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7. In this connection the Official Liquidator has sent notices to the Ex-Directors on 15.06.2020 to provide information on the debtors. In response to the said notice, one of Ex-Director viz., Sri.Shashi Kumar http://www.judis.nic.in Comp.A.No.278 of 2020 in CP.No.350 of 2014 and Nair appeared in this office on 7.8.2020 and informed that the debt dues could not be realised because the steel sector was in recession since 2011 and that all the debtor companies are under NCLT/BIFR for insolvency due to the recession. Upon further verification it is notice that one of the debtor M/s.Emas Engineers and Contractors Pvt. Ltd., is under liquidation with Official Liquidator attached to the Hon'ble High Court, Madras. Other debtor companies M/s.NSR Steels Pvt. Ltd., M/s.Varadha Steels Pvt. Ltd and M/s.Paragon Steels Pvt., Ltd were under insolvency proceedings in NCLT. Replies of NSR Steels and Paragon Steels are attached as Annexure-C. NCLT order in case of Varadha Steels appointing a Liquidator is attached as Annexure-D. Further, the fixed assets of M/s.Sabari Alloys & Metals Pvt. Ltd was attached by the Commercial Tax Department vide order dated 04.12.2017. (Copies attached as Annexure-E) and its movable assets are taken possession by State Bank of India as per the Punchnama dated 09.01.2017. In the light of the above it is ascertained that most of the debtors are under insolvency proceedings or that their assets are attached by statutory authorities and banks. Moreover since all the debts pertain to the period from 2008 to 2013, it is highly unlikely that the debts of the company under liquidation could be realised now.