circumstances of the case
Brief facts of the case as stated in the application:
As submitted by the parties in the pleadings and submissions made in the court, the following are the relevant facts of the case:
A petition under Section 7 of the Code bearing no. CP (IB)-354/2022 was filed by the Financial Creditor (Bank of Baroda) against the Corporate Debtor/M/s Shri Nath Residenci Pvt. Ltd., which was admitted into Corporate Insolvency Resolution Process (CIRP) by this Adjudicating Authority vide order dated 05.01.2023, and Mr Sajjan Kumar Dokania was appointed as the Interim Resolution Professional.
The 1st meeting of the Committee of Creditors (CoC) was held on 04.02.2023, wherein the IRP was confirmed as the RP, and the report certifying the same was taken on record by this Adjudicating Authority vide order dated 07.06.2023 in IA-3139/2023.
Subsequently, as no resolution plan was received, an application bearing no IA-5154/2023 was filed under section 33 of the Code seeking permission of this Adjudicating Authority to commence liquidation against the Corporate Debtor. This Adjudicating Authority vide order dated 16.02.2024 allowed the same and appointed Mr. Anshul Sharma as the liquidator. The relevant excerpt of the order is reproduced hereunder:
“i.The IA-5154/2023 filed by Mr. Sajjan Kumar Dokania, the Resolution Professional of the Corporate Debtor is allowed and the Corporate Debtor is ordered to be liquidated in terms of Section 33(2) of the Code read with sub-clause (i) of clause (b) thereof;
ii.The Insolvency and Bankruptcy Board of India (“IBBI”) vide its circular number Liq-12011/214/2023-IBBI/840 dated 18/07/2023 in the exercise of its powers conferred under Section 34(4)(b) of the Code had recommended that an IP other than the RP/IRP may be appointed as Liquidator in all the cases where Liquidation order is passed henceforth and the Liquidator can be appointed from the panel list of the IBBI.
iii.Therefore, this Adjudicating Authority appoints Mr. Anshul Sharma as the Liquidator of the Corporate Debtor from the available list of panel of Resolution Professionals/Liquidators as maintained by the IBBI. The Registration number of the Liquidator is IBBI/IPA003/00386/2021-2022/13930, the address of the Liquidator is A-6, Ashok Nagar, Mandoli Road, Shahdara, Near Tyagi Diary, East, National Capital Territory of Delhi110093 and the e-mail id of the Liquidator is [email protected] and the contact no. of the Liquidator is 9899320257. The Liquidator shall file a valid Authorization for Assignment along with Written Consent in Form-2 and Registration Certificate within 3 days of the pronouncement of this order.
iv.Mr. Sajjan Kumar Dokania, the Resolution Professional of the Corporate Debtor is relieved from the present assignment as the Resolution Professional. The present Resolution Professional is directed to hand over the relevant documents and control of the Corporate Debtor to the newly appointed Liquidator forthwith. v. The Liquidator will charge fees.”
In compliance with Regulation 12(1) of the Liquidation Process Regulations, the Liquidator made a public announcement in prescribed Form B dated 06.03.2024 in the Economic Times, English newspaper’s Lucknow edition and Amar Ujala, Hindi Language, Kanpur, edition inviting claims from all stakeholders with the last date for submission being 04.04.2024.
Meanwhile, the Liquidator filed an application bearing no. I.A.-1412/2024 for excluding 17 days from the period of liquidation on account of the delay in uploading the order of liquidation. The same was allowed by this Adjudicating Authority vide order dated 01.04.2024.
The claims received from financial creditors and other creditors were collated and verified by the applicant. In compliance with Regulation 31A of the Liquidation Process Regulations, the Stakeholders Consultation Committee (SCC) was formed, and the same has been updated from time to time. The final list of stakeholders is extracted herein below:
The applicant has convened a total of 15 SCC meetings during the Liquidation process of the Corporate Debtor. The details of the same are extracted herein below:
Further, pursuant to Regulation 13 and 34 of the Liquidation Regulations, the Liquidator has filed ‘Preliminary Report’ and ‘Asset Memorandum’ vide IA(I.B.C)/2613(PB)2024. The same was taken on record by this Adjudicating Authority vide order dated 21.05.2024. The details of the assets as per the Asset Memorandum report are extracted as below:
Notice for the sale of CD as a going concern
The notice was published on 17.05.2024 in the Economic Times Lucknow edition in English Language and Lokbharati Kanpur edition, Shah Times Muradabad in Hindi language, for the sale of the corporate debtor as a going concern. The last date to receive the bid documents was scheduled for 31.05.2024. However, no bid was received till the last date, resulting in the failure to sell the CD as a going concern.
1st Notice for the sale of the assets of the CD (separate lots)
Pursuant to this, the Liquidator published the 2nd sale notice in the Financial Express (English) newspaper and Jansatta (Hindi), Delhi/NCR and Lucknow Editions, on 02.06.2024 for the sale of assets in separate lots.
The liquidator sold the Land at Rampur and actionable claims for amounts of Rs. 3,32,02,736/- and Rs. 50,17,260/- respectively. However, the vehicle could not be successfully auctioned initially.
The 6th SCC meeting was convened on 01.08.2024, wherein the SCC members suggested the liquidator reduce the reserve price for the vehicle and put the vehicle on e-auction at a reserve price of Rs. 6 lakhs.
2nd Notice for the sale of the vehicle of the CD
The liquidator issued another sale notice on 03.08.2024 in Financial Express (English) newspaper and Jansatta (Hindi), Delhi/NCR and Lucknow Editions. But again, no person submitted an EOI to purchase the said vehicle.
The 7th SCC meeting was convened, wherein the SCC members decided to reduce the price of the vehicle further.
3rd Notice for the sale of the vehicle of the CD
Accordingly, the 3rd sale notice was issued in the above-named newspapers on 02.09.2024, but no one submitted an EOI despite the publication of the notice thrice.
Thus, the liquidator approached Cars 24 and Spinny, which deal in the sale/purchase of cars. The best price offered by these websites was Rs. 3.5 lakhs, subject to the fulfilment of certain conditions. An application bearing no. I.A. 5167/2024 was filed by the Liquidator to allow the sale of the vehicle through private sale. The application was withdrawn on 18.02.2025.
After consultation with the SCC members, a fresh valuation was conducted for the vehicle, and the following price was given by the valuers:
4th Notice for the sale of the vehicle of the CD
The liquidator has issued another sale notice for the auction of the vehicle of the CD in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition, on 27.10.2024. Once again, the liquidator received no EOI within the prescribed time frame.
5th Notice for the sale of the vehicle of the CD
After reducing the reserve price by 10%, the Liquidator issued a sale notice on 13.11.2024 in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition. The last date to receive the Eol was 27.11.2024, and no person submitted their offer.
6th Notice for the sale of the vehicle of the CD
The liquidator again issued notice for the sale of the vehicle in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition on 29.11.2024. No success in selling the vehicle was found in this attempt.
7th Notice for the sale of the vehicle of the CD
The Liquidator has again issued the sale notice for auction of vehicle of the corporate debtor in Financial Express and Jansatta newspaper, Lucknow Edition, on 29.11 .2024. The last date to receive the Eol was 13.12.2024. No bid was received.
8th Notice for the sale of the vehicle of the CD
The liquidator issued another notice for the sale of the vehicle in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition on 18.12.2024. The last date to receive the Eol was 01.01.2025, and the liquidator received 4 Eols this time. Out of these 4 persons, one person, after due diligence, was denied participation in the auction process. The e-auction was conducted on January 13, 2025, and three persons participated in the e-auction. The reserve price of the Vehicle was Rs. 3,54,294/-, and the highest bid price was Rs. 3,63,294/-. Letter of intent was issued to the highest bidder on 14.01.2025 to deposit the balance consideration of Rs. 3,27,864/- on or before 14.04.2025. Provided that the payment made after 30 days, i.e., after 14.02.2025, shall attract interest @12% pa, and the EMDs of the unsuccessful bidders were returned to them. The liquidator sent several follow-up reminders to the successful bidder dated 03.03.2025, 05.03.2025, 10.03.2025, and 12.03.2025. However, the bidder neither responded to the mails nor picked up the calls.
9th notice for the sale of the vehicle of the CD
In light of the above, the liquidator had to publish another sale notice on 24.04.2025 in the Financial Express newspaper and Jansatta newspaper, Lucknow Edition.
The e-auction for the vehicle Santa FE was conducted on 19.05.2025, and only Mr. Harisha M., Proprietor of ELECTROTEQ ENGINEERS & ENGINEERS, participated in the process and submitted the bid and relevant documents. After deliberations in the 13th SCC meeting held on 20.05.2025, the SCC resolved to declare Mr Harisha M. Proprietor of ELECTROTEQ ENGINEERS & ENGINEERS, as the successful bidder for the e-auction held on 19.05.2025 for the vehicle Santa FE (reg. no. UP90M 0786) and pursuant to the full payment of Rs. 3,18,865 a sale certificate dated 03.07.2025 was executed in his name.
The RP of NIIL Infrastructure Pvt. Ltd. did not provide any documents of the land, purportedly belonging to the CD situated in Agra. Therefore, the liquidator had lodged an FIR for the lost/misplaced original property documents of M/s Shri Nath Residenci Private Limited, pertaining to land measuring 15,211 sq. m. located on 80 Ft. Road, NH-2, Opposite Kamayani Hospital, Sikandara, Agra–comprising Khasra Nos. 439, 440, 442, 443, 444, 446, 447, 448, 449 (5760 sq. m.), Kh. 1/12 (8068 sq. m.), and Kh. 1/12 (1383 sq. m.). A complaint in this regard was lodged under L.A.R. No. 20250000248073 dated 11-04-2025. Thereafter, a public announcement in the newspaper Hindustan Times (Hindi) on 17.04.2025 and HT City (English) on 16.04.2025 covering the Agra region was given by the Liquidator.
Sale notice on 08.10.2024 for assignment of NRRA-Assets underlying in the proceedings of application filed u/s 43 & 66 of IBC, 2016:
An application bearing no. I.A.-5874/2023 was filed by the RP for declaring certain transactions of the CD as preferential and fraudulent transactions under Section 43 and 66 of the Code.
In the 5th SCC meeting convened on 01.07.2024, since I.A. 5874/2023 was pending, the following resolution was passed for the assignment of the avoidance transaction application as Not Readily Realisable Asset (NRRA):
SHRI NATH RESEDENCI PRIVATE LIMITED: E-VOTING RESULTS FOR 10TH SCC MEETING HELD ON 13TH NOVEMBER, 2024
VOTING PERIOD: From 14-November-2024 Thursday 12:00 PM till 12:00 PM Saturday, 30-November-2024
S.No. 1:
Item No. A-4: TO DISCUSS AND DECIDE THE FURTHER COURSE OF ACTION TO ASSIGN THE NOT READILY REALISABLE ASSET(NRRA) IN PURSUANT TO REGULATION 37A OF IBBI (LIQUIDATION PROCESS) REGULATIONS, 2016
Resolution: RESOLVED THAT SCC hereby accorded its consent to assign the avoidance transactions application bearing no. IA 5874/2023 in CP no. (IB) 354(PB)/2022 to Mr. Kamal Suri as per the second option offered by him (i.e. whole rights in one time payment), in pursuant to regulation 37A of IBBI (Liquidation Process) regulations, 2016 subject to further negotiation with the person.
SL. NO. STAKEHOLDER Voting Share (%) Voted in Favour (%) Voted Against (%) Abstained from Voting (%) Remarks 1 Bank of Baroda 63.924% 63.924% - - APPROVED 2 Alchemist Asset Reconstruction Company Ltd 36.075% 36.075% - - 3 Income Tax Department 0.001% - - 0.001% Total 100% 99.999% 0.000% 0.001% Alternative Resolution: RESOLVED THAT SCC hereby accorded its consent to distribute the underlying amount mentioned in application bearing no. IA 5874/2023 in CP no. (IB) 354(PB)/2022 between the SCC members, in pursuant to regulation 38 of IBBI (Liquidation Process) regulations, 2016 subject to approval of Hon'ble NCLT.
| SL. NO. | STAKEHOLDER | Voting Share (%) | Voted in Favour (%) | Voted Against (%) | Abstained from Voting (%) | Remarks |
|---|---|---|---|---|---|---|
| 1 | Bank of Baroda | 63.924% | - | - | 63.924% | ABSTAINED |
| 2 | Alchemist Asset Reconstruction Company Ltd | 36.075% | - | - | 36.075% | |
| 3 | Income Tax Department | 0.001% | - | - | 0.001% | |
| Total | 100% | 0.00 | 0.00 | 100% | ||
The liquidator issued a notice on 08.10.2024 in the Financial Express (English Newspaper) covering Delhi/NCR and Lucknow editions for the assignment of NRRA. Only one financial offer was received from Mr. Kamal Suri within the stipulated time frame, i.e., by 21.10.2024.
The SCC members deliberated upon the proposal received from Mr. Kamal Suri in the 9th and 10th SCC meetings, and with 99.999% votes accorded its consent to assign the avoidance transactions application bearing no. I.A. 5874/2023 to Mr. Kamal Suri in pursuance of Regulation 37A of IBBl (Liquidation Process) Regulations, 2016, and the same is subject to further negotiations. The relevant excerpt of the meeting is attached below.
10th SCC Meeting:
| v. | Sudhanshu Sinha | 2,25,00,000 | 0 | the veracity of the transactions could not be established. Hence classified as fraudulent. |
| vi. | Omnis Healthcare Pvt Ltd | 2,80,000 | 0 | Transaction Auditor's remarks: These advances were not realized by the Corporate Debtor nor the Corporate Debtor was writing off these balances. Hence, the Corporate Debtor showed these advances as current assets which in actual position are not realizable anymore. |
| vii. | Seeraj Dhawaj Singh | 95,00,000 | 0 | |
| viii. | Shiv Sharan Singh | 20,00,000 | 0 | |
| ix. | Westlink Trading P Ltd.** | 2,40,00,000/- | 0 | |
| Total | 10,18,43,448/- | 3,84,46,000/- |
Valuer remarks: No document such as agreements, balances confirmations, account statements, latest correspondence, present status etc. was available to substantiate the recovery of these balances. Further, as per trial balance shared with us, all the above balances are more than 600 days old. Accordingly, Fair Value and Liquidation Value of Loans and Advances has been considered as NIL.
**As per Balance Sheet the amount is showing Rs. 3,25,00,000/- as under the head of Loan and advances.
2. Observations in the present avoidance application as discussed in 07th SCC meeting.
SCC discussed and deliberated about observations in the present avoidance application as follows.
1.Some assets are part of avoidance application due to non-cooperation of ex-directors during the CIRP. Whereas the documents and asset handed over by the ex-director to RP and such assets sold by the liquidator during the proceedings.
2.No response till date from any of the respondent received despite passing of more than 12 months from the date of filing of the application.
3.Single application filed for Sec-43 & 66 of the code.
Liquidator apprised that SCC members deliberated upon the observations in 07th SCC meeting and decided that liquidator should explore the possibility of assigning the avoidance application as “Not readily realisable assets (NRRA)” and also suggested the liquidator in the meantime to file the affidavit stating the facts transpired in liquidation period. The SCC members suggested the liquidator not to withdraw the present application.
Liquidator mentioned that because the single application has been filed by the former RP for Sec 43 & 66 of the code, therefore our counsel suggesting withdrawing the present application and filing new separate applications for each section. However, the SCC suggested to continue with same status, in view of avoiding any further liquidation cost.
3. Invited Public offer through public advertisement: -
Liquidator apprised that pursuant to discussion held in 07th SCC meeting, the liquidator has invited the financial offer from public by giving advertisement in newspaper. With reference to the public announcement, the liquidator has received proposal from one person only.
4. Regulation 37A of IBBI(Liquidation Process) regulations, 2016:-
Liquidator apprised the SCC members that regulations 37A of IBBI stipulates “A liquidator may assign or transfer a not readily realisable asset through a transparent process, in consultation with the stakeholders’ consultation committee in accordance with regulation 31A, for a consideration to any person, who is eligible to submit a resolution plan for insolvency resolution of the corporate debtor.”
Furthermore, liquidator stated that she has received only one financial offer against the public advertisement that has been placed before the SCC for discussion and decision. In case SCC does not opine to assign the NRRA under regulation 37A and not opted the offer received through public advertisement, then liquidator will proceed to distribute the underlying amount in pursuant to regulation 38 of IBBI (Liquidation Process) Regulations, 2016.
Liquidator stated that she is duty bound to take the further action in the matter to minimise the further liquidation cost as well as to close the proceedings within the stipulated time frame.
After deliberating upon the above, the following resolution put before the SCC members for approval
RESOLUTION:
A) RESOLVED THAT SCC hereby accorded its consent to assign the avoidance transactions application bearing no. IA 5874/2023 in CP no. (IB) 354(PB)/2022 to Mr. Kamal Suri as per the second option offered by him (i.e. whole rights in one time payment), in pursuant to regulation 37A of IBBI (Liquidation Process) regulations, 2016 subject to further negotiation with the person.
APPROVED: 99.999% NOT APPROVED: 0.00% ABSTAINED:0.001%
Alternate resolution
B) RESOLVED THAT SCC hereby accorded its consent to distribute the underlying amount mentioned in application bearing no. IA 5874/2023 in CP no. (IB) 354(PB)/2022 between the SCC members, in pursuant to regulation 38 of IBBI (Liquidation Process) regulations, 2016 subject to approval of Hon’ble NCLT.
APPROVED: 0.00% NOT APPROVED: 0.00% ABSTAINED:100%
11th SCC meeting:
An application bearing no. I.A- 809/2025 was filed by the Liquidator, permitting the substitution of the name of the respondent/assignee, Mr. Kamal Suri, as the petitioner in the pending application I.A. 5874/2023, and the same was allowed by this Adjudicating Authority vide order dated 18.02.2025. The relevant portion of this order is extracted below:
In the 15th SCC meeting held on 22.07.2025, the SCC, with 99.99% votes, resolved to file an application for dissolution of the Corporate Debtor. The relevant extract of the same is provided below:
Property situated at Agra:
Accordingly, the present application IA (I.B.C)/30(PB) 2025(Dis.) was filed for the dissolution of Shri Nath Residenci Pvt. Ltd on 30.07.2025.
Details about the dissolution of the Corporate Debtor:
The Liquidation period commenced on 16.02.2024. As per regulation 44, the liquidation shall be completed within 1 year, and on failure of the same, he shall make an application to the AA to continue such liquidation, along with a report explaining why the liquidation has not been completed and specifying the additional time that shall be required for liquidation. The liquidation period of 1 year was expiring on 05.03.2025 (after adjusting days excluded on account of delay in upload of liquidation order). Accordingly, the liquidator sought several extensions, which were allowed by this Adjudicating Authority, the details for which are tabulated below:
Further, in compliance with Regulation 15(1)(a) of the IBBI Liquidation Process Regulations, 2016, the Liquidator submitted 6 progress reports for every quarter post commencement of liquidation, which were taken on record by this Adjudicating Authority. The details of the progress reports are given below:
Pursuant to Regulation 41 of the Liquidation Regulations, the Liquidator had also opened a separate bank account in the name of the Corporate Debtor as on 28.03.2024, the details of which are provided as under: Account Name: Shri Nath Resedenci Private Limited – in Liquidation Bank & Branch: Indian Overseas Bank, Hargobind Enclave Liquidation Account Number: 172602000000746 IFSC Code: IOBA0001726 All the accounts of the CD maintained with Indian Overseas Bank, Union Bank of India, Punjab National Bank, and Bank of Baroda (as shown in the Balance Sheet) have been closed, and whatever money is lying there has also been transferred into the liquidation account of the CD. The particulars of Bank Account and closure is as follows:
The acknowledgment for bank account closure by the Indian Overseas Bank is extracted below:
In accordance with the Liquidation Process Regulations, the Liquidator had maintained a detailed record of all receipts and disbursements made during the course of the liquidation. The audited and certified Statement of Receipts and Payments for the period from the date of the Liquidator's appointment i.e., 05.03.2024 to 23.07.2025 is provided in the brief note by the Liquidator.
| 05.09.2024 | For closure of UBI A/c | 1 | 30.05.2024 | Riyo Public Notice Ads | 38,413 |
| 05.09.2024 | Transfer from UBI to IOB(CD's Liq Account) | 253,406 | 30.05.2024 | Bank Charges | 6 |
| 26.09.2024 | Kalpiwar | 18,000,000 | 01.06.2024 | Anshul Sharma -Reimbursement) | 126,656 |
| 26.09.2024 | Kalpiwar | 5,000,000 | 01.06.2024 | Bank Charges | 18 |
| 27.09.2024 | Kalpiwar | 2,932,436 | 04.06.2024 | TDS Payment | 369 |
| 11/01/2025 | Surbhi | 35,430 | 18.06.2024 | Advocate Shivani Gera | 16,200 |
| 11/01/2025 | Akiveera | 35,430 | 18.06.2024 | Bank Charges | 6 |
| 11/01/2025 | Sandeep | 35,430 | 25.06.2024 | Midas Communications | 23,940 |
| 22/01/2025 | Kamal Suri | 900,000 | 25.06.2024 | Bank Charges | 6 |
| 19/03/2025 | Amount received in PNB for Bank Charges | 13,195 | 01.07.2024 | Bank Charges PNB | 2,360 |
| 02/04/2025 | Refund | 3,421 | 05.07.2024 | Alchemist ARC Limited | 100 |
| 02/04/2025 | Refund | 4,061 | 05.07.2024 | Bank Charges | 3 |
| 05/04/2025 | Refund | 2,220 | 05.07.2024 | Bank of Baroda | 100 |
| 05/04/2025 | Refund | 2,220 | 05.07.2024 | Bank Charges | 3 |
| 07/04/2025 | Refund | 4,440 | 05.07.2024 | Cheque Book issuing Charges | 354 |
| 07/04/2025 | Refund | 4,440 | 05.07.2024 | TDS Payment | 5,800 |
| 24/04/2025 | Penny | 1 | 05.07.2024 | Bank Charges | 58 |
| 20/05/2025 | EMD PSB Alliance | 31,886 | 05.07.2024 | Alchemist ARC Limited | 1,262,547 |
| 18/06/2025 | Mr. Harisha M | 3,963 | 05.07.2024 | Bank Charges | 58 |
| 02/07/2025 | Mr. Harisha M | 286,000 | 05.07.2024 | Bank of Baroda | 2,237,253 |
| 14.07.2024 | Bank Charges PNB | 0.29 | |||
| 320,186 | 18.07.2024 | NESL | 14,160 |
| 18.07.2024 | Bank Charges | 6 | |||
| 01.08.2024 | Anshul Sharma | 266,585 | |||
| 01.08.2024 | Bank Charges | 18 | |||
| 01.08.2024 | Bank Charges | 58 | |||
| 01.08.2024 | Bank of Baroda | 2,500,000 | |||
| 02.08.2024 | Bank Charges PNB | 2,360 | |||
| 03.08.2024 | TDS Payment | 3,750 | |||
| 05.08.2024 | Priyanka Singh | 2,950 | |||
| 05.08.2024 | Bank Charges | 3 | |||
| 05.08.2024 | Honey Satpol Advocate | 37,637 | |||
| 05.08.2024 | Bank Charges | 6 | |||
| 05.08.2024 | Lex Fori Consulting - CIRP | 66,000 | |||
| 05.08.2024 | Bank Charges | 6 | |||
| 17.08.2024 | Midas Communications | 22,680 | |||
| 17.08.2024 | Bank Charges | 6 | |||
| 17.08.2024 | Mukul Garg & Associates | 43,200 | |||
| 17.08.2024 | Bank Charges | 6 | |||
| 17.08.2024 | SSBM Technofin - RVE | 64,530 | |||
| 17.08.2024 | Bank Charges | 6 | |||
| 17.08.2024 | Anshul Sharma -Reimbursement | 2,160 | |||
| 17.08.2024 | Bank Charges | 3 | |||
| 17.08.2024 | Bank of Baroda | 159,544 | |||
| 17.08.2024 | Bank Charges | 18 |
| 17.08.2024 | Bank Charges | 58 |
| 17.08.2024 | Alchemist ARC Limited | 1,803,781 |
| 17.08.2024 | Bank Charges | 58 |
| 17.08.2024 | Bank of Baroda | 3,196,219 |
| 17.08.2024 | Bank Charges | 28 |
| 17.08.2024 | Anshul Sharma | 418,615 |
| 17.08.2024 | Iswar Mohapatra | 47,700 |
| 17.08.2024 | Bank Charges | 6 |
| 27.08.2024 | Acku Veholle Insurance | 5,316 |
| 01.09.2024 | Bank Charges PNB | 951 |
| 05.09.2024 | T/T from UBI to IOB | 253,406 |
| 07.09.2024 | TDS Payment | 74,720 |
| 16.09.2024 | Bank Charges BoB | 944 |
| 23.09.2024 | Midas Communications | 22,650 |
| 23.09.2024 | Bank Charges | 6 |
| 27.09.2024 | Bank Charges | 58 |
| 27.09.2024 | Alchemist ARC Limited | 8,477,772 |
| 27.09.2024 | Bank Charges | 58 |
| 27.09.2024 | Bank of Baroda | 15,022,228 |
| 27.09.2024 | Bank Charges | 58 |
| 27.09.2024 | Anshul Sharma | 918,394 |
| 04.10.2024 | TDS Payment | 85,036 |
| 18.10.2024 | Midas Communications | 10,710 |
| 18.10.2024 | Bank Charges | 6 |
| 19.10.2024 | Lovakesh Goel | 6,490 |
| 19.10.2024 | Bank Charges | 3 |
| 19.10.2024 | Pradeep Kumar | 6,900 |
| 19.10.2024 | Bank Charges | 3 |
| 06.11.2024 | Midas Communications | 6,930 |
| 06.11.2024 | Bank Charges | 3 |
| 06.11.2024 | Midas Communications | 3,139 |
| 06.11.2024 | Bank Charges | 3 |
| 16.11.2024 | Iswar Mohapatra | 27,000 |
| 16.11.2024 | Bank Charges | 6 |
| 06.12.2024 | TDS Payment | 348 |
| 16.12.2024 | Bank Charges BoB | 944 |
| 17.12.2024 | Bank Charges BoB | 36 |
| 17.12.2024 | Midas Communications | 17,930 |
| 17.12.2024 | Bank Charges | 6 |
| 17.12.2024 | Ritu Aggarwal | 15,000 |
| 17.12.2024 | Bank Charges | 6 |
| 06/01/2025 | TDS Payment | 174 |
| 06/01/2025 | Midas Communications | 8,965 |
| 06/01/2025 | Bank Charges | 2.96 |
| 06/01/2025 | Claim | 4,720 |
| 06/01/2025 | Bank Charges | 2.96 |
| 15/01/2025 | Bank Charges | 4.72 |
| 15/01/2025 | Shiv Mohan | 35,430 |
| 22/01/2025 | Bank Charges | 57.82 |
| 22/01/2025 | Alchemist ARC Limited | 910,909 |
| 22/01/2025 | Bank Charges | 57.82 |
| 22/01/2025 | Bank of Baroda | 1,614,091 |
| 03/02/2025 | Bank Charges | 4.72 |
| 03/02/2025 | Sandeep Verma | 35,430 |
| 04/02/2025 | TDS Payment | 7,534 |
| 04/02/2025 | Anshul Sharma | 48,970 |
| 04/02/2025 | Bank Charges | 5.90 |
| 03/03/2025 | Ritu Aggarwal | 13,500 |
| 03/03/2025 | Bank Charges | 5.90 |
| 05/03/2025 | TDS Payment | 3,000 |
| 19/03/2025 | Bank Charges | 4.72 |
| 19/03/2025 | Punjab National Bank for closure of account | 13,195 |
| 19/03/2025 | Bank Charges PNB | 13,195 |
| 26/03/2025 | IRCTC | 4,618 |
| 26/03/2025 | IRCTC | 4,618 |
| 31/03/2025 | Ritu Aggarwal | 13,500 |
| 31/03/2025 | Bank Charges | 5.90 |
| 31/03/2025 | NEBL | 4,720 |
| 31/03/2025 | Bank Charges | 2.96 |
| 02/04/2025 | Charges for payment | 1.78 |
| 02/04/2025 | Bank charges | 1,204 |
| 03/04/2025 | IRCTC | 6,902 |
| 03/04/2025 | IRCTC | 6,902 |
| 26/04/2025 | TDS Payment | 4,000 |
| 06/05/2025 | TDS Payment | 174 |
| 09/06/2025 | Midas Communications | 14,887 |
| 09/06/2025 | Bank charges | 6 |
| 05/07/2025 | Refund excess amount | 1,663 |
| 05/07/2025 | Bank Charges | 2.96 |
| 16/07/2025 | Ritu Aggarwal | 81,000 |
| 16/07/2025 | Bank Charges | 6 |
| 16/07/2025 | Anshul Sharma | 42,612 |
| 16/07/2025 | Bank Charges | 6 |
| 16/07/2025 | Iswar Mohapatra | 180,000 |
| 16/07/2025 | Bank Charges | 18 |
| 19/07/2025 | TDS Payment | 25,000 |
| 19/07/2025 | Bank Charges | 5 |
| 19/07/2025 | Priyanka Singh | 11,800 |
| 23/07/2025 | Bank Charges | 1,180 |
| 23/07/2025 | Anshul Sharma | 787 |
A CA certificate has been placed on record as regards the veracity of the statement of receipts and payments.
Further details in relation to the status of the assets as averred in the application are extracted below:
The details of the amount distributed to the stakeholders as per Section 52 or 53 of the Code are as follows:
A statement showing the final distribution calculation is as follows:
| A. Balance at LCD | Cumulative since LCD (Rs.) |
| Cash | |
| Bank Balance | 5,24,376 |
| FDR/Insurance /Mutual funds/Investment in listed shares, etc. | |
| B. Contribution to liquidation cost from Fis | |
| Contribution from financial institution | |
| C. Realisation from assets | |
| Receivables | |
| Auction sale | 3,86,50,583 |
| Arbitration/ settlement proceeds | |
| Avoidance applications | |
| Private sale | |
| Assignment of NRRA | 9,00,000 |
| D. Other realization | |
| Refunds from Statutory authorities | |
| Revenue from the business of CD as a going concern | |
| Others | 30,95,612 |
| Total Receipts (A+B+C+D) | 4,31,70,571 |
| Details of Payments | |
| A. Unpaid CIRP Expenses paid during liquidation | |
| Interim Finance, including interest | |
| RP's fee | 14,76,730 |
| Professional fee | |
| Cost of operating the business as a going concern during CIRP | |
| Statutory dues | |
| Others | 42,35,523 |
| B. Liquidation process cost | |
| Liquidator fee excluding TDS | 16,52,568 |
| Support services fee | - |
| Marketing expenses | 2,39,772 |
| Litigation expenses (including fee paid to advocates) | 4,97,537 |
| Cost incurred for protecting and preserving the assets of the CD | |
| Fee paid to other professional | 1,35,870 |
| Any other cost | 4,07,571 |
We note that all the realisable assets of the CD have been sold and distributed to the stakeholders in accordance with Section 53. It is submitted by the liquidator that the liquidation value of the liquidation estate of the CD was Rs. 3,64,81,424/ (Three crore sixty-four lakh eighty-one thousand four hundred twenty-four rupees. However, the Applicant has realised an amount of Rs. 3,95,50,612/- (Indian Rupees Three crore ninety-five lakh fifty thousand six hundred twelve rupees only).
The total amount realised of Rs. 3,95,50,612/- has been distributed as per the waterfall mechanism under Section 53 of the IBC, 2016. An amount of Rs. 3,45,25,000/- has been distributed to stakeholders -Bank of Baroda: Rs. 2,20,69,891/- (2.55% of admitted claim of Rs. 86,53,10,950/-) and Alchemist ARC: Rs. 1,24,55,109/- (2.55% of admitted claim of Rs. 48,83,36,905/-). The balance has been utilized towards CIRP costs and liquidation process costs, including Liquidator's fee. Total receipts and total payments both stand at Rs. 4,31,70,571/-; balance at end of liquidation period is NIL (Rs. 0). A statement supporting receipts and total payments calculation is as follows:
A statement showing the final distribution calculation is as follows:
| A. Balance at LCD | Cumulative since LCD (Rs.) |
| Cash | |
| Bank Balance | 5,24,376 |
| FDR/Insurance /Mutual funds/investment in listed shares, etc. | |
| B. Contribution to liquidation cost from Fis | |
| Contribution from financial institution | |
| C. Realisation from assets | |
| Receivables | |
| Auction sale | 3,86,50,583 |
| Arbitration/ settlement proceeds | |
| Avoidance applications | |
| Private sale | |
| Assignment of NRRA | 9,00,000 |
| D. Other realization | |
| Refunds from Statutory authorities | |
| Revenue from the business of CD as a going concern | |
| Others | 30,95,612 |
| Total Receipts (A+B+C+D) | 4,31,70,571 |
| Details of Payments | |
| A. Unpaid CIRP Expenses paid during liquidation | |
| Interim Finance, including interest | |
| RP's fee | 14,76,730 |
| Professional fee | |
| Cost of operating the business as a going concern during CIRP | |
| Statutory dues | |
| Others | 42,35,523 |
| B. Liquidation process cost | |
| Liquidator fee excluding TDS | 16,52,568 |
| Support services fee | - |
| Marketing expenses | 2,39,772 |
| Litigation expenses (including fee paid to advocates) | 4,97,537 |
| Cost incurred for protecting and preserving the assets of the CD | |
| Fee paid to other professional | 1,35,870 |
| Any other cost | 4,07,571 |
It has been submitted that apart from the ‘Not Readily Realisable Asset’ in the form of avoidance transactions, there was no realisable asset of the CD that could be sold and distributed to the stakeholders in accordance with section 53.
A Final Report has to be filed under Regulation 45(3) of the Liquidation Process Regulations, which reads as:
The liquidator shall submit an application along with the final report and the compliance certificate in form H to the Adjudicating Authority for –
(a)closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or
(b)for the dissolution of the corporate debtor, in cases not covered under clause (a).
The Liquidator has filed a Final Report in compliance with Regulation 45 of the Liquidation Process Regulations, 2016, vide IA-4052/2025. The same was taken on record by this Adjudicating Authority on 13.05.2026.
The Compliance Certificate in Form H, as per Regulation 45(3) of the Liquidation Process Regulations, has also been prepared and attached along with the Final Report at Annexure-39 of IA-4052/2025. A copy of the Form-H is extracted below for ready reference:
FORM II COMPLIANCE CERTIFICATE
(Under regulation 45(3) of the Insolvency & Bankruptcy Board of India (Liquidation Process) Regulations, 2016.)
I, CMA Anshul Sharma, an insolvency professional registered with Insolvency Professional Agency of Institute of Cost Accountants of India and registered with Board with registration no. IBBI/IPA-003/IP-N00386/2021-2022/13930, am the liquidator for the Liquidation Process of M/s Shri Nath Resedenci Private Limited (Corporate Debtor or CD).
The details of the liquidation process are as under:-
Sl. No Particulars Description (1) (2) (3) 1 Name of the corporate debtor Shri Nath Resedenci Private Limited 2 Case No. & NCLT Bench CP No. IB – 354(PB)/2022, Principal Bench, New Delhi 3 Date of initiation of liquidation 16.02.2024 4 Date of appointment of liquidator 16.02.2024(Copy of order received to the liquidator on 05.03.2024) 5 Date of commencement of CIRP 05.01.2023 6 Name of RP during CIRP and his registration No. as IP Sajjan Kumar Dokania Reg. No.- IBBI/IPA-003 /IP-N000150/2017-2018/11729 7 Name of Liquidator and his registration No. as IP Anshul Sharma Reg. No.- IBBI/IPA-003/IP-N00386/2021-2022/13930 8 Date of Publication of Public Announcement under Form B 06.03.2024 9 Date of Intimation to Registry and Information Utility, if any, about commencement of Liquidation 05.03.2024 Intimation to ROC 16.03.2024 to Income Tax 10 Date of handover of charge by RP 06.03.2024 access of e-mail id handed over 22.03.2024 handed over the original deeds of Rampur land.
11 Date of submission of compliance, if any, directed by AA in the liquidation order and its particulars 06.03.2024 Affidavit in compliance to order dated 16.02.2024 submitted for consent of the liquidator. 12 Date of appointment of registered valuers, if any On 08.04.2024 M/s SSBM Technofin Advisors Pvt. Ltd. 13 Date of notice for uncalled capital/unpaid capital contribution NA 14 Date of realisation of uncalled capital/unpaid capital contribution NA 15 Date of opening of liquidation account with Bank A/c details 28-03-2024 A/c No. 172602000000746 IFSC IOBA0001726 16 Date of constitution of Consultation Committee 04.05.2024 17 No. of meetings of consultation committee held. 15 18 Date of submission of list of stakeholders to AA 03.05.2024 20 Date of filing of preliminary report & assets memorandum to AA 16.05.2024 21 Fair value 5,85,40,798/- 22 Liquidation value 3,64,81,424/- 23 Date of public notice for auction 17.05.2024 as Going concern Date of public notice for auction 02.06.2024 (Land & Building, Vehicle and Actionable Claim) Date of public notice for auction 03.08.2024 (vehicle at reduced price due to auction failure) Date of public notice for auction 02.09.2024 (vehicle at reduced price due to auction failure) Date of public notice for auction 27.10.2024 (vehicle at reduced price due to auction failure) Date of public notice for auction 13.11.2024 (vehicle at reduced price due to auction failure) Date of public notice for auction 29.11.2024 (vehicle at reduced price due to auction failure) Date of public notice for auction 18.12.2024 (vehicle at reduced price due to auction failure)
Date of public notice for auction 24.04.2025(vehicle at reduced price due to auction failure) Date of Public notice for NRRA (underlying amount of IA 5874/2023) 08.10.2024 24 Date of order of AA to dispense with the public notice for Auction NA 25 Date of permission of AA for physical Auction NA 26 Date of permission of AA for private sale NA 27 Date of permission of AA for distribution of unsold assets to stakeholders NA 28 Date of permission of the liquidator to realise the un-relinquished security interest by the secured creditor NA 29 Modified list of stakeholders and date of submission to AA NA 30 Date of first realization 14.06.2024 31 Date of second realization 15.06.2024 32 Date of first distribution 05.07.2024 33 Date of second distribution 17.08.2024 34 Date of submission of Quarterly Progress Report-I (FY-2023-24) 13.04.2024 35 Date of submission of Asset Sales Report to AA 13.04.2024 along with Progress report 36 Date of submission of Quarterly Progress Report-I(FY 2024-25) 12.07.2024 37 Date of submission of Quarterly Progress Report-II(FY 2024-25) 07.10.2024 Date of submission of Quarterly Progress Report III (FY 2024-25) 10.01.2025 38 Date of submission of Quarterly Progress Report-IV & Audit Report 10.04.2025 39 Date of submission of Quarterly Progress Report-I (FY-2025-26) 08.07.2025 40 Date of submission of Quarterly Progress Report-II NA 41 Date of submission of Quarterly Progress Report-III NA
42 Date of submission of Quarterly Progress Report-IV NA 43 Date of intimation to statutory authority as applicable. a) PF b) ESI c) Income Tax Dept d) Inspector of Factory e) GST/VAT f) Others (ROC) -CD not registered with PF, ESI. -Intimation to IT on 16.03.2024 -Not registered with GST. -06.03.2024 to RoC 44 Date of deposit of unclaimed dividends or undistributed proceeds and income and interest thereon, if any, under sub-regulations (2), (3) or (4) of regulation 46 NA 45 Amount deposited into Corporate Liquidation Account: (a) Amount of unclaimed dividends (b) Amount of undistributed proceeds NA (c) Income referred to in sub-regulation (2) and (3) of regulation 46 (d) Interest referred to in sub-regulation (4) of regulation 46 Total NA 46 Date of submission to the Board and the Authority under sub-regulation (5) of regulation 46 NA 47 Date of Final Report to AA (prior to dissolution application) 24-07-2025 3.The details of the assets as per Asset Memorandum and Final Sale Report are as under:
Sl. No. Assets Mode of sale Estimated Liquidation Value Realization Amount (Rs.) Date of Transfer to Liquidation Account
(1) (2) (3) (4) (5) (6) i. Land at Village Rampur, Uttar Pradesh Auction 3,27,02,640 3,32,02,736/- 14.06.2024 30.07.2024 16.08.2024 26.09.2024 27.09.2024 ii. Vehicle Auction 7,42,862.50 4,30,616/-* 25.06.2025 11.01.2025 02.07.2025 iii. Actionable Claim Auction 50,00,000/- 50,17,260/- 15.06.2024 29.07.2024 14.08.2024 23.08.2024 iv. NRRA(Underlying amount of avoidance transaction application Public Notice - 9,00,000/- 22.01.2025 Total 3,84,45,503/- 3,95,50,612/- * Due to failure of first auction, the liquidator had reduced the reserve price by 10% in each auction failed.
4.(a) Liquidation value of the liquidation estate : Rs. 3,65,00,000/-
(b)Amount realised during the liquidation process : Rs. 3,98,15,612/-
Sl. No. Realisations Amount(Rs.) 1 Opening Balance as on Liquidation Commencement date Bank Balance FDR Contribution from Financial Institution 5,24,376 30,74,811 Realisations(B) 2 Auctions of assets 3,86,50,613 3 Private sale of assets 4 Assignment of not readily realisable assets 9,00,000 5 Distribution of unsold asset 6 Others(specify)* 20,801 Total (A+B) 4,31,70,601 Amount paid for travelling expenses, received refund back.
(c)The amounts distributed to stakeholders as per section 52 or 53 of Code are as under : Rs. 3,71,84,544/- (including amount of Rs. 26,59,544/- refund of contribution towards CIRP cost)
(Amount in Rs. lakh)
Sl. No Stakeholders * under section 53 (1) Amount Claimed Amount Admitted Amount Distributed Amount Distributed to the amount Claimed(%) Remarks (1) (2) (3) (4) (5) (6) (7) 1 (a) CIRP Cost 27.32 100% 2 (a) Liquidation Cost 28.46 100% Includes fees of liquidator (b) (i) Workers 0 0 0 0 3 (b) (ii) Secured Creditors Bank of Baroda 8653.10950 8653.10950 220.69891 2.55% The amount realized and distributed as per section 53. Alchemist ARC 4883.36905 4883.36905 124.55109 2.55% 4 (c) Employees 0 0 0 5 (d) unsecured FC 0 No proceeds available for distribution. 6 (e) (i) Govt. Dues 0 No proceeds available for distribution.
7 (e) (ii) Secured creditors following enforcement of Security Interest 0 0 0 8 (f) Operational Creditors 0 No proceeds available for distribution. 9 (g) Pref. Shareholders 0 0 0 10 (h) Equity Shareholders 0 0 0 TOTAL 13536.48 13536.48 401.02 4A. Details of realisation of security interest by secured creditor under section 52: Not Applicable as the security interest formed part of the liquidation estate.
Sl.NO. Particulars Details 1 Number of secured creditors who did not relinquish security interest - 2 Liquidation value of such security interest (Rs.) - 3 Amount of admitted claim of secured creditors (Rs.) - 4 Total realisation from such security interest (Rs.) - 5 Total Contribution made as per regulation 21A(2) (Rs.) (i+ii+iii) - i. Contribution made by secured creditors toward workmen's dues (Rs.) - ii. Contribution made by secured creditors toward unpaid CIRP and Liquidation Cost (Rs.) - iii. the excess of the realised value of the asset (Rs.) - 6 Realised value received by secured creditor (Rs.) - 7 Date of realisation by secured creditor - 4B. Details of assignment of not readily realisable assets:
Sl.No. Particulars Details 1 Details of the assets Underlying amount of avoidance transaction application bearing no. 5874/2023 excluding Rampur Land, Vehicle and Actionable claim pertains to Agra Land. 2 Liquidation value of the assets (Rs.) 0 3 Amount realised (Rs.) 9,00,000/- 4 Name of the bidder Mr. Kamal Suri 5 Sharing of proceeds between bidder and creditors/ corporate debtor, if any Entire rights been assigned after receiving full payment 6 Schedule of realisation by bidder - 5.The Liquidation Process has been conducted as per the timeline indicated in regulation 47 as under:
Section of the Code / Regulation No. Description of Task Timeline as per regulation 47 Actual Timeline (1) (2) (3) (4) Section 33 & 34 Commencement of Liquidation and Appointment of Liquidator 0-T 16.02.2024 Section 33(1)(b)(ii)/Reg. 12(1,2,3) Public announcement in Form B T+5 06.03.2024 Reg.35(2) Appointment of Registered Valuers T+7 08.04.2024 after consultation with SCC Reg. 31A (6) First meeting of SCC T+7 12.03.2024 Section 38(1) Submission of claims T+30 04.04.2024
Reg. 17,18, 19, 20 and 21A Intimation of decision on relinquishment of security interest 01.04.2024 By Bank of Baroda 22.04.2024 by Alchemist ARC Section 38 (5) Withdrawal/Modification of Claim T+44 - Reg. 30 Verification of claims received under regulation 12(2)(b) T+60 03.05.2024 Reg. 31A Constitution of SCC T+60 04.05.2024 Section 40 (2) Intimation about decision of acceptance/ rejection of claim T+67 On 02.05.2024 to Bank of Baroda On 02.05.2024 to Alchemist ARC On 02.05.2024 to Income Tax Department Reg. 31 (2) Filing the list of stakeholders and announcement to public T+75 03.05.2024 Section 42 Appeal by a creditor against the decision of the liquidator T+81 NA Reg. 13 Preliminary report to the AA T+75 16.05.2024 Reg. 34 Asset memorandum T+30/75 16.05.2024 along with preliminary report Reg. 15 (1), (2), (3), (4) and (5), and 36 Submission of progress reports to AA; Asset Sale report to be enclosed with every Progress Report, if sales are made Q4+15, FY 23-24 Q1+15, FY 24-25 Q2+15, FY 24-25 Q3+15, FY 24-25 Q4+15, FY 24-25 Q1+15, FY 25-26 13.04.2024 12.07.2024 07.10.2024 10.01.2025 10.04.2025 08.07.2025 FY: 2024-25 Audited accounts of liquidator's receipt & payments for the financial year 15th April 10.04.2025
Proviso to Reg. 15 (1) Progress report in case of cessation of liquidator Date of Cessation + 15 NA Reg. 37 (2, 3) Information to secured creditors Date of Intimation + 21 NA Reg. 42 (2) Distribution of the proceeds to the stakeholders Date of Realization + 90 05.07.2024 17.08.2024 27.09.2024 22.01.2025 Reg.10 (1) Application to AA for Disclaimer of onerous property T+ 6 months NA Reg.10 (3) Notice to persons interested in the onerous property or contract NA Reg. 44 Liquidation of corporate debtor T+365 05.04.2025 Reg. 46 Deposit the amount of unclaimed dividends and undistributed proceeds NA Sch-1 Sl. No 12 Time period to H1 bidder to provide balance sale consideration 90 days from the date of issue of LOI. *Provided that the payment made after 30 days shall attract interest @12% pa. 6.The following are deviations /non-compliances with the provisions of the Insolvency and Bankruptcy Code, 2016, regulations made, or circulars issued there under (If any deviation/ non compliances were observed, please state the details and reasons for the same):
Sl. No. Deviation/Noncompliance Observed Section of the Code / Regulation Reasons Whether rectified or not
No. / Circular No. (1) (2) (3) (4) (5) 1 NA 2 7.The dissolution application has been filed [before expiry of the period of one year] / [after expiry of one year]. Please state details of any extension sought with the reason and granted:
Exclusion of 17 days allowed by Hon'ble Bench from counting of Liquidation period:- Liquidator had filed the application before NCLT for exclusion of 17 days, due to delay in receiving the order dated 16.02.2024, so that calculation in days as per the model timeline don't create confusion in future. That the application filed for exclusion of 17 days from the liquidation period due to delay in uploading the order on NCLT's website, was allowed by Hon'ble Bench on 01.04.2024. The Hon'ble Bench allowed to exclude the 17 days i.e. 17.02.2024 to 04.03.2024 for counting the liquidation period of one year. Liquidator had sent intimation to IPA & IBBI vide mail dated 06.04.2024 about the exclusion of 17 days from the liquidation period.
EXTENSION OF LIQUIDATION PERIOD:- The liquidator has filed the following applications for the extension of the liquidation period beyond one year. The one-year liquidation period of the corporate debtor has expired on 05.03.2025.
IA no. Remarks Application bearing no. 1059/2025 for extension of liquidation period by 90 days Partially allowed by the Hon'ble NCLT for the extension of 30 days i.e. upto 04.04.2025 vide order dated 04.03.2025. Filed another application on 01.04.2025 bearing IA No. 1611/2025 extension of liquidation period by 60 days Application allowed on 08.04.2025*. Closure date of Liquidation of CD accordingly is 03.06.2025. Filed another application on 03.06.2025 bearing no.2772/2025 for extension of liquidation period by 90 days. Dismissed on 09.06.2025 with direction to take approval of SCC as voting agenda. Liquidator filed another application bearing no. 3037/2025 after consultation with SCC for extension of liquidation period by 90 days Such application was listed before the Hon'ble NCLT on 30.06.2025 and allowed. Now Closure date of Liquidation of CD is 01.09.2025. *The Liquidator noted that there is a clerical/typographical error in the Order dated 08.04.2025, passed by the Hon'ble Adjudicating Authority. The order states, 'I.d. Liquidator is objected to ensure that the liquidation process is completed within the granted 60 days from 05.03.2025, whereas the correct date should be 04.04.2025. The earlier date appears to have been inadvertently typed in error. Therefore, an application for rectification of order filed by the liquidator on 26.04.2025. The said application was allowed by Hon'ble NCLT on 05.05.2025.
8.The details of application(s) filed / pending in respect of avoidance of transactions.
Sl. No. Type of Transaction Date of Filing with Adjudicating Authority Date of Order of the Adjudicating Authority Brief of the Order (1) (2) (3) (4) (5) NA *IA 5874/2023 assigned as NRRA after consultation with SCC and name of assignee has been substituted vide order dt 18.02.2025
9.All undischarged or matters pending before any Court or Tribunal relating to corporate debtor, if any, have been reported to AA.-NA
10.I, Anshul Sharma, hereby certify that the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed there from.
Findings and Analysis
We have gone through the present Application filed by the Liquidator praying for closure of the liquidation process and dissolution of the Corporate Debtor, and in terms of Section 54 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
That the Applicant/Liquidator has filed application(s) and various documents/Reports which were required to be submitted as per the provisions of IBC, 2016, read with relevant regulations.
That the Liquidation process has been conducted within the extended timelines, the details of which have been accompanied with this application.
That the Liquidator had made efforts to sell the assets of the Corporate Debtor on a standalone basis as per Regulation 32(a) read with Regulation 33 of the IBBI Liquidation Process Regulations, 2016, through E-Auction in the manner specified in Schedule I of the IBBI Liquidation Process Regulations, 2016. In pursuance thereof, the Liquidator had conducted several rounds of E-Auctions.
That the Not Readily Realisable Assets (NRRAs) of the Corporate Debtor have been assigned to Mr. Kamal Suri., as resolved at the 10th and 11th SCC meeting held on 13.11.2024 and 09.12.2024, with majority votes received from all stakeholders.
The Deed of Assignment is attached at Annexure-5 under IA-809/2025. As per the Deed of Assignment entered into between M/s Shri Nath Residency Pvt. Ltd. and Mr. Kamal Suri (assignee), the following assets of the Corporate Debtor were assigned to the assignee:
Liquidator Ms. Anshul Sharma, D/o Late Shri Tara Chand Sharma, aged 36 years, having registered office address at 3rd Floor, Building No. 11, Hargobind Enclave, Vikas Marg, Delhi - 110092, hereinafter referred to “Assignor” (which expression shall unless repugnant to the context or meaning thereof, be deemed to mean and include its successors and assigns) of the “ONE PART”.
AND
Mr. Kamal Suri, an Individual, having PAN AGQPS6799E and Adhaar Number 7072 9378 1225, having its address at Flat No. 1703, Tower – 29, 3C Lotus Panache, Sector 110, Noida, Gautam Buddha Nagar, Uttar Pradesh - 201301, hereinafter referred to “Assignee” (which expression shall unless repugnant to the context or meaning thereof, be deemed to mean and include its successors and assign) of the “SECOND PART”.
The Assignor & Assignee shall be individually referred to as the “Party” and collectively referred to as the “Parties”.
WHEREAS M/s Shri Nath Resedenci Private Limited, (“Corporate Debtor”) is a company and Company Petition (“CP - 354/PB/2022”) was filed by The Bank of Baroda Ltd under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process and was admitted by Hon’ble NCLT Principal Bench vide Order dated 05.01.2023 and Mr. Sajjan Kumar Dokania was appointed as the Interim Resolution Professional (“IRP”) of the Corporate Debtor.
WHEREAS Committee of Creditors has approved to initiate the liquidation under section 33(2) of the Insolvency and Bankruptcy, 2016 and accordingly an application for liquidation was filed. The Hon’ble National Company Law Tribunal vide order dated 16.02.2024 approved the liquidation of the Company and appointed Ms. Anshul Sharma as Liquidator of the Company.
WHEREAS, during the period, the Liquidator has identified certain assets as “Not Readily Realisable Assets” in accordance with Regulation 37A of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.
The identified assets as follows:
- The amount underlying the application filed under Section 25(2)(j) read with Sections 43 and 66 of the Insolvency and Bankruptcy Code, 2016, bearing IA No. 5874 of 2023
EXCLUSIONS:
The following assets are excluded from the identified “Not Readily Realisable Assets” and shall not be assigned in IA no. 5874/2023:
- Underlying amount of the Rampur Land,
- Inventory pertaining to Agra.
- Vehicle
- Any claim whether present or future against Creditors arising out of any transaction whatsoever.
[note: Not Readily Realisable Assets means any asset included in the Liquidation Estate but excluding aforesaid excluded assets, which could not be sold through available options and includes unrealized debtors, contingent or disputed assets and assets underlying proceedings for preferential, undervalued, extortionate credit and fraudulent transactions referred to in Section 43 to 51 and Section 66 of the Code.]
Pursuant to IBBI (Liquidation Process) Regulations (Reg.37A), the Liquidator may assign or transfer Not Readily Realisable Asset (NRRA). Thus, the Liquidator has decided to assign the application u/s 43 & 66 of IBC, 2016, in compliance with the provisions of
The proceeds received from NRRA’s will be realised in accordance with the Deed of Assignment, the relevant portion of which is extracted from the application as below:
4.The Assignee paid total consideration of Rs. 900,000/- (Rupees Nine Lakh only) on 22.01.2025 through RTGS, for the whole rights of the assignment of the Not Readily Realisable Assets of the Corporate Debtor to the Assignee and the same shall be treated as a part of the liquidation proceeds by the Assignor and shall be dealt with by the Assignor as per section 53 of the Insolvency and Bankruptcy Code, 2016.
a)The Assignee shall bear and incur all the costs, charges and expenses for recovery / sale of the Not Readily Realizable Assets of the Corporate Debtor from time and time including but not limited to legal expenses, administration expenses, advertisement charges, postage, courier, filing fees with courts, advocates and other professional's fees and costs and all other incidental expenses related thereto after such assignment has been take place.
b)The Assignee shall be entitled to receive, recover and realize all the Not Readily Realizable Assets of the Corporate Debtor in such manner as it may deem fit and deal with the same as it may decide in its sole discretion subject to the provisions of clause of this deed.
5.The Assignor/ liquidator shall hereby Empower/ delegate unconditional & irrevocable Authority & Power defined under provision of Insolvency and Bankruptcy Code, 2016 to Mr. Kamal Suri having address at Flat No 1703, Tower – 29, 3C Lotus Panache, Sector 110, Noida, Gautam Buddha Nagar, Uttar Pradesh - 201301, include their legal heirs, successors, nominees representative and hereinafter referred to as “Assignee” for realization of above mentioned “Not Readily Realisable Asset” through its power of attorney.
6.The Assignor doth hereby agrees as follows:
a)To hand over all documents, records, information, and any other details in relation to the NRRA Assignment in possession of the Assignor to the Assignee.
b)The Assignor will assist the assignee in recovery of the NRRA and will sign and execute such documents as the Assignee may require in this regard at the cost of the Assignee.
c)The Assignor will file the application before the Hon'ble NCLT for replacement of name of assignee in IA 5874/2023.
7.The Assignee doth hereby agrees as follows:
a)The Assignee shall undertake all efforts to recover the NRRA and shall take up the application assigned through this deed of assignment as per the law.
b)The assignee shall never put any claim for the excluded assets mentioned as underlying amount of the Rampur Land, Inventory pertaining to Agra & Vehicle.
c)The assignee shall never put any claim and/or seek recovery of any amount from the Creditors of the Corporate Debtor;
8.Each Party undertakes to keep confidential information that it has acquired about the other Party and to use such information only for the purposes contemplated by this Deed. Either Party may not disclose any information that it is otherwise required to keep confidential under this Clause.
9.All costs and Expenses incurred including expenses towards registration fees and incidental expenses in relation to this Deed shall be borne by the Assignee only.
11. Waiver
Any term or condition of this agreement may be waived at any time by the party that is entitled to the benefit thereof. No failure or delay on the part of either party in exercising any power, right or remedy under this agreement shall be construed as a waiver thereof, nor shall any single or partial exercise of any such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. Such waiver must be in writing and must be executed by an authorized officer of such party. A waiver on one occasion will not be deemed to be a waiver of the same or either under breach or non-fulfilment on a future occasion. All remedies and benefits, either under this agreement or by law or otherwise afforded, will be cumulative and not alternative and without prejudice to the other remedy or benefit, as the case may be.
That the details of the litigation pending against the CD, to the best of the knowledge, belief and effort of the Liquidator, are provided as below:
The pending application bearing IA No. 5874/2023 pertains to avoidance transactions, which have been assigned as NRRA. The application is next listed for hearing on 23.09.2026.
That as required by Regulation 45(3) of IBBI (Liquidation Process) Regulations, 2016, Final Report has been filed by the Liquidator.
That the compliance report in form H in terms of regulation 45(3) was placed on record by the Applicant.
That, in compliance with Order dated 16.02.2024, the Applicant submits that it had intimated the relevant Statutory Authorities at their respective offices located at New Delhi regarding initiation of Liquidation Proceedings of the Corporate Debtor
The dissolution application was listed for hearing on 22.09.2025 wherein the following order was passed:
A convenience compilation was uploaded by the Liquidator in IA-4052/2025 on 03.10.2025 on the DMS e-portal in respect of the same. The same has been taken on record.
On 15.12.2025 the following order was passed by this Adjudicating Authority:
On 13.05.2026, the Adjudicating Authority directed the applicant to file a short note in the matter. In compliance with the same, a short note has been uploaded by the Applicant on 15.06.2026 on the DMS e-portal. The same has been duly considered by this Adjudicating Authority while making this order.
Clarification regarding the property situated at Agra:
The application was reserved for orders on 03.08.2026. However, upon perusal of the record, this Adjudicating Authority, vide order dated 10.08.2026, noticed that the present status of the land measuring 15,211 sq. mtrs. situated at 80 Ft. Road, NH-2, opposite Kamayani Hospital, Sikandara, Agra, has not been indicated in the dissolution application and accordingly directed the Liquidator to furnish a clarification. In compliance with the same, the Liquidator had filed an affidavit on 26.08.2026 on the DMS e-portal, which has been taken into consideration by this Adjudicating Authority.
It has been stated in the affidavit that a Joint Development Agreement dated 31.07.2010 was executed between M/s Shri Nath Residenci Pvt. Ltd. and M/s NIIL Infrastructure Pvt. Ltd. in respect of the said land for development of the residential project “Florence”. Under the said arrangement, 6.50% of the sale proceeds from the residential project was payable to the Corporate Debtor towards the cost of the land. The Liquidator wrote mails to the monitoring professional of NIIL Infrastructure Pvt. Ltd. seeking the relevant bank statements, flat-wise details of receipts and payments, reconciliation of sale proceeds and other documents necessary to ascertain the amounts due and payable to the Corporate Debtor under the JDA. However, the requisite information was not furnished.
The ex-Director of the Corporate Debtor also informed the Liquidator that the entire sale consideration under the JDA had not been received and that approximately Rs. 1–2 crore was still receivable, though the exact particulars and supporting records were not available with the Corporate Debtor.
It is further stated that the aforesaid land had been mortgaged in favour of Bank of Baroda and DMI Finance Pvt. Ltd. (now Alchemist Asset Reconstruction Company Ltd.). The Bank of Baroda held security interest over 8,204 sq. mtrs. of the property, while Alchemist ARC held security interest over 7,007 sq. mtrs. Both the secured creditors relinquished their security interest in favour of the liquidation estate of the Corporate Debtor. The Liquidator thereafter issued a sale notice dated 02.06.2024 for the actionable/contractual rights arising from the aforesaid JDA and, pursuant thereto, the rights of the Corporate Debtor under the JDA were assigned to Mr Kamal Suri, the successful auction purchaser/assignee, for a consideration of Rs. 50,17,260/-. The amount realised was dealt with in accordance with the liquidation process.
The Liquidator has further stated that the available financial statements, JDA/MoU, ledger and representations received from the ex-Directors were furnished to the Registered Valuer for independent assessment. The Securities and Financial Assets Valuer assessed the Fair Value of the aforesaid “Inventory – Land” at Rs. 1,00,00,000/- and the Liquidation Value at Rs. 50,00,000/-. The Land and Building Valuer recorded that the Agra land was under the control of NIIL Infrastructure Pvt. Ltd. pursuant to the JDA and, in view of the insolvency proceedings of NIIL Infrastructure Pvt. Ltd. and non-acknowledgement of the claim in its resolution plan, the possibility of direct recovery of the land was very low. The Liquidator has accordingly stated that the asset was identified and dealt with on the basis of the available books and records, enquiries made from the ex-Directors and independent valuation.
In view of the above facts and circumstances, it is prayed by the Applicant that the CD may be dissolved under Section 54 of IBC, 2016.
We have heard the submissions made by the Applicant, perused the Application and the compliance Affidavit filed by the Liquidator. It is relevant to mention Section 54 of IBC, 2016, and Regulation 45 IBBI (Liquidation Process) Regulations, 2016 here:
“Section 54 IBC-Dissolution of corporate debtor.
(1)Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor.
(2)The Adjudicating Authority shall on application filed by the liquidator under sub-section (1) order that the corporate debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved accordingly.
(3)A copy of an order under sub-section (2) shall within seven days from the date of such order, be forwarded to the authority with which the corporate debtor is registered.”
“IBBI (Liquidation Process) Regulations, 2016
45. Final report prior to dissolution.
1)When the corporate debtor is liquidated, the liquidator shall make an account of the liquidation, showing how it has been conducted and how the corporate debtor’s assets have been liquidated.
2)If the liquidation cost exceeds the estimated liquidation cost provided in the Preliminary Report, the liquidator shall explain the reasons for the same.
3)The liquidator shall submit an application along with the final report and the compliance certificate in Form H to the Adjudicating Authority for –
(a)closure of the liquidation process of the corporate debtor where the corporate debtor is sold as a going concern; or
(b)for the dissolution of the corporate debtor, in cases not covered under clause (a).” That from the conjunct reading of the above provisions, this Adjudicating Authority is required to see whether the assets of the Corporate Debtor are completely liquidated or not. In the instant case, the Liquidator has furnished his Final Report and Form-H to support the same.
Since in the instant case, all the relisable assets of the Corporate Debtor have been liquidated, and all the requirements of Regulation 45 of IBBI (Liquidation Process) Regulations, 2016 have been fulfilled, therefore, we are inclined to allow the present Application under Section 54(2) of the IBC, 2016.
The assignee of NRRA, Mr. Kamal Suri shall, after recovery is made from the NRRAs, distribute the proceeds as per the assignment agreement and in accordance with Section 53 of the IBC.
The Liquidator has also furnished clarification regarding the Agra property and has placed on record the steps taken in respect of the rights of the Corporate Debtor arising out of the JDA, including the assignment of the actionable/contractual rights for consideration of Rs. 50,17,260/-.
Accordingly, there being no other impediment, the present Application is allowed, and the Corporate Debtor is ordered to be dissolved with immediate effect.
Order:
I.A. (I.B.C.) (Dis.)/30(PB) 2025 is allowed and disposed of.
The Registry is directed to send a copy of this order passed under Section 54(2) to the ROC Delhi & Haryana, with which the Corporate Debtor is registered and the IBBI within seven days from the date of this order.
Files be consigned to the record room (current)