Approval of Resolution Plan - Ecomaister Beads India Private Limited

NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH IA(IBI (Pmx) No.2/CB 120.24 In CP(IB) No. S/CB 12023 (An application under Section 30(6) read uith Section 31 of the Insoluencg and Bankruptcg Code,2O16 read utith Regulation 39(4) of the Insoluency and Bankruptcg Board of India (Insoluency Resolution Process for Corporate P er s ons) Re gulations, 2 0 1 6) In the matter of: CHANDAN LAL SAHU (Prop. Barbarik Transportation) ...... FrraNcrAL CnportoR Vs. ECOMAISTER BEADS INDIA PRIVATE LIMITED Conponerp DEBToR In the matter of: PRASAD DHARAP Resolution Professional of Ecomaister Beads India Private Limited Rrro Plot No.47, "Prasad", New Ramdaspeth, Nagpur-4400 10 Ii m ail : q!1p._9cory-aister@gryai1. com ....." ApplIcANT AND IA(IBI {Lrq) No. 2 I cB I 20.24 Iw CP(IB) No.S/CB 12o22 (An. Application u.nder Section 33 & 34 of th"e Insoluencg and Bankntptcy Cod.e,2)16 read utith Regulations 39F, 39C and 39D of th.e lnsoluency an.d l3ankntptcg Board of India (Insoluencg l?esoluti.on Process for Corporate Persons) I?egulations, 2 0 1 6) IJr the matter of: PRASAD DHARAP Resolution Professional of Ecomaister Beads India Private Limited R/o Plot No.4.7, "Prasad", New Ramdaspeth, Nagpur-4400 0 1 E mail: A11p.ecomaister@qmailffi ..." Appltcarr Vs. 5d) Sa'

NCLT, Cuttecx BENoH IA(IBXPlanl No.2 I CB I 2024 and IA(IB)(Liq) No.2 / cB I 2024 In CP(IB) No.5lCBl2023 DPSCO CONSULTANTS PRIVATE LIMITED CIN NO: U67 19OMIJ2O22PTC37 794o H No.2, S-2, Vasantika Apartment Raj Nagar, Katal Road, Nagpur, Maharashtra-44OO 3 1 E mail: mukund@cadpsarda.com ,..... ReSpoNDENT No.1 EXTENSIVE HR MANAGEMENT PRIVATE LIMITED CIN : U74 999 CT2O 1 9PlC009 422 House No.E-64, Shree Ji Madhuban Colony, Amlidih, Raipur, Chhattisgarh-492OO7 E mail: extensivehrm2O 19@gmail.com ,..... RpSpoNDENT No.2 Darp or PRowoUNCEMENTI L7.1O.2O25 CoRana: Dppp CsenoRa Josut, MpwIspn JupIcw Bauweru Lal Meeue, MptuspR TpcHllcal Fon Apppanexcp: FoR ApplrcANT: Mn. SerpEEP BAJAJ, Aovocale Mn Vrpul Jer ORDER Per: Deep Chandra Joshi.M(Jl and Banwari Lal Meena. M(Tl: 1. The application IA(IB) (Plan) No. 2/CB 12024 is filed by Mr. Prasad Dharap, Resolution Professional (hereafter 'RP/Appllcant') of Ecouersrpn Bpaps lupn PRrvetp Limited (hereinafter 'Corporate Debtor/CD') bringing on record. the Resolution Plan submitted with respect to Two Units of the Corporate Debtor situated at Angul (Odisha) and Raigarh (Chhattisgarh) approved by Committee of Creditors (hereinafter 'CoC) under Section 30(6) of the Insolvency Bankruptcy and Code, 2016 (hereinafter 'lB,Cl the Code') read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Procbss of Corporate Persons) Regulations, 20L6 : ,-.,/ 6a ) (-/' v --_7---

NCLT, Cuttacx Bpwcn IA(IB)(Planl No.2 / CB I 2024 and IA(IB)(Liq) No.2/ cB I 2024 CP(IB) No.S/CB/2o23 (hereinafter'CIRP Regulations/Regulations') seeking approval of resolution plan u/s 31(1) of the Code as approved by the CoC u/s 30(a) of'the Code. The applicant has also filed IA(lB)(f,iq) No. 2/CBl2024 under Section 33(3) read with Section 60(5) of the Code seeking clirection to initiate Liquidation process with respect to the Bellary Unit of the Corporate Debtor and other assets of the Corporate Debtor which do not form part of the Resolution Plan 2. We have heard Mr. Sandeep Bajaj, learned counsel appearing for the applicant along with learned counsel Mr. Vipul Jai and perused the records. Suyrvrenv op tnB CoRponltp lxsor,vpncv Rpsor,utlou PRocpss: 3. The Corporate Debtor was admitted into CIRP vide order dated 15.05.2023 for a default of Rs. 2,60,98,0191- and Mr. Prasad Dharap was appointed as the Interim Resolution Professional (IRPI of the Corporate Debtor in conformity with Section 16 of IBC"

Public Announcement: 4" In compliance with sections 13 and 15 of IBC read with Regulation 6(1) of CIRP Regulations, the IRP initially published a public announcement in Form A on 17.o5.2o23 and subsequently upon discovering assets of the CD across three different states the applicant issued another public announcement in Form A on t9.O5.2o23 in (i) Central Chronicle (English Newspaper)- Bilaspur Edition, (ii) Srvadesh (Hindi Newspaper - Regional Newspaper) - Bilsapur Edition, (iii! Bhaskar (Regional Newspaper) - Angul edition, (iv) Business Standard (English Newspaper) - Angul Edition, (vf Udaya Kala Hubballi (regional newspaper) - Bellary trdition and (vi) Times of India (trnglish Newspaper) - Hubballi Bdition wherein the last date to file claims against the corporate debtor was mentioned as 29.O5.2023, '') Sd 3d

NCLT, CUTTACK BENCH IA(IB)(Pian) No.2/CB/2024 and IA(IB)(Liq) No2/ CB I 2024 CP(IB) No.1lCBl2023 Colletron op Clalm anp Colstlturtow op Connnnlttpp op CRpplroRs: 5. lst CoC meeting was held on 14.06.2023 wherein the applicant informed the CoC that it has received claims from 2 (Two) Financial Creditors and 38 claims lrom other category of creditors out of which I 1 were received after the deadline and placed on record the list of claims that were received and provisionally admitted, subject to verification" The applicant in this meeting was confirmed as RP as per section 2212f of IBC,2OL6. The applicant, within the stipulat-ed time as provided in orm-A, received claims and the applicant as F mandated by section 18(b) read with Regulation 13(1) of CIRP regulation collated and provisionally admitted the claim and prepared a list of creditors as required under Regulation 13(2)(d). Subsequently the CoC was constituted uls 21(l) read with section 18(1)(c) of IBC,2016 with two Financial creditors and as per regulation 17(1) of CIRP Regulations a report certifying the Constitution of CoC was filed before the Tribunal in IA(IBI No.263lCBl2O23. The voting composition of the CoC was as follows: DPSCO Consultants Privat-e Limited 50.49o/o Extensive HR Management Private Limited 49.51o/o

6. 2nd CoC meeting was convened on O7.O7.2O23 wherein the CoC approved the publication Expression of Interest (EoI) in Form-G, and the Eligibility Criteria as per Section 25(h) of the Code rlw Regulation 36A of CIRP Regulations was discussed and approved. The CoC also in this meeting approved the appointment of 2 Valuers each, as required under Regulation 27 of CIRP Regulations, for each category of asset-s to provide valuation of two categories of assets i.e. (i) Plant and Machinery and (ii) Securities and Financial Assets, of the Corporate Debtor.

NCLT, Cumecx Bpucs IA(IB!(Ptan) I{o.2 / CB / 2024 and IA(IB}(Liq) No.2 / cB I 2024 In CP(IB) No.s/cB/2023 Category of Assets Name of Valuers Plant and Machinery Pranav Ambaselkar Sushant Aggarwal Securities and Financial Assets Manish Buchasia Swapnil Agrawal

Puel,rcartorv oF lr{vrtatroN or ExpRpsstoN or lNrpRpst: 7. L4.O7.2023, tlne RP as per Regulation 36A (1) of CIRP regulations published. Form-G i.e" Invitation fbr expression of interest in Central Chronicle, an English daily (Bilaspur Edition), Swadesh, a Hindi daily (Bilaspur trdition), Business Standard (English Newspaper) - Angul Edition, Odisha Bhaskar (Odia News Dailv), Times of India (Hubbali trdition ) and Udaykala (Hubbali trdition)an English daily and the last date for submitting Expression of Interest (EoI! was 29"07"2024. 8. Srd CoC meeting was convened on 16.08.2023 wherein the applicant informed that the Prospective list of PRAs, who has submitted Eol in response to Form G dated 14.07.2023, was published on 08.08.2023 and the Final List of PRAs was issued on 23.O8.2023. The final list. of PRAs are as fbllows Name of PRA Alok Buildtech Private Limited Jindal Steel & Power Limited (JSPL) .J M Enterprises in consortium with RB Enterprises Shri Laxmi Ganesh Bnterprises Balaji Solar Systems United Infracore Limited Shree Krishna trarth Movers Sa7

NCLT, Cutrecx Bprcn IA(IBf(P1anl No"2 / CB I 2024 and IA(IB)(Liq) No2/CB I 2024 CP(IB) No"5/CB/2023 9. The CoC expressed its view that looking at the specialised nature of the business of the Corporate Debtor, it is imperative to have prospective resolution applicants who are from the industry as only then it will be possible to successfully resolve the Corporate Detrtor and resolved to re-publish Form G in accordance with section 25(h) of the Code. It. was decided by the CoC niembers to allow these seven PRAs, included in the provisional declared by the RP in response to first Form- G, to be included in the provisional list of the PRAs to be declared in response to the Republished Form G" Thus, it was decided that it will not be necessary for these seven PRAs to resubmit their documents for expression of Interest. It was also decided that he Information Memorandum prepared by the applicant as per Section 29 of the Code will be shared with the CoC members after receiving their undertaking of confidentiality. Re-PusLrceuoN oF INvrrerrory oF ExpRpssroN or INtpRpsr: 10. On 24.o8.2023, the RP as per Regulation 36A (1) of CIRP regulations re-issued, Form-G i.e. Invitation for expression of interest and published it in Central Chronicle. an trnglish daily (Bilaspur trdition Edition-26.O8.2023), Swadesh, a Flindi daily (Bilaspur Edition- 25.08.2023), The Statesman (English Newspaper) - Angul trdition, Utkal Mail (Odia News Daily-), The Hindu Businessline (Bengaluru Edition-25.O8.2023 ) and Pra_javahini (Karnatak Local Edition- 25.08.2023) and the last date for submitting Expression of Interest (EoI) was O9.O9.2024. 11. 4th CoC meeting was convened on 25.O8.2o23 wherein the applicant informed the CoC that he has received 2 more EoIs from (i) Shanti G.D" Ispat and Power Private Limited and (ii) Galactico Corporate Services Limited but the applicant upon verification of Eoi has only added Shanti G"D. Ispat and Power Private Limited to the existing list of PRAs. In this meeting the trvaluation Matrix (EM) as gd 3a2 _\__s__

NCLT, Cumecx BENCH IA(IB)(Planl No"2 I CB I 2024 and IA(IB)(Liq) No2/ cB I 2024 cP(IBl No.SlCBl2023 required under Regulation 2(1)(ha) of CIRP Regulations and Request f"or Resolution Plan (RFRP) were discussed and approved" t2. Sth CoC meeting was convened on 25. LO.2O23 wherein the CoC resolved to seek extension of 90 days as the CIRP period was due to expire on 11.11.2023. This Adjudicating Authority vide order dated 20.11 .2023 in IA(IB) No.342lCBl2Og wherein the CIRF period was ext-ended till rc.O2.2O24. The 6th CoC meeting was convened on 30.1L"2o23 wherein the applicant informed the CoC that request was received for extension of last date of submission of Resolution Plan, which as per Form G was 10" 11 "2023 and as per the approval received from CoC by email on 9th November the last date for receipt of Resolution Plan was extended to 3O.LL.2O23 but the applicant informed the CoC that he has not received any Resolution Plans yet and the CoC was also of the opinion that any further extension does not increase the possibility of getting resolution plans. 13. The applicant also informed the CoC that in pursuance of his conversations with PRAs, it has come to his knowledge that some PRAs are interested in one or two units of the CD but no PRA is interested in the CD as a whole In this regard the applicant suggested the CoC 3(three) options (if that the CoC can go for asset wise sale as per provisions of Regulation 368 (6A) of CIRP Regulations, then there is no need to republish Form G and the PRAs are eligible to submit a Resolution plan for asset wise sale and other 1-wo options are (ii) republishing Form G and (iii) running the entire process again or to vote for liquidation of the Corporate Debtor^ The CoC in pursuit of maximising the value of the CD, the CoC resolved to proceed with asset wise resolution /sale as per Regulation 368(64.) of the CIRP regulations. L+" The 7trl. CoC meeting was convened on L4.L2.2O23 the trvaluation Matrix (EM) as required under Reguiation 2(1)(ha) of CIRP Regulations and Request for Resolution Plan (RFRP) for 'asset wise sale' ') SU " -*

NCLT, Curtecx BENcH IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(Liq) No.2/ cB I 2024 In CP(IB) No"5lCBl2023 were discussed and approved" The EMD amount was agreed upori to be Rs" 25 Lakhs and the Performance Bank Guarantee was decided as 2Ooh of the Plan Arnount. 15. ln the Sth CoC meeting convened on 22.o1.2o24 the applicant informed the CoC that it has received the Transaction Audit from KND & Associates and it has flagged one transaction amounting to Rs.3,62,87,7811- as fraudulent as per Section 66 of the Code and necessary application will be filed and in pursuance of that an application in the form of IA(IB) No. 86/CBl2024 was filed before this Adjudicating Authority, which is pending. The applicant also inforrned the CoC that only one Resolution Plan was received in response to the RFRP with respect to Units at Angul and Raigarh from Shree Krishna Earthmovers (Proprietor Rajkumar Agarwal) and the same was opened in presence of the Resolution Applicant (RA) placed and discussed upon by the CoC. L6. The 9th CoC meeting was convened on O1 .O2.2O24 wherein the applicant informed the CoC that the applicant has conducted legal vetting of the Resolution Plan and also checked the eligibility of the Re solution Applicant uls 29 A using the services of one vendor named 'Signal X' and has found that the Resolution Applicant was found eligible uls 29A but certain deficiencies were found in the plan and the RA has agreed to cure the deficiencies. The Valuation Report of the CD as a whole and asset wise valuation was shared with the members of CoC upon receipt of confidentiality undertaking. VRlueuow RppoRt: L7. Average Fair Value and Liquidation Value of the Assets of the CD at Angul and Raigarh as per Form H is Rs. 2.O2 Crores and Rs. 1^51 Crores respectively. 5a 6C

NCLT, CUTTACK Bpucrr IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(Liq) No"2lCBl2024 In No.5lCBl2023 Cerpconv Nelrrp oF VALUER Fern Valup Lrguroerrou (IBBI RpcrsrRerroN ID) (nv INR) Valup Ancur, (IrY INR) Bpr,leRy RAIGARH

Plant & Pranav Ambaselkar 0.90 Crores 0.'73 Crores Machinery rBBr/ RV/ 02 I 20 19 I T 1944 4.71 Crores 3.52 Crores 1. 1 1 Crores 0.77 Crores Total 6.73 Crores 5.02 Crores Plant & Sushant Aggarwal 0.80 Crores 0"68 Crores Machrnery rBBr/RV/ 02l2ore I t}54t 4^81 Crores 3.03 Crores 1.23 Crores 0.84 Crores Total 6"84 Crores 4.55 Crores

CarpcoRv Neryrp or FerR Verup LrquroetroN VALUE Valupn (IBBI (uv INR) (Iw INR) Rpcrstnatro u Io)

Securities Manish 3,04,50,135 1,17,42,203 & Santosh Financia-l Buchasia Assets rBBr/RV/0312 otg I t223s 'a --- S.l 5d

NCLT, Cumecr BENcH IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(LIq) No.2/ CB I 2024 In )P(IB) No.S/lCcBB 12023 Securities Swapnil 5"50 Crores 1.01 Crores & Mukund (Rounded Off) (Rounded Off) Irinancial Agarwal Assets rBBrl RV/ a6 I 2 o2r I t42O5

18. The CoC undertook negotiations with the RA and suggested to enha.nce the plan amount and raised objections to the payments proposed to the related party financial creditors as a certain transaction has been fbund to be avoidable related party transactions. The RA in response to the suggestions made proposed to enhance the plan amount to Rs. 2,25 Crore and agreed to re-work the payment distribution. 19. The applicant informed the CoC regarding certain operational challenges and prospects of successful operation at the Angul and Rellary Units of the CD. The CoC in response to the facts iaid down by the applicant resolved to take decision in regard to the Angul and Raigarh unit only after receiving the revised plan and as regard to Bellary Unit, the CoC in principle decided to liquidate it on account-of the operational difficulties existing at the Bellary Unit and absence of any resolution proposal. The CoC also resolved to file the necessary application before the ad.judicating authority to seek an extension of 30 days to complete the CIRP. 20. In the loth CoC meeting which was convened on 1O.O2,2o24 the applicant informed the CoC that it had received the revised plan from the RA on 08.02.2024 and the same was put to vote and was approved with 1OO%o Vote. The CoC also resolved to liquidate the Bellary Llnit of the corporate Debtor and any other assets of the CD which was also approved with loooh vote. The relevant extract of the minutes resolving to liquidate the Bellary Unit and other assets and the voting - 3"t GA

NCLT, Cuttacx Bpucn IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(Liq) No.2l CB I 2024 In CP(IB) No"5/CB/2o23 results with respect to the resolution to approve the plan dated 08"02 "'2024 and resolution to liquidate are reproduced hereinbelow: Resolution to Liquidate: ll. Aser&jt9lus'-Al?) To llgudallr the remainiil.fr qs$et$ of ttre 3rd ur]at & qort)orate Debtor ae + Yyhgle. The Resolutiorr Prolessional stated that as dr$cussed rn the Sl'' meetiilq of the CoC, the CoC rnembers discrrssed thal the chances ol Resolrltion fnr the Corporaie Debtor's Bellary unit are very bleak and as the ClliP r:f th6 Corp$rai.) Debtor hag already corrpleted alrnosl 270 t1ays, and Fortn G has been irisued lYJice. -flrereforc, it ls onlV lofJical lo liquidal(1 lire Bellary ilnil of lhe Corporate Dcbtor i,long \vrtl! any rernarning asseis of tire Cr:ilrr:rate Del:tor

Voting Results of Resolution to approve the Plan: llgryt".l*' Resolved lhst lhe Regolution Plsn doled 8,h Febru<]ry ,1024 submitied by Shree Krishno Eorlhmovers (Prop" Rojkurncr Agrcwrxl) be qpproired, Voling Voted V()led $Fr Nonre ol Finoncitrl Credilors Shore For l\g<rinsl Ab3t(}incd l ii_ * n - P ^^ S ^ (]C) Corlsull{.rnls Frivc:!e lirrrilt:l: *{).4?''./6 f,xl*nslve HR tr,dfi nc:}set.I1snl l5rir.*le 4*.*1% ? tirl':i,i<ld &a s_ult__slq:vs jins-,9-l-il-em-ft l*1 : {f{,{)r::} r,iJ 'C rer::1i.,' )-'i3! al lit* I,.rclvelr.v f-ijrLt-l?-'i-,r:-rl{:;.; (-iCCle, ;Qli, SSve CIt othenA/(se p,t-.q r.lr;.:J ;r. lli:; (:.ril..:. -tll i.ri:ajis:{-\r-r ,:11 1,1{-- ir()rtlrli.ll("r, (]l (jri.:,J-i()I: sf',;.:11 L:r: '.:.14.t}t\ i)y r;, vci{: fi nol lerss lhon lifiy-one per cenl As ,er <rbove voling re*ull lhe resolution is -LA!!ed wilh tOOY/* vole* in lsvour <>l lhe res{rlulion. Voting Results on Resolution to Liquidate: [eE 3; Retslved thsl lhe Corpsrote Deblor csnluinifig lhe Bellory unil of lhe Corporole Deblsr be liquidsied. Voting Voted Voted 5H Nome ol Finsneiol Credilors Absloined $hore For Agoinrl i l DPSC0 Consi.rllortis Frivtrf* Linlilod [xlerrsiv* l-iR tdfi nag*meni l'rivuie 49,b1-/* I Lin:itorJ

2L. The two CoC members i.e. DPSCO Consultants Private Limited and Extensive HR Management Private Limited proposed names of two different Liquidators for carrying out the Liquidation but both the gd '/ GJ2

NCLT, Cumlcx Boucn IA(IB)(Plan) No.2/CB/2024 and IA(IBXLiq) No.2/CB I 2024 In CP(IB) No.SlCBl2023 names failed to get approved as none of the names received 51%o votes as required u/s 21(8) of the Code. 22, The 1lth CoC meeting which was convened on 1O.O2,2o.24 tLre CoC resolved to seek a further extension of 60 days in CIRP period instead of 3O days that was earlier resolved and the same was approved and an application in the form of IA(IB) No.8O/CBl2o.25 was allowed by this Adjudicating Authority to extend the CIRP period to 09.O4.2024. 23. In this meeting the applicant made some amends to the amount of admitted claims of few employees employed at Angul and Raigarh Unit considering fresh facts and accordingly the payment distribution has also been changed. The Change was voted and approved by the CoC and it was further resolved that the difference of amount i.e. Rs.13,O3,185 that arose due to such amendments shall be used for patent to operational Creditors (Other than Workmen and Employees). The applicant also informed the CoC that there has been an increase in the admitted claim of Operational Creditors (Other than Workmen and Employees) on account of admission of Claim of SV Associates and the Claim of UNECO Co Ltd (Related Party Financial Creditor) has been revised but since no payment is proposed to it, the same won't affect the distribution. The revised distribution was approved by the CoC. Further, the CoC approved the appointment of Mr. Sunil Kumar Agarwal having (IBBI Registration No. : IBBI/IPA-00 1 /IPPO243O I 2O2l- 2022/13735) as Liquidator to carry out the Liquidation of the Bellary Unit and other assets of the CD. 24. Final List of Creditors and Claims Admitted:

list f of Unsecurea =- gJ 3a

NCLT, CurrAcK BENCH IA(IBXPlanl No.2 I CB I 2024 and IA(IB)(Liq) No.2/ CB I 2024 In No.5/CB Sr. Name of Financial Amount of Claim No. Creditor Claim Admitted DPSCO Consultants Pvt. 10,25,000 10,25,000 1 Ltd. 2 Extensive HR 10,05,000 10,05,000 Management Pvt Ltd. Related parties J Metex Engineers 3,O8,27,983 l, ,28,99 ,228 4 Amit- Shrivastva 3,16,4O,878 75,O7,379 5 UNECO Co. Ltd^ 86,7O,16,729 86,70,16,129 Total 93,15, L4r99O 88,94,52,736 Admitted Claim of Unsecured Financial Creditors for Angul and Raigarh Site: Unsecured Financial Angul Raigarh Creditor DPSCO Consultants ll,488 77,944 Pvt" Ltd. Bxtensive HR 3,420 76,423 Management Pvt" Ltd. Lrsr on OppnatroNAL CREDIToRS FoR ANGUL AND RerceRn Uxrts: Ennplovpps aup Wonxupl Name of the Creditor Unit Amount of Claim Admitted Claim (rNRl Suraj Shrivastva * Angul 7,33,068 6,18,'.268 Amitabh Singh Angul 3,22,576 3,22 ,57 6 Prashant Singh Angul 64,782 64,782 Rahul Verma Angul 42,O38 42,O38 Dilip Kumar Angul 2,05,301 2,05,301 .lagdip Verma* Angul 74,37,437 6,34,729 Sourabh Jaiswal Angul 2,81,000 2,81,000 Total 2L16g1694 * Admitted Amount uas reduced subsequent to reuision in 1lth CoC Meeti.n.g" 3d ../ 3a ---"-'-7 _--

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NCLT, Cumacx Bpucn IA(IB)(Planl No.2 / CB I 2a24 and IA(IB)(Liq) No. 2 / CB I 20.24 In irlrI, No,5lCBl2023 EMPLOYEES & WORKMEN (Raigarh I Name of the Creditor Unit Amount of Claim Claim Admitted Sumit Shrivastvan Raigarh 22,24,2O4 17,43,500 Anita Singh Raigarh 3,O9, 625 3,O9 ,625 Amit Pandey* Raigarh 16,22,ggr 13,94,489 Jeet Mishra* Raigarh 3,90,160 Sudrp Kaity Raigarh 1,26,350 1,26,350 Md Neyaz Manoosi Raigarh 3,06,24O 3,06,24O 3g,go,204 *Am.ount'was reduced subsequen.t to reuision in 1lth CoC Meeting. Govpnruowr Dups Government Dues - ANGUL Sr. Name of the Creditor Amount of Claim Claim admitted Joint Commissioner of 5646270 5646270 1 CT & GST, Angul Circle 2 Principal 109382272* 3720629 "3 Commissioner of Cusl-oms Total L099o28542 93,66,899.316 *This is a consolidated claim Jlled by Customs. I[o separate bifurcation u)a.s presented. Government Dues - Raigarh Sr. lVa-me of ttre Creaitor Amount of Claim Claim admitted 1 Assistant Commissioner of 2L466969.98 2t466969.98 Sate Tax, Circle-Il, Durg Principal 2 Commissioner, 506367 506367 CGST & Central trxcise 3 Principal Commissioner of to93382272* 83t44082.49 Customs 'lot-al 1 1 15355609 1051 L7419.5 * This is a consolidated claim jlled by Customs. I[o separate bifurcation u)as presented. .-- Ga _7-

NCLT, Cumecx Bpucn IA(IB)(Planl No.2 I cB I 2024 and IA(IB)(Liq) No.2/ cB I 2o24 In cP(IBl No.ilCBl2023 OppRanoNAL CREDrroRs Orspn Tnar Eupr,ovsEs, \trIoRKMEN AND GovpnnmENT DuEs ANGUL s. Name of Creditor Site Amount of Claim r. Claim admitted Moda Engineering 13,24,269 3,14,553 1 Corp Angul 2. Sanatan Kanar Angul 54,60,14 r 35,61,964 .). Biswa Bhusan Angul 91,12,612 79,49,554 Samant 4. Anil Singh Raj Angul 20 6,462 19,2O,624 ,7 Engineering 5. SV Associates* Angul 2,96,7 6,54O 26,r9 ,665 6. RKM Co. Ltd. Angul 21,99,50,300 7,48,467 Sub Total 26186rOOr32 L,7L,L4,8L7** 4 Related party UNtrCO Co" Ltd.n 2,28,46,43,O 52,26,080 1 88 Total 2,55,32,43,4 2r23r4O1896 L2 *SV Associates and UNECO Co Ltd's claim uas added after plan uas submitted ** Amount reuisedfrom Rs1,44,95,151.58 post admissioru of SV Associates Claim

Raigarh Sr. Name of the Amount of Claim Creditor Claim admitted Purnima Traders Raigarh 22,87,489 19,61,500 2" Aman Transport Raigarh 6,00,000 3. Shubham Raigarh 22,O4,L2O 22,O4 ,L2O Traders 4. Barbarik Raigarh 2,60,98,O79 204,83,734 'lransport

3a---', Page f5 of 40 --

NCLT, Cumacx BENCH IA(IB)(Plan) No.2/CB/ 2024 and IA(IB)(Liq) No.2/ CB I 2024 In No.5/CB/2o23 5" National Raigarh 1,48,008 Industrial Stores 6" Shriram Raigarh 13,18,595 13,19,595 Industries 7" Mahendra Tyres Raigarh 7,O8,152 5,78,191 Works 8. Mittal Raigarh 3,38,075 1,61,271 Enterprises 9. Ashok Fules Raigarh 12,3l,3lr 1o,70,782 Shyam 10. Auto Raigarh 25,3O,659 2L,46,421 Centres 11 Anil Garg Raigarh L6,32,644 1 1,97,359 12. KGS Associates Raigarh 12,47,686 5,56,508 1l - "J. Raju Enterprises Raigarh 76,12,952 L6,12,952 14. Prakash Bakliwal Raigarh 3,50,000 3,15,000 15" Apurva Jain Raigarh 2,25,OOO 2,O8,125 16. SPB & Co. Raigarh 8,84,280 8,14,28O Raj 17. Trading Raigarh 7 ,37,292 3,45,522 Company 18. Shree Balaji Raigarh 38,B 1,520 21,1O,738 Impex 19" RKM Co. Ltd Raigarh 21,99,50,300 1,67,25,694 20^ SV Associates* Raigarh 2,96,76,54O 6,25,000 Sub-Total 29,76,56,542 5,45,25,78I_** Rek ted Party UNECO Co. Ltd.* 2,28,46,43,088 71,67,86,046 1 Total 2,58,22,99,630 L7,L3rlt1827 Amount Admitted post submission of Plan. " ** Amount Reuised Rs.539,00,780.56/- -from gd7 g,) / rA(rB)(pran I N o.2 t cB t 2o24."a rerrilffi i fi:Tiffi irHX In Bnrpr sunnnnaRv or tnp R.r:solurror plen """ "-.r, ^ti#"#:f#1j;r'rT 25. The Revised Plan is a comprehensive financial proposal for settling the claims against the Corporate Debtor and to revive the Corporate Debtor's units at Angul and Raigarh by infusing capital and carrying out necessary structural and operational changes. The Plan proposes a resolution amount of Rs.2,25,00,O0O/- (Two Crores TWenty Five Lakhs).

Brief introduction of the Resolution Applicant: 26. The plan is submitted jointly by M/s Shree Krishna Earth Movers (Proprietary of Rajkumar Aganvalf registered address i.e. Bhagwanpur Road, Near Loha Dukan, Raigarh, Chattisgarh. The resolution applicant specialises in earth moving, slag handling etc" and is a key player in the Earth Moving sector in Chhattisgarh.

Summary of Financial proposal as envisaged in the plan: 27. The SRA proposes the following payment proposal to ihe unrelated creditors:

Particulars Amount Admitted Amount Proposed Payment towards NA NA Gratuit and EPFO CIRP Cost AS PER ACTUALS AS PER ACTUALS Payment to Financial NA NA Creditors- Secured Payment to Unsecured NA NA Financial Creditors (Related) Payment to Unsecured 7,61,275 1,61,275 Financial Creditors (Unrelatedf - Angul 6,908 6,908 - Raigarh 1,54,367 1.,54,367 Workmen and 63,37,474 63,37,474 3; -_.-') z--

NCLT, CUTTACK BENCH IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(Liq) No.2 / CB I 2024 In .:PIrI, No.5/CB/2O23 Employees - Angu1 23,64,483 23,64,483 - Raigarh 39,72,991 39,72,991 Operational Creditors 6,83,95,932 59,84,356 (Other than Workmen, Employees and Statutory Claims) - Angul I,44,95,I52 12,68,265 - Raigarh 5,39,00,780 47 ,161,091 Government Dues 11,44,84,319 1,00,16,895 - Angul 93,66,899 93,66,Bgg - Raigarh 10,51 ,17 ,420 10,51 ,17 ,420 2a. Payment Schedule as proposed in the Plan: Arni in lts. Part Particrrlars Arrr:urrt P'rrt r\ CIRP Payrnent (r.r,ithirr 3() dovs of (-"losirrg ll);.rte) ,{l actr-r;rl rvrt}rirr tlro Tot;rl l}a.r.rllent ttl unrelatecl 1-insecured Financial I';rrt IJ Cr{:rditors {"1".-r [:r: paicl irr i2 nrr:rlrtlrlv irrsli:llr:rc:r-rts r-r,1 '1,61 ,275/- Il.r. Ili,4 lt)l^ c.ach.) I>art C 'l otal I'>ayrrcnt ttr }irnployees {Tr-r [:r: pricl irr l? nrontirlv irrsti:llr:rcnt: ot I?s. 63"37,17',11 :;.21i, I 3.'i/- r'r<^lr.) i ;;i,;;;; ;;;;; ;.; ; ; ;.-; ; ;i,,.,i c,. a ;,.,,' I'art l ) S (F t:r r t r :r : r c i< p .: t r v ( \. " V I;r o in rk r r s n & c l I r ) rr d *s d ) ( F 'l - t: lr r L p :r : ' l 6 c r y "r c i< t { . in (. ' 1 l; 2 r il r r r "r r s o rr. I r i r r r l t l .l ' I,00. I 6.S95 irrst:;r1[trr<:rrts <>t' lLs- S,3'1,7,{ l,/- <:ac}r) 'I'olal ltryment to C)peratiorral Creditors' ((.Jr:r'cm rrlurn t l.) r:qrs) l'art I. ('I'o br,r 1:;litl in I2 r11()r1llaly insl;:llrrrer:ts c>f l{x. 5<),84,35ri./ 4 T .c; ) i $ ; , r 6 9; $ / ; ; - / ; ; - ; e, r; : ; r: - 1 - r *" ) - -_-_----- 2,2.5"t)(},O(](f/- (In trrstallrrlerlt al Rs. 18,75.OO(}/- per irronth tor a2 months) 29. Dprarls oF PAYMENT PRoPoSAL: - Unsecured Financial Creditos: Amt in I{s. Arrrul l{ai,:arh [,1t'rsecrr red ]r inancia I 'l otal Amount Amount Anrount Amount Credittrr Allocated Admitted Allocated Adrnittecl Allocated I)t'SCO Corrsultarrts I 3,4Sii 3,4$ft v7,944 $ r,432 Pvt. Ltrl. I it1 lrxkrnsir.,t' f ll{ i 3,420lt i i 3,420 76,423 TA,AZA 79,S43 N l.tn.gurt rr'!L I"l"!.!t l I Iri T'otal 6,908 6,908 1,54,367 1,54,367 1,61,?75 3d I 3A .v

NCLT, Curtlcx Bpucn IA(IB)(Planl No.2 I cB I 2024 and IA(IB)(Liqf No / CB I 2024 "2 In CP(IB) No.SlCBl2023 Operational Creditors (Employees): Angul Site * OperiationirI Angu! "i' Cteditors Total AIIncated { *,mploy*:ts} Ad j usterl A rnrlunt del rnitted"' I Antount "AlIocatecI 9r-r r;ri $hrir.rrst:li,i] 7,33,n68"0t) 7,3:'.{166.0() ;\rrritt:rblr Sirrgh 3,27.57{i.t}{) 3,2"2,576.O{'^) j,2?,57(,.Q{) l)r.r"lh;r rr I $itr 6,1,7ts2.00 $4.782.00 (1j1.782.00 It.rhlrl Vrrnr.r .r2,03il.00 12,038.00 rt2,038.0C) : Soi-rrzrbir luisx,al ?.81,000.0i.) 81,001).Oa) 2,81,0{X).O.) L>ilir: xrr:rl- 1,{)5.30 I oo 2"{)5,30 t -OO ?,05,301_(x) .la;:,tlip Verrrra 7.15.71 $.50 7.I.i,7i S.50 7,I5,718.50 Total 23"64,483.50 23,6*,;t83.5O 23,64,443.50 Itaiga rh ,Si.tes,:: 0per.rtional R.rigarh -I'otal Cre cJ itors Adiusted Arnounl Adrrrittcd" Arnount Allocated Allocated ([,n.. plr:yees] 5r r rnrt 51rrir"ast;rr,;r ??,)4, r1,111.11i' '1r,1{,?fir^0t} 21,44,?00.(x) Arritlr Sinlih j,..Jg,{\25.\)t} t()9,625.{X} :1,()9,fr?5.tx) Ar:r.it l';rn<lc 8.1 I,495.50 {J,11,49,i-.5{-l {t, 1 1,4e5.50 t lvl is l'r ra i,q5,080.c)0 I,c)5,080.00 1,s5,0s0_{){) /v{ci Nnr.a, Nlattrrori .i,{).r,2{{).t)t) 3,06,240.0o 3,iX'r,24{).()Q Sr-tclit:t Kur r,26,350.OO l,26,"150-0() i,f 6,350.oo f otal 39,72,9903A 39,72.99t).5* 39,72,99(d,54 " Ihc s;ricl va!urs pt.:rtairrirrg, lr'.: tl;rinrsof C)pcratilrnal Crcclitor-l (lr.mploree*) h;,rvr: br:cn takt-'rr !'rortr ll't* clctails proviclucl L:1," Llrr.

I{esollriion l'r<:ricssi(-}nnl. l'lt.rr.r,cvcr. tlrc saicl rtr^rlstarrc'i ilrg .lln()rrrrt\ p:ert".rirr to lr pr.riod rttr:re llr;lrr 12 rnt>nllrs fr'<trrr tlre Irrs< lr,eru:v (}>rrrrrrerrrerrrcrrt l)i;te (lCi)) li:rr a fr:rr" crtrplo;,:1's5. l)vqllrlsir>rrs ol'$cctir-rn 53 <>f tl^re lr:solr,cncl'arrcl llarrkrr-rptc1,Codc, tlrr:>r't'r'rt;:lrlyr.rr:s \\.l]trst,al'nolurt ;rr.rtIlirr; to a pLri(ra, rl1{)rc [l1.1rr 12 rnt"rrrlhs ltas br:crr r{l<^lr-rcecl .rs arliustnrr:lrt r.r.lrilr allr:rr'ittin1i, If"lvn-rrrnt$ rrrrclcl tlris I{.r'sr:ir:tirtrr l'lan. 30. The payment distribution of employees rf,rere revised in the L lth meeting of CoC as already observed above and the revised payment distribution is as follows: *"":'''""'""-"-"- i Arnoufrt io bs ' Sr Narn€ ot ihe Antourlt of Arnou nt of dislritruled lrom the : No. , Emrrt(}yee : unlt Claim Receivl}d cliiim adrnitted Flesolulir}n Amount t SLIillrt Shriu r 22.24.244 17 43 40rl 17 .1:i :inr) 2 i $r-rrai iinrivastava Angt.tl {i. ?4.268, 6 I ?J ?Q?. it Amitalbn Sinflt1 A{rcrLrl 3,?2.*f {) :3.2?,S7S 3.22.1'7ri 4 Anlta Sin*n I R * ar{lilrl] :q, a1r''t ririi 3.Art.&23 *.a$.625 1r) .?2 .,..,' I t3"t 4.J6!} 6,97.245 s_,-,:,1-rc,t,_L1i.q,lrle-- 3.:lcr. r63, 7 1i i,1d Nev&a Mar-Iar{r$i ttn i] r l"t j.06.?.r() 3.4*.24* 3.0c3.24{' 8 ..- r}q_qlt{rlll $ll]llll.

AIg{l ..............9$-. r.s? 6.1.78: ,J4.7PJ;! at R;3ltLrl 1,/(}n-i'ral : ,A,n 4?.03€r "12.434 42.4:aA r$ Si{ K,:} at arl1 1 '::r6.115r0 1 ,2.ti,3f,fi 1 2.6.?,fro ll Siolirf,tlh.lxrs!,Jff| 2..81 ,At)O 2.4 r.00{} '2..4,1 .$rlr) I 2.tri.3lf 1 2.O5.30-: ?,o5,3$ r 14 v*a' t4.13 I,437 tl.3.1.729 3" 17.1fir, fallnl 8*,$9,7L18 f:t .'l.t).?i€t* **,"?4,2ti9 6a --') Sa

NCLT, Cumecx BENcH IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(Liq) No.2/cB I 2024 CP(IB) No.S/CB/2o23 31. As observed above the Rs.13,03,185 that arose due to such amendments shall be used for payment to operational Creditors (Other than Workmen and Employees). 3.2" Operational Creditors (Other than Employees, Workmen and Statutory Duesf * Angul Amt irr Rs. {)perational Creditors - ()thers Angul Total Allocated. N,locl F.rrllir rr:r.ri rrlt ( i ,lr 3,1,1"553.0{) 27,.*23.-tXt 27,522.A$ "r $;1l"t.rtrtt1 K;rnar ii5,(: l,-1)(;l.1.il1) 3.11,{:56.$3: 3,11,{i$S.83 lJi:rta lllrrrs.r:t 5i:rr:ailt 79,'t\j,6,54.17rJ (),1i5,552..'l{i : 6,95,i3?."1{: ,\n il Si :reh- Rtr j [.r"re inr.'t,r'i 19,:U.{r2O.0o I,6li,ll4{:.15 1,$8,{}46.13 l{Kli ( r>. }.iri. 7,d$,'t{d).is 65,4117^'15. 65,487.1$ TolaI 1,4{,}5"'r51.5S r2,(i8,26+.6s I rz,trB,26q.65 Ilrti*arh-; ll.;rig.*rh I. {)perational Creditar* - ()thers Adj rrstr'rl i Anrount "tr'otal Allocatcd Anrount : Allocated A.l nri tti.d Ilr,r r:rilrr.r Traclr:r's t1),51,SfiO.(X) 1 ,71.6?2.9* : .71 .{:22.9r} ..\ rt r.rrr l'r'"rrrsI:r;rt ' Sirr"rblr.rr:r J'r'.rclt' rs 2?,t)"1,1'J{).(i() 1,93,851.21 1,.)2,$51 ^?1 I).r rlrt:ri k l'r*rrst.rr.rrt :..{, t,*3,73 r.O0 I7,q3.1'1O"36 1V,92,2111).3{t Nlirt i<>nrl lr:d r"rst r i"r I $lt::rcs Slrrirurl l.rrr-1rrstrics 1 3, ',l 8" 51)5"rlf) l, I s,371 .5rl 1,15,37't .5{} lvlilhcrrri r;r l'r,r<l l'lorks 5,7$, l9l .00 511,5*1).2? i(,5rie.?7 lvlitlnl l',r rtr.rt:ris*s 1,61,27 I ^0n 14. lto.F3 1,1, l10.53 ,.\shok I'r"rt:ls to,70,7tez.ao 1ri),(r$$.9 I 1)3,{rx$.j} t Slrrir rrr,\ lrtr:r (.(lrttro 2'1,:l(:.,121.0O 1,87,*tj2^7e i,$nso2.7{} Alril (l;,rr I 1,fi7,:i5ts.ut) t"03.8t$..1? I,03,.11i8.82 K( i5 Asqot'i.lir:s 6,16,50S.{X} 57,4111.65 57,.i41.(\A Il.rilt r:ntc:r'prise's 1r;. 1 ?,(r52"()O 1,.11,12{:.50 1,41. I ?6.50 l)rrt k.r"h lla k I i rt'.r l 3,I5.t)OO.00 27,561.t7 27,5*1 .17 nn'a l;rin ?,o$,133.00 I 8.3 l0-0& 1,9,21 U.06 Si)ll & (.o^ 8,1.t,2$0.$O 71,24i:,07 71,24b.O7 tl.:rt I'r;;lri:itre t.i:nl :i"45,522.{Ni 30,231 .72 30.?:31.73 Slrlr:r. ti.rl;rii lrr.rlrr.s 2,1O.73ri"il{,} 1,8.1,{rf{0.(r$ ?,S4,{t8(l"drS RKtr,{ Cl*. Ltr'l. 1,67,25,6$3.56 14,{:3,42{:.29 1.1,63,.}2t).7t} I'otl I .5,39,00,78n.5(; 47,1 r.o4 I 47,'I 6,()9 r.O+ 33. This was revised after the addition of the claims in the 11th CoC Meeting and the revised position as per the minutes is reproduced herein:

6 A --'-") 3d

NCLT, Cumacx BENcH IA(IB)(Plan) No.2/cB/2024 and IA(IB)(LIq) No"2/ cB I 2024 No.5/CB/2023 l.larr1* of ttre r",rrit 0istrltrutierr as per reviseel Distribution ;eti{ied in tod*y'* CoC rc:i0lutlon pl$rr hrased 0n thc revlsed clalffis Claim Adffiili€d r Faymoit CIaim &,drnitt€d Fayr*arrt C)peri'li*ni:| Crrditors (olher tl-|at) rr.,<)tkn l*ft ;rncl enrpl*7nes)

{Governm*nl 0ues) $ub-Totrl Angul $rte Operrtion*l 5.3*,00,780.5S ,i 7. r 6.09 1 *4 f - . ). 1 9i C ..4- r -)f - , 2 L Q r 1 I *reeiilrrs {other th*n '"..'orknlsrl and employ*es) Oper*lional Cr*clil*rs {Gav*rnn:*nt fiu*s) stal 1-\.9fi,43 14*.42,173 5{e Granri Tr:tti i8.:8,$*.25$ t l t.lir.0r.250 $8, 1S.61,?4,9 r7 i .73.0"1,r3,j Further. the *larnt of relat*d p*rty. LlNeCCI Co. [-td. hss also hee* revised-lirynev*r, as no paynrenl has b**n prapr:secl la the relxled parti*s in lhe Re*okrtisrr Flar, the di*tril:utio* lrill rrot b*, aflectad {:y this clarm. 34. Operational Creditors (Statutory Claims & Dues) A:r$pl_$it* = ()peratir:nal Cr*di lor t(lovt ul [)ues] -4m()11rlt Amorrrrt 'I'ot"rl Allocat*d Aclnrittcc{ Allocatecl Joint Conrn'rissioner oI CI'& (1.$ I', Anl:ul (-lircln 5ft,{{r.3.7O.O{} 4,9't,t)2-1.S3 4,9,{..02"{.8: I}rincipul C"r>mrrtissiorttlr ol 3,25.53q.3ts Custonrs 37,{J. {) )'}-,:l'-! 3,25,.539.3n e-3.6f:!??:?2 8..:!s,56.!:29 I _ _801?-,511,39 Rai i:,*-th-$:-!g: ll,ai ,h ()peratiorra I ( lreclit*r {(lr:vt A,molnt Anlorrnt 'l-otal Allocated [)ues] ,\dilittrd Allocated : i Assistunt Conrnrissi*ner Of $atr: j -tax, Clircrk:-ll, I)r-rryg '2, 1 -|. {r{:,11ii9.Q,$ I $.7rii,261r.:16 1li"7|J,?69.3{l ['rinr-:ip.r] (lrrnrnri;sir:rnttr, ( (15 I rt (..c.ntr'.il I'l:rrisr 5,O{}.36;'.0(1 44,3();tr.91t : "14,304.9$ ['rirr<:i 1:":l (]1rrl nr issiorrcr of fi.i) 1,.r,1.04.?..1q 72,Vr1,V36.$b: 72,74,V56.&6 Clustorns 'l r:r ra I Iu,Sl ,'t7,'rts,4v s1,97,i3O-eL)l gr,9z,slo.g,) 3a 5a ---)

NCLT, Cumecr BENCH IA(IB)(Planl No "2 I CB I 2024 and IA(IBXLiq) No"2/ CB I 2024 CP(IB) No.S/CB/2o23 35. The SRA in its Plan has proposed that any clairns. Interest" rights, liability, present or future except Gratuity, EPF and Unpaid CIRP Cost arising upon the assets of Angul and Raigarh Units of the CD up l-o the date of approval of the pian by the AA shall be extinguished in terms of the plan" 36" All liabilities (statutory or otherwise) of the Company related to Angui and Raigarh Units of the CD arising from any Contractual arrangements entered by the CD including ciaims and liabilities that has crystallised prior to the lnsolvency Commencement Date shall stand extinguished in terms of the Plan. iu.7. Any claim against the assets at the Angul and Raigarh Units shali be permanently extinguished from the date of approval of the order, in terms of the plan. 38. Ali claims pertaining to related parties pertaining to the assets at the Angul and Raigarh Units forming part of the List of Creditors arising upto the date of the Approval of the plan by the Adjudicating Authority shall stands extinguished in terms of the Plan. 39. All enquiries, investigations, notices, suits, claims, disputes, litigation, arbitration or other judicial, regulatory or administrative proceedings, if any, against the assets at the Raigarh and Angutr Unit, shall stand withdrawn, settled and extinguished in terms of the Plan and no new enquiries, investigations, notices, suits, claims, disputes, litigation. arbitration or other judicial, regulatory or administrative proceedings lie pertaining to the assets on the relevant sites. 40. The SRA has made a presrtmption in the plan that all CIRP dues have been paid or will be paid out of the cash flows of the Company and hence except for the payment of unpaid CIRP cost as provided in the plan, the SAR will not be liable for any iiability or any claims that arise between the insolvency commencement date and NCLT Approval date. Or 6d \) ------, O\ O

NCLT, Curtecx Bsucn IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(Liq) No 2 / cB I 2024 cP(IBl No.S/CB/2023 Furthermore, no interest shall be paid for any claim over and beyond what has been contemplated in the plan. 4L. Any debt owed by the CD to any person pertaining to the assets at the Raigarh and Angul unit, which is barred by limitation shall remain extinguished. 42" The dues incurred by the CD from the Insolvency Commencement Date ti1l the NCLT Approval Date if incurred in the ordinary course of business of the company so as to keep the company a going concern and not already covered in CIRP Cost shall be dealt by the RP in accordance with the agreement with corresponding counter party and the SRA shall bear no liabilitv towards the same" 43. A11 claims against the assets of the CD related to the Raigarh and Angul units of the CD, with respect to or related to Corporate Guarantee, if any, executed in favour of any other entity, by any party, cla"iming subrogation and from any contractual arrangements with anybody in relation to any period prior to the NCLT Approval Date, shall be written off in full and the Corpoarte Guarantee so executed in terms of the plan.

ASSESSMENT AND OBSERVATIONS IN IA(IB)(Planl No.2/CB/2O24: 44" The plan consists of two parts-one is the commercial aspect and the other is the statutorily required compliance aspect. The commerciai aspect of the plan such as its feasibility and viability, the manner of distribution proposed, the order of priority amongst creciitors, priority and value of the security interest of a secured creditor has been approved by the CoC by requisite no. of votes as required u/s 30(4) of the code. 45. Hence the assessment of this Adjudicating Authority is limited only to the statutory compliance as required under the code and gJ. -7 3d

NCLT, Cuttacx Bprcn IA(IB)(Ptanl No.2 I CB I 2024 and IA(IB)(Liq) No.2/ cB I 2024 CP(IB) No.SlCBl2o23 applicable regulations and the scope of the assessment has been clearly demarcated by the Hon'ble Apex Court in a plethora of judgements. Hence, this Adjudicating Authority is bound by the judgement of the Hon'ble Supreme Court of India in K. Sqshidhar us. Indian Oaerseas Bank q.nd Ors. reported in l2OL9l L2 SCC 15O: MANU/SCIOL89l2OL9, wherein it is held that:

" 35. [...J Reuerting to Section 30(2), the enquiry to be done is in respect of whether the resolution plan prouides;_(!) the pagment of insoluencg resolution process costs in a specilied. manner in prtorltlt to the repagment of other debts of the corporate debtor. (iil the repaument of the debts of operational credltors in prescribed mannen (iii) the manaoement of the aflairs of the corporate debtor. (ia) the implementation and superaision of the resolutlon plan, (u) does not contraaene anu of the proaislons of the law for the time being in force, (al) conforms to such other reauirements as m,ag be spec$|ed blt the Board. t...1. To wit. the feasibilitA and uiabilitA qf the oroposed resolution plan and including their perceptions about the general capabilitA of the resolution applicant to translate the pro-iected plan into a realitlt. The resolution applicant maA haue giuen projections backed bA normatiue data but still in the opinion of the dissenting financial creditors, it uould not be free from being speailatiue. These aspects are completelu utithin the domain of the financial creditors utho are called upon to uote on the resolution plan Under Section 3O(4) of the I & B Code." gd (Emphasis Added) 3A_

NCLT, Cumecx Bpucn IA(IB)(Planl No.2 I CB I 2024 and IA(IB)(LIq) No.2/ cB I 20.24 In CP(IB) No.S/CB/2o23

+6" Further, the Hon'ble Apex Court in Jaypee Kensington Bouleaqrd Apartments Welfare Association and Ors. us. NBCC (India) Ltd. and Ors. reported in (201221 1 SCC 4O1: MANU/SC lO2OO l2OZl at Para 216, has laid down that: ctThe Adiudicatlnq Authoritg hos limited jurlsdiction in the matter of approaal of a resolution plan, which is uell-defi.ned and circumscribed bg Sections 30(21 and 37 of the Code. In the adjudicatory process concerning a resolution planunder IBC, there is no scooe for interference utith the commercial aspects of the decision of the CoC: and there is no scope for substitutlna anu commercial term of the resolution plan approaed bu Committee of Creditors" ... ." (Emphasis Added) 47. Further, in Committee of Creditors of Essar Steel Indiq Limited us. Sotish Kumq.r Gupta reported at l2O2Ol 8 SCC 531: MANU/SCI L57712o19, the Hon'ble Apex Court has propounded that:

"38. TLtis Regulationfleshes out Section 30(4,) of the Code. making it clear that ultimatelA it is the commercial utisdom of the Committee of Creditors wltich operates to approue what is deemed bU a majoritu of such creditors to be the best resolution plan, whichis finallA accepted after negotiation of its terms bA such Committee with prospectiue r e s olutio n ap p lic ant s." (Emphasis Added) 4a. Reinforcing the above, the Hon'ble Apex court in vallal RCr( us. Siao. Industries and Holdlngs Ltmited reported in MANU/SCl0753l2022, has held that: il ..- 3a

NCLT. Curtecx BENcH IA(IB)(Planl No.2 / CB I 2o2+ and IA(IB)(Liq) No.2/ cB I 2024 CP(IB) No.5/CB/2023 "27. This Court has consisterutlA held that the commercial wisdont o-f the CoC has been giuen paramount status tuithout anA judicial interuentiorl for ensuring completion" oJ" the stated processes within the timelirues prescribed bA the IBC. It has been held that there is aru irutrinsic ass that _finarucial creditors are fulllt iruformed about the uiabilitu of the corporate debtor and feasibilitA of the proposed resolution plan. TheA act oru the basis of thorough exannination of the proposed resolutiort plaru and assessment made b-u their tearn o-f experts""

"27. This Coutt ho,s, time and again, emphasized the need for minimal iudicial interference bg the NCLAT and NCLT in the framework of IBC. We may refer to the recent obseruation of this Court made in the case of Arun Kumar Jagatramka u. Jindal Steel and Power Limited and Anr" (2021) 7 SCC 474: 95. Houteuer, we do take this opportunitg to offer a note of caution for NCLT and NCLAT, functioning as the adjudicatory authoritg and appellate authoritg under the IBC respectiuely, from judiciallg interfering in the frametuork enuisaged under the IBC. As we haue noted earlier in tlrc judgment, the IBC utas introduced in order to qnd ouerhaul the insolaencg bankntptcg reglme in India. As such, lt is a carefullg considered and well thought out plece of legislation which sought to shed awqg the practices of the po,st, The legislature has q.lso been working ho.rd to ensure that the efficacg of this legislation remqins robust bg constantlg amendlng it based on its experience. Consequentlg, the need for judicial interaention or innoaation from gJ Sr

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NCLT, Currecx Bpucn IA(IB)(Planl No.2 | CB I 2024 and IA(IB)(Liqf No.2 / CB I 20124 CP(IB) No.$lCBl2023 NCLT and NCLAT should be kept qt its bqre mlnlmum qnd should not disturb the foundqtional princtples of the IBC. ...." (Emphasis Added) 49. CouplnrcB or SBcrror BO(11 erp BO(21 or rnB CooB: The compliance of Section 30(1) and 30(2) of the code is given f F''orm H and Compliance Certificate filed by the Applicant annexed with this application as Annexure-2l. The same is being further examined as under: a. Section 3O(11: Yes, affidavit dated 19.01.2Ci24 declaring eligibility ul s 29 A of the code is filed by Rajkumar Aganval, the Proprietor of the sRA. b. Section 30(21(al: As per Clause 2 of Part E of Chapter VIII of the Plan the Resolution Applicant undertakes to make payment of the actual CIRP cost incurred and approved by the coc in priority over payments to any other Creditors. c. 38(1lFl: The Resolution plan at clause 3 of Part E of chapter IV the SRA has proposed to pay Rs. 2,23,38,7251- the same will be paid in priorit5r over the financial creditors in compliance with Reguration Bg(1)(a). There are no dissenting Financial Creditors, hence no provisions are made in this regard in compliance with Regulation Bg(If(a). d. clause 7 of Part B of chapter vI and clause 6 of part-I of chapter v of the plan states that the management of the company will be under the control of the Monitoring committee and Resolution Professional liom the C]osine Date i.e. Plan Approval Date till the Completion Datc. G"t 3d ) -

NCLT, Cumacx BENCH IA(IB)(Planl No.2 I cB I 2024 and IA(IB)(Liq) No.2/ CB I 2024 CP(IB) No.SlCBl2023 e. Section 3o(21(dl read with Regulation 38(21(cl: In the Resolution plan at Part B of Chapter vI it has been envisaged that an Monitoring Agency consisting of 3 (three) Persons i"e (i) nominated by coc, (ii) one person nominated by the sAR and (ii) Resolution Professional- Chairman will be constituted without any further action required from the corporate debtor and it wili discharge its responsibilities & duties as specified in the plan till the Completion date. f. Section 3o(2)(el: The SRA at clause 5 of chapter XV of the Plan states that the plan does not contravene any provisions of law for the time being in force and is in compliance with the code. The applicant has also in Form H has also certified that the Resolution Plan does not contravene anv of the provisions of the law for the time being in force.

g. Compliance u/s 3O(21(0: i.Compliance u/s 29A: Yes, affidavit dated 18.4.20.22 declaring eligibitity uls 29 A of the code is filed by Rajkumar Agarwal, Proprietor of the SRA. ii.Compliance under Regulation B5A: It is stated by the applicant. at Clause L2 of Form-H that in respect of avoidable Transactions an application has been filed before the Adjudicating Authority with respect to one transaction to o the tune of Rs" 3,62,81,78U - which was identified as fraudulent is currently pending. iv" Compliance under Regulation 38(1Al: 'lhe plan at Par-H of chapter v states that the plan has dealt with interests of all the stakeholders of the corporate debtor and a holistic perusal of the plan indicates that the plan has addressed the interests of various stakeholders their outstanding claims and the impact the gA'2 gd

NCIT, Cumecx Bpxcn IA(IB)(Ptan) No.2/CB/2024 and IA(IB)(Liq) No.2/ CB I ZO24 In CP(IB) No.SlCBl2023 plan will have on their interestsfreiationship with the corporate debtor" v. Compliance under Regulation 38(1Bl: The SRA in the Plan states that it or its reiated parties have never failed to impiement or contribute to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the pas1. u.nder the code" vi. Compliance under Regulation 38(21(al: As per Part- B of Chapter -VI of the plan the term of the plan is 12 months from the date of approval of the plan and will continue till such e dues of are com ff as per financial proposal. vii. Compliance under Reeulation B8(2llbl & lcl: Yes complied as obsenzed above viii. qg4pliance under Regu The SRA has filed an additional affidavit on 31.05.2024 lnas clearly stated that any proceeds arising out of the pending proceedings in relation to avoidable transactions shall be distributed amongst the members of the CoC in proportion to the Voting Share. ix.Compliance under Resulation B8(Bl- (a) to lel: The RP has affirmed in Form H that the plan is compliant with Regulation 38(3) (a) to (e) and has given a compliance certificate to that effect at Annexure-2l of this application. i. Compliance under Regulation 89(41: As per the requirement of Regulation B9(4) of the cIRp Regulations for submission performance security as required under regulation 368, it is stated in Form- H by the Rp that the SRA has filed a Performance Bank Guarantee No. 2g2s1c80057 L4124 dated tg.o6.2o24 to the tune of Rs. 45 Lakhs which got expired on cd- 3a2 .%

NCLT. CUTTACK Bplvcx IA(IB)(PIan) No.2/CB/ 2O2+ and IA(IB)(Liq) No.2/ cB I Zoz4 CP(IB) No.S/CB12023 18.08.2025 and hence the SAR is directed to furnish PBG to the tune of Rs" 45 Lakhs which shall be valid flor the entire period of implementation of the plan. Rpr,rprs Aro Colcpssrols SoucHr: 50. We have perused the reliefs, waivers and concessions as sought in the Resolution Plan^ This Adjudicating Authority has the power to granl" only such reliefs, waivers and concessions that are directly in tune with the I&B Code and the Companies Act (within the powers of' the NCLT). The relief's, waivers and concessions that pertain to other governmental authorities/departments may be dealt with by the respective competent authorities / forums f offices, Government or Semi- Government of the State or Central Government concerning the respect.ive reliefs, waivers and concessions, whenever sought for. The competent authorities including the Appellate authorities may consider granting such reliefs, waivers and concessions keeping in view the spirit of the I&B Code,2076 and t-he Companies Act, 2013" 51.The Resolution plan seeks certain reliefs, waivers, and concessiops for implementation of the resolution p1an. It is stated in the plan the denial of the reliefs, waiver or concession sought in the plan shal1 not affect the implementation of the plan, whatsoever" In the interest of brevity, the reliefs, waivers, and concessions sought and the direction of' the Adjudicating Authority in respect of such are enumerated hereinbelow: SI Reliefs, Concession, Waiver Sought Directions thereto No. 1. The Department of Registration and The same may be Stamps of the relevant state and the considered by Ministry of' Corporate Affairs should Appropriate Authority exempt the Resolution Applicant and in accordance to the Company, from the levy of stamp prevalent Laws Ct SA --) Jd -

NCLT, CurrAcK Bprcr IA(IB)(Planl No.2 I CB I 20.24 and IA(IBf (Liq) No.2 / CB I 2024 In No.1lCBl2023 duty and fees applicable in relation to this Resolution Plan and its implementation pertaining to assets on the relevant sites. and documentation in relation thereto. 2^ The concerned State Revenue/Stamp The same may be Author:ities are requested to waive consrdered by penalties for non-registration any Appropriate Authority inadequate/non stamping of the in accordance tct documents executed by the Company prevalent Laws pertaining to the assets on the relevant sites included but not limited to the documents in connection with the implementation of I this Resolution Plan" I I 3" Adjudicatinf eutn".ltv sn."tt ai.ect To be governed by the termination of terms of the agreements/arrangements between Agreements and the the Company and the persons applicable relevant classified as related parties pertaining Laws" to the assets on the relevant sites, in accordance with Applicable Laws, with I no liability to the Company. A11 claims of the Company against such related parties and iiabilities of such related parties towards the Company shalt remain outstanding, due and payable and survive such termination 4. All the ongoing litigations/ Not Granted petitions/investigations pertaining to the 4ssets on the relevant sites filed --gd 3a ----^

NCLT, Cumecx BENcH IA(IB| (Planl No.2 I CB I 2024 and IA(IB)(tiql No. 2 / cB I 2024 In IIJ No.ilCBl2O2 against the Company by any Government/Statutory Authority shall stand extinguished: c. SRA shall incur no liabiiities Granted in terms of pertaining to assets on the relevant the judgment of the Hon'ble Supreme sites, directly or indirectly (including Court in Ghansgam Misltra & Sons but not limited to debt servicing u Edelweiss A.ssef liabilities) other than to the extent Reconstntction specified in this Resolution Plan, for Compang Limited. the period from the Insolvency Commencement Date until Closing Date. Further, the Company shall not incur any liabilities post the Closing Date which relate to a period to the Closing Date other than pursuant to or as per the Resolution Plan. 6. Company and the Resolution The same may be Applicant shall be granted considered an by exemption from all taxes, levies, fees, Appropriate Authority transfer charges, transf'er premiums, in accordance to and surcharges that arise from or prevalent Laws relat.e to assets on the relevant sites while implementing the Resolution Plan. since payment of these amounts may make the Resolution plan unviable. 7. Any approvals that may be required The same may b. I Irom Governmental Authorities considered bylI (including tax authorities), pertaining Appropriate Authority to the assets on the relevant sites in in accordance to I connection with the implantation of prevalent Laws I I

SA 6J --

NCLT, Cumlcx Bpucn IA(IB)(Plan) No.2/CB/ 2024 and IA(IB)(Liq) No.2/ CB t 2024 the Resolution Plan including on account ol' change in ownership/ control of the Company shall be deemed to have been granted on the NCLT Approval Dat Upon approval of the Resolution PlanlCOC Approved Resolution Plan by the Hon'ble Adjudicating Authority, all non-compliances, breaches and defaults of the Cornpany pertaining to the assets on the relevant sites, for the period prior to the Closing Date (including but not limited to those relating to tax), shal1 be deemed to be waived by the concerned Governmental Authorities. Immunity shall be deemed to have been granted to the Company from all proceedings and penalties under all Applicable Laws for any non-compliance for the period prior to the NCLT Approval Date and no interest/penal implications shal1 arise due to such non-compliance/default breach prior to the NCLT Approval Date. This includes, without limitation, waiver/ extinguishment of: (a) any liabilities, fees penalties of The same may be any kind payable to any considered by Governmental Authority by the Appropriate Authority Company for any non-in accordance to 9a -2 Sd -_\---

NCLT, Cumecx BENcH IA(IB)(Plan) No.2/CB/20.24 and IA(IB){Liqf No.2/ cB I 20.24 In No.5/CB compliance or default, breach, prevalent Laws violation prior to the NCLT keeping and in tright of Approval Date, under Foreign the judgment by the trxchange Management Act, Hon'ble Supreme 1.999. F-oreign Trade Folicy of the Court in Ghansttam Government of india, 100% Mishra &, Sons u Export Oriented Unit related Edelweiss Assel regulations, Companies Act, Recon.structiort i956 and Companies Act, 2013, Compang Limited. i{'any pertaining to the assets on the relevant sites. Liabilities under (b) on-going/pending tax proceedings before Assessing Officer andf or before Appellate Authorities, if any, pertaining to the assets on the relevant sites, shall stand extinguished as on NCLT Approval Date. 9. F-rom the NCLT Approval Date, all Granted to the extent inquiries, investigations and permissible u/s 32A proceedings, whether civil or criminal, of Code and the suits, claims, disputes, proceedings in judgement of the connection with the Company or Hon'ble Supreme affairs of the Company pertaining to Court of India in Ajag assets on the relevant sites, Radheshgam including proceedings before Debt Goenka a Tourism Recovery Tribunal and consumer Finance courts or any other court, pending or Corporation of thre atened, present or future in Indla (Crtminal relation to any period prior to the gJ 3a .;- -^-

NCLT, Cumecx BENcH IA(IB)(Plan) No.2/cB/2024 and IA(IB)(Liq) No.2/ CB I 2ol24 In IB) No.S/CBl2023 Closing Date, or arising on account of Appeal No. 17O of I I implementation of this Resolution 2023) I I Ot.r, shall stand withdrawn and I I dismissed and all liabilities and I obligations therefore whether or not I I set out in the balance sheets of the i I Company or the profit and loss I Ii account statements of the Company I will be deemed to have been written off fully. and permanently extinguished ] I i and no adverse orders passed in the I I said matters should apply to the I Company or the Resolution Applicant. I I I Upor, approval of this Resolution Plan, I all new inquiries, investigations, 1 noticc's suits, claims I disputes, I litiSations, arbitrations or other i -irdi"i.l, regulatory or administrative l l I proceedings will be deemed to be i Ur..."a and will not be initiated or I admitted against the Company in ] j I relation to any period prior to the Closing Date. I 10. I I The acquisition of assets on the To be governed by It r = el _ ev - ant sites of-the Companv bv the prevalent la'uvs and I Resolution Applicant under this the terms of the Bid I Resolution Plan shall not disqualify Proposal. I tne Resolution Applicant under I I Section 29A of the Code for purposes 1 of ory future bid proposal that the I I Resolutron Applicant may submit in I -) Sa 3a

NCLT, Cumecx BENcH IA(IB)(Plan) No"2/cB/ 20.24 and IA(IB)(Liq) No.2/ cB I 2024 In No.5 CB 2023 future under any corporate insolvency resolution process fbr any corporate debtor, including subsidiaries/ associates / affiliates of the Company. 11. The Resolution Applicant be granted Not Granted as such reliefs and concessions as general reliel's, granted by the Hon'ble Adjudicating waivers and Authority from time to time in favour concessions cannot of the resolution applicants for assets be granted^ on the relevant sites as may be beneficial to the Resolution Applicant and/or the Company for successful corporate insolvency resolution of the Cornpany and which shall not adversely impact the financial proposal under this Resolution Plan for the Financial Creditors. 52. The applicant is directed to procure a fresh Performance bank Guarantee in light of the observations made above and file an affidavit in that regard with 15 days from the date of this order. 53. In the light of the enumerations, observations and directions made in this order supra and subject to the compliance of the directions given thereto we hereby APPROvE and FINALLy sANCTION the Revised Resolution plan dated Sth February 2o2S submitted by shree Krishna Earth Movers, successful Resolution Appticant and approved by IOO%o vote in the loth CoC Meeting. 54" The Resolution Plan shall form part of this Order and shall be read along with this clrder for implementation. The Resolution Plan thus 6a---, t=--=-/

NCIT, CurrAcK BENCH IA(IB)(Planl No.2 I CB I ZO24 and rA(rB)(Liq) No.2/ CB I Za24 trn CP(IB) No.SlCB/2023 approved shall be binding on the corporate debtor and its employees, rnembers, creditors, including the central Government, any state Ciovernrnent, or any local authority in terms of Section 3 i of the I&B Code, so that the revival of the Corporate Debtor Company shall corrre into force with immediate effect without any delay. 55. The Moratorium imposed under section 14 ctf the Cocle by virtue of the order initiating the CIR Process, shall cease to have effect from the clate of this order. 56. The Resolution Professional shall submit the records collected during the commencement of the proceedings to the lnsolvency & Bankruptcy Board of India for their record and also return them to the Resolution Applicant or New Promoters. 57. Liberty is hereby granted for moving any application, if required, in connection with the successful implementation of this Resolution Plan. 58. A copy r:f this Order is to be submitted to the Registrar of Companies (RoC) to whom the company is registered, by the Resolution Professional. 59' A copy of this order be served upon the Insolvency and tsankruptcy Board of India (IBBI) by the Rp^ 60. The Resolution Professional is further directed to hancl over ail records, premisesl factories/ documents to the Resolution Applicant to finalise [he further line of action required for starting the operation. The Resolution Applicant shall have access to all the records/ premises/ factories/ documents through the Resolution Professional to finalise the further line of action required for starting the operation. S.t

:;iffi r#x rA( rB ) ( pla n) No. 2 1 cB / 2 o 2 4a, a ry I JXcr.Lfr; fi In CP(IB) No"S/CB/2023 6L. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order. However, he is requirecl to comply with our direction given in respect of pUFE application" 62. The Registry is directed to send e-mail copies of the order torthwith tcl all the parties and their Learned Counsels for intbrmation and lbr taking necessary steps" 63" In terms of the view above, the interlocutory application being I.A' (IB| (Planl No. 2 /cB/2o24 is Allowed and stands Disposed of accordingly. 64. certified copy of the orders, if applied for with the Registry, be supplied to the parties upon compliance ith all requisite fbrmalities. rn IA(IBI (Liql No.2'CBl2o24 65" In pursuance of the resolution of the coc in the 10th coc meeting with 1OO%o votes, the Bellary tJnit of the Corporate Debtor and other assets of the Corporate Debtor which do not fbrm part. of the Resolution Plan is directed to be LIeUIDATED. Mr. sunil Kumar Agarwal, is appointed as the Liquidator subject to holding a valid Authorisation for Assignment.

66" AIl the powers of the Board of Directors and Key Managerial Persons of t-he Corporate Debtor hereafter cease to exist. Al1 these powers henceforth vest with the Liquidator so appointed. 67. The personnel of the Corporate Detttor are directed to extend all cooperation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor. 68. The CoC in its 1Oth meeting in furtherance of Regulation 39D of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for corporate Persons) Regulations, 2016 has approved the Liquidator fees shall be proposed after the order of Liquidation. Sa 3A i#; rA(rB ) ( pran ) N o.2 t cB / 2o24 .,d rA( r#fl,1f i ft Hruf In CP(IB) No.S/CB/2o28 69" Once the liquidation process is initiated, subject to Section 52 of the Code, no suit or other legal proceeding shall be instituted by or agairrst the Corporate Debrtor. The Liquidator has the liberty to rnstitute a suit and other legal proceedings on behalf of the Corporate Debtor with the prior approval of this Adjudicating Authority, as provided in sub-section (5) of section 33 of the Code.

70. This liquidation order shall be deemed to be notice of discharge to the officers, employees, and workmen of the corporate Debtor excep1 to [he extent that the business of the Corporate Debtor continued during the liquidation process by the Liquidator^ 7L. 'Ihis Adjudicating Authority directs the Liquidaror to issue a public anrrouncement stating that the corporate Debtor is in liquidation. The Liquidator will also serve a copy of this order to the various Government Departments such as Income Tax, GST, vAT, etc., who are likely to have any claim upon the Corporate Debtor so that the authorities concerned are informed of the liquidation order timely. The Liquidator will also provide a copy of this order to the trade unions/employee associations of the corporate Debtor so that the workman/employees can also be informed of this liquidation order through their association. 72. The Registry is directed to communicate this order to the concerned Registrar of the companies, the registered office of the corporate Debtor, the Resolution professional, and the Liquidator by speed post as well as e-mail within one week from the date of this order, after completion of all the formalities.

73. The Applicant is directed to hand over the relevant documents and control of'the Corporate Debtor to the newly appointed liquidator forthwith. Ct JCT Sa --Z

NCLT, Cumecx BENcH IA(IB)(Planl No.2 I CB I ZO24 and rA(rB)(Liqf No.2 / CB I 20124 In cP(IBl No.1lCBl2023 7+. Accordingly, IA(IB| (Liquidationf No. 2/cB l2oz4 is ALLOWED and Disposed Off.

3A ul remE===-r wteeNa'- IA JOSHI MpnnspR (TncHrrcal) MpurpR (Juorcw) This Order is signed on LTth Day of October 2025.