SRI AVINASH DESAI, SR. COUNSEL REP. FOR SRI v. MURALI MANOHAR

Ranga Rediiy District represented by its Liquidator, G.Madhusudhan Rao 6. G. Madhusudhan Rao, S/o. Mr.G.Subba Rao, R/o. 7-1'285, Flat No.103, Sri Sai Swapna Sampada Apts, Balkampet, Hyderabad-500038, Appointed as the Official Liquidator of M/s. Suryajyothi Spinning Mills Ltd RESPONDENTS Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased to grant extension of time by a further period of 60 days for the SCC to deliberate upon and approve the Scheme of Compromise/Arrangement under Section 230 - of the Companies Act, 2013, in terms of the order dated 28-11-2025 in W.P Nos.35044 & 35052 of 2025. Counsel for the Petitioner: SRI AVINASH DESAI, SR. COUNSEL REP. FOR SRI V. MURALI MANOHAR Counsel for the Respondent No.1: - Counsel for the Respondent No.2: SRI V.V.S.N. RAJU, SC FOR SBI Counsel for the Respondent No.3 to 5: - - - - Counsel for the Respondent No.6: - lA No.1 of 2026 in WP NO: 35052 OF 2025: Between: ANO 1 2 3 4 5 6 Arun Kumar Agarwal, S/o. Ravinder Agarwal, Aged.SO Years, Occ: Business, Plot No. 341, Road No. 23-A, Jubilee Hills, Hyderabad -500034 ...PETITIONER Union cf lndia, Represented its under Secretary, Ministry of Finance, New Delhi, M/s.State Bank of lndia, Stressed Assets Management Branch, Secundrabad, D.No.t;9-76, 2nd and 3rd Floors, Prabhat Towers, Opp. SBI Amaravathi LHO, Chappal Road, Gun foundry, Hyderabad-500001 M/s.lDBl Bank_Limited, Represented by The General Manager, NpA Management Group, 5-9-89/1 and 2, Chapel Road, HYDER-ABAD|DBI Bank M/s.lnCian Overseas Bank, ARM Blanch (ARMB), Represented by , The Assist,rnt General Manager, Third Floor, IOB Platinum Plaza, Chikkadpally, Hyderabad M/s. Suryajyoti Spinning Mills Ltd, Burgul Village, Farroqnagar Mandal, Ranga Reddy District represented by its Liquidator, G.Madhusudhan Rao G. Madhusudhan Rao, S/o. Mr.G.Subba Rao, R/o.7-1-285, Flat No.103, Sri Sai llyapna Sampada Apts, Balkampet, Hyderabad-500038, Appointed as the Of ficial Liquidator of M/s. Suryajyothi Spinning Mills Ltd ...RESPONDENTS Petition under Section 151 CPC praying that in the circumstances stated in the affidavit filed in support of the petition, the High Court may be pleased to grant exten:iion of time by a further period Of 60 days for the SCC to deliberate upon and al)prove the Scheme of Compromise/Arrangement under- Section 230 of the Companies Act, 2013, in terms of the order dated 28-11-2025 in W.p. Nos.35044 ii 35052 ol 2025 Counselfor the Petitioner: SRI AVINASH DESAI, SR. COUNSEL REP. FOR SRI V. MURALI MANOHAR Counsel for the Respondent No.1:- Counsel for the Respondent No.2: SRI V.V.S.N. RAJU, SC FOR SBI Counsel for the Respondent No.3 to 5: - - - - Counsel for the ResPondent No.6: .. The Court made the following: COMMON ORDER "Mr.Avinash Desai, learned Senior Counsel representing Mr.V.Murali Manohar, learned counsel appearing for the petitioner. Mr.V.V.S.N.Raju, the learned Standing Counsel appearing for the respondent No.2. The petitioner seeks extension of time of 60 days for the Stakeholders Consuttation Committee ('SCC') to deliberate upon and approve the Scheme of Compromise/ Arrangement under section 230 of The Companies Act, 2013. Learned Senior Counsel appearing for the petitioner places a Common Order dated 28.11.2025 passed by this Court in W.P.Nos.35044 and 35052 of 2025whereby the Writ Petitions filed by the petitioner were allowed by granting 60 days to the petitioner from the date of the said order for the SCC to deliberate upon and approve the Compromise. Learned counsel appearing for the SCC submits that the petitioner is yet to furnish three documents i.e., (1) Notarized Affidavit from the Guarantor depositing an amount of Rs.5 Crores with the State Bank of lndia ('SBl') to be utiiised for implementing the Compromise submitted by the petitioner, (2) an Affidavit under section 29A of The tnsolvency and Bankruptcy Code, 2016 (,lBC') and (3) a Binding Commitment Letter for Source of the Funds from UTl, Ly reason of which the SCC has not been able to continue with the deliberations and approve the Compromise. Senior Counsel appearing for the petitioner submits that two of the documents, namety, the Affidavit dated 06.11 .2025 showing deposit of the specified amount ind the Undertaking and Affidavit under section 29 A of the lli6, dated 27.01.202G have already been.furnished to the SCC. It is further submitted that the processing of the other document i.e., the UTl,s binding Term Sheet depends on approval of the CompromiseScheme by the SCC which is possible onty after the SBt comes to a decision with regard to the alteged wilful default onthe part of the petitioner. Notably, the Wilful Defaulter Review Committee conducted a final hearing in the matter on 20.01.2026 but is yet to pronounce its decision therein' Consideringtheabovecircumstancesandthefairstandtakenonbehalf of the scc, this court deems it fit to allow the Interlocutory Applications. l.A.No.1 ot 2O26 in W.P.No.35044 of 2025 and l-A.No'l of 2026 in W.P.No.35052ct2o2Sareaccordinglyallowed.Thepetitionerisgrantedan extension by a further period of 60 days from today for the scc to deliberate the Scheme of Compromise/Arrangement, in terms oJ the upon and commonord.erdated2Sjl.2o2SpassedbythisCourtinW.P.Nos.35044and 35052 of 2025." "[prur" //TRUE COPY// Sd/-A.SRINIVASA REDDY TANT REGISTRAR ECTION OFFICER To 1 2 The undr-'r SecretarY, Ministry of Finance, Union of M/s.Stat,: Bank of lndia, Stres sed Assets Man agement Branch, Secundrabad, D.No.5-!r-76, 2nd and 3rd Floors, Prabhat Towers, Op p. SBI Amaravathi LHO, erabad-5000 01 Cha ppal Roa Bank Limited, NPA Management Group, 5-9- Gerreral

3. The 4. The Assistant General Mana ger, M/s.lndia n Overseas Bank, ARM Branch 89/1 ancl 2, Chapel Road, HYDERABADIDBI BANK d, Gunfoundry Manager, M/s a, New Delhi, , Hvd IDBI , Third Floor, IOB Platinum Plaza, Chikkadp ally, Hyderabad ridator, G.Madhusudhan Rao M/s. S /illage, Farroqnagar Mandal, Ranga i Spinning Mills Ltd, Diskict IV. MURALI MANOHAR, Advoca telOPUcl rv.v.s.N. RAJU, SC FOR SBI [OPUC] I G. MADHUSUDHAN RAO, AdVOCAIE [OPU cl I N. BHUJANGA RAO, Deputy Solicitor General of uryalyo Reddy 5 (ARMB) The Liqt Burgul \ One CC to SR One CC to SR One CC. to SR One CC; to SR lndia [CPUC] 10.Two Ct) CoPies 6 7 8 9 BN @; /'{ HIGH COT'RT DATED:0310212026 COMMON ORDER lA.No.1 AF 2026 WP.No.35044 & 35052 of 2025 THE ,5 ( 1 7 [rB 2{]26 2 * * P,ircHr't' =a:t" ALLOWING BOTH THE l.A's.