The High Court · 2025

Omkara Asset Reconstruction Company Pvt. Ltd, Rep by its Authorised Representativ-e, Mr. Naresh Makhija, S/o. Sundardas Makhija, Age: 58 years, Occ: Deputy Vice President, Kohinoor Square, 47"' Floor, N C Kglkq1 It/9n9, R.G.Gadkari-Chowk, Dadar (West), Mumbai - 400028 Mobile: +91 9619094342, Board: +91 22 69231111 Email: [email protected], w\ /w- omkaraarc.com ...Applicant AND

1. M/s. Shree Gauraavi Plastics Ltd. (in Liqn.), Represented by its Official Liquidator High Court for the State of Telangana Hyderabad.

2. The Branch Manager Federal Bank Ltd, 6-2-981, Maruthi Plaza, Beside Shadan College, Khairatabad, Hyderabad-500 004.

3. The Branch Manager, lndusind Bank Ltd. 1-10-72,3'd Floor, Ashoka Janardahana Chambers, Sardar Patel Road, Begumpet, Hyderabad.

4. M/s.Pridhvi Asset Reconstruction and Securitisation Company Ltd,4th Floor, Wing No.'1, "Raja Prasadamu" Plot No.6,64,6 B, Kondapur, Hyderabad-5O0 084.

5. The Branch Manager, Bank of Baroda, Barkatpura Branch, Hyderabad. Application Under Section 528 A of the Companies Act, 1956 read with Rule 9 of the Company Court Rules, 1959 praying that the Hon'ble Court may be pleased to order or direct the Official Liquidator i.e., the Respondent No.1 herein to ...Respondents release/ disburse to the Applicant i.e. Omkara Asset Reconstruction Company Pvt. Ltd, at least 90% of the sale proceeds, while retaining 10% of the amounts towards the expenses, fees of the Official Liquidator. / lA NO: 1 OF 2025 Petition under Section 15'1 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Couft may be pleased to expedite the matter by fixing an early date hearing in the.pending COMpA 145 of 2024. This application coming on for orders, upon reading the Judge's summons and the affidavit dated 25-11-2024 filed by Mr. Naresh Makhija, Deputy Vice president of the Applicant company and upon hearing the arguments Sri praveen Kumar Jain, counsel representing Sri V.V.S.N. Raju, Advocate and Sri J. Srinadh Reddy, Counsel for the Offrcial Liquidator for the Respondent No.1 . .";- ; The Court made the following: ORDER THE HON'BLE SRI JUSTICE ICLAKSHMAN COMPANYAPPLICATION No.145 OF 2024 ORDER: . Heard Sri Praveen Kumar Jain, leamed counsel representing Sri V.V.S.N.Raju, leamed counsel for the Applicant and Sri J.Srinadha Reddy, leamed counsel appearing for Official Liquidator.

2. This application is hled under Section 528-,4. of the Companies Act, 1956 ( for short, 'the Act') seeking a direction to the Official Liquidator to release or disburse to the Applicant at least 90%o of the amount of sale proceeds while retaining 10% towards expenses, fees of the Official Liquidator.

3. Offlcial Liquidator has filed report vide USR No.3276 of 2024 dated 09.01.2025. Itparagraph No.9, he has stated that upon realizatron of the SASF/IDBI as first charge holder on the land and buildings of the company (in liquidation), as per the statement of affairs and treating the Omkara Asset Reconstruction Company Private Limited, Applicant herein as first charge holder in the place of SASF/IDBI as per the assignment agreement dated 31.08.2024. In view of pending for invitation of claims, the Official Liquidator is of the opinion that the prayer of the ApplicanVOmkara Asset reconstruction Company Private I , Limited, may be considered for disbursement of 50% (.approximately) of available fund of Rs.7,74,93,3151- pertaining to company (in liquidation) which comes to Rs.3,85,00,000/- as interitn payment subject to submission ol undertaking by the Applicant herein that in the event of any excess amount refundable by them upon adjudication, they shall remit the said amount within fifteen (15) days positively as and when called for by the ofhce of the Official Liquidator and delay in return of excess paymcnt will carry' interest @ 8% p.a. till the date of payment.

4. Sri Plaveen Kumar Jain, learned counsel representing Sri i V.V.S.N. Rziju. leamed counsel for the petitioner, on instructions, would submit that the Applicant is also agreeing for the said proposal made by the leamed Official Liquidator vide report dated 08.01,2025.

5. In view of the consensus arived at between the Applicant and Official Liquidator, this application is disposed of directing the leamed Official Liquidator i.e. 1" respondent herein to release/disburse 50% of the available fund of Rs.7,74,93,315/- pertaining to company (in liquidation) which comes to Rs.3,85,00,000/- as interim payment subject to submission of undertaking by the Applicant herein that in the event of any excess amount refundable by them upon adjudication, they shall remit the said amount within fifteen (15) days positively as and when -:- 3 called for by the office of the leamed Official Liquidator including the interest for delay in retum ofthe excess amount.

6. The Applicant shall submit the said undertaking within one (1) week from the date of receipt of a copy of this order. Within one week thereafter, Official Liquidator i.e. l" respondent shall make the said payment. Consequently, miscellaneous petitions, if any, pending in this Company Application, shall stand closed. t-: To, Sd/. K. SRINIVASA RAO JOINT REGISTRAR //TRUE COPY// SECTION OFFICER 1 The official Liquidator, M/s. shree Gauraavi plastics Ltd. (ln Liquidation) Office at '1st floor, Corporate Bhawan, Bandlaguda, Nagote, Hyderabad 500068. 2 The Reqistrar of companies, Ministry of corporate Affairs, Government of lndia 2nd froor corporate Bhawan, Nagore, Bandraguda, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy Distri-ct, Telangana State Pin Code 500 680. 3 Il". Reg,ion-al Director, South Eastern Region, Ministry of Corporate Affairs, 3'd floor Corporate Bhawan, Nagole, Thattiannaram Village Hayathnagar Mandal, Ranga Reddy DistriciTelangana State, pin Code 500 680. -Bandlaguda,' 4' The S.o. o.S. Section, Hrg[court at Hyderabad, for the State of rerangana. 5. one cc to sri J. Srinadh Reddy, counser for officiar Liquidator, Higti court 6. One CC to Sri V.V.S.N. Raju, Advocate [OpUC] 7. Two CD Copies for at Hyderabad [OPUC] Kam/PSL h,/ HIGH COURT DATED:1710312025 ORDER COMPANY APPLTCATTON No: 145 of 2024 RCC No.1 ot 2012 '(. \.^ '?. 5 fi^!l 2025 ('( z C .\.. r * rcH DISPOSING OF THE COMPANY APPLICATION /2 4z 7 ,