Approval of Resolution Plan - Digital Integrated Technologies Private Limited

3. It is stated that as per Section 13 and 15 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 6 of IBBI (CIRP) Regulations, 2016, the IRP made public announcement on 09.10.2024 wherein the creditors of the Corporate Debtor were called upon to submit their proof of claims on or before 21.10.2024. The Public Announcement was made in the “Financial Express” in English Newspaper in English Language dated 09.10.2024; and “Jansatta” in Hindi Newspaper in Hindi Language dated 09.10.2024. A Copy of the Public Announcement has been annexed as IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Annexure-2 with the Application.

4. Pursuant to the public announcement in aforesaid matter of CIRP, the IRP received two claims from the financial creditors namely, the State Bank of India, Arya Samaj Road, Karol Bagh, New Delhi and Amour Infrastructure LLP (Petitioner). Another, two claims were received from the Operational Creditors namely Triveni Plywood Enterprises and Safe Towers Private Limited. After verification of claim as per regulation 13 of CIRP Regulations, the List of updated claims received from the creditors by the RP is tabulated below:-

Sr. Name of Creditors Amount Claimed No. (in Rs.) 1. State Bank of India (Secured 1,04,19,251 Financial Creditor) 2. Amour Infrastructure LLP 4,31,91,615 (Unsecured Financial Creditor) 3. Triveni Plywood Enterprises 86,734 4. Safe Towers Private Limited 1,41,28,026 5. Pursuant to the collation and verification of claims received, the COC was constituted with Creditors in accordance with Regulation 17 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The list of Creditors and their voting share are as under:

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Sr. Name of Financial Class of Creditors Voting No. Creditors Share (%) 1. State Bank of India Secured Financial 19.43 Creditor 2. Amour Infrastructure Unsecured Financial 80.57 LLP Creditor

6. The IRP Convened the First Meeting of CoC on 05.11.2024 wherein the CoC appointed the IRP as Resolution Professional (hereinafter referred to as “RP”) and approved with 100% vote in favour.

7. The details of claims submitted are as follows:

Particulars Amount Claim Claimed in Admitted in Rupees Rupees Secured Financial 1,04,19,251 1,04,19,251 Creditor Unsecured Financial 4,31,91,615 4,31,91,615 Creditors Workmen & Employees NIL NIL Government Dues NIL NIL Operational Creditor 12911610 12911610 (other Workmen & Employees and Government Dues ) Total 66522476 66522476

8. The RP submits that a total of 07 CoC meetings have been held during the whole CIRP period.

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Evaluation and voting

9. It is stated in the present application that as per Regulation 36A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (in short ‘CIRP Regulations’), the RP made publication for invitation of Expression of Interest (hereinafter referred to as “EOI”) in Form G on 05.12.2024 in two newspapers i.e. ‘Financial Express’ (English Edition) and ‘Jansatta’ (Hindi Edition), wherein the last date for Submission of EOI was 21.12.2024.

10. In pursuance thereto, the RP received one EoI for submission of the Resolution plan. The PRA who submitted the EoI is given as under:-

1) Mr. Drishya Aggarwal

11. The last date of submission of resolution plan was 17.01.2025. Only One resolution Plan was received till the last date.

12. Seventh meeting of CoC was convened on 19.03.2025 in which finally the resolution for approval of resolution plan was put before the CoC members for voting. The resolution plan was approved by the requisite majority having a voting

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 share of 80.57% on 19.03.2025 by providing the voting sheet. Copy of Minutes of 7th meeting of CoC held on 19.03.2025 has been annexed as Annexure-8 with the Application. The RP filed an application for approval of the Resolution Plan with this Tribunal on 20.05.2024. The relevant agenda item no. B-1, passed by the CoC members, collectively having 100% voting shares in the 07th CoC meeting held on 19.03.2025. The relevant extract of the 7th COC Meeting is reproduced below:- “… ITEM NO. B-1 TO APPROVE THE RESOLUTION PLAN GIVEN BY MR. DRISHYA AGGARWAL The Resolution Professional hereby places before the Committee of Creditors (CoC) a compliant Resolution Plan submitted by Mr. Drishya Aggarwal. It has already been apprised in the previous CoC meeting that only one Prospective Resolution Applicant (PRA) had expressed interest in submitting the Resolution Plan. On the last date for submission of the Resolution Plan, only one PRA, Mr. Drishya Aggarwal, submitted a Resolution Plan. The Resolution Professional Engaged M/s HT Legal Firm to conduct due diligence on the Resolution Plan submitted by the PRA. Pursuant to the queries raised by the legal professionals, the necessary modifications and clarifications were provided by the PRA. Upon satisfactory compliance with the observations, the due diligence certificate was issued. Accordingly, the final Resolution Plan, as submitted by the PRA, is placed before the CoC for voting. … The Resolution Professional further presented the financial highlights of the resolution plan as follows: Payment to IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Financial Creditors: 5 lakhs CIRP Cost: 10 lakhs or actuals Payment to Operational Creditors: Rs.0.50 lakhs Infusion of Working Capital: 5 lakhs Total Plan Value: Rs.20.50 lakhs The Resolution Professional proposes the following resolution for consideration by the CoC: RESOLUTION "RESOLVED THAT the Resolution Plan submitted by Mr. Drishya Aggarwal, along with all modifications made by the Resolution Applicant, is found to be feasible and viable in terms of the proposed distribution and the order of priority among creditors as prescribed under sub-section (1) of Section 53 of the Insolvency and Bankruptcy Code, 2016, and is hereby approved." 13. After the approval of the Resolution Plan by the CoC, the Applicant /Resolution Professional issued a Letter of Intent dated 23.03.2025 to the Resolution Applicant and the Resolution Applicant was requested to convey his unconditional acceptance thereto. In addition to this, as per Regulation 39(4A) of CIRP Regulations, the Applicant has furnished the Performance Bank Guarantee to the tune of Rs. 5,00,000/- (Rupees Five Lakhs Only). Copy of Letter of Intent dated 23.03.2025 signed and unconditionally accepted by the Resolution Applicant along with PBG submitted are annexed as ANNEXURE-10(COLLY) with the Application.

14. In terms of Regulation 39(4) of the CIRP Regulations, the Applicant has submitted a Compliance Certificate in prescribed format, i.e., FORM-H stating that the Resolution

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Plan is compliant with the provisions of the Code. The FORM- H duly signed by the Applicant, has been annexed as ANNEXURE-11 with the Application. The Liquidation value of the assets of the Corporate Debtor based on valuation reports obtained from the valuers are as follows:-

1. Fair Value- Rs. 7,38,087

2. Liquidation Value- Rs. 5,10,696

Details of Resolution Plan/ Payment Schedule

15. The Successful Resolution Applicant is Mr. Drishya Aggarwal S/o Sh. Ram Avtar Aggarwal, R/o Flat No. 718, Tower 9B, The Amaryllis Towers (Unity One), Central Delhi, New Rohtak Road, Karol Bagh, New Delhi — 110005. In the the year 2017, Drishya Aggarwal joined the family business and was a helping hand in setting up of Textile Park in Kathua, Jammu and Kashmir. He is also currently involved in setting up a project for manufacturing of Technical Textiles in Kathua, Jammu and Kashmir. The same is currently at the implementation stage. The Net Worth of Mr. Drishya Aggarwal as on 31.08.2024 is Rs. 3460.95 Lakhs (Rupees Thirty Four Crores Sixty Lakhs and Ninety Five Thousand).

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The Applicant has submitted the relevant information about the amount proposed to be paid by the Successful Resolution Applicant, i.e., Mr. Drishya Aggarwal under the said Resolution Plan which is tabulated as under:-The amount proposed in the Resolution Plan are tabulated below:

Sl. Parameters Amount Payale Source of Funds Description of Payable No. 1. Amount of Upfront Rs. 20Lakhs (within Funds shall be Rs. 20Lakhs Payment (Upfront 90days) +CIRP Cost infused by RA (within 90days) Cash Recover) in full (within 30 directly +CIRP Cost in full days) (within 30 days) 2. Financial Creditors Rs. 05 Lakhs within Funds shall be (Secured Creditors) 90 days infused by RA directly 3. Treatment of other stakeholders (other than Financial Creditors)

4. Operational Creditors 0.50 Lakh within 30 Funds shall be 0.50 Lakh within including Govt. Dues days of approval of infused by RA 30 days of as per their plan directly approval of plan proportion including future claims Employees and NIL NIL NIL workmen since no claim received as per IM Other Creditors NIL NIL NIL Since no claim received as per IM Note- Resolution applicant proposed an aggregate amount of Rs. 0.50 Lakhs to all operational creditors, Govt. Dues for all claims lodged, unlodged admitted, rejected or future claim if any, pursuant to order passed by any authority including Adjudicating Authority.

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Details of Fresh Capital infusion

Sl. Parameters Amount Source of Funds Description of Payable Payable No. Upfront fresh capital Infusion Net Present Value of continuing debt (inclusive of upfront cash payment) Equity/Quasi 5 Lakhs Funds shall be 5 Lakhs will be Equity/unsecured infused by RA infused via loans infusion for directly equity/unsecured improving business loan for business operations or capital improvement of CD expenditure. as and when required.

Estimated Total Amount Proposed to be brought in the Corporate Debtor for the turnaround of the Corporate Debtor:

S.No. Particulars In Rupees A CIRP Cost 10 Lakhs Total Upfront Cash Payment as part B 20 Lakhs of Resolution Plan (A) Financial Creditors C 05 Lakhs Workmen & Employee/due/claim D NIL retirement benefit Operational Creditor E 0.50 Lakhs F Other Creditors NIL Payment to outside party (C+E) 5.50 Lakhs G Repairs/Refurbishment (To be NIL H brought through equity) Infusion of Working capital margin 5 Lakhs I (To be brought through equity) Total Fund Required (B+C+E) 20.50 Lakhs J IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Sources of Funds 16. It is stated in the resolution plan that the Successful Resolution Applicant proposes the payment of monies to various stakeholders under this Plan, the payment will be made by Resolution Applicant through below mentioned sources. The Source of funds in the Resolution Plan, as proposed to be settled in the financial Proposal are the funds infused by the Resolution Applicant solely such as: DESCRIPTION OF SOURCE OF FUNDS

1. Insolvency Resolution process Cost Funds to be infused by the Resolution Applicant

2. Workmen and Employee settlement Funds to be infused by the Resolution amount Applicant

3. Upfront recovery to the Financial Funds to be infused by the Resolution Creditor and claims being paid to the Applicant Operational creditor

17. While analyzing the mandatory requirements of the Resolution Plan as per the CIRP Regulations, it was found that clause (d) (e) (f) of Regulation 37 mentioned in resolution plan at page no. 28 and page no. 163 of the application are stated to have been as referred complied in para 6 of the resolution plan. However, Paras No. 6 and 7 are missing in IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 the resolution plan, and therefore, it has been found that the complete Resolution Plan was not submitted.

18. The Tribunal sought clarification and asked to furnish the complete resolution plan including the above paras which are apparently not available on record.

19. The matter came up for hearing on 06.06.2025, the Ld. Counsel representing the Applicant after arguing for some time, sought two days time to file a short affidavit in respect of compliance of Regulation 37 as per clause (d), (e) and (f) as mentioned in Resolution Plan at page no.28 and page no.163 of application, clarifying therein as to the amount to be paid in terms of the detailed provisions contained in Part- 6 of the Plan, particularly relating to the averments made at page no.177. The Applicant filed the supplementary affidavit vide diary no.1123 dated 09.06.2025. The content of the said affidavit are as under: -

1. It is respectfully submitted that on Page No. 163 of the application bearing No. IA (IBC) (PLAN) No. 1/2025, under Part No. 7(B), in clauses (e), (f), and (g) of the Resolution Plan, the phrase 'As detailed para 6 of the Resolution Plan' may kindly be read and construed as 'As detailed in Part 6 of IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 the Resolution Plan' as appearing at Page No. 159 of the said application. 2. It is further submitted that the treatment of stakeholders and the liabilities of the Corporate Debtor have also been explained in Part-10 at Page No. 177 of the application, which is reproduced as under:- 10. Treatment of Stakeholders and Liabilities 1. Summary of Payments

PARTICULARS Upfront Payment within Total 90 days CIRP Cost* As per actuals or Rs. 10 As per actuals or Lakhs whichever is higher Rs. 10 Lakhs (within 30 days) whichever is higher (within 30 days) Financial Creditors 5.00 5.00 (secured Creditors) Financial Creditors NIL NIL (Unsecured Creditors) Financial Creditors NIL NIL (Related Parties) Workmen/Employe NIL NIL es Operational 0.50 (within 30 days) 0.50 Creditors Preference NIL NIL shareholders

Non-Promoters NIL NIL

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Equity Shareholders Promoters NIL NIL Shareholding Statutory Dues NIL NIL Contingent NIL NIL Liabilities Sub Total (A) 5.50+CIRP Cost in full 5.50+CIRP Cost (Approx Rs. 10.00) in full (Approx Rs. 10.00) Business 5.00 5.00 Improvement (for CAPEX Renovation/Synchr onisation & Working Capital) Sub-Total(B) 5.00 5.00 TOTAL (A)+(B) 20.50 20.50 Funded By: Own Funds 20.50 20.50 Any other liability for the period prior to the Approval Date, whether admitted or not, contingent or crystallised, claimed or not claimed, shall stand settled at NIL and be extinguished on the NCLT approval date, even if such liabilities are claimed or arise or crystalize the future. Any liability remains unpaid pertaining to the CIRP period will be included under the head unpaid CIRP Cost and is to be satisfied per the provisions of the resolution plan 3. It is further respectfully submitted that Part 10(4) (f) at Page No. 180 of the application also clearly provides as under: "On approval of this Plan by the Adjudicating Authority all the dues of SECURED FINANCIAL CREDITOR whether claimed or not, whether admitted or not, whether contingent or crystalized, whether disputed or not, shall be reduced to the settlement amount proposed in Clause-1 above. The RA will not be liable to pay any further amount under this head." IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

20. The Applicant 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:

Measures provided in Resolution Plan in terms of Regulation 37 of CIRP Regulations. Regulation 37 of Relevant Clause of Page Number of Insolvency and Resolution Plan Application Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 a) transfer of all or part of All the assets of the P age No. 27 of the the assets of the CD shall be resolution plan corporate debtor to one or transferred to the RA and Page No. 162 more persons; of the Application upon the Final Payment Date and completion of all payment as envisaged in this resolution plan. b) sale of all or part of the RA may sell part of Page No. 27 of the assets whether subject to the assets of the CD resolution plan any security interest after successful and Page No. 162 or not; of the Application implementation of Resolution Plan. ba) restructuring of the RA does not propose Page No. 27 of the corporate debtor, by way of restructuring of the resolution plan merger, amalgamation and corporate debtor, by and Page No. 162 demerger; way of merger, of the Application. amalgamation and demerger through this resolution plan.

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 c) the substantial RA does not propose Page No. 27 of the acquisition of shares of the the substantial resolution plan corporate debtor, or the acquisition of| and Page No. 162 merger or the shares of the of the Application. consolidation of the corporate debtor, or corporate debtor with one the merger or| or more persons; consolidation of the corporate debtor with one or more persons through this resolution plan. ca) cancellation or delisting The Resolution Plan Page No. 27 of the of any shares of the provides for resolution plan corporate debtor, if cancellation of share and Page No. 162 applicable; capital held by the of the Application. existing shareholders. d) satisfaction or RA proposes that Page No. 28 of the modification of any security upon payment of the resolution plan interest; final| tranche, there and Page No. 163 shall be release of all of the Application. the security interest including mortgages, charges or any other interest, created in favor of the Financial Creditors. e) curing or waiving of any Provided in Part-10 Provided on page breach of the terms of any of the Resolution plan n o. 24 and 42 of debt due from the the Resolution corporate debtor; Plan and page no. 159 and 177 of the Application respectively. f) reduction in the amount Provided in Part-10 Provided on page payable to the creditors; of the Resolution no. 24 and 42 of plan the Resolution Plan and page no. 159 and 177 of the Application respectively IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 g) extension of a maturity Provided in Part-10 Provided on page date or a change in interest of the Resolution no. 24 and 42 of rate or other terms of a debt plan the Resolution due from the corporate Plan and page no. debtor; 159 and 177 of the Application respectively h) amendment of the As of now, no Page No. 28 of the constitutional documents change in the resolution plan of the corporate debtor Constitutional and Page No. 163 documents of the of the Application.

CD, but Resolution applicant in future may provide for amendment of the constitutional documents of the corporate debtor. Accordingly, as an integral part of the Resolution Plan, the authorized equity share capital of DITPL shall be increased to allow such restructuring, without any further act, instrument or deed by DITPL and without any liability for payment of any fees or stamp duty in respect of such increase. i) issuance of securities No of the corporate debtor, for cash, property, securities, or in exchange for claims or interests, or other appropriate purpose;

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 j) change in portfolio of No. goods or services produced or rendered by the corporate debtor; k) change in technology No used by the corporate debtor; and l) Obtaining necessary As mentioned in this approvals from Central and plan State Governments and other authorities m) Sale of one or more assets of corporate debtor to one or more successful resolution applicants submitting resolution plans for such assets; and manner of dealing with remaining assets

Section of Requirement with Clause of Compliance the Code/ respect to the Resolution Plan (Yes/No) Regulation Resolution Plan No. 25(2)(h) Whether the Provided in of Yes Resolution Applicant the Resolution meets the criteria Plan approved by the CoC having regard to the complexity and scale of operations of business of the CD? Section 29A Whether the Provided in Yes, at Page Resolution Applicant Clause 10of 69 of the is eligible to submit Part-15 of the Resolution resolution plan as per Resolution Plan plan and final list of Resolution Page no. 204 Professional or Order, of the if any, of the Application. Adjudicating Authority? IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Section 30(1) Whether the Resolution Provided in Yes at Page Applicant has Clause 10 of 69 of the submitted an affidavit Part-15 of the Resolution stating that it is Resolution Plan plan and eligible? Page no. 204 of the Application. Section 30(2) Whether the Resolution Plan- (a) Provides for the Provided in Yes, Page payment of insolvency Clause 2 of part-no.43 of resolution process 10 of the Resolution costs? Resolution Plan Plan and Page No. 178 of the application. (b) Provides for the Provided in Part-payment to the 5 of the Yes, Page operational creditors? Resolution Plan no.48 of Resolution Plan and Page No. 183 of the application. Provided in clause 4(b) of (c) Provides for the part-10 of the Yes, Page payment to the Resolution plan no.44-47 of financial creditors who the did not vote in favour of resolution the resolution plan? plan and Page 179- 182 of the Application. Provided in Clause -C part-9 of the Yes, Page (d) provides for the Resolution Plan no.37-41 of management of the the affairs of the corporate resolution debtor? plan and Page 172-

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Provided in 176 of the Part-9 of the Application. Resolution Plan Yes, Page (e) provides for the no.36-41 of implementation and supervision of the the resolution plan? resolution plan and Provided in Page 170- Clause 5 of Part- 176 of the 15 of the Application. Resolution Plan (f) contravenes any of Yes, Page the provisions of the no.69 of the law for the time being in Resolution force? Plan and the Application. Section 30(4) Whether the Resolution Plan Yes, Page No. (a) is feasible Provided in 69 of the and viable, Part-15 of the Resolution according to Resolution Plan. the CoC? plan and Page no. 204 of the Application.

(b) has been approved Yes, with Yes, Page by the CoC with 66% 80.56% voting no. 190 of voting share? share plan is the approved by the application CoC.

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Section 31(1) Whether the Resolution Provided in Yes, Page no. Plan has provisions for Clause C of Part- 37-41 of the its effective 9 of the Resolution implementation plan, Resolution Plan Plan and according to the CoC? Page no. 170-176 of the Application. Regulation 38 Whether the amount Provided in Yes, Page (1) due to the operational Clause 5 of no.48 of the creditors under the Resolution Plan Resolution resolution plan has Plan and been given priority in Page No. 183 payment over financial of the creditors? Application.

Regulation Whether the resolution Provided in Part- Yes, Page 42 38(1A) plan includes a 10 of the of Resolution statement as to how it Resolution plan Plan and has dealt with the page no. 177 interests of all of the stakeholders? Application. Regulation (i) Whether the Provided in Yes, Page 69 38(1b) Resolution Clause 11 of of Resolution Applicant or Part-15 of Plan and any of its Resolution Plan page no. 204 related parties of the has failed to Application. implement or contributed to the failure of implementatio n of any resolution plan approved under the Code. (ii) If so, whether the Resolution Applicant has submitted the - Not statement Applicable giving details

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 of such non-implementatio n? Regulation (a) The term of the Provided in Yes, Page 35 38(2) plan and its PART-9 of the of Resolution implementation Resolution Plan Plan and schedule? page no. 170 of the Application.

Yes, Page 35 (b) For the Provided in of Resolution management and PART-9 of the Plan and control of the Resolution Plan page no. 170 business of the of the corporate debtor Application. during its term?

Provided in Yes, Page 36- PART-9 of the 38 of (c) Adequate means Resolution Plan Resolution for supervising Plan and its page no. implementation? 171-173 of the Application. Not Applicable (d) Provides for the manner in which proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Code, will be pursued after the approval of the resolution plan and the manner in which the proceeds, if any, from such proceedings shall be distributed: Regulation Whether the resolution 38(3) plan demonstrates that - (a) It addresses the Provided in Part- Yes, Page 14-cause of 4 of the 16 of default? Resolution Plan Resolution Plan and page no. 149-151 of the Application.

Provided Part-15 (b) It is feasible and of the Resolution Yes, Page 69 viable? Plan. of the Resolution plan and Page No. 204 of the Application. Provided in PART-9 of the (c) It has Resolution Plan Yes, Page 35-provisions for 38 of its effective Resolution implementation Plan and ? page no. 170-173 of the Application. (d) It has provisions for IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 approvals required and the timeline for the same?

(e) The resolution applicant has the capability to implement the resolution plan? Regulation Whether the RP has No such 39(2) (c) filed applications in transaction is respect of transactions reported by the observed, found or Auditor determined by him? Regulation39( Provide details of Amount of EMD 4) performance security adjusted as received, as referred to performance in sub-regulation (4A) guarantee as per of regulation 36B. instructions of RA.

Details of Monitoring Committee:

21. The Monitoring Committee shall be constituted with two members comprising of 01 Member of the Resolution Applicant, identified as Mr. Drishya Aggarwal, 01 from financial creditor and Resolution Professional of the CD viz., Mr. Rajiv Bajaj, who will act as the Chairman of Monitoring Agency and shall hold office from the Approval Date till the payment and distribution of full consideration to the Creditors as per the Resolution Plan.

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22. In Part-15 Clause 10 of the Resolution Plan, it is stated that the Applicant submits that the Resolution Applicant is eligible under Section 29A of the IBC and the RA has submitted an Undertaking to the same effect which is annexed as Annexure-12 with the Application. The relevant parts of the said undertaking are reproduced below:- “… (c) We, including any connected persons of ours, singly or jointly, are not ineligible or disqualified in terms of provisions of Section 29A of the Code as amended till date; (d) The Investment in the Corporate Debtor shall be made by us on an “as in, where is” basis and the Resolution Professional or the COC will not be providing any representations or warranties for the Corporate Debtor; … (h) If, at any time after the submission of this EOI, we become ineligible to be a resolution applicant as per the provisions of the Code (and in particular Section 29A of the Code), the fact of such ineligibility shall be forthwith brought to the attention of the Resolution Professional and the COC. …” 23. It is submitted by the Resolution Professional in the Form-H 24.03.2025 that SRA is not barred by section 29A. the relevant portion of Form-H is reproduced below:-

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019 “… (ii) the Resolution Applicant Mr. Drishya Aggarwal has submitted an affidavit pursuant to section30(1) of the Code confirming its eligibility under section 29A of the Code to submit resolution plan. The contents of the said affidavit are in order.” 24. The Successful Resolution Applicant has provided the performance security of Rs.5,00,000/- (Rupees Five Lakhs Only) Regulation 39(4) Amount of Rs, 5,00,000 submitted as EMD was adjusted as performance guarantee as per instructions of RA and is in compliance with the Regulation 36B (4A) of CIRP Regulations, 2016.

25. The Resolution plan size is approximately of Rs.20,50,000/- (inclusive of the CIRP cost determined at Rs.10,00,000/- or actuals, whichever is more and infusion of working capital of Rs. 5,00,000). The “Effective Date” will be the date on which the Adjudicating Authority approves the Resolution Plan.

Details on Management and Implementation as per the Resolution Plan. 26. The Resolution Plan also provides for details of management and control, implementation, and supervision and term of the Resolution Plan which is set out in Part-9 of the Resolution Plan. IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

Waivers, Reliefs and Exemptions 27. The SRA has sought/ prayed for the reliefs, waivers and concessions as enumerated under Part-14 of the Resolution Plan approved by the CoC.

Analysis & Findings 28. On hearing the submissions made by the Ld. Counsel for the RP and perusing the record, we find that the Resolution Plan has been approved by the CoC with 80.57% of the members voting in favour of the Resolution Plan. As per the CoC, the Plan meets the requirement of being a viable and feasible for revival of the Corporate Debtor. By and large, there are provisions for making the Plan effective after approval by this Bench.

29. On perusal of the documents on record, we are satisfied that the Resolution Plan is in accordance with Sections 30 and 31 of the IBC and also complies with regulations 37, 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

30. The reliefs, concessions and waivers sought by the Successful Resolution Applicant will be dealt strictly in accordance with the applicable laws.

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31. It may be clarified that litigations wherever pending against the corporate debtor would be governed by Section 32A of the Code.

32. From the date of approval of the ‘Resolution Plan’, the Resolution Applicant shall be legally authorized to seek appropriate orders from respective authorities/courts/ tribunals for renewal of licenses/withdrawal/dismissal or abetment of the proceedings as the case may be.

Orders on Resolution Plan 33. Subject to the observations made in this Order, the Resolution Plan of Rs 20.50 Lakhs (containing the mandatory contents of Resolution Plan in terms of Regulation 38(1), is hereby approved as per Section 31(1). We have satisfied ourselves that the resolution plan as approved by the COC under sub-section (4) of Section 30 on 19.03.2025 meets the requirements as referred to in sub-section (2) of Section 30. Thus, entire Resolution Plan as presented before us by the RP is approved, however, out of total Resolution Plan of Rs. 20.50 Lakh, Rs. 5,00,000/- is for the payment to financial creditors, Rs. 0.50 is for making payment of dues of operational Creditors and Govt. Dues and further Rs. 05

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Lakhs is kept for CAPEX/working capital/renovations. Lastly, Rs. 10 Lakhs is for CIRP cost within the time period given in para 13. However, CIRP cost will be paid on actual basis.

34. We also order that litigations wherever pending against the Corporate Debtor would be governed by Section 32A of the Code.

35. The reliefs, concessions and waivers sought/prayed by the Successful Resolution Applicant will be dealt with strictly in accordance with the applicable laws including Companies Act, 2013 and Income Tax Act, 1961, etc.

36. As far as the question of granting time to comply with the statutory obligations/seeking sanctions from governmental authorities is concerned, the Resolution Applicant is directed to do the same within one year as prescribed under section 31(4) of the Code.

37. In case of non-compliance with this order or withdrawal of the Resolution Plan within the stipulated time, in addition to other consequences which follow under law, the CoC shall forfeit the Performance Bank Guarantee of Rs. 5 Lakhs/-submitted by the SRA. IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019

38. The Moratorium imposed under section 14 of the Code shall cease to have effect from the date of this order.

39. The RP is further directed to hand over all records, premises/ factories/documents available with it to the Resolution Applicant to finalise the further line of action required for starting of the operation. The Resolution Applicant shall have access to all the records and premises through the RP to finalise the further course of action required for starting of operations of the Corporate Debtor.

40. The RP shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record.

41. The RP shall stand discharged from his duties with effect from the date of this Order, save and except those duties that are enjoined upon him for implementation of the approved Resolution Plan.

42. Liberty is hereby granted for moving appropriate application if required in connection with implementation of this Resolution Plan.

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43. A copy of this Order shall be filed by the RP with the Registrar of Companies.

44. The Registry is directed to send copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps.

45. The registry is further directed to send the copy of the order to the IBBI also for their record.

46. Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

47. IA No. 01/2025 shall stand disposed of accordingly.

48. File be consigned to the record.

-Sd- -Sd- (Ashish Verma) (Praveen Gupta) Member (Technical) Member (Judicial)

Date:- 12.06.2025

IA (IBC) (PLAN) 01 of 2025 IN CP (IB)-133/ALD/2019