Approval of Resolution Plan - Accurarch Acrylics Private Limited

PER CORAM

1. The present application IA(IBC)(Plan)/02/KOB/2026 has been filed on 20.04.2026 by Mr. Rajmohan R, Resolution Professional of M/s Accurarch Acrylics Private Limited (“Corporate Debtor”) under Section 30(6) and 60(5) of the Insolvency and Bankruptcy Code, 2016(“Code”) read with Rule M/s George Enterprises 11 of NCLT Rules, 2016 for approval of the Resolution Plan submitted by ABOUT THE CORPORAT,E S DucEcBeTssOfuRl Resolution Applicant (“SRA”). 2. a) The Corporate Debtor is a private company registered under the Companies Act, 2009, having its Registered Office at Door No.5, Building No.638, Ward No.3, Plot No.32, KINFRA Small Industries Park, Nalukettu Road, KINFRA Park PO, Koratty, 680309, Thrissur, Kerala, India. b) The Corporate Debtor is primarily engaged in the manufacture, fabrication, and processing of acrylic and allied plastic products. Its activities include manufacturing of acrylic sheets, panels, and customized plastic components, Fabrication and supply of acrylic display systems, signage boards, and industrial components, production of precision-cut and molded plastic products for commercial and industrial applications, undertaking job work, design, and installation services related to acrylic structures and fittings, and supply of acrylic-based products for interior decoration, branding, and industrial utility purposes. The company caters to sectors such as retail display, advertising, infrastructure, and industrial applications.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 CIRP AND KEY EVENTS DURING THE CIRP 3. a) The Company Petition CP(IBC)/33/KOB/2024 was filed by Kerala State Industrial Development Corporation Limited, Financial Creditor, against the Corporate Debtor, under Section 7 of the Code and was admitted by this Tribunal, vide order dated 09.04.2025, whereby CIRP was commenced in respect of the Corporate Debtor. Accordingly, Mr Rajmohan R was appointed as the IRP, who was subsequently confirmed as the Resolution Professional (“RP”) of the Corporate Debtor. b) A public announcement inviting claims from creditors was issued on 11.04.2025 in The Business Line, Kerala Edition, English Newspaper, and Kerala Kaumudi, Malayalam Newspaper, Thrissur and Ernakulam Edition. The Resolution Professional verified and collated the claims received as per the public announcement and then constituted the CoC on 23.04.2025. Vide order dated 08.05.2025 in IA(IBC)/174/KOB/2025 in CP(IBC)/33/KOB/2024, this Adjudicating Authority has taken on record the constitution of CoC. The CoC was reconstituted with other financial creditors on 26.09.2025. c) On 17.06.2025, the Resolution Professional issued Form G inviting Expressions of Interest (“EOI”) from Prospective Resolution Applicants (“PRAs”). Same was duly published in Business Line, English daily, All Kerala Edition, and in Kerala Kaumudi, Malayalam, Ernakulam and Thrissur editions, in addition to being hosted on the official website of the IBBI.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 d) The Resolution Professional requested CoC to extend the EOI time frame by 40 days in order to share the updated financials, RFRP, and IM with the PRAs. Accordingly, RFRP have been sent to PRAs for the submission of the resolution plan with due date on 31.10.2025 and further extended to 13.11.2025. e) The status of the receipt of Resolution Plans from PRAs was discussed th in the 8 CoC meeting held on 15.11.2025. The CoC opined to provide a one-time opportunity for amendments or modifications to the plan by the PRAs and hence decided to provide amendments or modifications within 24.11.2025, which was subsequently extended to 30.11.2025. In th the 13 CoC meeting held on 19.03.2025, CoC approved the resolution TOTpAlaLn C sIuRbPm EiXttTedE NbSyI MO/NsS S t George Enterprises with 99% voting. 4. Exten- IA no. Date from Date to Remark sion

1. IA(IBC)/376/KOB/2025 07.10.2025 05.01.2026 90 days 2. IA(IBC)/01/KOB/2026 06.01.2026 05.03.2026 60 days

3. IA(IBC)/113/KOB/2026 06.03.2026 05.04.2026 30 days Total CIRP days 360 days

STATEMENT OF CLAIMS AS ON THE DATE OF APPROVAL OF THE RESOLUTION PLAN AS FOLLOWS: 5.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

RESOLUTION PLAN OVERVIEW: 6. a)The resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets. b)Following the initiation of CIRP, the powers of the Board of Directors of the Corporate Debtor were suspended and are currently exercised by Mr.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

Rajmohan R, Resolution Professional. Pursuant to the issuance of the Public Announcement, Information Memorandum, and RFRP by the Resolution Professional, the Resolution Applicant submitted an EOI and now proposes this Resolution Plan for the revival of CD in accordance with the IBC and the regulations and circulars issued thereunder. c)The Resolution Applicant intends to make sincere efforts to turnaround the business in the best interest of all stakeholders. The Resolution Plan has been prepared under the assumption and firm belief that the business of the Corporate Debtor is free from any pending legal disputes that would impede the company’s functioning. Any unresolved or pre-acquisition legal conflicts existing as of the date of the NCLT's approval are expected to stand extinguished in light of the binding nature of the NCLT’s order under the IBC. d)In formulating this Resolution Plan, the Resolution Applicant has considered the interests of all stakeholders and ensured compliance with DEtLhIeB pErRovAiTsiIoOnNs oOfF t hTeH IEB CC OanCd O rNe lTevHaEn tF rEeAgSuIlBatIiLoInTsY. OF THE PLAN 7. The Resolution Plan was discussed and approved by the CoC with 99% th voting power in the 13 CoC held on 19.03.2026.

The Resolution passed in th 13 R CeosoClu itsi oenx 1t racted herein, APPROVAL OF RESOLUTION PLAN SUBMITTED BY M/S. ST. GEORGE ENTERPRISES (PARTNERSHIP FIRM OF MR. CHITTATH GEORGE SABU AND MR. BABU GEORGE) RESOLVED THAT pursuant to the provisions of section 30(4) and section 31 of the Insolvency and Bankruptcy Code, 2016, read with the applicable rules and regulations made thereunder, and in accordance with the invitation for resolution plans and KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 evaluation thereof, the Resolution Plan submitted by M/S. St. George Enterprises (Partnership Firm of Mr. Chittath George Sabu and Mr. Babu George) is presented and explained by the Resolution Professional, be and is hereby approved. RESOLVED FURTHER THAT the Committee of Creditors has duly considered the key features of the Resolution Plan, including the financial proposal, feasibility and viability, and notes the following: 1. The total Resolution Plan amount is 3.50 Crores 2. The Committee of Creditors has taken note that the Resolution Plan provides for payment to stakeholders in compliance with the Insolvency and Bankruptcy Code, 2016, and that the distribution has been arrived at after considering the liquidation value and commercial wisdom of the CoC.

RESOLVED FURTHER THAT the Resolution Professional be and is hereby authorised to submit the approved Resolution Plan, along with the compliance certificate in Form H, to the Hon'ble Adjudicating Authority (NCLT) under section 30(6) of the Insolvency and Bankruptcy Code, 2016, and to do all such acts, deeds and things as may be necessary or incidental thereto. RESOLVED FURTHER THAT upon approval of the Resolution Plan by the Hon'ble Adjudicating Authority, the Resolution Professional shall take necessary steps for implementation of the Resolution Plan in accordance with its terms. DETAILS OF THE SUCCESSFUL RESOLUTION APPLICANT 8. a) The Successful Resolution Applicant, M/s. St. George Enterprises, is a partnership firm managed by Mr. Chittath George Sabu and Mr. Babu George, engaged in metal recycling, trading, and industrial activities. b) The partners are also associated with M/s St. George Metals, established in 1998, engaged in metal recycling and scrap procurement. The firm is a registered entity and participates in auction platforms including MSTC Limited.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 c) The business is engaged in transactions relating to transformer scrap, copper, aluminium, and other metal scrap and industrial raw materials, and maintains business relations with public and private sector undertakings. d) In the year 2009, the group acquired Vanaja Textiles and developed the same into a logistics park situated in Thrissur District. The logistics park is pr•e sently occupied by various entities, including: • Qwik Supply Chain Private Limited • Berger Paints India Limited Nestlé India Limited e) The said operations provide direct and indirect employment to approximately 450 persons. f) In 2019, the group acquired the scrap division of Sree Sakthi Paper Mills and u• ndertakes scrap procurement activities, including contracts with: • Bharat Petroleum Corporation Limited (BPCL) • Cochin Shipyard Limited Kerala State Electricity Board (KSEB) g) In 2022, the group acquired M/s Propyl Packaging Ltd, a manufacturing unit located in KINFRA Park, Koratty, and commenced operations in the industrial packaging sector. h) The Applicant is also engaged in development activities, including a commercial project at Kodungallur and other projects.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 i) The Successful Resolution Applicant has experience in the execution of business operations and proposes to undertake the revival of the FINACNorCpIoArLa tPeR DOePbOtoSrA iLn UacNcDorEdRa nTcHeE w RitEhS tOhLeU RTeIsOolNu tPioLnA PNl aISn .T ABULATED BELOW: 9. Sl No Particulars Amount (Crores)

1. CIRP cost (on actual basis) 0.220 • 2. Payment to Financial creditor 2.980 • KSIDC -Rs. 2.90 CSB Bank Ltd- Rs. 0.0779 • Crores. (Rs 7.79 lakhs) Punjab National Bank Rs.0.0021 Crores (Rs 21000/-) • 3. Payment to Operational creditors 0.0277 KINFRA - Rs.9350/- (0.000935 • Crores) Koratty Gramapanchayath - Rs. • 7850/- (0.000785Crores) Customs Department - Rs 254550/- (0.025455 Crores) 4. Working capital (to be adjusted 0.272 with the Sl no 1 above) Total amount proposed 3.50

THE SALIENT FEATURES OF THE RESOLUTION PLAN ARE: 10. - The resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximization of value of its assets, including but not limited to the following:

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 Assessment on the value of assets of the corporate debtor a) SRA has visited the premises of the corporate debtor, and as per their assessment, the value of all the assets of the corporate debtor is only 2Sa.7l0e corfo praers.t of the assets b) SRA is planning to dispose of certain obsolete inventories and portions of the building, plant, and machinery that are no longer usable or economically viable for operations, as part of the ongoing restructuring and renovation of the assets of the Corporate Debtor. The objective of this exercise is to streamline and optimize the existing asset base in preparation for revival. It is not anticipated that Rtheesster udcistpuorsinalgs wofi ltl hrees ucoltr ipno arnayt es igdneibfitcoarn ta inndfl orwev oifv fauln adss. a Going Concern c)

The plan provides for the acquisition of all the shares of the corporate debtor by the resolution applicant for taking control of the corporate debtor for the induction of new management and operational restructuring. The plans provide for the revival of the Corporate Debtor as a going concern through the induction of new management and operational restructuring. And SRA is expecting an outflow totalling to 60 lakhs for the renovation, procurement of necessary plant & equipment, administration, deployment of human Sreastoisufraccetsi,o mn oonf istoerciunrgi tcyo minmteirtteeset a nd other legal charges. d)

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

The plan proposes that, upon the approval of the Resolution Plan by the NCLT and in accordance with the terms of payment stipulated therein for the Secured Financial Creditor, the security interest cWreaaivteind gin o ffa avnoyu ro othf ethre d seabidt dcrueed fitroorm sh tahlel bceo rdpeoemraetde tdoe bbet osra tisfied. e) The plan proposes that any other debt due from the corporate debtor, other than the claim already submitted or reflected in IM shall be waived, and no further payments to these debts are pCrIRopPo Csoedst i nSe tthtele pmlaenn. t f) In compliance with Section 30(2)(a) of the IBC, the Plan prioritizes the full and upfront payment of CIRP costs, which are estimated at Rs. 20,16,789.00 as informed by the Resolution Professional. th However, as discussed and proposed in the 8 CoC meeting by the Resolution professional, where the original resolution plan was presented, we are increasing the estimated CIRP cost provision to Rs. 22,00,000 in order to cover the legal and other expenses till the date oRfE aDpUpCroTvIaOl No fI Nth Te HReEs AolMutOioUnN PTl aPnA bYyA NBCLLET T. O THE CREDITORS g) i. Partial Settlement of Secured Financial Creditor

Based on the deliberations in the 8th CoC meeting, where the original resolution plan was presented, we are increasing the proposed amount to be paid to Kerala State Industrial Development Corporation. (Secured Financial Creditor) to 2,90,00,000 in four

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 equal instalments, with payment to be made within 250 days from ii.t hTer edaattme oefn atp opfr oUvnasl eocfu threed P lFainn bayn cthiael NCCrLeTd.i tor (Punjab National Bank and CSB Ltd)

Based on the deliberations in the 8th CoC meeting, where the original resolution plan was presented, the proposed amount payable to CSB Bank Ltd. and Punjab National Bank (Unsecured Financial Creditors) has been increased to Rs.7,79,000/- and Rs.21,000/- respectively, with payment to be made within 15 days iii. fLreoams et hCeo dnattine uoift ayp apnrdov Sael totfl etmhee Pnlta nw bityh t KheIN NFCRLAT

The Corporate Debtor operates from premises leased from KINFRA. The lease has a remaining term of 74 years. It is proposed to continue the lease and discharge future lease payments accruing for the period subsequent to approval of the Resolution Plan by the NCLT. KINFRA has submitted a claim of Rs.3,73,515.00/-. The Resolution Plan proposes payment of 2.5% of the claim amount towards past dues. The proposed amount payable to KINFRA is Rs.9,350/-, with payment to be made within 15 days from the date iv. oSef tatplepmroevnalt ooff tOhpe ePrlaanti boyn athl eC rNeCdLiTto. rs (Government)

The plan proposes to pay 2.5% of the of the claim submitted by operational creditors - government "Koratty Grama Panchayat" and "Customs DepartmenPta"g.e T12h oef 5p0r oposed amount to be paid to KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 "Koratty Grama Panchayat" and "Customs Department" (operational creditors government) to Rs 7,79,000 and 21,000 respectively, with payment to be made within 15 days from the Amdeantde mofe anptp irno Cvaoln osft itthuet Piolanna lb Dy othceu mNCeLnTts. h) The plan proposes that the Memorandum and Articles of Association shall be amended, if necessary, pursuant to the NCLT's approval of the Resolution Plan. Such amendments, including revisions to the capital clause, shall not require further shareholder approval and may be affected by the Resolution Applicant upon identification of authorized Issuance of securities of the corporate debtor, for cash, property, persons. securities, or in exchange for claims or interests, or for any other i) appropriate purpose

The plan proposes that the resolution applicant will acquire the existing shares and no proposal of issue of any securities of the corporate debtor for cash, property, securities, or in exchange for Cchlaaimngse o irn i nptoerretfsotsli,o o ro fo gthoeord asp oprr osperrivaitcee psu rpose. j) The Plan proposes that the facilities of the Corporate Debtor shall be acquired on a going concern basis, and the existing business objectives shall be continued. In the due course of future operations, additional business objectives may be incorporated alongside the existing ones to support business growth and diversification. The plan proposes no change in the portfolio of goods or services.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 Fund Infusion k) The plan is backed by fresh infusion from the Resolution Applicant, Ceoarmmmaritkmede nfotr o sfe Attdlidnigt idoenbatsl Finu nacdcionrgd ance with the approved terms. l) The Resolution Applicant commits to infusing additional funds as necessary to ensure the successful and timely implementation of the CONRSTesITolUuTtiIoOnN P lOaFn .M ONITORING COMMITTEE 11. a) A Monitoring Committee shall be constituted within seven business days from the date of approval of this Resolution Plan by the NCLT for a period of one year. b) Det ails of Monitoring Committee: 1. Rajmohan R - Resolution Professional 2. Representative of the Secured Financial Creditor -KSIDC 3. Representative from the side of SRA c) The Resolution Professional shall be entitled to a monthly fee of ₹50,000 for the duration of his involvement in the Monitoring Committee, which shall not exceed the monthly remuneration drawn during the CIRP. d) The• Monitoring Committee shall: Oversee the timely and effective implementation of the • Resolution Plan; Monitor adherence to the terms, milestones, and financial commitments outlined in the Plan;

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 • Facilitate coordination between stakeholders during the • transition period; and Address any implementation-related issues or concerns that may FEASIBILITY AND VIABILITY OF THE PLAN arise. 12. a) The plan proposed is in compliance with IBC and its regulations and proposes a feasible payment schedule to financial creditors and depicts a viable restructuring and operational plan which can be completed in a time span of 6 months after the effective date. b) Necessary approvals are expected to be granted by the concerned authorities based on the binding nature of NCLT order. As quite experienced and reputed business persons and with our rich exposures to the business networks and has definitive plans to revive and turnaround the CD in the best interest of all the stakeholders. The plan also states the process of its implementation and management to make ELIGitI fBeIaLsIiTblYe UanNdD VEiRa bSlEe.C TION 29A OF THE CODE 13. The Resolution Applicant confirms that, as on the date of this Plan and based on the records of the Resolution Applicant, the Resolution Applicant iMs AelNigAibGlEe MunEdNeTr OSeFc tCiOonR 2P9OAR oAfT tEh eD CEoBdTeO toR sAuFbTmEiRt t RheE SPOlaLnU. TION 14. a) The Resolution Applicant together with its nominees shall hold 100.00% shareholding in the restructured share capital of CD under new management. After the Upfront Infusion, the Resolution Applicant

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 shall be in control and management of affairs of CD and the business of CD shall be carried on by the new management as appointed by the Resolution Applicant shall continue the operations of the corporate debtor. b) The monitoring committee may separately monitor the activities of the Company and the implementation of the Resolution Plan in accordance herewith. Immediately on the approval of the Resolution Plan by the AA, the Board of Directors of CD shall be reconstituted, wherein the existing directors (including the independent directors, if any) shall resign and the Resolution Applicant will appoint new directors to the Board of Directors of CD. The new Board will be professionally managed by experienced persons and to have expertise in the company. c) With effect from the Effective Date, the Company shall be managed by a Reconstituted management/Board comprising of Directors nominated by the Resolution Applicant. The Directors on the Reconstituted Board shall be appointed on the Effective Date, without any additional approval from the Shareholders, and will be accountable for the day-to-day operations of the Company and shall be bound as per applicable law to protect and preserve the assets of the Company. All existing Directors shall cease to remain and act as the Director of the corporate debtor immediately on Effective Date unless reappointed under new terms and conditions by the Resolution Applicant. d) Entire management control of the Company will vest with the Resolution Applicant. For the Pmagaen 1a6g oef m50e nt of the day-to-day affairs the KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

Resolution Applicant has identified a core operating team as stated above. At the same time the Resolution Applicant realizes that given the complexities of the business like this, the Resolution Applicant will evaluate the need of human resource to revive the company. e) Any change in the members managing the Company shall not affect the validity and enforceability of any agreement, lease deed, contract, etc. executed by the Company with various parties, authorities, companies, etc., save and except the provisions and scope of alterations/ modifications/ amendments, as also such reliefs and concessions provided to the Resolution Applicant and the Company under this Resolution Plan. The Resolution Applicant shall appoint the statutory and internal auditor of their choice, subject to Applicable Laws. In order to successfully drive the operations of CD, the team of experts in management will work under the direct supervision and control of the THEn eINwD mICaAnTagIVemE eTnItM. ELINE FOR IMPLEMENTATION: 15. Stage Action Item Responsi Timelin Remarks bility e (from Effective Date)

T0 Approval of Resolution NCLT Day 0 Effective Date as Plan by NCLT per IBC Section 31(1) T0 + 7 Execution of necessary Resolution Within 7 Transfer Days agreements, escrow Applicant days framework, setup (RA) + payment terms, RP/CoC etc T0 + 15 Constitution of RA Within 15 Subject to no Days monitoring committee days stay from KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 appellate courts T0 + 15 Transfer of first RA Within 15 Subject to no Days instalment as per the days stay from plan appellate courts T0 + 30 Assumption of control & RA Within 30 As per approved Days management by RA days Plan and NCLT order T0 + 45 Legal compliances for RA Legal Within 45 E.g. local Days transfer of ownership Advisors days authority, fire (licenses, land lease, etc.) NOC, lease registration and other necessary licenses. T0 + 60 - Recruit key staff RA Within 60 For the Days days management and - Appoint top level administration management T0 + 90 Transfer of second RA Within 90 Subject to no Days instalment as per Plan days stay from appellate courts T0 + 120 Renovation and RA team As needed Based on Days restructuring of the technical report facility for the revival of and budget production Procurement & RA As needed Installation of new Procuremen equipment (if any) t Team T0 + 120 Monitoring Report to Monitoring Quarterly As per IBC Days NCLT/CoC (under Committee compliance Regulation 39 of CIRP Regulations) T0 + 150 Implementation of SOPs, RA 3–4 Clinical Days MIS systems, governance Managemen months governance & t financial controls T0 + 180 Transfer of third RA Within 180 Subject to no Days instalment as per Plan days stay from appellate courts

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

T0 + 270 Transfer of fourth RA Within 270 Subject to no Days instalment as per Plan days stay from appellate courts T0 + 360 Full implementation & RA + Within 360 Revived facility Days stabilization review Monitoring days. functioning Committee under new SOURCES OF FUNDS management 16. The infusion of upfront funds shall be done by the Successful Resolution Applicant from their capital funds. Capital funds have been raised from the partners of the firm. The overall Resolution Plan to complete the project is for a total amount of around 3.50 crores, out of which the entire amount shall be introduced by the resolution applicant. The resolution plan envisages an inflow of Rs. 3.23 crores from the SRA as Equity and/or any other permissible nature as the case may be, and the remaining expected 27 lakhs as inflow for the working capital and cost for revival for the next 1 year after the approval of NCLT. 17. Further, the Successful Resolution Applicant has furnished a Performance Bank Guarantee bearing no 10011BG00002026 dated 07.04.2026 issued by Federal Bank for an amount of Rs. 50,00,000/- (Rupees Fifty Lakhs only), executed on behalf of the Successful Resolution Applicant in favour of the Resolution Professional. 18. The Resolution Professional has produced the affidavit sworn by Successful Resolution Applicant confirming eligibility under Section 29A of the Code in their Declaration and Undertaking and meets the Resolution Applicant's criteria.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

19. An affidavit by the Successful Resolution Applicant undertaking compliance with the directions of the Hon’ble NCLAT in Jet Airways (India) Limited as upheld by the Hon’ble Supreme Court, including payment of full provident Annexure X. fund and gratuity dues and workmen dues over and above the approved Resolution Plan, is filed as 20. An affidavit by the Successful Resolution Applicant undertaking payment of the regulatory fee to the IBBI under Regulation 31A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, calculated at Annexure XI. 0.25% of the realisable value to creditors under the approved Resolution Plan, is filed as 21. Successful Resolution Applicant filed affidavit confirming that the EMD submitted under the RFRP shall be treated as the Performance Security Deposit in terms of Regulation 36B(4A) of the CIRP Regulations, and further Annexure XV. undertaking provision of an additional bank guarantee of Rs. 50,00,000/- to ensure due implementation of the Resolution Plan, is filed as 22. The Resolution Professional filed an affidavit affirming that due diligence has been conducted and the Successful Resolution Applicant is eligible under Section 29A of the IBC, 2016, and further confirming that there are no contingent liabilities of the Corporate Debtor pending as on the date of Annexure XIV initiation of CIRP and prior to approval of the Resolution Plan by the CoC, is filed as. 23. The CoC, having approved the Resolution Plan with 99% voting share, has authorised the Resolution Professional to approach this Tribunal under Regulation 39 of the CIRP Regulations for approval of the Resolution Plan. And stated that this Resolution Plan satisfies the commercial wisdom of the KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

CoC and complies with all requirements under the Code and does not contravene any provision of law. Annexure XVIII 24. The Resolution Professional has also submitted Form H under the CIRP Regulations, as KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

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The Resolution Professional has submitted the details of various compliances as envisaged by the Code and the CIRP Regulations, which a Resolution Plan is required to adhere to, as follows: Section/ Requirement with respect to the Relevant Clause of the Complia Regulatio Resolution Plan Resolution Plan nce n Yes/No

S ection The Resolution Applicant meets the Clause 2 of Chapter I- Yes 25(2)(h) c riteria approved by the CoC having "0verview" and Chapt er II - "About the Resolution regard to the complexity and scale of Applicant" in page 20 operations of business of the CD Section The Resolution Applicant is eligible Clause 8.8 of Chapter V- Yes 29A to submit resolution plan as per final "Mandatory Content of the Plan" in page 35 list of Resolution Professional o Order, if any, of the Adjudicating Authority Section The Resolution Applicant has The SRA has submitted an Yes 30(1) submitted an affidavit stating that it affidavit stating that it is eligible as per Code and the KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 is eligible as per Code same is attached Section The Resolution Plan- Yes 30(2) (a)Provides for the payment of Clause 2 of Chapter V -insolvency resolution process costs? "Mandatory Content of the Plan" in page 27 The RA has provided an (b)provides for the payment to the affidavit, which was operational creditors? submitted in the CoC meeting that the RA has allotted Rs. 2,71,750 to the operational creditors

Clause 4 of Chapter V - (c)provides for the payment to the "Mandatory Content of the financial creditors who did not vote Plan" on page 28 in favour of the resolution plan? Clause 6 of Chapter V - (d)provides for the management of "Mandatory Content of the the affairs of the corporate debtor? Plan" on page 31

Clause 7 of Chapter V - (e)provides for the implementation "Mandatory Content of the and supervision of the resolution Plan" on page 34 plan? Clauses 8 and 9 of Chapter (f) does not contravenes any of the V - "Mandatory Content of provisions of the law for the time the Plan" in page 35 & 36 being in force? Section The Resolution Plan The resolution has been Yes 30(4) passed in the 13th CoC (a)is feasible and viable, according meeting and 99% of the to the CoC? financial creditors has (b)has been approved by the CoC approved the resolution with 66% voting share? plan.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

Section The Resolution Plan has provisions Clause 7 of Chapter V - Yes 31(1) for its effective implementation "Mandatory Content of the Plan" on page 34 plan, according to the CoC?

Regulat The amount due to the operational As per the addendum to the Yes ion creditors under the resolution plan resolution plan in response 38(1) has been given priority in payment to the clarification sought over financial creditors. by RP, SRA clarified that payments appropriated for the payments to operational creditors will be paid within 15 days of approval of resolution plan by AA. Regulati The resolution plan includes a Chapter VII - Financial Yes on statement as to how it has dealt with Proposal in page 40 38(1A) the interests of all stakeholders. Regulati Neither the Resolution Applicant Clause 16 of Chapter V Yes on nor any of its related parties has "Mandatory Content of the 38(1B) failed to implement or contributed Plan" in page 38-' Neither to the failure of implementation of the Resolution Applicant any resolution plan approved under nor any of its related parties the Code. has failed to implement or contributed to the failure of If applicable, the Resolution implementation of any Applicant has submitted the resolution plan approved statement giving details of any such under the Code. non-implementation Regulati The Resolution Plan provides: on (a) the term of the plan and its Clause 5 of Chapter V - Yes 38(2) implementation schedule? Mandatory Content of the Plan" on page 29 (b) for the management and Clause 6 of Chapter Y -control of the business Paogfe 33th oef 50 "M andatory Content of the KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 corporate debtor during its term? Plan" on page 31 Clause 7 of Chapter V - (c) adequate means for "Mandatory Content of the supervising its implementation Plan" on page 34 Regulati The resolution plan demonstrates on tha t – Clause 11 of Chapter V - 38(3) 'Mandatory Content of the (a) it addresses the cause of Plan" on page 37 and default? Chapter IV on page 23 Yes Clause 12 of Chapter V - "Mandatory Content of the (b) it is feasible and viable? Plan" on page 37 and Chapter IV on page 23

Clause 7 (page no 34) and (c) it has provisions for its 13 of Chapter-"Mandatory effective implementation? Content of the Plan" in page 37

Clause 1,1 of Chapter V - (d) it has provisions for "Mandatory Content of the approvals required and the timeline Plan" on page 37 for the same?

Clause 15 of Chapter V - (e) the resolution applicant has the "Mandatory Content of the capability to implement the Plan" on page 38 and resolution plan? Chapter II on page 20 Regulati Whether the RP has filed There were no any No on applications in respect of transactions observed 39(2) transactions observed, found or determined by him

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

Regulati Provide details of performance Rs. 5,00,000 (Rupees five Yes on security received, as referred to in lakhs only) paid directly to 39(4) sub-regulation (4A) of regulation the CIRP bank account as 36B EMD is converted as non-refundable deposit. Further, the SRA has provided an additional bank guarantee of Rs. 50.00,000 (Rupees Fifty Lakhs only) to demonstrate the commitment towards implementation of the resolution plan

25. Valuation of the Corporate Debtor as provided in Form H is as follows: Fair Value Rs. 3,36,13,618.62/- Liquidation Value Rs. 2,54,97,125.46/-

ANALYSIS AND FINDINGS

26. The Resolution Professional has submitted that the Resolution Plan is in Form H compliance with the provisions of the Code and the CIRP Regulations, with relevant compliance details furnished in. It is further noted that no objections have been raised against the Resolution Plan, which has been approved by the CoC with 99% voting in its Kfa.v Soausrh. idhar v Indian Overseas Bank (2019) 12 SCC 150 27. The Hon’ble Supreme Court in the matter of 19…….In the prese, dnet cicdaesde ,o nh 0ow5.e0v2e.r2,0 1o9u rw hfeorceuisn imt iuss ht elbde a so unn dtehre; dispensation governing the process of approval or rejection of resolution

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 plan by the CoC. The CoC is called upon to consider the resolution plan under Section 30(4) of the I&B Code after it is verified and vetted by the resolution professional as being compliant with all the statutory requirements specified in Section 30(2). 55. Whereas, the discretion of the adjudicating authority (NCLT) is circumscribed by Section 31 limited to scrutiny of the resolution plan ‚as approved‛ by the requisite per cent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2), when the resolution plan does not conform to the stated requirements. Reverting to Section 30(2), the enquiry to be done is in respect of whether the resolution plan provides: (i) the payment of insolvency resolution process costs in a specified manner in priority to the repayment of other debts of the corporate debtor, (ii) the repayment of the debts of operational creditors in prescribed manner, (iii) the management of the affairs of the corporate debtor, (iv) the implementation and supervision of the resolution plan, (v) does not contravene any of the provisions of the law for the time being in force, (vi) conforms to such other requirements as may be specified by the Board.

The Board referred to is established under Section 188 of the I&B Code. The powers and functions of the Board have been delineated in Section 196 of the I&B Code. None of the specified functions of the Board, directly or indirectly, pertain to regulating the manner in which the financial creditors ought to or ought not to exercise their commercial wisdom during the voting on the resolution plan under Section 30(4) of the I&B Code. The subjective satisfaction of the financial creditors at the time of voting is bound to be a mixed baggage of variety of factors. To wit, the feasibility and viability of the proposed resolution plan and including their perceptions about the general capability of the resolution applicant to translate the projected plan into a reality. The resolution applicant may have given projections backed by normative data but still in the opinion of the dissenting financial creditors, it would not be free from being speculative. These aspects are completely within the domain

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 of the financial creditors who are called upon to vote on the resolution plan under Section 30(4) of the I&B Code. 58. Indubitably, the inquiry in such an appeal would be limited to the power exercisable by the resolution professional under Section 30(2) of the I&B Code or, at best, by the adjudicating authority (NCLT) under Section 31(2) read with Section 31(1) of the I&B Code. No other inquiry would be permissible. Further, the jurisdiction bestowed upon the appellate authority (NCLAT) is also expressly circumscribed. It can examine the challenge only in relation to the grounds specified in Section 61(3) of the I&B Code, which is limited to matters ‚other than‛ enquiry into the autonomy or commercial wisdom of the dissenting financial creditors. Thus, the prescribed authorities (NCLT/NCLAT) have been endowed with limited jurisdiction as specified in the I&B Code and not to act as a court of equity or exercise plenary powers. Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta & Ors., (2019) ibclaw. in 07 SC 28. The Hon’ble Supreme Court in, held the followin4g2- Thus, it is clear that the limited judicial review available, which can in no circumstance trespass upon a business decision of the majority of the Committee of Creditors, has to be within the four corners of section 30(2) of the Code, insofar as the Adjudicating Authority is concerned, and section 32 read with section 61(3) of the Code, insofar as the Appellate Tribunal is concerned, the parameters of such review having been clearly laid down in K. Sashidhar (supra). ‚73. There is no doubt whatsoever that the ultimate discretion of what to pay and how much to pay each class or sub-class of creditors is with the Committee of Creditors, but, the decision of such Committee must reflect the fact that it has taken into account maximizing the value of the assets of the corporate debtor and the fact that it has adequately balanced the interests of all stakeholders including operational creditors. This being the case, judicial review of the Adjudicating

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 Authority that the resolution plan as approved by the Committee of Creditors has met the requirements referred to in Section 30(2) would include judicial review that is mentioned in Section 30(2)(e), as the provisions of the Code are also provisions of law for the time being in force. Thus, while the Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors, the limited judicial review available is to see that the Committee of Creditors has taken into account the fact that the corporate debtor needs to keep going as a going concern during the insolvency resolution process; that it needs to maximise the value of its assets; and that the interests of all stakeholders including operational creditors has been taken care of. If the Adjudicating Authority finds, on a given set of facts, that the aforesaid parameters have not been kept in view, it may send a resolution plan back to the Committee of Creditors to re-submit such plan after satisfying the aforesaid parameters. The reasons given by the Committee of Creditors while approving a resolution plan may thus be looked at by the Adjudicating Authority only from this point of view, and once it is satisfied that the Committee of Creditors has paid attention to these key features, it must then pass the resolution plan, other things being equal. India Resurgence Arc Private Limited v. Amit Metaliks Limited and Ors, (2021) ibclaw.in 87 SC, 29. The Hon’ble Supreme Court in 10. As regards the process of consideration and apprhoevaldl tohf arte solution plan, it is now beyond a shadow of doubt that the matter is essentially that of the commercial wisdom of Committee of Creditors and the scope of judicial review remains limited within the four-corners of Section 30(2) of the Code for the Adjudicating Authority; and Section 30(2) read with Section 61(3) for the Appellate Authority. 11. It needs hardly any elaboration that financial proposal in the resolution plan forms the core of the business decision of Committee of Creditors. Once it is found that all the mandatory requirements have been duly complied with and taken care of, the process of judicial review

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 cannot be stretched to carry out quantitative analysis qua a particular creditor or any stakeholder, who may carry his own dissatisfaction. In other words, in the scheme of IBC, every dissatisfaction does not partake the character of a legal grievance and cannot be taken up as a ground of appeal. 12. The provisions of amended sub-section (4) of Section 30 of the Code, on which excessive reliance is placed on behalf of the appellant, in our view, do not make out any case for interference with the resolution plan at the instance of the appellant. The purport and effect of the amendment to sub-section (4) of Section 30 of the Code, by way of subclause (b) of Section 6 of the Amending Act of 2019, was also explained by this Court in Essar Steel(supra), as duly taken note of by the Appellate Authority (vide the extraction hereinbefore).The NCLAT was, therefore, right in observing that such amendment to sub-section (4) of Section 30 only amplified the considerations for the Committee of Creditors while exercising its commercial wisdom so as to take an informed decision in regard to the viability and feasibility of resolution plan, with fairness of distribution amongst similarly situated creditors; and the business decision taken in exercise of the commercial wisdom of CoC does not call for interference unless creditors belonging to a class being similarly situated are denied fair and equitable treatment.

Vallal RCK vs M/s Siva Industries and Holdings Limited and Others, 30. In Civil Appeal Nos. 1811- 1812 of 2022, (2022) ibclaw.in 63 SC, the Hon’ble 21. This Court has consistently held that the commercial wisdom of the Supreme Court held the following, CoC has been given paramount status without any judicial intervention for ensuring completion of the stated processes within the timelines prescribed by the IBC. It has been held that there is an intrinsic assumption that financial creditors are fully informed about the viability of the corporate debtor and the feasibility of the proposed resolution plan. They act on the basis of a thorough examination of the proposed resolution plan and assessment made by their team of experts. A KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 reference in this respect could be made to the judgments of this Court in the cases of K. Sashidhar v. Indian Overseas Bank and Others, Committee of Creditors of Essar Steel India Limited through Authorised Signatory v. Satish Kumar Gupta and Others, Maharashtra Seamless Limited v. Padmanabhan Venkatesh and Others, Kalpraj Dharamshi and Another v. Kotak Investment Advisors Limited and Another, and Jaypee Kensington Boulevard Apartments Welfare Association and Others v. NBCC (India) Limited and Others.

Kalyani Transco v. Bhushan Power and Steel Ltd., 31. In 179. It can thus be seen that this Court has held that the legislature (2025) ibclaw.in 388 SC, the Hon’ble Supreme Court held the following, purposefully did not include a means to challenge the commercial wisdom exercised by the CoC. This makes a challenge to the same non -justiciable. It has been further held that a challenge cannot be raised against the decision making of the CoC unless and until the grounds for challenge as given in the Code are satisfied. Any interference in the paramount objective of the CoC of exercising its commercial wisdom would amount to the Court rewriting the law and going against the very objectives of the IBC. 180. We are therefore of the opinion that in the present matter as well, the CoC exercised its commercial wisdom while approving the Resolution Plan whereby the Appellant - Jaldhi was classified as a contingent creditor and such a decision is deemed to be non-justiciable by this Court in view of K. Sashidhar (supra) which has been subsequently followed in a catena of judgments. The NCLT, and the NCLAT have also approved the Resolution Plan, and in light of the settled principle of law, we find no question of law being raised by the Appellant - Jaldhi and therefore, the appeal filed by it is liable to be dismissed.

32. On going through the Resolution Plan, this Adjudicating Authority is satisfied and intends to record that the Resolution Plan submitted by M/s St. George Enterprises prima facie appears tPoa gbee 4 0in o fa 5c0c ordance with Sections 30 and 31

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 of the Code and also complies with Regulations 38 and 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 33. On perusal of the Resolution Plan, this Adjudicating Authority find that the Resolution Plan provides for the following: a) Payment of CIRP Cost as specified u/s 30(2)(a) of the Code. b) Repayment of Debts of Operational Creditors as specified u/s 30(2)(b) of the Code c) For management of the affairs of the Corporate Debtor, after the approval of the Resolution Plan, as specified under section 30(2)(c) of the Code. d) The implementation and supervision of the Resolution Plan by the RP and the CoC as specified u/s 30(2)(d) of the Code e) The resolution plan is feasible and viable 34. It is placed on record that the Successful Resolution Applicant has filed an affidavit dated 30.04.2026, inter alia, undertaking that the reliefs, concessions, waivers and deemed approvals sought under the Resolution Plan shall be restricted only to those legally permissible under the IBC, 2016 and other applicable laws and further clarifying that, in terms of Clause 12.7, the Successful Resolution Applicant, being an unrelated party, may be refunded the amounts invested in the Corporate Debtor during the interim period, subject to directions of this Adjudicating Authority at the time of approval of the Resolution Plan. 35. T his Adjudicating Authority is of the opinion that no such refund clause can

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 be entertained, as it would go against the very spirit of the CIRP. Therefore, the Successful Resolution Applicant would not be entitled to claim any refund as stipulated in Clause 12.7 of the Resolution Plan or in the subsequently filed affidavit dated 30.04.2026. 36. The Successful Resolution Applicant has prayed for certain reliefs and the concessions as enumerated under the Resolution Plan approved by the CoC orders thereon are indicated against each. to be granted to the Corporate Debtor and/or the Resolution Applicant, Sl Reliefs and Concessions Orders thereon No Rejected. No blanket reliefs a) The AAPL and the Resolution Applicant shall be entitled to can be granted modify contracts which are entered into with parties which prior to the insolvency commencement date. Cannot be granted, as the b) Waiver of any income-tax and Minimum Alternate Tax (MAT) relief sought liability or consequences (including interest, fine, penalty, etc.) falls within the on AAPL, Resolution Applicant and its shareholders on account domain of the of various steps as proposed in the Resolution Plan, including competent but not limited to liabilities if any under Section 41 (1), Section regulatory 56, Section 43, Section 43 B, Section 28, Section 115JB and authorities. Section 79 of the Income-tax Act, 1961, including, without limitation waiver of MAT and income tax implication arising due to write back/write off of liabilities in the books of accounts of AAPL without any impact on brought forward tax and book loss/ depreciation, pursuant to this Resolution Plan. Rejected, No such direction c) The Central Board of Direct Taxes to, not take any other actions can be given to with respect to the transactions contemplated under this Plan statutory or under Section 281 of the IT Act. regulatory authorities.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

Approved, subject to d) Any approvals that may be required from governmental or obtaining the statutory authorities in connection with the implementation of requisite the Resolution Plan, including those necessitated by the change approval from in ownership or control of the Corporate Debtor (AAPL), shall the competent be obtained by the Resolution Applicant as per applicable law. authority upon However, in accordance with Section 31(1) of the Insolvency due compliance and Bankruptcy Code, 2016, the Resolution Plan, once approved with the by the Hon'ble NCLT, shall be binding on the Central prescribed Government, State Government, local authorities, creditors, procedure. guarantors, and other stakeholders, and such approval shall be treated as sufficient authority for the purpose of implementing the Resolution Plan. Accordingly, to the extent permissible under applicable law, all such approvals that are incidental to the implementation of the Resolution Plan and fall within the purview of Section 31(1) shall be deemed to have been granted or waived on and from the Effective Date, subject to there being no express objection or contrary requirement from the concerned authority.

Cannot be granted; No e) Upon approval of the Resolution Plan by the NCLT, all -non-blanket compliances, breaches and defaults of AAPL for the period prior immunity can to the Effective Date (including but not limited to those relating be granted. It is to tax), shall be deemed to be waived by the concerned for the Governmental Authorities. Immunity shall be deemed to have statutory and been granted to AAPL from all proceedings and penalties under regulatory all Applicable Laws for any non-compliance for the period prior authorities to to the Effective Date, and no interest/penal implications shall evaluate. arise due to such non-compliance/default /breach prior to the Effective Date. This includes, without limitation, waiver/extinguishment of any penalties/interests on account of staggered payment of statutory liabilities of the workmen/ employees of AAPL in accordance with the terms of this Resolution Plan. As civil liabilities are f) All creditors of the Corporate Debtor shall have to waive all concerned, that legal proceedings commenced against the Corporate Debtor in would relation to Claims, including all criminal proceedings, extinguish in proceedings under Section 138 of the Negotiable Instruments Act, 1881 and proceedings undePra gSeA 4R3F oAf E5S0I and RDDBFI, within

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 terms of order in Ganshyam 30 (thirty) days of the Effective Date for revival of the corporate Mishra, but debtor and for economic stability of the business of the waiver or Corporate Debtor withdrawal of criminal proceedings are unenforceable and cannot be given effect to. Approved in terms of g) From the Effective Date, all inquiries, investigations and Ghanashyam proceedings, whether civil or criminal, suits, claims, disputes, Mishra; proceedings in connection with AAPL or affairs of AAPL however, (including those initiated by Governmental Authorities), statutory pending or threatened, present or future in relation to any authorities are period prior to the Effective Date, or arising on account of at liberty to implementation of this Resolution Plan shall stand withdrawn proceed in and dismissed and all liabilities and obligations therefore, accordance whether or not set out in the balance sheets of AAPL or the with law in profit and loss account statements of AAPL will be deemed to respect of have been written off fully, and permanently extinguished and criminal acts no adverse orders passed in the said matters should apply to and regulatory AAPL or the Resolution Applicant.

Upon approval of this non- Resolution Plan, all new inquiries, investigations, notices, suits, compliances claims, disputes, litigations, arbitrations or other judicial, regulatory or administrative proceedings will be deemed to be barred and will not be initiated or admitted against AAPL and/ or its new management in relation to any period prior to the Effective Date Approved in terms of h) Except to the extent of payments to be made to the Operational Ghanashyam and Other creditors under Financial Proposal above, the Mishra. Resolution Applicant and AAPL shall have no liability towards any Operational Creditors and other creditors with respect to any claims (as defined under the Code) relating in any manner to the period prior to the Effective Date. Partly allowed, The SRA shall i) Neither the Resolution Applicant nor AAPL, nor their respective directors, officers and employees appointed as on or after the KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 not be held liable for past Effective Date shall be liable for any violations, liabilities, liabilities of the penalties, interests on statutory payments and/ or fines with CD except to the respect to or pursuant to any order of any Governmental extent provided Authority or on account of non-compliance of Applicable Laws in the Plan. by AAPL or due to AAPL not having in place requisite approvals However, no and licenses to undertake its business as per Applicable Law blanket immunity from statutory or criminal liability can be granted.

Rejected, no such direction j) All Governmental Authorities to provide reasonable time can be given, period after the Effective Date in order for the Resolution and the Applicant to assess the status of the approvals and ensure that moratorium the Corporate Debtor is compliant with the terms of such under Section approvals/licenses/permits and Applicable Law without 14 of the IBC initiating any investigations, actions or proceedings in relation cannot be to such Non Compliances and permit the Resolution Applicant extended to continue to operate and financially revive the business of the beyond the Corporate Debtor CIRP period. Rejected, as the relief sought is k) Indemnification- Resolution Applicant and the CD shall not be beyond the impacted and will be kept indemnified financially or otherwise jurisdiction of against any of the negative impact / observation / findings of this Forensic Audit if any conducted by the Resolution Professional. Adjudicating Authority; any forensic audit falls within the domain of the competent authority, and the concerned persons shall be KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 liable to face consequences in accordance with law.

37. Accordingly, the reliefs and concessions sought under the Resolution Plan shall be subject to applicable laws, and no blanket or automatic exemption shall be deemed to have been granted by this Adjudicating Authority. The approval of the Resolution Plan shall not be construed as a waiver of any statutory obligations of the Corporate Debtor, and the SRA shall comply with all such obligations and obtain necessary approvals from the concerned authorities within the prescribed time under the resolution plan. 38. This Adjudicating Authority also notes and clarifies that all provisions in the Resolution Plan, which stipulate that approvals, exemptions or waivers shall be deemed to have been granted upon approval of the Resolution Plan, shall operate strictly in accordance with applicable law. It is further clarified that all the deemed provisions shall have no bearing on the approval of the Resolution Plan. 39. Any such waiver or concession shall be subject to the approval of the Ghanshyam Mishra and Sons Private Limited v. Edelweiss Asset competent authority in the light of the Judgment of the Supreme Court in Reconstruction Company Limited (2021) 13 S.C.R 737, which held as follow s“O: n the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in, respect to a claim, which is not part of the resolution plan.”

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 “95. (i) Once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of the resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan; (ii) 2019 Amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which the Code has come into effect; (iii) consequently, all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 31 could be continued.”

40. In terms of the above judgment, all claims not forming part of the Resolution Plan shall stand extinguished upon approval. Lamba Exports Pvt. Ltd. v. Dhir Global Industries Pvt. Ltd. & Ors., 41. It is also appropriate to refer to the judgment of the Hon’ble Supreme Court (2026) ibclaw.in 129 SC in, wherein, while reiterating the primacy of the commercial wisdom of the CoC, it has been clarified that the same is not wholly immune from judicial scrutiny. It was observed that where a challenge is laid on a legally sustainable foundation, such as statutory illegality or jurisdictional infirmity, the Adjudicating Authority would be justified in examining the same in accordancPea wgei 4th7 olfa 5w0. In the present case, although the KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

CoC has exercised its commercial wisdom in approving the Resolution Plan, including the reliefs and concessions sought therein, this Adjudicating Authority is nevertheless required to examine the legality and permissibility of such reliefs and concessions within the framework of the Code and other applicable laws. Therefore, judicial scrutiny in this limited domain is warranted, and all reliefs and concessions as prayed for cannot be granted as a matter of course merely on the basis of approval by the CoC. 42. It is further clarified that wherever any approval, permission, filings or compliance or procedures are required to be undertaken under the provisions of the Companies Act, 2013, or any other statutory or regulatory framework, the Successful Resolution Applicant shall be bound to obtain such approvals from competitive authority of respective domain and comply with the prescribed procedures in accordance with law, and this order shall not be construed as dispensing with such requirements or directing any authority to grant approvals contrary to law. 43. It is further well settled that while approval of a Resolution Plan does not ipso facto extinguish criminal liability, if any, of the erstwhile promoters or suspended Board of Directors, all civil claims, statutory dues and recovery proceedings against the Corporate Debtor were required to be submitted before the Resolution Professional in the form of claims. In the event such claims are not filed or are not admitted and dealt with under the Resolution Plan, the same cannot be pursued thereafter and shall stand extinguished by operation of law. the Resolution Plan of Rs. 3,50,00,000/-, 44. Therefore, subject to the observations made in this order, (RupPeaegse 4T8h orfe 5e0 Crore Fifty Lakhs only) covering

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024 approved CIRP cost on actuals, is hereby by this Bench subject to the observations made in this order. The Resolution Plan shall form part of this order. 45. The Resolution Plan is binding on the Corporate Debtor, its employees, members, and all its creditors including but not limited to secured, unsecured, financial and operational creditors, guarantors, government and statutory and local authorities and other stakeholders involved so that revival of the Corporate Debtor can come into force with immediate effect. 46. The moratorium imposed under section 14 of IBC, 2016 shall cease to have effect from the date of this order. 47. In case of non-compliance with this order or withdrawal of the Resolution Plan, the CoC shall forfeit the Performance Bank Guarantee amount already paid by the SRA. 48. The Resolution Professional shall stand discharged from his duties with effect from the date of this order. However, he shall perform his duties in terms of the Resolution Plan as approved by this Adjudicating Authority. 49. The Resolution Applicant shall have access to all the Corporate Debtor’s records, documents, assets, and premises with effect from the date of this order, to finalize the further line of action required for starting the business operations of the Corporate Debtor. 50. The Resolution Professional is further directed to hand over all records, documents, and properties of the Corporate Debtor to the Resolution Applicant to enable the Resolution Applicant to finalize the further line of action required for starting the opPaegrea 4t9io onf s50.

KOCHI BENCH In re M/s. Accurarch Acrylics Private Limited IA(IBC)(Plan)/02/KOB/2026 IN CP(IBC)/33/KOB/2024

51. The Monitoring Committee shall file progress report regarding the implementation of the Plan before this Tribunal upon completion. 52. Liberty is hereby granted for moving any applications if required in connection w IiAth( ItBhCe )i(mPplalenm)/e0n2ta/tKioOnB o/f2 t0h2is6 R esolution Plan. allowed 53. Accordingly, in CP(IB)/33/KOB/2024 stands and disposed of. 54. The Registry is hereby directed to send e-mail copies of this order forthwith to all the parties: CoC, RP and SRA, and their Learned Counsels for information and for taking necessary steps. The RP is directed to send a copy of this order to the IBBI and RoC concerned for their record. 55. Certified Copy of this order may be issued, if applied for, upon compliance with all requisite formalities. 56. F i l e be consigned to records.

Sd /- Sd /- RAVICHANDRAN RAMASAMY VINAY GOEL (MEMBER TECHNICAL) (MEMBER JUDICIAL)

th Signed on this the 8 day of May, 2026. K*