Approval of Resolution Plan - Anil Mega Food Park Pvt. Ltd.

ORDER BENCHI IPER: 1. IA(PIan)/39(AHM)2o24 is filed by the Resolution kofessional referred (hereinafter of the Corporate Debtor-M/s. Anil Mega Food l,rivate Limited under Section 30 along with Section 31 of the Insolvency and Bankruptcy Code, 2016 (hereinafter refened to as "IBC, 2016") read with Regulation 39(4) of thc ltslll (CIRPI Regxlations, 2016 seekns thc follolvins lout Lotdthip a, be pledsed to ad it a"d a o\9 ttu pesent

Yoo Lodship nar be pleased to appow the Rdised R.solution Pl@ dated 26.0J.2021 subnided by M/s. E eNpoc. Cotp@dtion LLP aloiE eith Gthjah N. Vord ds approyed b, the nenbeN ol CoC br lA0% votingSh einth, attet ofW' AhilMeCa Food P@tPtivate Linired. ga ut row Lordihip nar b. pleased to oth.r rcli.for r.liefas tur, deen fu ih the lishr of the fads and circu6tarc4 ofthe cae.

l 'lhc bricffacts oi IA/39(AHNI)202+ rrc stat.d to be as un.ler: I. The Financial Creditor - IFCI Ltd., filed ai application under Section 7 of the IBC,2016, bearing CP0B) No.2a7 of 2019 seeking initiation of the Corporate Insolvency Resolution Process (hereinafter referred to as "CIRP') of the Corporate Debtor. This Tribunal vide its order dated 29.07.2021 the Cor?orate Debtor ^drnitted in CIRP and appointed the Applicant herein as lnterim Resolution Professional (hereinafter referred to as IL The IRP made public anouncement in Form-A on in O3-O2.2O21 Financial Express, cujarat Edition in English as well as Gujarati with the last date of submission of claim as 16.02.2021. Pufsuant to the public the IRP announcement, constituted the Committee oI Creditors (hereinafter rcfered to as "CoC") comprising of IFCI, having 100% voting shde. As per the Information Memorddum, under "List of Financial Credito/ total outstanding of Secured Financial Creditors of the Company is Rs.113,84,69,108/ who has submitted the claims ard also ve fied and admitted by the ResolutioD Professional are as foUows!

III. The 1* meeting of the CoC was held on 03.03.2021 wh€rein the CoC resolved to continue the Applicart herein as Resolutior Proressional (hereinafter referred to as and to publish G for "RP') Fo.m inviting Expression of Interest (hereinafter refered to cF,oI"). Accordirgly, FoIm G was published in two newspapers, namely, sandesh lin Guja.rati) and Business Standard (in Enslish) both in Gujdat Edition on 09.03.2021 last date for submissior oI EoI was 23_O3_202t.

The 2id meetinC of ihe CoC was held on O7.O5.2O21 wherein the RP informed the CoC regarding receipt of three Resolution Plans from Prospective Resolution Applicets (Ior short "PRAS"). The CoC, after discussine the feasibility and viability, directed the PRAS to submit the revised plan.

The 3d meetins of CoC 1rlas held on 12.07 .2021 w})ereil] the members ol CoC, itlter alra, rejected the plars submissed by PRAS as the amourt proposed in plan "V of was not feasible and viable and turther the members,

CoC resolved to seek er(ension of CIRP period by 90 days beyond 180 days as 18O days was going to expire on 24.07.2021. Accordingly, IA No. 515 of 2O2l was T filed seeking extension of 90 days. This bunal vide its order dated 09.08.2021 allow€d the extension of 90 days beyond 18o days. \'t. In the 4th meeting of CoC held on 29.07.2021, the members of the CoC resolved to publish anesh Form G on 3o.o7.2021. l2rd) VI]. In the 66 meeting of CoC held on 2a.O9.2O21, tlre RP apprised the CoC about the receipt of folowing four Resolutioh Plans re.eived from PRAsl a Li RahMani MarketjnaPtiwte ited, b M2K Dewlopers Prieate Linited. c. M| DipalPatel&tb!. Dihple Pat.lah.! d Mr Dine\h Patol & t \ In the said meeting, the CoC rcsolved to conduct the negotiation process on the plans through e-bidding to be held or 07.10.2021. \'I I the period oI 27O days of CIRP was going to exptue 07.71.2021, the Applicant filed lA No. 768 of 2027/ seeking ex.lusion oJ 52 dats lronr CIRP pcrlod. However, this Tribunal vide its order dated 24.11.2021 paitly allowed the application and glanted exclusion of 30 days's pe od for completins the CIRP process.

IX. The 7d meeting of CoC was held on 26.10.2021 wherein the RP appdsed the CoC about the highest bid of Rs.27,00,00,000/ received ftom M/s. M2K Developers pld Private Limited. The CoC after discussing the directed the PRA to submit its revised plan. The revised pla submitted by M/s. M2K Developers Pvt. Ltd., came to be approved by CoC with looolo voting share on 19.11.2021 through electronic voting. Pursuant to the approval of the plm, IA No. 843 of 2022 was filed before this Tribunal seeking approval of the plm submitted by M/s. M2K Developers A/t. Ltd. X. During the pendency of the application, M/s. M2K Developers R?t. Ltd. (erstwhne SRA) filed an IA No. 420 of 2022 objecing the CoC approval of the plan. This Tribuml vide its order dated 06.07.2022 allowed the said IA and rejected the resolution plan approval. tt/ applicatior. A copv of the said order is attached as xI. th. Beins assrieved by the said order dated 06-07 -2022, Applica-nt prelered an appeat, bearing CA (AT) (Ins) No. lOO4 of 2022 before the Hontle Appellate Tribuna.l challerying the order passed by this Tribunal rejecting the Resolution Plan approval application.

During the course of proceeding, the RP received instructions ftom the members of the CoC for withdrawal of the appeal filed before the Hon'ble Appelate Tribunal vide email dakd 13.07.2023 and further directed to 'explore alternate optior for resolution'. Subsequently, the Hon'ble Appellate Tribunal allowed the withdrawal of the said appeal on 02.08.2023. xII. The RP convened the ad CoC meetinC on 10.08.2023 and apprised the members of CoC about the binding offer/proposal from Prospective Buyer to acquire the Corporate Debtor a.nd discussed the lurther course of CIR process etc. XIIL The 9d meeting of CoC was held on 11. 10.2023 wherein the members of CoC resolved to seek one-time extension of CIRP by turther 90 days to publish alresh EoI in order to ensure ma-ximizaiion of the value and rcsolution of the Coryorate Debtor and further exclusion for the time taken in litigation before the NCLT & Honble Appellate Tribunal. Pursuant to the said resolution, IA No. 1389 of 2023 was filed seeking one time extension by further 90 days. This Tribunal vide its order dated l7.O7.2O24 granted one time extension of 90 days from 17.01.2024 for the leasons stated in the said order.

XIV. In the 1Od meeting of CoC held or 19.01.2024, the CoC resolved to initiate the EoI process alesh arld flxed the minimrm eligibility criteria urder Section 25(2)(h) of the IBC, 2016. Thereafter, the RP published Form-G on in the 2O.O1.2O24 newspapers, na.rnely, Sa.ndesh (Vernacdar Language) and Business Standard (English Language) wherein the last date of receipt of EoI was o5.o2.2024_ xv. n rS mPPr r'- . , ^' l'-l I r 0 .0 '0lr. ' ERP apprised the members of CoC about receipt of 9 EoI from PRAS a-nd the CoC, inter alia, approved the Evaluation Matrix for evaluating the plm. \\t The r2th meeting of CoC was held on 06.03.2024 wherein the RP apprised the members of CoC about the amendment particulaiy Reeuration 3s(1)(A) and Resulario. 36t2){kal r'1 lhe CIRP Requlatio|s. 201b. XVII. In the 13d meeting of CoC held on 15.03-2024, the RP app sed the CoC that out of 9 EoI, following 4 PRAS have submitted their plans before the last date oI submission of plan i.e., 13.O3.2O24i a. Mr Da$l@aLdkhaai b. M/s. E@pd@ corpotution u.P johfu unh Mr c njan c. M/s. MadlustdM Setuies Priv@te Limited. d..

M/ s. Reflrgent Ptupens Vqtu@ Priudte Limited In the said meeting, the CoC ajter discussion and deliberation on the plans, r€quested atl the PRAS to submit revised plan. XV]iI, The 146 CoC meeting was held on 20.03.2024 wherein ard/ the CoC held turther negotiation rounds with PRAS inter aii@ requested to lurther revised plall value. xIX. In the 15rh meetinC of CoC was held on 23.03.2024 wherein the RP apprised the CoC about the receipt ol final enhanced Resolution PIan from two PRAS and further time sought from one PRA for submission of its pld. enhdced The said meeting was adjoumed to 26.O3.2024 XX. The r6d CoC meeting was held on 27.03.2024 wherein ad the CoC discussed the plans d€cided to put all four plans received from PRA for e-voting. That e-votirg was comenced on 29.03.2024. A copy of 16d CoC meeting a.w. resolutions md E-votirg results are annexed as Annexure X. xxl. In the 176 CoC meeting held on 16.04.2024, the RP apprised about the expiry of CIRP period on 16.04.2024 and turther requested the CoC, ir its commercial wisdom, to cast their voting on resolution pertaining to approval of plm o. initiation of [quidation process.

In the said meeting, the members ol CoC, inter alia, extended the e-voting wirdow till 19.04.2024 at 5:00

PNI o. .r..orrnt of nirhli. h.lid:v xxU The resolution plan submitted by M/s. Evenspace Corporation LLP along with Gunjm N. vora (SRA) came to be approved by the CoC with lOOo/" voting shde on 19-04.2024. A copy of the resolution plan submitted by SRA dated 26.03.2024 is dnexed as Annemre-Z. )(\]II, The payment structure in Revised Resolutior Plan d^ted 26.03.2024 by M/s. Evenspace Corporation LLP alone with Gunjan N. Vora is extracted hereinbelow for ziii-i-.._'-6E:

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XXIV It is stated that the Fair Velue and the Liquidation Value of the Corporate Debtor have arrived a.t Rs.3r.5275 C.ore a.nd Rs.17.5250 Crore respectively. A copy of valuation report is anflex€d as Annexure -zA. txv The Resolution Plan came to be filed before this 22.41.2021 IA(PIan)/ 19(AHM)2o24 which came to be heard on 25.06.2024 whereby this Tribunal directed the Applicart to file additionat afiidavit providing clarificatior dd turther capabilities of SRA qua pa],rnent of the Resolution Plan. Thereafter, this Tribunal vide its order dated 12.07.2024 obseircd ^s

'' .Funher, an IA has alsa Jiled bt the awlxd,t/R] ehich is listetl today d et;al na 20 t being LU1036(AHL02AU lar reekinE erk"sion oJ CIRP ptiod Dnihq the cou^e of heatihe dtu! pi"tal of the pldn it n louh.l that the rctuluton af the CoC qM awrdal of the CIR? con of Rs 1.25 cturu ho @t been pldced. Further, EMD deposited b, rhe SRA is nor 6 pet the total .ho,ht af pehtion Plah of 37 30 crote Let niterc .. in EMD h. deposit rl dtt! p,oof ne ptac.n b! rh. Appli.ant ,/RP alone dth renldion oJ the coc qua rpprcval oJ the clRP cosl br edr of uklitiowl al'tdatu Nntih 10 rlals. ' A copy of the order dated 72.07.2024 alo,rs, \Niu-t -\e additionat alfidavit filed by the RP are amexed at XXVI It is stated that this Tribunal vide its order dated o7.o4.2o24 passed in IA(Plar)/ 19(AHM)2o24 & IA No. 1036 of 2024 reserved the aloresaid Resolution Plar for plai orders. However, only application came to be listed for clarification whereby this Tribunal vide its order dared 13.08.2024 observed the tollowing discrepancies:- n. The @nnents olthe AC tnh respe.t ro the Accau,tihg Tteatneht nentiored at Part-K althe Plan reli.f me cohtunts ofthe P,? r.E@diry d corcesiod sought in the plan at Pot-I a"d Po of,he Nlief sotght in the iqtant dppl ic a tio n be i nE.l ite run |. Wilh Ntpect to Fomotion olBodrd h Pdn-g ofthe pla4 rh. M hat propogd to appoirt reo DitectoB. Howeet, the @e of sai.l DirectoB hat @t been nehiored thlch is rcquired to b. giyen atohs witt dfrd@t of 29a IBc. h w opinim, these ditoepMies @@t b. t ciled b, tundihg L4 pending aryoval ofthe Resol ioh PIae me4or., ,. h.rebr t tun the Resol"tion Plm application to th. RP. with th. dircctioB to tdtift the diweparci.s, eithk a pdiod ofteo veels b, hol.lihg anothef CoC dting. eirhin a p.riotl of lA darr. Fd H need to be file.l dth M.nded applicatid XXVI] Pursudt to the atoresaid dircction, RP duly convened the 2Od CoC meetine on 22.04.2024 wherein the RP appdsed tlle members of CoC about the order dated n,//'

13.08.2024 passed by this Tribunal. That apropos to the obserqation (a) of this Tribunal, the resolution pertaining to the Accounting Treatmert was put up before the members of CoC for voting. As regards to the observadon (b), the CoC inler alia rcsolved to in incorporate Part-J the amended resolution plan applicarion. Further, as regards to the obseratioD (c), the SRA has duly provided the Board Resolution appointing its Directors a]ong with its aiidavit under Section 29A showcasiDg eligibility as per provisions of the Code. The certifled true copy of the Bo3rd Resolution passed in the meeting of partner of Evenspace Corporation LLP on 23.06.2024 along with afiidavit under Section 29A of the Code stating that Mr. Gunjan N Vora md Mr. Kalpesh Shall will be the directors of the AniI Mega Food Park Private Limited was filed. A copy oI the same is annexed as Annexure ZF page 442 to 452. ir XXVIII Pursuant to the discussion 2Od CoC meetina, the RP vide its email dated 23.OA.2O24, 26.Oa.2O24, 27.04.2024 and 30.08.2024 sousht approval to the proposed resolution pertaining to the Accounting pla Treatment as provided under the resolution in accordance with the provisions of the Code. In order to timely complimce of the order dated 13.Oa.2O24, the members of coc vide its email dated 30-oa-2024 thc proposcd rcsollrtion as un.1cr:

'' RESOLTED TEAT, pu^udnt to the otder dt. 1 3.08.2U4 b, Eon ble NCLT in a 19 (pldk) of 202a, he Condiftee oJ Cre.lirors h.r.br dulr .o^ider and states its conneds a rhe lcco*ni"C Trcatudt ih the Re$lutioa Plm subnified by Enwspace Cqpoation LLP jointly with Mt. Gunjan N voa flhi.h is in liae rith the ptuisions of the Conparies A.t, 2013 and Ia applicable Accotuikg dMlt. ln this regud. ve .omer o"r 6sent tNar.ls th. sai.l ruMlutioL A copy of said email is afln€xed at Annexure-Zc. ).XIx. It is stated that in compliance of the direction of this T bunal, RP has duly prepaied a Compliance Report of the Revised Resolution Pla dared 26-03.2024 in rtre prescribed Form H. 3. In compliance of the order dated 23-09.2024 wherein the RP has sought .o1le LjmF ro file dlirdavir on rhp i\<uc olA, ounrinC Treatment and Form-H, an additional aifidavit under itrward diary no. D7634 dated 07.10.2024 consisting of 21* meeting of CoC and rcvised Form-H dated O3.1O.2O24 v,las filed. The arllend]Ilent to r€vised resolution plan dated 26.03.2024 are as ''7t the lequest ofrhe P.P and CoC oJAnil M.ea lood Put Prt Lt.L (ln CIRP) @d in @,9lia\ce ui,h the int tin ode. dt 23.a9.2a24 of Hon ble N.LT Ahnedabad Berch -e beine StcetEil Rerofution Applicdtlt delete the JolNihs clae Jioh on Retul ioi Plm dated 26.03,2021: 1. P k K "rmwting Pmisions @d ConpliMe": cloa9 noz oa ,he Resolution Plan vhich porl as undet shal be Mv $anb del.t d: ''The .ft.litors liability (i@tponte loM jlon go"p cMpanie, standing in the bool6lot ehich tu dn, claitus hb. be.n ftc.it.d d exces liability, w the shal be cohee e.l i, to eqait, thdft .apital dad dnnghished lroh the b@ks of@nunts asmtrg th.i liqtidatid vlre it NIL 4 pq k tim t3 ofthe Co.L, 20t6 rhis ,t.ldeadu shdll be rcad and in.rpreted in co4jurction vith th. Reyis.d Resol ion Pl@ dated 26.U.2424. ]n the .ee t of any co\Jli.t ot i cosisten! betwen the yoisiN ol tks Addendw a"d the Mid R@lttiot Pld, the ptNil. Ptotlslo6 oJrhn Addetulun shall A copy of the said amendment is annexed at Annexure-B of this affidavit.

Ir is s1a1c.l thdt Uic RP dulv coDveDed 21' CoC meetiig q'he.enr rl e coc,onsrderpd rhe dmFndm.nr qua d.lcrion oi.laus. 2 ol the Part K of the Resolution Plan ard approved the said (ilh resolution 100% voting shdc. per Pl[t G- l of thc Rcsolution Plan, the proposed patments under the Resoluuon Plan are as rurder:

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'MoMrd ps6hrB,!@/ bturkdveFtu d. \i l ','.p" ' io rl, Source of Fund d r"r,r"r- I i 1"1 L. Clause 5 olthe Resohrtion Plan states as rn.ler: ''The ResaldianApplicad has.litr^ile.! busihls! vilh d.leep dpe.ience in the busibes af consun elecnonics obile phahes a".l ac.essofies, rcal eede industry The R.sol ion,4pplica has liquidfl ahd jhterul acn,ak which ^ up \ulin?n lo. pqFe4 6 e4vraEcd L4d?t th? pton 1 As per Part-L Clause 5 of the Resolution Plan, stat€ment to is showing paymerts various stakeholders mentioned

Litl bi I it i. : 1i b ! rt eltltl/:tt l. tl d. lnsolvenc, Raolutia Pt@ess Cost (es,iMte.l h t'ttuttiut ( t.dr.r\ ts!!t!t). Fiha,.nn ( Elrn^ lIktloralt e Statutorr.lues lcart Authoritics) J operatioMl cred os (oth* than enplorees, eo en & Goyr dthoritie, t .outnqent LtabtlrFst ) lttul !)r rl tur in ?lrl Lll lfot ktn! ()lrit lt rt).\!tl)

oI o.der dated 25.Oa).2A24 passed IA(Plan)/ 19(AHM)2024 reveals that this Tribunal vide iis order dated 2s.o6.2024 pdticularly at parasraphs (e), (f) md (i) has obsened as under:- l.e) tt ir *en that the i norable prop*tr ofthe Corporak Debtu n lacakd in Dnt. varlo.lara and n aho open lan.l ds per the vluatian repot aI PaEe @ No.J56. FrM lhe pleodirys at Pdge No.I L n is thai the SM is aoina to ihlute a ttd o! Rs. 1A Crores towar.b the workins copital. SM throuEh P,P to gi* pasois lot ch sohnE copital i,ttuductioi in ihe conponr whe" no plahl is .,ntkg 4t the site. A tu it conltued by the teame.t couselfor the opptnatu hat no wtuationJo plaht ahd nachihety tut cdnie.l out b! any vluet since no"e etist. (i) Ftoh pleodirgs at Page No.l3, it dpped\ thar na clai$ oJan operational oe.litot wdr a.l itted bt the RP. Honere. o palnent ofRi25.85 Ldllt is ptopos..l a! Meturl. RP to *pldih. .1. In compliance of the above, an additional affidavit dated 06.07.2024 is attached with this applicaiion at page nos. 38O- 344. In the said alfidavit it is stated that: (e) Ihe releler exce$t ofthe Resolution Plm (Pe, No, l0? ofIA) is exlrrcted v oR h t \ G (.1 t'n,1 L RI:QL) I k L)tLi\ T Mahd.tory Prchi"h Pdlheht palable to th. Rer.ht. Depa dent within 6A dayt af or.ler bt a"thorit! for tnn:ler af astels (k tetns enh Sectioh 63A,4 of Cujarat renanc! A Agicun"e Lah.1 Anend ent Onlinorce Acce$ Road afta puchae ahd cah!tuctian, a! thef. is ho acces road ta ftdh the lanrlof CD lron noi n roa.thishway c iat wins requbed at cMutt a c@l ce is NsineJion otthe land ahd herce m a. need to shil dde of the land to rhe landlot the desis"ated indutnial p"tpose Pond BoMdar, &pe$es ro colet as ir x a jtr reM open rDnd and so.fett nust be nn d ea oL-d the sMe

It hs becn rc-affimcd by thc Dcponc lnd no plmt &machinery exisled N on rhe dale of CIRP of the Corporale Deblor. ThercfoE, no valuation for plmr & nachinery hs beo cfiied oul. The deponent submits rhlt no claim has been Eceiyed Iiom the Stltulory A honry/evenue authoril, during the couse of lhe CIRP of the Coryorare Deblo. Howoer the Succestul Resolulion Applicmt nas proposed to pay 2s.3s Latls towards lhe 'Mehsul' i.e., Evenue due pendiq s infom by lalti a per lhe Revenue Recods d the same is necessary for lhe implemenlalion of lhe Reso,utionPltu. 10. As per Part-M of the Plan, the proposal for management and control ofbusiness of the Corporate Debtor is as under:- Ihe rutue.n nr ond cofi/ol of rhe Corporate Debtor thdll t hoi vilh Revl ion lpplica"lt. Re@lution lppli.ads nd! ptop@ or noni,at. on! oth* Wle$iokdl to be 4Mi, on b@.d rbning and operutiolot ofihe bwires olthe Corpqate Deb,oL Futhef, Supenising/Mdilqing Connitt.e thol do recestaO cdc. conpli@e eith l,lt:A and othet ed did applicable auhonti*

11. In complimce of the order dated 12.11.2024, the Applicant has frled an additional alfidavit under inward diary no. D8367 dated 14-11.2024 to place on record the details of Director Identificatiofl Number ("DIN') of the proposed Directors. As per the said afidavit, the name of the proposed Directors and DIN r.tu Gwjah Ndrch.ltuhhui Ktb!ih Krh.thi.tShah A copy of the same is annexed at Annexure-A2 of the said

12. As per Part N ol lhe Plar, the proposal for Supereising Resolution Plar and its impleEentation is as under: :lubk.l to applawl ofcannjtee of Creditorc ahd A.1j,.!iot ihg ,4 ut horit ie! th!

ro Supe kihg/Monitotihg ntee shall be lamed vhich shalt canpth. af (d) R6ot$ion Ptulbsnohat (RP) O) I Mehb*lio Reel"tian,lpplicahtr (c) I M bet lioh Securetl Findncial creditar to s,pctrise the inplehenltuioh a,.t encution of R.soluiok Plan till the conpLljo aftehtft of?arhert as e,ritase mder tesot,tion plan The Resolttion }wliah^ shall, if ,letne.l, rubnit nonthl! prasrds report in ihe iomat s,ggene.! by the CoC to appruise theh abo l th. s p.nilioh of the i pleh.htdtior ofthe R5olution Plan. Cost ot E penes of Mohjtorihg thdl be pail ds nLy be utuallr .le c ided. 13. As per Part Q of the plan, the Maragement of the CoBpaIy and Formatior of Boerd are as unde.'-tn e.tiat b upo, rec,ipt oi th. .e fied copy ol th. ot.b apprcrins the R.sotutioh PIal ('Otdet ') is receive.l ("Dlective Date ), Monitoina.4aea.! shat be appohted d rhall conwhe the lrst eeting oJ Monitoting ACeN! vithin ? dars of r"ch El?ctbe Ddte. Resolttion Prcfessio@l rhall handovet the nMgeneht ond cofircl ofthe Coryotute Debtor ro th. Monita ngr4gehcr. Dting th. trterin Pe.io.l rhe Codponr wil be ndildezl by the Mohitoing .4Cenq ( MA ) ds .o6ritute.l br k R*ol"tiob lpplicant eational ia L the lrst heding af Mohitati,g ,{Eeh.!, Indepetulent l$olrencr Ptalisiohal shall be appai,tetl as a Chait Penon The MA shat he cbnrtit ed canpisinE af eristins resoluio pnfesio"al, I ne bd afthe Rexolttian ,lppbunts (1o be identiJied br the Resolutioh,lpplicdh, dtul 1 P?Plentatie lan the Fina cial Creditors (lFCl Ljnited) The MA shall har. huihth s nenbe\ ?he M,4 shal caftr ok its.tutr the rcleeaht ldn! "ntlet dthe cothtj. The etillkg dnecton o{the Co panr sha yacate the oliu oh the Efective Date ah.! lh.utd enrue fajlins of the retewnt lorns fur ihdtctio" of hefl diectas at eniaEe.l undq the Resoluioh Pldn. Daj to da' opentio^\ ahd th. handgment olthe Conpan! incl"dinE bankns operalians shal be catietl ou hr the nevb ap?aihle.l Board of Dnecbrs ta be noninated br the Resol,iah Awlic elisibl. L/r 29AollRc,2016 r The Renlttioi Applicant and Finahcial Creditas reerte the light to chanEe hen no inds ta itu dtesaid La, ifr.q,ir.dlot be .t ah.t eflectie aa.oEenent of jiod the asds, subkct to .a$ent Financial Oeditots thlalvn.y Professianal shall be paidlid as nutlal' decided b! the Cadnioee o{

Oe.ljtoa, R.tolution Awhant and IP An las payable to the ],U Ancludinq any legdl .anr Nhich hde arnen or nar atne oui ofot in connectio" rith the CIM of the cohpahr) shall be net out ofthe acnuob ofthe conpan! und to the eled the intenat acct"ab are not rulicjent to heet the aloretoi.l cortr un1 expenser. the toh. shal be paid br the Resohtion Applicant Manitoriry, AEency shall be dksalved Lponlull and J)nal kttleent oJ anomt to be poid to Finahcial Oedito$ as ehvkage Mdd the resal io" plM. ln case, fu a auht palable to Fihakcial Oeditan d! ehtiage ,h.le/ thi! re!.lrioh plah il paidatpre-atte srage, the honitotihq ag.kc! shall be dknlwd at chstaqe MANAGEMENT OFTHE COMPANY Ltpletuntatioh & Stp.nnbn ofRaolution Pldn alet Ete.tiw Date At / the Efectiw DaE, rh. inp|nenrarion of rhe Resolution Plan \|i be supenised ls Manag.nent Agency AU) 6 fomed. R4 wil rcpot ke pogt^s of idple e1tation & Supe kion of Resolution Plan on qwtetl, basis 6 p.r th. lomax y6.rib.d/deci.Ltl bt Mr. Ihe nutinA of MA shal be chaned by IN i aPPointed be nc! Pf ole s o na l. TORMATION OF EOARI) L it ptopo*d that ,pon app.ddl oJ rhis retubtion pld, br NCLT the etistinA Bodtd will b. repla..d by new Doatd of Diectots c^ti,uted wth a.lequate rcPtese dtionlod the enbq olM aroup and itutependentdtect s ifreq,ied inco pli@e vith -4pplicable LMs. I M is Junher propos.d that rh. shal appoinr tuo Q) dnecbs an.l Jile rhe p.ewibedfom vilh @rcmed ReAisn@ oJ@np@ies mallylot the prpov ol lllins requned doemnts onlin vith fi.n own diAital signolwes. fhe Reeish ol Co panies shall be dnectud to @cep, ,he sane on aryotal of th. resol ion pl@ by NCLT. It is lu het ,/otose.l that the M shall appoint tflo (2) dit dos and fle the ptoscibed fdh,ith .orcened Rqisnat ofco panies nanuollylo the ptpos. ol Jili g reqtired do.u enx ohlttu rth Aet ovn dtq al stgnatwes- Ihe ReEistd. oJ twl pld cohpoiies be .lirecte.l to a.cept the sdtu on apprddl olthe resolrtion lr .A' r, r lr ,'.i.,'d lo m H d. -d uJ. a ) \)4- t t-intelests of existiDg shareholders have been altered by the Resolution Plan which are as under:-

It is seen that under the plan the existing equity shares being 39,62,763 shares are proposed to be ilr'itten off by the SRA. l5 As per rire revised Form l1 .idtc.1 03.10.202.1, the amoutrts provided for the stakcholders .. nr ''

1b. Thc compliaf,.es of the Resolution Plan ..e as u,)dcr:

G)ryi.tueardbef!ftualeahdrd tu6!!d4 oqlltlgrydd.ryibrdd.bPi dlli6d6k

VlllllF i. ool dt b dr.Friul qdi6 unE iI. rhrifi rlo is h6 Si6 Fidity ii Frndtokt 6ffii,

OvIxdEfu lrldi l tuold ryolis nld F,!6 ll! Iild b hrldE* a @tirdd o lh liile .l ht'Iffilrb! !lu, mldtu fl*,lh cd& da UroYli (ii) Il s, d.ri, r[. iohni ldimr ls o!trird d]. llri'mkiri idiLilrdm.inrltmEi,fl inllmfii td dE !m ofrk llI.d iu &tduk? 0) Lr 6i do.sr!{r lri dhl 0r 0. luirs or $. k)i.@rd ibimd@L ft.rEnnhr l mrlndmlui; d.ndta n-ohl

0 i l$ Fdi'is ior i[dn 4did1 lilrls ldirks as&wih ' iqkidodd..r l rt [ndtr Irrk (.) $r 6kM lFlid 18 $! .a$ility o ipLnd &

17. As per revised Form H, the RP has not filed any a.pplication for PUFE transaction-

14. R€ltef and Corce6sion: conccssions / Reliers / Directiors soueht

The Resolution Applicants will not be liable for a.y liabilities which are neitner appetring in the Balance Sheet nor mentioned in Information Re8rnation 6 of the InsolveDcy ed Bankruptcy Bodd of lndia (Insolvency Resolution Process for corporate Pe.son) Regulations, 2016 except those liabitities which are mentioned in this Resolution All & b. licenses consents to ope.ate to ftmain valid md a.cordingly exten.le.l frcm ellective date without dy further a.t and deed. Fult waiver of other contingent dues and unconlimed dues subject to provisioDs envisage under resolution plan, d Waiver/dropping oI the proceedings and consequendy waiver of liability or shortlall ol mortgage deed dury alonc with the intetst dd p€nalty (levied il my if aftued) if any for the e. All Govemment Authorities to gEnt any relief, concession o. as may dispensation be required for implementation ol ihe bdsactions contemPlated under the plan in accordance with lts iems and..ndifidns rBc.2016.

I To coDdone delay in filiog retums / roms under various statutory authonties in.luding but not limited to income td returns, ROC filings, ESIC, PF, Revenue Department, P.lhtion Control Bo,r.l A11 buslness permits required by the Corporate Debtor to conduct its buslness and which have not been granted/ caicelled/te@inated/revoked/ suspended or not renewed may please be directed to be srmted/restored/.e.ewed/ reinstated as the case may be (by the concerned .ompetent authority of local body/State/ Cent.al Covemment/any other to additional cosvclaim the Resolution Applicants- Att-Atutorj Nm;;C accept "Reset Financial Creditors' dd Reset Operational Creditors for the purpose of making any future assessment/ploceedings. c Concern Electriciry Board /company/shall transfer the connection in the name of Resolurion Applicant wherever appli.able without paymert oi any additional fees/deposjts on apploval oI resolution plm or oursreding iI any till the date of resolution plm appoved by the NCLT- d. Watq *"tto", tf dj, available shall be assisted by RP in recod.ecting the sme oi the Corporate Debtor without 4aking any payments or 3. 1. Save and *cept specilically dealt with under the instdt Resolution Plan, no other or Parments settlements (of atry kind) shall be made to any other Person in respect ol claims filed under the CIRP (including, for tne avoidance of doubt, any unverilled portion of their claims) md all claims against the corporate Debtor alons with any related legal criminal proceedings and other penal proceedinAs, shall stand unconditionally abated, settled dd extinguished in perpetuiq, pithout any further and act on 2. The payment to Persons Resolution Plan shall be the Corlorate Debto.'s md Resolution Applicant's Iull an.l l'inal perfomdce md satisiaction oi all its obLigations to such Persons dd all Claims (io.luding, for the avoidance ol doubt, any utuerified portiod of their claims) of such Persons against the corporate Debtor shall stMd irevocably and unconditionally settled dd exringuished in perpetuity on The lnfe.im Resoh,rion a Professional issued notice under Regulation 6 of tne Insolvency and Bbkruptcy Bodd of lndia (lnsolvency Resolution Process for Corporate Person) RegulatioDs, 2016 to invite aU potential .laimants to submit their proofs of Ctaim.

This Resolution Plan is being prcposed in order to restructure the assets and liabilities ol the Corpomte Debtor and lor the best inte.ests ofstakehoiders oi the corporate Debtor to the extent possible. With this objective, the Resolulion Applicants assumes that all creditors of the coaorate Debtor that have dy claims against ure corporate Debtor have liled their respective claims md the veriliable claims have been admitted by the Resolutior Professional and disclosed in the Information Memormdum and its schedule. Accordingly, the Resolution Applicants and the Corporate Debtor shall have no responsibility or liabilit, i. rcspect oi my claims against the Corporate Debtor attributable to the period prior to the Efaective Date other than any paJrents to be made under this Resolution Plm md all claims alotrs wirh my .elated lesal criminal proceedings and other penal prcceedires, shall st nd itevocably and unconditionally abated, settled dd extinguished in 4, Upon the approval of the Ptd by the NCLT under Section 3I of the all Code, pending pro.eedings/ actions relating to the re.overy oi dues of the 2016. Corporate Debtor ol dd whatsoever howsoever nature uoder any law/act shall also stand iffevocably and unconditionally abated in 5. On the ElTective Date, all encumbrmces, attachment oi my statutory authoriries like Ta, Income GST, VAT, CST etc., secudty interest, liens, 2016. chrees, de.ree ed/o. atta.hments (includinc to Pursuant apPlicable law) created or sufaered to exist ote. the assets oi the Colporate Debtor (.harged or not chdged with tbe lenders) or over the securities of the corporate Debtor, whether by conbact or by Applicable law, shall be allowed to exist only to the extent of the balmce mount due to the secured finan.irl .redifors nder this iftevocably relea*d md .x enforcement .ommenced by any per6on over dy of the assets of tne Corporate ay Debtor or over securities ol the Corporate Debtor shall stand released md reversed in favor ol the Resolution dd Applicants upon Iull final settlement of dues (as Resolurion Pld) ol the Secured Findcial Crcdito.s without rhe requirement of dy futher deed o. actior on part ol the Re6olution Applicdts Dr the Corporate On the Eiiective Date, alt the insbumerts issued by Dnector/promoter / officere ol Co.porate Debto! or by my 20t6.

Persn on behalf of the Corporate Debtor fo! my dues of Corporate Debtor including my Guardtee given in favou. of $e nnancial creditors on pdelt behali oi the holding or company, the demand prcmissory Dotes, post dated cheques, letters ol guarantees and letters of credit, shall dd stmd termitrated deemed to be etisfied dd the CorpoEte Debtor's liabiliry undei such instruments 6hall stmd extinguished in on the Effective Date, tbe rights of my Peren (whether exercisable now or in the futue dd whethe! contingent or not) to ca,l for the 20t6_ dllotment, issue, sale or trmsfer of shtres or loa capital of the Corporate

Debtor, whether on a change of contrcl, or othetuise, shall stmd unconditiomlly and irrevocably extineuished in All dues under the provisions of Income Td Act, 1961("lT Acf), including tAes, duq, penalties, interest, lmes, cesses, unpaid TDS/TCS, 2016. whether admitted or not. due or contingent, whether pdt ol above claim of Income-td authorities or not, whether pan of td due diiigence finding or not, asserted or unasserted, .rystallized or not llized, cryst known unknDm, secured unsecured, disputed undisputed, present or luture, in relation to any pe.iod pior to the Efective Date pursuant to this Resolution Plm, shall stdd extinguished by virtue or the order of tbe NCLT approving this Resolution Plan and the Corporate Debtor md Resolution Applicdts shall not be liable to pay my amount against such assessments/appellate other prc.eedings pending in ca* of the corpomte Debto., on tlrc date of the order ol NCLT relating to the penod prior to tlEt date, shall stad consequential liabilities, if oy, shall be deleted and shall be decLared to be not payable by tne Corporate Debtor by virtue of the o.der of the NCLT.

All notices prcposing to initiate anY Prcceedings against the Corporate Debtor in relation to the period p.ior to the date of Lhe NCLT or.ler and pending on that date, shail be considered deleted and shall not be proceeded against Post the order of the NCLT, no .e assessment / revision or any other uder Proceedin8s the provisions ol the Income Td Act, 1961 or.ltiedAct shall be initiated on the Corporate Applicdts in relation to period p.ior to the Effeclive Date and ey consequential demand shall be .onsidered non-qisting and as not by the Payable Corporate Debtor. Any p.oceedings which we.e kept in abeyace in vies ol insolvency process or otheMise shall not be revived post the order of the NCLT 9. All dues uder the prcvisions of all the in.lirect taes, including but not limited the Cenral E{cise Act, 1944, the Finance Act, 1994 (Seni.e 2016. Td), tne Customs Act. 1962. Td Ooods and Senice Act. 2017, Gujeat VAT Act, 2002, dd any other indire.t td{ laws, including taes, dury, penalties, interest, Iines, cess, chdges, upaid TDs/ TcS (to the extent applicable), whether admitted or not, due or contingent, whether part of contingent liability schedule dues or nor wheth.. .l.imed td by the authorilies or not, asserted o! uasserted, crystallized or not crystalli4d, known or uknom, secured or unsecured, disputed or undisputed, present or future, in relation to uy perlod pnor to the acquisition of.ontrol by the Resolution Applicdts over to this Pursuant Resolution Plm, shall stand exlinguished by virtue of the order of lhe Resohii.n PIrn ,nd thc Reelution Applicdts shall not be liable to pay any amount against such demdd.

All outstanding litisalions/ proceedi.gs, including but not limited to dy audits, invesrigatlons, seach and seizure, pending in case of the Corporate Debtor, on the date of the order of NCLT .elating to the period prior to that date, shall stand terminated if liabilities, any, shall be deleted and shall be considercd to be not payable by the Corporate Debtor by virtue ol the order on the NCL'.. AIL notices proposing to initiate any Prcceedings against the coqF.ate Debtor in rehnon to the period prior to the date of the NCLT order and pendine on that date, shalt be considered deleted and shall not be proceeded against. Post the order ol the NCLT, no ft assessment/ revision or any other proceedings under fie provisions of any ol the Indirect Tu laws shall be initiated on the Corporate Debtor o. Resolution Applicants in relation to the period prior to a.quisition ol control by the Resolution consequential demand shal be considered non ensting and as not payable by ihe Corporate Debtor. Any proceedings which were kept in ab€ymce ir view of insolvency process otheNise shall not be revived post the order ofNCLT.

I0. The payment to all peisons contemPlared in tnis Resolution Plan shall be the Resolution Applicet's full md final performance md 20t6. satisfaction of all its obligations towdds any dues or outstanding aeainst Corporate Debto. md all remaining claims, dues, outstdding mout shal waived by whatever name called like uverified dues.

interest, penal interes! comPound interest, damages, compensation, trusteeship chdges, other commitment chdges dd ey other mount of what&ever and howeever nature in terms ol Regulation 37 of Insolven.y and Bekrupt.y Bodd of India Insolvency Resolutlon Process lor Corporate Persons) 1. 'rhe past paydent obligation to secured .reditor. unsecDred creditors, employees dues, sovernment/ semi govemment dues, wo.kmen dues or any 2076. t pe of other liabilities shall stand revised as per this Resolution Plan and these stateholders would not h€ eligible to r.course in &y lom for the past commitment in terms of the valve,nd time on tbe Efiective Date, the gudotors that have provi.ted guarantee for and on behalf of and in orde. to secure the Debt availed ol by the Corporate Debtor shall not be entitled to qercise dy subiogation nghts under Indian Contra.t Act in respect of such guarantees. Since the gudmtors subrogation rights would be an unsecured nght, their liquidation value is NIL dd accordingly, setttemedt mouDts Payable to them is Nil- On the Efective Date all dd the nshts claims lwhetler contingent or othe ise) ol ol whatsoever nature every member of the Promoter Group against the Corporate Debtor shall stand irrevo@bly and uconditionalty extinsuished in perpetuity. 13- All the Iiabilities (whether contingent, undis.Iosed, hidden or crystaUized) in relation to my corporate gudantee, indemnities dd all 2016. other loms of credit support provided by the Colpodte Debtor pnor to the Effective Date shall sted extinguished and dischdged on the 14. Any liability that dises in tuture due to judiciary orders, modincation oi law, m additional amount sball be paid by resolulion applicmt. 20t6. The said liabiliw itarise, shalL be adjusted lmm ure payment towards secured nnmcial c.editors duing tne implementation ol the 19. ANALysrs aND FrNDrNcs oF rErs TRTUUNAL 1) It is seen that in compliance of the order dated 12.07.2024, the Applicant has fiIed an afiidavit dated 27.07.2024 lpage 424 to 424) to place on record the relevart minutes of the CoC meeting wherein resolution pertaining to the CIRP cost was app.oved by the member of CoC. A scanned copy of the all relevdt minutes of the CoC meetins alons with z resolutions passed a.w. ihe CIRP cost is as under:-

F turbtErrHridr+!i riir4,reLtilldfr rktmtrr. rckkr.rr rs{!o01tfi',F 4'i r,riirirtc!i.n--u qrrilrI rc( d.(.ri! rr$!d

2) From the said afiidavit, it is also seen that the sRA has deposited Rs.s1.50 Lakhs as EMD (5%) Resolution Ptan. The computation of amount

Resalution Plan lialue (includins vatLing l:tlD tutr\t tttltttul lj%l

3) Perusal of the revised Form-H dated 03.10.2024 reveals that in compliance of Regulation 39(a) of CIRP Regulations, an amount ofRs.1.35 crore has duly been received.

4) It is also seen from the revised Form - H dated O3.1O.2O24 that the Liquidation Value of the Coryorate Debtor is arrived at Rs.1752.50 Lakhs and the coresponding Fair Vatue is airived at Rs.3152.75 Lakhs. The Resolution Plan is for an amount of Rs.3700.O0 Lalds approximately (includirg working capital of Rs.1000.00 Lath dd the CIRP cost of Rs.125 LaLh). 5) It is seen from the proposed paymeDt under Resolution Plan that the total smount to be paid to the Fifla.ncial Creditor i.e., IFCI and CIRP cost is Rs.27O0 Lakh. The total EMD paid by the SRA is ol Rs.140 Lakh out oI which Rs.125 Lakh is to be paid towards the CIRP cost and remainine Rs.15 Lakh to the Financial Creditor. The Performance Secu.itv (in the fom of Bark FD pa,'ment) is Rs.135 Lakh which is to be paid to the Financial Creditor. Fu her, an amount of Rs.431-3r Lakl (15% of the Resolution PIan arnouno will be paid within 30 days from the approval of the Resolution Plan out of which Rs.405.46 Lakh to the Findcial Cleditor and Rs.25.a5 Lalch to the Statutory Authority (Mehsuf i.e., revenue due pending as iDform by Talti). The remaining amount of Rs.1993.69 Lal<h will be paid to the Financial Creditor in the following (i) An amount ofRs.300 Lakh in 12 months from the effective date. (ii) An amount ofRs.300 Lakh in 18 months from the effective date. (iii) An mount of Rs.1393.69 Lald in 24 months f.om the effective date.

{,1 In so far as the approval oI the Resolution PIan is concemed, this Authority is convinced on the decision of the Committee of Creditors, following the Judgment of Hon'ble Supreme Court in the matter of x. Sashidhar -Vs- Irdtar Ovefseas Ba k (2019) 12 SCC 15O, wherein in para 19 and 62 it is held "19....... ]n lhe presenlcase, howevea our focus must be on the u dispensation gaveming the process ot apprcvat rejecti@ or resolution ptan by ke CoC. The CoC is called upq to c@sitet ule resatution ptan undet Section 30(4) ol the 1&B code atter it is veitied and veded by lha rcsolution professi@al as being compliant with all the statutary requienents specifie.J in sectian 30(2). 62 h lhe presenl case, hawever we are canc.ncd vllh the pnvisions of l&D Cade .Jealihg with the resotutan prac-oss- The .ttspcnsanon p.alided n1 the l8.B Cade is entncty .tifre.ent ln te.n)s af Section 3A atthe l&B Code, the dccisian E l.ken calecti@]y altet due negoliati.ns belween the ftnanctal c...ltars who ate canstituehts of the CoC and lhey exprcss their opinion an the propased resalutan plan in lhe lam of vales, as per thetr vating share. ln lhe neetng of the CaC, the proposed .esolulion plan is placed far discussian and aftet ful inleraction in lhe preence ol al cancemed and lhe Resalulion Professional, lhe consliluenls of the CoC linally poceed ta exercise their aption (business/cannercial decisian) to approve ar not to apprave the propoed rcsolution plan. lo such a cae, non recatding af rcasons would not perse vniale lhe colleclive clecsion of lhe financial credilors. fhe legtslature has nal envisaged challenge to the 'connercial/business decision' af lhe frnahcjal creditors laken colleclively or fat Ihat hattet thejr indjvjdual apjnbn, as lhe ase nay be, on this counl."

7l lur "' r'-srt,rF -,uu :n m.'r,rulK.Sashidharv. Indian Overseas Bank and Ors. llo l l.)l l: SC]C l.r0 has lucidly delineated the scope and intederence Adjudicating Authoritv in the process of apprcval Resolution Plan and held as lollowsr '55 Vr'hereas, the discretion at the adjudcatng auho y (NcLr) is cicunscnbed by Seclian 31 linited lo scruliny al lhe rcsalutan plan 'as approved by lhe requisjle pet ceht ol votjng sharc ot linancial deditors Eveh in that enqujry, the grcunds on which the adjudicatins authotity cah reject the rcsolution plan is in reference ta naters specilied in Sectian 3A(2), when the resalulion plan does nol confam lo lhe slated requirements. Revenng b Seclion 30(2),lhe enquity to be done is in respect of whether the resotuton ptan prcvides: (i) the payment of insalvency resalulion process cosls in a specnied nanhet jn piody lo the repawehl ol ather debts of the coryahte debbr, (ii) the repaymenl al lhe debls of opebtiohal credilarc in prescnbed nanner, (iii) the hanagenent ofthe affans ot the @aorate debtor, (iv) the inptementatiah and supeNisbn ot the reslutbn plan, (v) ctoes nat cantQvene any of the prcisions of lhe law for lhe lime being in force, (vi) bnfoms to such ather requiremenls as may be specined by the Board.

The Board refene.J lo is eslablished un.Jer Secli@ 188 of lhe l&B Cade. Ihe powers and luhclins of lhe Baard have been delineate.l in Secli@ 196 ol the l&B Cade. None of the specilod functions of the Board, direclly indircclly, penain to rcgulatng be nanner in which lhe financial crcdilots aughl to or ought nat to exercise hen comnercial wisdon duing lhe voling an the resalulion ptan uhdet Sectian 30(4) af the l&B Code. llE subjeelive satistactian ql:he:lqanctal cteditats at the lihe al vatino is barnd lo bc a nixctl b.aaaae ofenetv ot raclas ro wit. the teastbttty aa!!yi?!j!j!y 9jlre p!:opased tesonltion plan and inctudina th--r pcrceprans abaut lhe aene.al capahilit'/ al the resaluttan apptcatl!]9 !!p!i!49lle p!989 plan nna a reaLit'/ fh.: r.sonntan appticant mav hale qiven polecLahs backed bv nannative .lala bul sbl nt he apnion ol the dissentina fh.ncial credtars il eaul.l nat be tree lrcd beino specutattve These arpe4s ae canliletel'/ tutt| ?.. catled upan ta vote on the resalLtpn ptan u.ler Secnan 3Al4) ar

58 h.lLbitablv th. ngutJ! ! jt!9t 3! jpo93l!p!!!!Lbq!JA!1e!l:!Lhe pa|| er e\ e rcisablLbltlt9 l!j9!!.!!!!) p!qbs!p!E!J!!!bLs!L! !L3! of th.: t&B .Ca.le ar at best. br the atiiudicatina aLtharty (t!9!1 !!!!9! Sacnon 31121 tead vtth Sectian 3111J al lhc 1&B Ca.1e Na ather nlauw tuould be permisstble Frdh.r, lhe junselcnon bestav/e.l dpah the appeLlate aLthanly INCLA|) ts alsaerpressly cncLn'scnbed ttcan exannne the.hatlcnge only in telalon ta the grounds specnied in Secti."i 61(3)aflhe l&B Cade, Nhich is thited ta natters olher lhan enqoiy tua lhe autonony or cannerciat NLs.lan af the .lissenltng rtnanctal c.editots fhus the prescibed authantics (NCLf/NCLA|) hare been endanEd v/ith tint..l juns.lction .s specnietl n he 1&B Ca.le and nat ta.cl as a caun afequily or e\erctse plenary palers '

8) Thc Supr--nre Court in its rcccnr .lccision nr Jaypee Kensington Boulevard Apartments welfare Associatiofl & o!s. v. NBCC (India) Ltd. & ors., ln {:oit Appe.n tLo. :1395 af "..76. Ihe exposilions afaresaid nake il clear thal lhe decision as lo whelhet caporate deblor should cantinue as a gaing cancem ot shauld be liquidaled is essenlially a business decision; and in ke scheme of lBC, lhis decision has been bft ta ke Commifree af Crediors, @mpnsing or lhe tinancial crcditoE. Differenuy put, in regarl lo lhe insotuency rcsolulian, the decision as la whelher a panicular resolulian plan is to be accepted or not is ulinately in lhe hands af lhe Committee of Credilors: and even in such a decisioh making process, a resolution plan cannol be taken as aryrcled if tha sre is hat approve.l by vales of al least 66% of lhe votjng share of financlal credilors Thus, broadly pul, a renlotion plan is apprcved / * \./ only when the @lleclive connercial wisdan ol the linancial c@dit6 jn having al least 2/jrcl najarily of voting sharc lhe Cannillee af Creditors, stands in its larout 77. ln the schene of lBC, nherc approval ot resolutan plan is axclusively in lhe donain af the Nnnercial wisdom of CaC, lhe s@pe ot judiciat reiew is corcspondinsly circunscnbed by ke prcvisbns conlained ih Section 31 as regards apprcval ol lhe Adjudicaling Authonly and in Seclian 32 read wik Sectan 61 as regards the scope al appeal against lhe ardet of apprcvaj 77.1 Such linilalians on judicial review have been duly undercored by lhis Caun in the decisions above refeied, where il has been laid down in erplbil tems lhal lhe powere of lhe Adjudicaljng Aukotity dealins wilh the resolulion plan da hol extend to exanine ke coneclness ar alhewise af the connercial wisdom exercied by lhe CoC.

Ihe tinited judiciat review available to Adjudicains Auko y 0es wilhin lhe lout Nne$ of Section 30(2) of lhe Code, which waold essentaly be lo examine lhal the resolutian plan does not contavene arry of the pravjsians of law for lhe tine bejhg ih fotce, jt canloms to soch other requirenents as nay be specitied by ke Boad, and it provides lo.: (a) paynent ot insatvency resalution process casts in pnonty: (b) paynenl al debts of aperalianal credilarq (c) payheht of debts af dissenting fihancjal credtors: (d) for managemenl ol afiaiB of nrporate debtot afler app.aval ol lhe resalutiah plah: and (e) jnplenentation ancl supeNision of lhe resalutjoh plan

77 2 rhe limitations an lhe scope al judicial rcview arc rcinlarced by the linited ground proi.led far an appeal against an order apprcving a ro@lulion plan, nanely, if ke plan is in contraventian of lhe prcvisions af any law fot lhe time being in force; ar lhere has been mabnal inegulanly in exercise ol the pawere by the resoluli@ prclessiohal dunng be corporcle insolvency resaluton penod: ar lhe debts owed lo lhe aperalional credilors have not been provi.Jed lot or the ihsol@ncy reelulian process costs have not been prcvided for repaynent in pno y; at the resalulion plan .ioes nol conpiy wik any olher cntena

61 77 The assessnent aboul na\insalon af lhe value of assets in lhe schene al the C.de. waul.l al||ays be subteclue h naiutu and the questiah astowhelhera patlEulat resalutian plan ahd its prap.sitions ate leading to naxtnisatian af vane af assets ar nol, \!out.) be the nlaltet ot enqui.y ar.r assess,re,l al the Cannttcc of Cre.litarc alane wh.n the Cantnnbe af Crcditors lakes lhe decisian in ils cannerctal s.lan an.l by the requtsn.: najang an.lthere is navalid reason in law to question lhe decisih so taken by the Connittee ol credtars, the adjudicatoty pbcess, whethet by ke Adjudbanns ALthoily or the Appellale Aulhottly, cahnot enter inlo any quanlilative analysis to adjudge as Io whether lho Wsciplion af lhe resalulion plan results in narihisalbn ot the value of assels or noL The generalised subnissbns and objeclions nade in relatioh lo lhis aspect of val@ naximisation do nal, by lhenelves, hake out a case of inlenerence in the decsion laken by lhe Connitlee al Credilarc in ils

78. Ta put in a nutshel, the Adjudicating Auho y has limited jurisdation in the natler of apprcval of a restunan plan, which is well detined and circunscribed by Sectons 30(2) and 31 or the Code read tulh lhe parareters delinealed by lhis Coun in he decisions above rcfened. The juns.Jiclion ol Ihe Appellate Authqity is atso circunscribed by Ihe liniled grcunds of appealprcvidetl in Sectian 61 of lhe Code. ]n Ihe adjudbatory process conceming a resoluton plan under lBC, lherc is no scape for intenerence wilh Ihe cannercjal js aspects of the .lecisian of lhe CoC; ahd lherc no scope for subsljluting any @mnercial tem af lhe rcsoluli@ plan apprcved by the CoC. Wnhin ils liniled junsdjctiah, il ke Adjudicaling AukanV ar lhe Appe ate Aulhoily, as the case nay be, woub nnd any shonconing in lhe rcsalution plan vis A vis ke specilierl pahneterc, it would only send the resalulion plan back lo Ihe Conniltee ot Credilots, fat rc-subnissian after salisfying lhe paraneteg delineated by Code and expasled bv lhis Coun. 9) Also, the Supreme Court of India in the matter of Committee of Creditors of Essar St€er India Limited v. Sattsh I<uEar Gupta ard Oft.

(2a2q 8 SCC 531 after refering to the decision in K. Sq.shidrlor (s1tprd) has held "73. fherc is ho doubt whatsaever that lhe uftinate discrotian of whal lo pay and haw nuch lo pay each c/ass or srb-./ass of creditots is wilh lhe Conmiltee af Creditats, buL ke decisi@ of such Conmitee nust rellecl the fact lhal il has taken into a@unt naximising the value at lhe assets of lhe coryarale deblot and the fact lhal it has adequalely balanced ke interests ol at stakaholders incluctins apentianat dedilos. This beins tE @*, iudiciat rcview ot the Adjudicating Authority that tho reelLli@ plan as apryved by ke Connillee of Credilos has net the requirements refeied to in Section 30(2) would inctude judEiat Eview that is mentioned in secton 3aexe), as ke prcvisions ol the Cade arc also provisians of law lu lhe tine being in force. Thus, while lhe Adjudicaing ALthoily cantul intedere an nerils with lhe conhercial decisbn laken by ke Conniftee ot Creditus, the timite.t judbiat rcview availabb is to see lhat the Conmittee of Crednars has laken inlo account ke fact lhal the .oaorate deblot nee.ls lo keep go4g as a gohg concem dunng he inelvency resolution pro@ss; that il needs lo maximise lhe value of is asseisr ard lhal the ihterests of all stakehotules f ihcluding operatianal credito$ has been laken carc at'. ke *t Adjudbaing Authotity finds, on a given ol facls, that lhe aforesaid parcrelere have not been kept in viey il nay sdd a resolulian plan back lo lhe Connitlee al Creditos to re subnil such plan after satisfying lhe afaresaid palaheteE- The eas@s oiven bv lhe Conmitee af Crednare while aoprcino a rcsolution v plan mav thus be laoked at bv lhe Adiudicatino Adho lv ftom .liEtltnt ofvtev and o.ce it B satisfied lhat thc Cannrllee af Crcditars has oaid atlenlion lo lhee kev features. it nusl then passthe resoluliah blan. other thinos beina equal.'

(enphasis suppted) 10) The Honble Supreme Coult in the case of Ramkrtshna Forgings Limited vs. Ravirdra Loonkar, Resolution Professional of ACIL Limited & Anr in Civil Appeal No. L527 ol 2022 also has reiterated that CoC sisdom is 11) Thlrs. from thc catcDa ofjudsmenrs rendered by ihe Supreme Court or the scope of approval of the Resolutior Plan, it is amply made clear that only limitedjudicial review is available fo. the Adjudicatins Authority under Section 30(2) and Section 31 of IBC, 2016 and this Adjudicating Autho ty cannot venture into the commercial aspects of the decisions taken by the Committee of Creditors. 12) On hearing the submissions made by the Ld. Counsel for the Resolution Professional, and perusine the record, we find that the Resolution Plan has been approved with 10O% voting share. As per the CoC, the plan meets the requirement of being viable a-nd feasible for the revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the RA for maLing the plm effective after approval by this Bench. On perusal of the documents on record, we de also satislied that the Resolution Plan is in accordance with sections 30 and 3t of the lBC, 2016 and also complies ad with regutations 38 39 of the IBBI (Insolvency Resolution hocess for Corporate Persons) Reeulations, 2016. 13) As far as the question ol ganting time to comply with the J statutory obligations/s€eking sanctions from govemmental authodties is concemed, the Resolution Applicant is directed to do the same within one year as prescribed under Section 31(4) of the Code.

14) The Resolution PIan in question is hereby approved by this Adjudicating Authority, subject to the obseFa.tions and condition made in this order. The Resolution Plan shall form part oI this order. The Resolution Plan is binding on th€ Corporate Debtor and other stal<eholders. 15) The RA is directed to mal{e palrrrent of the entire Resolution Pld amount within the time period stipulated under the Resolution Plan, failing which the entire arnount paid by the Resolution Applicant (induding the Perhrmance Bank C arantee, if an!) as on the said date would stand automatically fo eited, without any recourse to this Tribunal. I r,l Certi-fed copy of this Order ]re issued or demand to the concemed parties, upon due compliarlce. t7l Liberty is hercby gra.nted for moving any application if required in connection vrith the implementatior of this 18) A copy of this Order is to be submitted to the concemed

Office of the Registrar of Companies ('RoC"). 19) Accordinsly, IA(Pla,r)/39(AHM)2o24 stdds slowed dd dlsposed olf. 20) The Monitoring Committee is directed to file a status report alter lao days from the apprcval of the Resolution Plan. 21) The Registry is directed to send e-mail copies of the order forthwitl to all the parties aJId their Learned Counsel for information dd for taking necessary steps. Files be consigned to the record.

- <J- SAMEER IIAKAR SHAMMI KI{AIiI MEMBER (TECHNICAL) MEMBER UUDICIAL)