Approval of Resolution Plan - Goyal Energy and Steel Limited

IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH IA (IB) {Plan} No" l/CB 12oi26 IN cP (IB) No" 41lCBl2o23 (An Application filed und.er Section 30(6) read tuith section 31(1) of the 'tnsotiirucy and Bankruptcy Cod.e, 2016 read utith Regulation 39ft) of the InsolJency and. Bankruptcy Board of India (Insoluency Resolution Process for Corporate Persons) Regulations, 2016) In the matter of: PUNJAB NATIONAL BANK .... Financial Creditor Vs GOYAL ENERGY AND STEET LIMITED .." Corporate Debtor And In the matter of: ASHISH ARJUNKUMAR RATHI RESOLUTION PROFESSIONAL OF GOYAL ENERGY AND STEEL LIMITED Registration No. IBBI/IPA-00 1 /|P-POO734 I 2Ol7 -2O18l 1 1232, having address at: Office No. 508, Mahavir Icon Plot No" 89, Sector-15, CBD Belapur, Navi Mumbai, Maharastra-4OO6l4 ""....Appticant

Date of Pronouncementz 22.o,5.20.26 coneu: CHEEI(ATI RADHA KRISHNA, MEMBER (JUDICIAL! BANWARI LAt MEENA, MEMBER (TECHNICAL}

ApppeRercp: Fon AppIICANT: Subham Agarwal, Advocate I I d I I I\ ---

NCLT, CurrAcK Buncn IA(IBI Plan No.L I CB I 202"6 cP(IBl No.4tlC.Bl2o23 ORDER PpR: Cuppxarl RADHA KmsHrn, Mnmnun(J) BeuwaRl Lel MPPlvA, MEIvIBER(TI" 1" The present application is filed by Ashish Arjunkumar Rathi, Resolution professional (hereinafter RP/Applicant) of Goyal Energy and Steel Pvt" Ltd" (hereinafter Corporate Debtor/CD) bringing on record the Resolution Plan dated 25.08.2025 along with Addendum dated lS"tO.2025 approved by Committee of Creditors (hereinafter CoC) under Section 30 (5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter IBClthe code) read with regulation 39(4) of the IBBi (lnsolvency Resolution Process of Corpclrate Person) R.egulations, 20 16 (hereinafter CIRP Regulations) seeking approval of the plan uls 31(1) of the Code as approved by the CoC u/s 30(4) of the Code' 2. The corporate debtor was admitted into CIRP vide order dated 1S.1O.2O24for a default of Rs. 1O3,44,O7,5661' (One HundredThree Crores Forty-Four Lakhs Seven Thousand Five Hundred Sixty-Six Rupees) and Ashish Arjunkumar Rathi was appointed as Interim Resolution Professional (lRP) u/s 16 of IBC. g" In compliance with Section 15 of the Code read with regulation 6 of CIRP regulation the IRP made public announcement in Form A on 21.1O.2O24 in English Daily Newspaper Central Chronicle (Raipur Edition) and Hindi newspaper Navabharat (Raipur Edition) wherein the last date to file claims in respect to the Corporate Debtor was stated to be 1.1,1.2024" 4. The IRP in response to Form A received 5 claims that included and the IRP as mandated by Section 18 (i) (b) r/w regulation 13 of CIRP regulation collated and admitted claims received by him and prepared a list 6f creditors. The IRP constituted the CoC with 2(Two) financial creditors i.e. PNB as required under section 21(1) r/w section 18 (i)(c) of the Code and filed the report certifying constitution of CoC as required under regulation 17 (1) of CIRP regulation uid.e IA (IB) No" al sj_ J tA -----1-

NCLT' Cuttecx BPncn IA(IB) Ptan No.L I CB I 2A26 CP(IB) No" 4LlCB|2O23 308/CB/ 2024 on 08. Il.2A24and the same was taken on record vide order datecl I2"I2.2O24. The list of creditors and the Constitution of CoC along with their voting share is as following as on 08' 11 "2024: s. Name of Type of Total clalm Admitted Voting ok No Creditors Creditor received claim (INR) in coc (rNR) I Punjab Secured 724,91,55,7 724,91,55,7 60,70/o National Bank Financiai 08.03 08"03 2 Union Bank Secured 80,87,46,38 80,87,46,38 39.3o/o Financial 9.15 9.15 J Chhattisgarh Operational 34,50,71,32 34,50,1 1,86 o% State Power I 5 Distribution Company Ltd 4 ESIC Operational 18,08,682 Under o% Verification* 5 Deputy Operational r1,27 ,37,O7 Under o% Verification* Commissioner 2 IT- l, Raipur

* The Ctaims of DSIC and Dg Commissloner IT u.tere under ueriticatian as on 08,1 1.2024 but theg were subsequentlg admitted tn full' 5" The 1st CoC meeting was held on 16.11.2024 wherein the IRP was confirmed as RP by the CoC as required uls 22 of the Code with 100% vote and the same rvas taken on record by this Adjudicating Authority in IA (IB| No" 327lCBl2024 vide order dated 23"01""2A25 The CoC therein also resolved with LOOolo vote to raise an interim finance from the CoC Members in proportion to the voting shares as permissible under the Code and its allied rules & regulations to cover the CIRP costs. The Suspended Director of the CD, Deepak Agarwal who 3J 3a --7 rA(rBi{Si;:'ffTrufiff#E in cP(IBl No.4llCBl2o23 was present in the meeting requested the Committee members to consider the OTS proposais submitted by the CD while the CIRP process continues. 6. The applicant convened the 2nd CoC meeting on 04"12.2Q!4 wherein it apprised the CoC that he has received another claim to the tune of Rs.55,64,9461- from Assistant Commissioner, State Tax, Raipur and the entire amount has been admitted" The CoC in this meeting pursuant to regulatton 27 of CIRP reguiations resolved to appoint 2 (two) IBBI registered Valuers for all three asset classes- (i) Land & Building, (i1) Plant & Machinery and (iii) Financiai Assets and also approved their fees as part of CIRP cost in accordance with regulation 33 of CIRP regulations. The details of the valuers are as follows: s.N Name of Registration No" Class of Assets valuers i KKCA Valuers Al1 Classes rBBI/RV-B l2A% I rB5 17 LLP 2 Anil Kakode rBBr/RV/07 l2Ap 110735 Plant & machinery a .Iayesh Kamat Land & rBBr/RV/07 I2022I 1 5026 Building 4 Jayeshkumar Financial rBBr/RV/07 l2O2O / 13066 Shah Assets

7 " The CoC also approved the appointment of Transaction Auditor- J Baxi & Co, Chartered Accountants by the apOlicant as required rrncler regi"-llation 35A of CIRP regulations to carry out audit of the t.ransactions und,ertaken by the CD and report transactions that comes -7 3A Oa

NCLT, Cuttecx BENcH IA(IB| Plan No,L I CB I 2A26 ln CP(IBI No" 4LlCB"l2023 under tLre ambit of avoidable transactions under Section 43, 49 ,50 and 66 of the Code. Pusr,rcetroN or F'oRM-G: 8" The 3rd CoC rneeting was heid on 1'3"L2"2O24 wherein the CoC held discussions to ftnahze the eligibility criteria of prospective resolution applicants (PRAs) for invitation of expression of interest and directecl the applicant to publish Form G. It is pertinent to rnention that although the eligibility criteria were discussed in this meeting but the sarne was approved by the CoC members through En:'ail alter conclusion of the meeting which was retrospectively ratified through e-voting in the fourth CoC meeting. The appticant as per regulation 36A of CIRP regulation published Porm G on L7"L2.2O24 in Business Standard (Alt India Edition) and Navabharat {Raipur Edition} wherejn the iast date for receipt of Expression of Interest (EoI) was 06.0i.2A25 and as per Form G the final list of PRAs was to Lre issued '26.1^2A25, & lnfbrmation Memorandum (lM), Evaluation Matrix (EM) and Request for Resolution Plan (RFRP) was to be issued on 31 "01"2025 and the last date for sr-tbmission of Resolution Plan was 02"03.2425. 9" The 4th CoC rneeting was convened on O9.O1 "2o.25 where;in the RP apprised the CoC that in response to Form G published, tre has received Eols from 12 PRAs however one of the PRAs has submitted its Eol and refundable deposit after the deadiine mentioned in Form G^ The CoC' agreed not to consider the Eol submitted by the PRA after the due dat.e and to decide to refund the EMD to the concerned PRA. The list of the PRAs is as follows: st Name Whether Eligible No" (Yes /No) M/s Orissa Metallurgical Industry Private Limited Yes 1^ -- gA 3d

NCLT, Cutrncx BPrcx IA(IB! Plan No.L I eB I 2026 ln CPIIBI N o.4L Ajay Puranlala Agarwal Yes M/s Rama Power & Steel Pvt. tr td" Yes ffimmercials Private Limited and Yes 4. Crown Steels 5. M/s Jai Ambey Roadlines Pvt" Ltd Yes 6. tvt7" Ct.atvalue Industries Private limited Yes 7. Cr"sortium of M/s Resurgent India limited & Mr' Yes Sanjay Lodha 8. M/s Nakshatra Asset Ventures Limited Yes 9. Shriniwas Technologies Private Limited Yes 10. M7s Sherisa Technologies Private Limited Yes 11" M/s Nalwa Steel & Power Limited Yes

Eol 12" Mr. Baljinder Singh Inderjit Singh Nayyar not received within due date

10. In the Sth CoC meeting held on 28,01,20125 the CoC approved the Evaluation Matrix (EM) and the Request for Resolution Plan (RFRP) inviting expression of interest for inviting Resolution plans. 11. The 5th CoC meeting was convened by the applicant on O4.O3.2O25 wherein he informed the CoC regarding the revised claim filed by Assistant Commissioner, State Tax, Raipur and the claim received from EPFO Department to the tune of Rs. 215,610,41338 on BO.OB"2O25" The CoC in response to request received from certain PRAs 3d_? 9d

NCLT, Cutrecx BENcH IA(IB) Ptan No. 1/CBl2O26 CP(IB) No. 4llCB/2o23 resolved to extend the deadtrine lbr submission of resolution plan to 09.03.2025 from 02.03.2025. L2. The applicant convened the 7th coc meeting on I2"O3"2O25 wherein he apprised the Committee that in pursuance of request made from certain PRAs after the 6th meeting and subsequent approval received from the member of the CoC the deadline for submission of the resolution plans was extended to 11 .o3.2025 and further extended to 12.03"2025. The extension was formally ratified by the coc in the 7th meeting. The RP informed the coc that he has received two resolution plan from (i) Orissa Matallurgical Industry Priuate Limited and (ii) Shriniwas Spirutex Industries Priuate Limited. The resolution applicants were present while the plans were opened for the first time and given to the coc members" The RP also informed the coc that he has recived the Valuation reports from the valuers and in light of the confidentiality undertaking given by the CoC members shared the summary of valuation reports of the CD with the CoC members in accordance with regulation 35 of the CIRP resolutions" Or Ver,uetrou RPPoRts: Sunrrnrenv S1 Catpconv NeUP OF VALUER F^ern Vetup LIQUIDATION No (IBBI (ttt INR) Ver,up R.pcrsrnetlon Io) (IN INR! KKCA Valuers LLP" 82,38,26,985 57,66,78,889 1 Land & - IBBI/RV-E/7 Building l2023lr8s Jayesh Kamat g8,7o,0o,0oo 66,53,00,000 IBBI/RV l07l2022lL5O26

3d PageT of 52

NCLT, Cutrecr BENcH IA(IB) Ptan No.l' I CB I 2A26 in l[o. 4 2023 KKCA Valuers LLP" 23,34,94,923 16,30,26,447 - IBBIlRV-E/7 120231185 Plant & Machinery Anil B" Pai Kakode 24,31,00,000 17"02,00,000 It rBBr/RV/07l2ore 0735 KKCA Valuers LLP. NIL NII. J. - IBBI/RV-E/7 l2023lr85 Financial Assets Jayesh Parasmal NIL NIL Shah IBBI/RV l07 l2o2o I 13066

13. 'lhe average Fair value and average Liquidation value of different category of assets and of the CD as per Regulation 3s(1)(c) of CIRP Regulations is as follows: Category Average Fair Value Average Liquidation S1 (ln INR) Value (In INR) No. (Iru Cnonns) (Iru Cnones) I Land & Building 85"54 62.14 2 Plant & Machinery 23.83 76.66 Financial Assets NIL NIL J Average Valuation of 109.37 74.76 CD L4. The 8th CoC meeting was held on 26.o,3.2025 wherein the RP submitted a compliance report in regard to the plans received fronr the 3A 3a .4

NCLT, Curtacx BPUcH IA(IB) Flan No.L I CB I 2A2.6 cP(tB) No.4LlCB(2O23 RAs with the coc members and requested them to provide the inputs in regard to the plan" Punjab National tsank in response to such request informed the RP that it has approved the OTS proposal received from the Suspended Director of the cD and union Bank of India conveyed that they are in the process of obtaining internal approval of the OTS proposal submitted by the CD and hence both the CoC members unanimously decided to defer any decision in regard to the resolution plan and any decision in regard to withdrawal of the CIRP u/ s 2A of the Code on account of the pending approval OTS 1 proposal from the management of UBI. 15" The CoC in the Sth meeting also resolved with 100%o vote that since the 180 days of CIRP period was due to expire on 16.04 .2025 but on account of the pending approval of the OTS proposai with the management of UBI and the subsequent steps required to be taken for withd.rawing the CIRP after receiving formal approval on the OTS from UBI cannot be completed within the 180 days period and hence an extension of 90 days is necessitated. Accordingly, IA(IBl No. 86lCF l2O25 was filed by the RP and the same was allowed by this Adjudicating Authority uide order dated 15.05.2A25 and the CIRP period was extended upto L5"o7.2O25 lPTOtt dayl. The RP also informed the CoC that it has received a report from the transaction auditor i"e. J Baxi and Co and as per the report there afe no transactions which can be classified as avoidable transactions u/s 43, 45, 5O or 66" 16" In the 9th CoC rneeting held on O8"O4.2O25 both the CoC members informed the RP that the plans received from both the RAs were not acceptable by them due to commercial considerations and requested the RP to refund the EMD to the concerned RAs" Both the CoC mentbers also infcrrmed the RP that they have approved the OTS proposals received from the suspended directors of the CD but subsequently they have received request for certain modifications from 3a

NCLT, CurrAcK BPrcx IA(IBI Plan No. L/CB/2o26 CP(IB) No.4tlCBl2o23 the suspended directors and same is pending approval and hence any further steps should be deferred until decisions are taken in regard to the modifications requested by the suspended directors. 17. The lOth CoC meeting was held on 24.0,4"2o25 wherein the RP inquired about the status of the OTS proposals and in response to which the members sought rnore time for carrying out necessary evaluation of the proposed modifications. However, the CoC also deliberated upon issuance of fresh fonm G with a revised eligibility criteria to attract potential investors and facilitate asset value maximization of the CD. 18" In the 1lth CoC meeting which was held on O2.O5 "20.25 the CoC formally resolved with lOOo/o vote to republish Form G and approved the revised eligibility criteria for the PRAs. However, PNB requested the Rp to defer the publication of the form G until the next meeting so that the OTS proposals can be discussed before republication of the F'orm- G" 19" The 12th CoC meeting was held on 2L"O5,2A25 the RP enquired regarding the OTS proposals pending before the CoC members and in response the CoC members although did not provide any concrete response regarding the status of approval of the modifications in the OTS Proposal however suggested that all auctions for resolution should be kept open and directed the RP to takes necessary steps for republication of the Form G. The suspended director of the CD who was present in the meeting requested that he has also already given an OTS proposal, to the CoC members to the tune of Rs" 92, crores which is substantially higher than the resolution plans rejected earlier rejected by the CoC and also submitted that the fresh process may lead to plans which will be lesser than the OTS proposal and requested the CoC not to go ahead with the republication of the Form G" GA-ed u"-7 -

NCLT, Curtecx BPucn IA(IB) Plan No. 1/CB/2O26 CP(IB) No" 4LlCB|2O23 20, In light of the decision for republication of Form G it was noted by the coc that the CIRP process cannot be completed within the extended time period of the 27A days which was due to expire on 15.O7 .2025 and hence the CoC resolved to seek an extension of 60 days in the CIRP period from 16"07.2025 to 13.09"2025 and accordingly IA(IBI No. 195/ c.F l2c/25 was filed and the same was allowed vide order dated O4.O8.2O25 and the CIRP period was extended upto L3.O9.2025. RB-Pugr,rcetroN op FoRM-G 2L. The applicant as per regulation 36A of CIRP regulation re-published Form G on 22.015.20125 tn Business Standard (All India Edition) and Navabharat (Raipur Edition) wherein the last date for receipt of Expression of Interest (Eol) was 06.06.2025 as per Form G the final list of PRAs was to be issued 18.06.2025, IM, EM and RFRP was to be issued on 23.06 .2025 and the last date for submission of resolution plan was 23"O7.2025" 22. The 13th CoC meeting was convened on 16"O6 "2ol25 wherein the RP informed the CoC that in response to from G published on 22.05.2025 he has received Eols from L2 PRAs and all are found compliant with the eligibility criteria approved by the CoC accordingly the provisional PRAs list was issued to the all the PRAs on 11 .06.2025. The finat list of PRAs in response to Form-G dated 22.05"2025 is as following: S" no Name of the PRA Square Four Housing & Infrastructure Development Pvt 1 Ltd Kapil Singal 2 3 Nakshatra Asset Ventures Limited 4 Aikyam Stressed Assets Fund I 5 Gaurav Rakesh Agrawal gJ -- 3A Page Ll of 52

NCLT, Curtecx BENcH IA(IB) Plan I{o. 1/CB I 2026 1n CP(IB)No" 41.lCB/2O23 6 Bajrangbali Sponge and Power Ltd 7 Sunrise Industries 8 Refex Holding Private Limited 9 R K Mineral Development Pvt Ltd 10 Resurgent India Limited 11 Nalwa Steel and Power I-irnited l2 Goldbricks InfrastrLtcture Rzt Ltd 23" The RP informed the CoC that in terms of regulation 6A of the CIRP regulations the copy of the public announcement made in form A is requested to be served to all the operation creditors as per the latest available books of account of the CD however due to lack of information due to the non-cooperation by the suspended management notices has not been served and in compliance with the IBBI disciplinary committee's order dated 14.O8.2024 notice was served to all operational creditors at that stage" The RP also apprised the CoC that one of the operational creditors i.e" Chhattisgarh State Industrial Development Corporation (CSIDC) has earlier filed a claim which exceeds 10% of the total claims and hence in compliance with Section 24(4) one representative of the operational creditor is permitted to attend the CoC meeting on behalf of the CSIDC. 24. The RP informed the CoC that in pursuance of the proceedings initiated by EPFO u/ s 7A of the Employees' Provident F-unds and Miscellaneous Provisions Act, 1956 the EPFO vide order dated 30.05.2025 has directed the RP to pay an amount of Rs. 98,58,025 towards PF dues for the period from April 2OL9 to March 2024, which formed parrt of the claim filed by the EPFO" The CoC in this meeting with 100o/o vote approved the RFRP and the evaluation rnatters for evaluation of the resolution plans. 25" The Applicant in its 4tlo Progress report filed through IA(IB) No.223lCB 12025 filed the lates list of creditors and claims on the basis sd 5.a,--

NCLT, CurrAcK BPncx IA(IB! Plan No. 1/CB/2O26 cP{tB}No" 41/CB/2O23 of which PRAs were directed to submit their plans" The list of Creditors and their respective claims as on June 2A2d is as follow: S. Narne of Type of Tota1 claim Admitted V o/ o, t lng Creditors Creditor received (INR) claim (INR) in N coc o Funjab Secured 124,91,55,708 124 ,91 ,5 5 ,708 64"70k 1 National Bank Financial .03 "03 2 Union Bank Secured 80,87,46,389. 90,87,46,38.1 39.3o/. Financial 15 5 Total Claims of Financial 205,79,O2,A97 205,79,O2,097 Creditors ,18 .18 Chhattisgarh Operational 34r5Or71,329* 34,50,1 1,865 o% .1 State Power Distribution Company Ltd (csPDCL) 4 ESIC Operationai 18,08,682 18,08,682 Oo/o 5 Deputy Operational rr,27,3r,072 11,27,31,o72 o% Commissioner IT- 1, Raipur 6 Assistant Operational 27,42,00,rO3 27,42,00,LO3 OYo Commissioner, State Ta-x, Raipur 7 Reginal Operational 2,1O,84,6O8** 2,lo,B4,608 a% Provident Fund commissioner, trPFO Raipur Saurabh Employee/ 17,78,264 17,18,26A a% B Saxena Workrnan I Vijay Kumar Employee/ 17,o5,674 17,05,670 Ao/o Saxena Workman Total Claims of Operational 75,83,19,724 75,82,60,264 Creditors Total 28r,62,21,82 281,61,62,35 1. 1 B*** 7.t8

3d

NCLT, Curtecx BPrcn IA(IBI Plan No. 1/CB I 202.6 CP(IB) No.4LlCB|2O23 *Vqlue as per Ltst of Clatms ftled in 4tn Progress RePort and out of that ln amount Rs. 591464/- was under aerification Howeaer Form-H the C'laim Amount ls mentloned, as Rs,34r5or77'865. ** Value a.s per Form'H. *** In Form H the total clo;lm qmount is mentioned as Rs. 287,671621957.78 and the difference of Rs, 59,4641- is the amount that has been reduced from the Clo;lm amount of CSPDCL 26" The total claimed amount filed by CSPDCL as per initial filings by RP and as per the list of claims as on June 2025 filed by RP in its 4th Progress report is Rs. 34 ,5O,7 I ,329 l-and the amount admitted was Rs. 34,50,11,865 but in Form-H it is seen that the RP has reduced the Claimed amount to Rs. 34,50,11,865 which was originally the admitted amount but has not shown any justification for revising the ciairn amount by CSPDCL in absence of any revised claim. This is a gross dereliction on part of RP as he has no authority to change the Ctaimed Amount by a Creditor while filing the Statutory Form-H especially when from documents on record it is completely clear that the Amount claimed by CSPDCL is higher that what has been stated in Form-H" However, it is also noted since the amount proposed in the Plan for Operational Credltors is very small in respect to the claims feceived or admitted it is not causing any prejudice to CSPDCt. 27" Furthermore, in regard to claim filed by EPFO it is noted that. as per minutes of meeting and the list of Claims filed by the RP in its 4ft Progress Report the RP had received a claim of Rs. 2,56,33,408/- but in the Stt Progress Report the RP has stated that during the proceedings before EPFO on O7.08.2025 it was submitted by the Provident Fund Department that there was some error in the computation of the claim and the revised claim is Rs. 2,10,84,6081- and accordingly the EPFO was asked to file revised claim" The RP vide its email dated 22.08"2025 intimated the EPFO regarding the revision undertaken by it and also to gd

NCLT, Curtecx BENcH IA(IB) Plan No.L I CB I 2026 ln cP(IBl No.4rlCBl2023 the RAs to make necessary amendments to their plan (if any) by taking into consideration the said revision" 28" The applicant convened the 14th CoC meeting oir 3A"A7,2025 wherein the RP informed the CoC that although the deadline for submitting the resolution plans was 23"07 ,2025 as per forrn G but upon request by PRAs and subsequent approval received from the CoC members through Email in the interregnum the deadline was extended to 30.07.2A25 which was retrospectively ratified by the CoC in this rneeting. Furthermore, since there were requests from certain PRAs to extend the deadline up to 01"08"2025 the same was put before CoC for approval and the same was also approved by requisites votes. 29" The 15th CoC meeting was convened on O4,O8.2o25 wherein the RF informs the CoCl that two resolution plans were received by the applicant within 01.08.2025 from (i) Nakshatra Asset Ventures Limited and (ii) Bajrangbali Sponge and Power Limited. Both the Resolutions applications made their presentations before the CoC and the members of CoC sought time for their internal detriberations and a5lproval on the submitted plans" 30" In the 16th CoC meeting held on L2.O8.2O25 the CoC members expressed the dissatisfaction the plan amount proposed in both the plans and sought for further discussions and deliberations" The CoC members had one on one discussions with the Resolution Applicants" The 17th CoC meeting was convened on 25.08 "2025 wherein the RP informed the CoC that in pursuance of the discussions with lhe RAs revised plans were received and the same was placed before CoC members the CoC members expressed their views on the revised pians but sought time before the plan is put to vote.

31. The 18th CoC meeting was held on A4"O9.2O25 wherein the CoC expressed concerns over the proposed resolutions amount as they were below the liquidation value of the CD in this meeting the RP informed Qaz 3a rA(rBJsS,*SJTru[ii#; in cP(IBl No.4LlCB,l2o23 the CoC that as per regulation 39(1)(A) of CIRP Regulations the RP is not allowed to permit revision/modification of plan more than once and since the plan has been modified hence now CoC alone can take decisions to permit subsequent modification of the p1an" The members clf the CoC proposed that they will require one final round of discussions with the RAs on 06.09.2025 before the pian is put to vote. The CoC also resolved with loooh vote to seek an extension of 30 days from the Adjudicating Authority 330 days' timeline was due to expire on 14 ^O9.2025. 32. The 19th CoC meeting was held on O9"O9.2O25 and 1O.O9"2O25 wherein the RP informed in the CoC meeting that both the plans are found to be incompliant with section 30 of the Code r1w regulation 38 and 39 of the CIRP regulations It was also informed the CoC that the RAs have provided an affidavit declaring themselves eligible under section 29A of the Code and the members of the CoC were satisfied with the compliance made by the RAs and decided not to carry out any separate due diligence on the eligibility.

33. In this meeting the RP informed the CoC members that in pursuance to the negotiations undertaken by them with the RAs one of the RAs i"e" Nakshatra Asset Ventures Limited has filed an addendum to its resolution plan and Bajrangbali Sponge and Power Limited has conveyed their unwillingness to revise their proposal. Both the plans \Mere put to vote after conclusion of this meeting" 34. In the z0tD. CoC meeting was held on 23.09"20.25 the RP informed that he has received an Email on 19.09 "2025 from Nakshatra Asset Ventures Limited wherein it has requested another round of discussions with the Banks on 20.09.2025. Nakshatra Asset Ventures Limited were granted time upto 22"09"2025 to revise their commercial proposal however the RP informed that the concerned RA has requested time upto 29"A9.2025 which was allowed by the CoC. ea ---7 3")

rA(rBirFl#fJffi;ir'#H in CP(IB) No. 4LlCBl2O23 35. ln the 21't CoC meeting was held on A7"LO,2O26 the RP informed the CoC that Nakshatra Asset Ventures Limited has submitted the addendum to the plan on 04" 10"2025 however the addendum contained two alternative financial proposals and hence the RP requested the CoC Meeting to finalize on their preferred option amongst the lwo proposals because both the proposals cannot be put to vote due to legal limitations. Accordingly, CoC sought some more time to comrnunicate its decisions in this regard. The CoC in light of such circurnstances also resolved to seek a further extension of 30 days in addition to the resolution,on passed by them in the lBth meeting" 36. The 22"a CoC meeting was held on 16.1O.2O25 wherein the CoC was informed by the legal counsel of the RP that since multiple extensions has already been sought for completing the CIRF process hence any more time can be sought for from the Adjudicating Authority only by seeking exclusion of time period and hence accordingly the CoC resolved to seek exclusion of 95 days lost on account of pending proceedings u/s 19(2) of the Code. The RP in this meeting informed the CoC that after the 21"t CoC meeting Nakshatra Asset Ventures l,imited on rc.1A.2O25 sent a fresh addendum dated 15"10.2025 for the consideration of the CoC members with the indication this is its final offer" The members also had discussions with the representative of Nakshatra Asset Ventures Limited and sought all necessary clarifications in regard to the Addendum notice I5.1O.2O25. The RP proposed that the plan and the addendum of Nakshatra Asset Ventures Limited may be put to vote but PNB requested that it shall be differed to the next CoC meeting which was consented to the other members of CoC as well, g.7. The 23'a CoC meeting was held on 18.1O.2O25 wherein the RP informed the CoC that the revised plans by both the RAs was put to vote on LL.A9.2025 but since members did not vote hence the E-votin.g link has lapsed. The RP also shared the compliance report prepared by gAZ 3a

NCLT, Cumlcx BENcH IA(IB) Plan No.L I CB I 2Q25 cP(IBl No. 4tlCBl2023 him in regard to the plans and put the resolution plans dated 25,08"2A25 along with addendum date 15" 10.2025 submitted by Nakshatra Asset Ventures Limited and resolution dated 25"08.2025 submitted by Bangrangbali Sponge and Power Limited up for voting before the CoC members" 38" The 24th CoC meeting was held on 18.11.2025 ivherein no important decisions were taken by the CoC" The 25ft CoC meeting was held on O5"I2.2O25 wherein the RP has sought voting status update from the members of the CoC wherein the members sought time to complete the voting on the plans. 39. The 25th CoC Meeting was held on 16.12.2025 wherein the RP informed the CoC members that the Adjudicating Authority vide order dated 19. 1 1 "2025 in IA(IB) No. 347 I CB | 2o25 has allowed the exclusion of 95 days and accordingly the CIRP period got extended upto L7.L2.2O25 however the RP also communicated to the CoC that it needs time after getting the voting results on the plans to conclude the CIRP process and hence further time is necessary to complete the process" Both the Members of the CoC admitted that substantial time was used in the process as a. No viable resolution plans were received in response to the first issuance of Form-G. b" Both Banks were simultaneously considering OTS proposals from the suspended directors" c. The present proposal which is undergoing voting is a substantially improved proposal which has come to its present form after two months of negotiations. Hence an extent ion of 30 days shall be sought from the Adjudicating Authority as the plan is undergoing voting and the voting will be completed within few days" Accordingly, resolution to the effect was passed seeking an exclusion of 30 days on account of pending 19 applications and thereby extending the CIRP period up to 17.0L"2026. 3d 9a "-'7 z

NCIT, Cuttacx BENCH IA(IB) Plan No,l, I CB I 2026 cP(Its)No" 4LlCBl2023 Accordingly, IA(IB) No"a0sl CB 12025 was allowed by this Adjudicating Authority vide order dated 21..OL"2026 revising the deadline of CIR'P to 17.O1"2026. 40" T}re 27th CoC meeting was held on 23"12.2025 wherein the RP informed the CoC that the pian date d 25.08,2025 r lw addendum dated 15.102.2025 and ctrarification emaii dated. 12"LL2025 and ZT "II.2025 submitted by Nakshatra Asset Ventures Limited has been approved with lOO7o votes and accordingly the CoC resolved to send its letter of intent to the SRA and take steps to file application before this Adjudicating Authority for approval" The Lettef of Intent (tol) was issued to the SRA on 24.12,2025. The CoC also decided to issue a communication to IT Department u/s 79(2) (c) of the IT Act post filing the plan application approval" SALIENT FEATURES OF THE PROPOSALS MADE IN PLAN: 4L" The CoC approved plan is submitted by NexsuetRA AssET Vputunps Lrnrltpo (CIN- U749OOMH2O13PLC246444), having registered office at FIo. No. 10161 Pl. No" 377, Flat No. Nakshatra-3ru Flocrr Gandhi Nagar, Arnbazari Road, Nagpur, Maharashtra - 440010. India and corpcrate office at 402 - Nakshatra, Building No. 4, Solitaire Corporate Park, Chakala, Andheri (East), Mumbai -400093, Maharashtra is a Private Company incorporated on 31"07.20i3 bearing PAN - AAECN4951E. It is engaged providing advisory and consultancy services to all entities including individuals, proprietorship concerns, firms, companies, corporations, organizations and institutions in various fields such as financial, secretarial, commercial and other fields. 42. The Successful Resolution Applicant has proposed to pay an amount of Rs" 79 crores as Total Plan Amount (including CIRP Cost). The plan proposes a Resolution Amount of Rs. 77 Crores against the total admitted claim of Rs. 28t,6Lr62r357.18/- and the total amount gA;- 9d "

NCLT, Curtecx BENcH IA(IBI Plan No. 1/CBl2O26 cP(IBl No.4LlCBl2023 claimed of Rs" 281 1611621357,18/', as per FORM-H leading to a haircut of 71"95 in respect of amount admitted by the RP and leading to a recovery of 28.O57o in respect of the 'claimed amount' and leading to a recovery of 28.O5o/o in respect of 'admitted amount'" 43. The plan submitted was approved by the CoC with 100% vote after heing put to vote 1n the 26th CoC Meeting which proposes a total Resolution Amount of Rs. 77,OO,OO,OOO/- (Rupees Seventy-Seven Crores) to settle the claims of all the Creditors of the Corporate Debtor" However, it has breen clarified in the plan that Rs 2 Crores has been proposed for covering CIRP cost but in case the CIRP cost is tress than the amount proposed the excess will be paid to the secured Financial Creditors. The whole resolution amount will be paid within the "Effective Date" i.e. 60 days from the Appointed Date. S.u-uu+sr-p" p"p*-EI-ry$LqIA-L Bnqp-gs4l-Ep-8"-9l4-ryrs--e-8"*q*BpDlrgBsi" 44. The distribution of the resolution amount is as under: SL PARTICULARS AMoUNT AMOUNT AMOUNT Pavupur No CLAIMED Apnarmpp PRoPoSED IN ScHEDULE Pleu (rNR) (rNR) (rNRl

1. CIRP Cost NA NA 2,00,00,000 60 days from ol the Effective Date" 2. Secured 2,O5,79,O2, 2,O5,79,02, 74,87,OO,OO Will be paid in Financial 097.18 o97.tB 0 3 tranches as proposed in Creditor Clause 7. l- 1 of ^ the Plan r lw the addendurn dated

3A --_> 3d

NCLT, Cum.e.cx BENcH IA(IB) Flan No"L I CB I 2026 No.4LlCBl2A23 Operational NA Creditors- Suppliers of Goods and Senrices Operational 2,t0,84,60 2,1o,84,608 2,1O,84,604 60 days from the Creditors- 8 EfTective Date. EPFO Dues Other 73,37,5t,7 73,37,5r,72 1,15,392 60 days from 22 2 the Govt" Effective Date" Dues/Regu latory Dues Operational 34,23,93A i 34,23,934 1,00,000 60 days fiom the Creditors- Effective Date. Workmen and Employees 2,8L,6L, 2,81,67, 77 rOO,OO,OOO + 62,357 62,357 2,OO,OO,OOO (CIRP Costl

45. As per clause 7.2 oI'the plan CIRP Costs are to be paid in priority over payments to be made to any other creditors and the CIRP costs shall. amongst other things, include the costs, fees and charges incurred by the Resolution Professionai, in running the operatiorts of the company as a Going Concern" Resolution Applicant proposes to pay an amolrnt of Rs 2 Crores towards the CIRP cost in top priority within 6O days of the Effective date. It has been further clarified in the plan that any CIRP cost greater than Rs 2 Crores it shall be covered hry the amount proposed for Secured Financial Creditors and in case 3^-- S"( Page 2L of 52

NCLT, CurrAcK BpNc:r IA(IB) Plan No. 1/CB I 2026 CP(IB) Na.4LlCB|2O23 the CIRF cost (paid/unpaid) is less than Rs Rs 2 Crores then the difference shall be transferred to the Secured Financial Creditors" +,FrNANc:tL_PBo"?*9_F4-L-Lo^B*Q-B_E"D-ILoBS! 46" As per Clause 7 of the Plan rlw the addendum dated 15.10.2025 the SRA proposes to pay Rs 74,87,AO,OOOI-to the firrancial cned.itors of the CD and this amount shall be paid t<i the financial creditors over a period of 6 months from the date of approval of the resolution plan as per Schedule mentioned in Clause 7.1.1 of the Plan read with the Addendum dated I5,IO"2O25" In the first 3 months. RA will bring Rs 40,00,00,000 out of'which an amount of Rs.4,13,00,000 wiil be paid towards CIRP cost and Operational creclitors. Remaining amount of Rs^ 35,87,00,0001- will be paid towards transfer of Ownership and possession of Borjhara Plant in favour of Successful Resolution Applicants^ In the next 3 months, the RA will bring Rs" 39,00,00,000 which will bre paid as below: a" Rs. 2,00,00.00 fresh infusion b. Rs. 10,00,00,00 deposited as Performance deposit to be used for the payment towards transfer of ownership and possession of Tatibandh Plant and Bhilai P1ant in favour of the Successful Resolution Applicant 47. The SRA in Clause 7"3.1of the plan r/w addendum has clarified that to the extent that if any Financial Creditor has not submitted any claim with the Resolution Professional or pending for verification, that upon the approval of the Resolution Plan by the Adjudicating Authority, no further claim of any such Financial Creditor will be entertained by the SRA.

48. The plan at clause 7.3"2 of the plan states that dissenting financial creditors, who do not vote in favor of this Resolution Plan, shall be duly paid any amounts applicable in accordance with Section 3a-gd rA(rB;r;[I'fJffi;ff#l in CP(IB) No" 4LlCBl2023 30 (2) (b) of the Code read with Regulation 38 of CIRP Regulations" The dissenting financial creditors shall be paid in priority over financial creditors who voted in favour of the plan. Further w the resolution plan provides fox payment in stages, the financiatr creditors who did not vote in favour of the plan shall be paid at least pro rata and in priority over those who voted in favor, at each stage" 49. In case any additional claims from Financial Creditors are accepted by the Resolution Professional CoC I Adjudicating Authority before or during the Approval Date, the proposed payment amount to the Financial Creditors, as stated above, shall not be revised upwards. In such a situation, the proposed payment amount shall be redistributed amongst the Financial Creditors based on the revised total claims of the Financial Creditors.

50" All the securities of the Corporate Debtor whether exclusive, first charge, second charge, Pari-passu, mortgage, hypothecation, pledge of shares etc. on fixed assets and other assets of the Corporate Debtor would be released by all the Financial Creditors immediately on the payment of the last tranche as per the above payment schedule or as mutual agreed between Financial Creditor and RA" 51" This Resolution Plan in no way affect the validity and enforceability of a. f-he personal guarantees executed bry persons in the promoter group; b. the corporate guarantees executed by third parties; and c. any other security created by a third party, as of the Insolvency Commencement Date, for securing the Debt of the Corporate Debtor and the Financial Creditors shall be entitled to take all steps and remedies and recourse available to them in applicable Law, from such guarantors andl or third-party security providers, under their respective security documents" gd gA=;-' rA(rBirSiLJ',$Jffif,T#E in CP(IB) No" 4LlCBl2a23 62, As per Clause 7"3"3 any recoveries from any iitigations, arbitrations or any other suit or legal proceedings which have been initiated prior to the Transfer Date shall be for the benefit of the financial creditors and shall be a pass-through amount to the financial creditors.

53. As per plan read with the addendum the SRA has proposed t<> pay Rs. 2,13,OO,OOO/- to all the operationatr creditors" It is proposed in the pna that any Claims received by the Resolution Professional or Corporate Debtor or the Resolution Applicant after the Approval Date (and any contingent liabilities) shall stand extinguished at NIL and the Corporate Debtor or the Resolution Applicant shall at no point be directly or indirectly, held responsible or liable in relation thereto. Rprpesp or SpcuRrty lwtpRpsr gv F'rNeNcreL CRppttoRs: 54. On and from the Effective date all Encumbrances, security, interest liens, pledge andlor attachments (including pursuant to the applicable law) by whatever name called created to exist over the assets of the Corporate Debtor or over the securities of the Corporate Debtor, whether by contract or by Applicable Law in favor of Financial Creditor and any other authority, entity or person in whose favor security or security interest has been created ("Security Holder") shall stand unconditionally and irrevocably released and all enforcement commenced by any person over any of the assets of the Corporate Debtor or over any securities of Corporate Debtor shall stand released and reversed without requirement of any further deed or action on part of the Resolution Applicant or Corporate Debtor.

55. On and from the Effective date Security Holder shall handover to the Corporate Debtor all the documents pertaining to primary and collateral security (including but not limited to original security documents, title deeds, lease deeds, power of attorney, postdated cheques, other negotiable instruments and all other relevant gd-r= S.{

IICLT, Curtncx BENcH IA(IB) Plan No.L I CB I 2926 cP(IBl No" 4LlCBl2o23 documents) of the Corporate Debtor that are in possession of or deposited with such Security Flolder" 56. On and from the Effective date each Security Holder shall execute or issue discharge certificate and all other documents and take all such actions as may be reasonably be required by the Resolution Applicant for the release of all types 0f encumbrances, interests and charges thereon including but not restricted to filing of necessary charge satisfaction with Registrar of Companies and intimation to sub-registrar. 57" On payment of the amount under the Resolution Plan in the designated account as envisaged in the Clause 5 of the plan the Security Holders shall issue No Due Certificate with respect to their claims on the Corporate Debtor to the Resolution Applicant and assist in filing necessary form for satisfaction of charge with the office of Registrar of Companies. 58" All legal proceedings initiated before any forum by or on behalf of the Security Holder or security interest beneficiary, to enforce any rights or claims against the Corporate Debtor or enforce or invoke any securi$, interest andf or guarantee over the assets of the Corporate Debtor, shall immediately. irrevocably and unconditionally stand withdrawn, abated, settled andl or extinguished. 59. Any Encumbrance, or any other form of collateral (whether over immovable, movabie assets, fixed deposits or cash or any other rights or privileges and including without limitation, &fly guarantee, security, letter of credit or pledge provided by the Corporate Debtor in connection with any Financial Debt or in connection with any Operational Debt or any other debt or obligation of the Corporate Debtor, at any time prior to an Appointed Date), shall automatically be released and all liabilities and obligations of the Corporate Debtor in relation to such encumbrance or other form of collateral shall stand gA-sd <--/' -/ ---

NCLT, Curtecx BENcH IA(IBI Plan ['Io. 1/CB I 2026 ltt CP(IB) No" 4llCBl2o23 perlnanently extinguished on the effective date with effect from an appointed date

Cnplrel RpStRUCrURrSntrOr nwo FnpSn Ceprter, IwpUSrOr Or THE CORPORATE DEBTOR AS PROPOSED IN THE PLAN: 60. As per Clause 7.5 of the plan it is proposed that entire shareholding of the Corporate Debtor shall be reduced to zera and Equity Infusion by RA-will infuse fresh equity/quasi equity capital irr the CD and balance if any required wiil be through equity/ debts from its group or associate company or FI/NBFC/Banks" trt is also proposed in the plan that The issuance of equity share pursuant to this Resolution Plan shali be pursuant to the order of the NCLT and shall not be subject to any procedure or any further approval from the mernbers, sharehoiders, (pursuant to General Circular No. IBC/0112O17 issued by Ministry of Corporate Affairs and Sec 31 of IBC, 2016 read with Regulation 39(6)) any other stakeholders or authorities for preferential issuance under the rules and regulations made under the Companies Act,2O13, any other applicable laws, any l4emorandum or Articles of Association or any agreements of the Corporate Debtor. The Corporate Debtor shall be entitled to issue and allot equity shares pursuant to this clause upon receipt of the corresponding subscription amount from the Resolution Applicant. This Resolution Flan constitutes approval for issuance of equity shares in accordance with section 42, section 62(1)(c) or any other sections of the Companies Act, 2A13 and under any other applicable laws" I'he Resolution Applicant may increase the authorized share capital for issuance of fresh equity as per the requirement or alternatively shall issue the shares at a premium within the authorized share capital, as deemed fit 61. It is also proposed that the process of extinguishment of the existigng equity shares pursuant to the Resolution Plan shall not be 3.J

NCI,T, Cumecr BENcH IA(IB) Plan Na.l. I CB I 2026 CP(IB) No.4LleBl2a23 subject to any procedure or any further approval from the members, shareholders, any other stakeholders or authorities under any sections or the rules and regulations under the Companies Act,20 13, any other applicable laws, any Memorandum or Articles of Association or any other agreements of the Corporate Debtor. The said approval of the Resotrution Plan by the Adjudicating Authority shall be considered as the conclusive authorization to proceed with such extinguishment and capital reduction of equity shares and approval of the Resolution Plan by the Adjudicating Authority, all such approvals from the existing shareholders of the Corporate Debtors shall be deemed to have been obtained" 62. As per clause 7.8.12 of the plan it is proposed by the SRA that nothing contained in the Resolution Plan shall affect the right of the Corporate Debtor to recover a" any amounts due to it from any Person (including but not limited to Taxes, refunds, amounts paid under protest, margin monies, subsidies and security deposits); and/or b. any benefit which is or may be available to it (including but not limited to carry forward of losses or unabsorbed depreciation as claimed in the income tax returns filed by the Corporate Debtor) without any condition and there shall be no set off of any such amounts recoverable by or benefit so made available to the Corporate Debtor against any amount paid by or any liability (present or future) of the Corporate Debtor or any Liability discharged, satisfied or extinguished pursuant to this P1an. 63" Any reliefs, concessions, waivers or deferments in respect of liabilities (including statutory dues) and any exemptions, deductions or reliefs otherwise available to the Corporate Debtor that could not be availed due to any delays or lapses by the Corporate Debtor, or otherwise, shall be available to the Corporate Debtor, including with S./

NCLT, Curtacr BEllcH IA(IB) Plan No. 1/CB/2O26 CP(IB) No" 41.lCBl2023 respect to matters which are presently sub-judice or pending with any Governmental Authority" Such reliefs, concessions, waivers, defermcnts, exemptions, deductions and reliefs shall extend and continue in favour of the Corporate Debtor post the NCLT Order Date and there will be amnesties or waivers of Taxes, if any, arising out. of implementation of this Plan 64" It is proposed at Clause 7.8"13 of the plan that l liabilities (statutory or otherwise) arising from any contractuatr arrangement entered into by the Corporate Debtor shall be deemed to be terminated and any claims or liabilities arising shall be deemed to be cancelled and written-off in full and be deemed to be, permanently extinguished, as the case may be, on the approval of the Resolution Plan. 65. As per clause 7 .8.15 of the pian it is proposed that if adjudicating authority reverses or set aside any avoidance transaction under section 43,45,47,49,50 or 66 of the IB Code than such assets or proceeds from transactions shall be passed to the Financial Creditor of the Corporate Debtor in accordance to their admitted claim amount.

Any expenses incurred for recovering the said amount will not be borne by the Successful Resolution Applicant ExtruouIsHMENT oF CLATMS: 66. On the Effective Date and with effect from Appointment Date, all the guarerntors/ third party security providers who have providedl issued any guarantees or security for and on behalf of, andf or in order to guarantee/ secure any of'the obligations ofthe Corporate Debtor shall not be entitled to exercise any subrogation rights in respect of such guaranteesl security, on account of any invocationl enforcement by the Financial Creditors of the Corporate Debtor/ any other Person, of such guarantee/ security in any cireumstance and any subrogation or similar Claims of such parties against the Corporate Debtor/ Resolution Applicant and / or its assets shall stand --7 q 2/ rA{rB;r;l:'"Tffi[rPrH; ln cP(IBl No.4LleBl2023 extinguished and shall no longer be payable" A11 obligations, liabiiities, claims or proceedings against the Corporate Debtor and/or their assets in this regard shall be deemed to be owed and due as of the Approval Date, and shail immediately, irrevocably and unconditionally stand extinguished, waived. withdrawn and abated 67. On the Effective Date and with effect from Appointment date, altr outstanding negotiable instruments issued by the Corporate Debtor or by any person on behalf of the Corporate Debtor including demand promissory note, post-dated cheques, letter of credit shall stand terminated and Corporate Debtor's liabilities under such instruments shall stand extinguished.

68" On the Effective Date and with effect from Appointment date, the right of any person (Whether exercisable now or in future and whether contingent or not) to call for the allotment, issue, sale or transfer of shares or loan capitai of the Corporate Debtor, whether on change of control or otherwise shall stand irrevocably and unconditionally extinguished. 69, Ali Claims (Whether contingent or crystallised and whether or not filed) of Government authority in relation to all taxes which the Corporate Debtor was or may be liable (including with respect to financial year under assessment), all deductions and all withholding taxes on any payment, as required under applicable law and pertaining to the period prior to an Appointed Date shall stand extinguished on and from the Effective date. 70. All dues under the provisions of Income Tax Act, 1961 and various Acts for indirect taxes applicable from time to time, whether admitted or not, due or contingent, whether part of above claim of Income tax authorities or not, whether part of Tax due diligence finding or asserted or unasserted crystallized or not crystallized, known or unknown, secured or unsecured, disputed or undisputed, present or future, in relation to any period prior to an Appointed Date pu:suant q q ---

NCLT, Curtecx Bnucn IA(IBI Plan No.L I CB I 2026 ln CP(IB) No.4LleBl2a23 to this Resolution Plan, shail stand extinguished by virtue of the order of the Adjudicating Authority approving this Resolution Plan and the Corporate Debtor and Resolution Applicant shall not be iiable to pay any amount against such demandl claim. Altr assessmentsl appellate or other proceedings, pending in case of the Corporate Debtor, on the date of the order of Adjudicating Authority relating to the period prior to that date, shall stand terminated and all consequential liabilities, if any, shall be deleted and shall be considered to be not payable by the Corporate Debtor by virtue of the order of the Adjudicating Authority. notices proposing to initiate any proceedings against the Corporate A11 Debtor in relation to the period prior to the date of the Adjudicating Authority order and pending on that date shall be considered deleted and shall not be proceeded against. Post the order of the Adjudicating Authority, no re-assessment/ revision or any other proceedings under the provisions of any such Actls shall be initiated on the Corporate Debtor or Resolution Applicant in relation to period prior to an Appointed Date and any consequential demand shall be considered non-existing and as not payable by the Corporate Debtor, Any proceedings which were kept in abeyance in view of insolvency process or otherwise shall not be revived post the order of the Adjudicating Authority 7L" Any/all liabilities in relation to any suits or claims made against the Corporate Debtor under any courtf forum for recovery of any amount shall be considered under respective category of creditors (Financial or Operational or Employees dues) and will be paid out of the respective provision made for the particular category under clause 6" 1 of the Resolution Plan. However, under no circumstances the total obligation against all such claims against the Corporate Debtor shall exceed the Discharge Amount to the creditors as proposed in clause 6. 1 in this Resolution Plan. If no pronouncement of order in this regard is rade until the payment of the settlement amount as per the clause q? q

NCIT, Cumecx BENCH IA(IBI Plan No.L I CB I 2O26 ln cP(IBl No. 41.lCBl2a23 6.1 of the Resoiution Plan, the Resolution Applicant shall not be liabie to pay any amount against such claims. 72" Any and atl past, present or future Claims or demands in connection with or against the Corporate Debtor (including any demand for any losses or damages or in connection with any third-party Claims) by or to any other stakeholder (including any other actual or potential creditor, if any or any counter-party, including any subsidiary, joint venture or associate) whether under Applicable law, equity or contract and all inquiries, investigations or proceedings in relation to the foregoing, whether civil or criminal, in relation to any period prior to an Appointed Date or any monetary liability or anything in relation thereto whether admitted or not, due or contingent, asserted or unasserted, crystallized or uncrystallised, known or unkno\ry'n, secured or unsecured, disputed or undisputed, present or future arising on account of' the acquisition of control by the Resolution Applicant over the Corporate Debtor pursuant to this Resolution Plan, shall stand discharged permanently on and from the effective date with effect from appointed date"

F InnplptupwrRtlou op rnp Rpsor,utrou Pr,ew: 73. The terms of implementation of the plan is enumerated in Clause 5.5 of the plan and at Annexure-2 enclosed with the Plan. The plan proposes the formation of a Monitoring Committee for the implementation of the plan" The Monitoring Committee shall be chaired by the Resolution Professional, who shall supervise the implementation of the Resolution Plan and shall be in control of the management and affairs of the Corporate Debtor from an Appointed Date, until the Effective Date 74, The Monitoring Committee will be comprised of: a. The Resolution Professional to chair the monit.oring committee;

--- -l .' el rA(rBiY;[I'ff]ffi[,X'#[ in CP(IB) No.4LlCBl2o23 b. 1(0ne) representative will be appointed by the Resolution Applicant. c" 2(Two) representatives will be appointed by the Financiai Creditors each" 75," The Monitoring Committee shall take all such actions and execute all such documents/ agreements aS may be required to maintain t-he Corporate Debtor as a going concern until the R.esolution Applicant. acquires control over the Corporate Debtor" For the limited purposes of carrying out certain secretarial actions, as required in terms of this Resolution Plan, the Monitoring Committee shall be deemed to have the powers of the board of directors, as available under the Companies Act 2013" The Monitoring Committee shall hartd over complete control of the Corporate Debtor to the Resolution Applicant on the Effective Date. 76" Dr-rring the Interim Period and till handover on the Effective Date: . the suspended Board of Directors of the Corporate Debtor shall continue to be suspended; and. the voting rights of the existing shareholders and all incidental rights available to them as shareholders shall stand suspended, denuded and unavailable and all decisions shall be taken by the Monitoring Committee 77 " lt is further proposed that upon the Resolution Applicant acquiring control over the Corporate Debtor on the Effective Date or on such prior date as may be determined by the Monitoring Committee, the existing Board and the Monitoring Committee will be replaced by a new Board constituted with adequate representation from the members of the Resolution Applicant in compliance with Applicable Law 7a. It is also proposed that any action proposed to be undertaken by the Resolution Applicant for the implementation of the Resolution

CJ \ ---2 Q

IA(IBi[;[T,$Jff;[T#[ in cP(IBl No,4LlCBl2023 Plan, may be undertaken, directly or indirectly, by Resolution ApOlicant itseif and after approvai of COC, but before the NCLT approvai of the Resolution Plan, all rnajor business decisions impacting shareholders' valuer and the running of the company shall be made in consultation with the Resolution Applicant

ASSESSMENT AND OBSERVATIONS: r Scopp oF AssEssMENT oF THIs Ap.ltlprcATING AutnoRmv: 79. The plan consists of two parts-one is the commercial aspect and the other is the statutorily required compliance aspect" The commercial aspect of the plan such as its feasibility and viability, the manner of distribution proposed, the order of priority amongst creditors, priority and value of the security interest of a secured creditor has been approved b'y the CoC by requisite no. of votes as required u/s 30(4) of the code. 80, Hence the assessment of this Adjudicating Authority is liniited only to the statutory compliance as required under the code and applicable regulations and the scope of the assessment has been clearly dernarcated 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 .I(" So,shidho;r us" Indiqn Oaerseq.s Bqnk and Ors. reported in (2O19f 12 SCC 15O: MANU/SCIOL89l2OL9, wherein it is held that:

"35. [...] Reuerting to Sectioru 3O(2), the enquiry to be done ls in respect of whether the resolution plan prouides: (4 the paament of insoluenc ed manner in to the repaament of other 4ebts of the corporate debtor. (iil the repagment of the debts of operational creditors in rrrescrlbed manner. liii) the management o,f the affairs of the corporate debtor. (iul the implementation and superuision of tfu resolutign plan. (v) does not contrauen sl --2

NCLf, Curtecn Bpucn IA(IBI Plan No.L I CB I 2026 cP(IBl No.4tlCBl2O23 the prouisions of the law for the tlme betng tn force. (uil conforms to such other requlrements as mau be specitied bg the Board" t,..1. To wit, the feasibilitu and uiabilitA of the proposed resolution plan snd including their perceptions about the general capabilitA of the resolution applicant to translate the projected plan into a realitA. The resolution applicant maA haue giuen projections backed bA normatiue datct but still in the opinion of the dissenting -financial creditors, it tuould not be free from being speculatiue. These aspects are completelA usithin the domain o-f the creditors who are called upon to uote on the finarucial resolution plaru rJnder Section 30(4) of the I & B Code"" (Emphasis Added) 81. Further, the Hon'ble Apex Court in Jagpee Kensington Bouleuard Apartments Welfare Associatlon and Ors. us. NBCC (Indta) Ltd. and Ors. reported in (2o.22l. 1 SCC 4O1: MANU/SCI0120,612012l at Para 2L6, lnas laid down that: The Adludlcating Authoritg ho,s li d i " in the matter of approaal of a resolutlon plan. which is well-defl.ned and clrcumscribed bg Sections 3O(2) and 37 of the Code, Inthe adjudicatory process conceming a resolution plaru under IBC, there is no scoPe for interference with the commerclal aspects of the decislon of the CoC: and there is no scope ,for substitutinq anu commercial term of the resolutlon plan approued bg Committee of Creditors" ".. ." (Emphasis Added) 82" Further, in Committee of Creditors of Dssar Steel India Limited us. Scrtish Kurnar Gupta reported at l2O2Ol 8 SCC 531: MANU/SCI t57712o.19, the Hon'ble Apex Court has propounded that: "38. bis Berulqlion -fleshes out Section 30(4) of the Code, making it clear that ultimatelA it is tlrc commerclal utlsdom of the Committee of Creditors which operates to approue what is deemed bA a majority o! such creditors to be the best resolution plan. whichis finalllt accepted after negotiation of e4 ct -

NCLT, Curtncx BpNcH IA(IB) Plan No. 1/CB I 202.6 tn CP(IB) No" 41.lCBl2A23 its terms bA such Committee utith prospectiue resolution applicants." (Emphasis Added) 83" Reinforcing the above, the Hon'ble Apex Court in Vo.llal RCK us. Siua Industries and Holdlngs Limited reported in MANU1SClA753l2o.22, has held that:

"27. Tltis Court has corusistentlA held that the commercial wisdom of the CoC has been Eiuen paramount status uLithout arLy judicial irtteruention for ensuring completion qf the stated processes withiru the timelines prescribed bA the IBC" It has been hel.d.that there is an intrinsic assumpti that financial creditors are ,fullll informed about the uiabilitA of the corytorate debtor and feasibilitA of the proposed resolution plaru. TheV act on the basis qf thoro-ug|t exarnirtatiort of the prortosed resalutioru plan and assessmerut mode bl) tlLeir team qf experts."

"27. This Court has" time amd again, emphasized the need for minirmal iudicial inter&rence bg the NCLAT and NCLT in the framework of IBC. We may refer to the recent obseruatioru of this Court rrtade in. the case of Arun Kumar Jagatramka u" Jindal Steel and Power Limited an-d Ann (2A21) 7 SCC 474: 95" Hotueuer, u)e do take this opportunity to offer a-note of caution for NCLT arud NCLAT, functioning as the adjudicatory authority and appellate authonty uruder the IBC respecti.uely, from judicially interferi.rug in the frameutork enuiscrged u.nder the. IBC. As u)e haue ruated. q Y -

NCLT, Currecx BENcH IA(IB) Plan No. 1/CB I 202.6 CP(IB) No" 4LlCBl2a23 earlier in the judgment, the IBC was introduced in order ta ouerhaul the lnsoluencg and bankntptcg regime in Indiq, As such, it is a carefullg considered and utell thought out piece of legislation which sought to shed dwag the practlces of the Past, The leglslature has also been working hqrd to ensure thqt the efficacg of this legtslatlon remains robust bg constantlg amending it bqsed on its experience. Consequentlg, the need for Judicial intervention or innoaatlon from NCLT and NCLAT should be kept qt lts bare minimum q.nd should not dlsturb the foundationq.l principles of the IBC. ,..." (Emphasts Addedl o ConrprmNcE orSpctIott 3O(1) AND 3O(2) or rHE CoDE: 84" The compliance of Section 30(1) and 30(2) of the Code is given in Para-No. 9 of Form H. The same is being further examined as under: 8" Section 30( 1l: The SRA has Submitted an Affidavit dated 3O.O7.2O25 declaring eligibility u/s 29 A of the code filed by Ajay Vijaykumar Aganval, the Director of the SRA. b. Section 3O(2)(a): As per Clause 1.2 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. :9_ -

NCLT, Curtecr BPwcn IA(IB) Plan No" tr/CB I 2o26 ln CP(IB) No" 4tlCB/2o23 c" Section 3O(2)(b) read with Regulation 38(1)(a) and Regulation 38( 1)(b): The Resolution plan at Clause 7" 1 and 7 "4 tlrre Plan states that the dues of the Operational Creditors will be paid in priority over the financial creditors in compiiance with Regulation 38(1)(a)" There are no Dissenting Financial Creditors, hence [here is no requirement of complying with Regulation 38(1)(b). d. Section 3O(2)(c) read with Regulation 38(2lp): The plan at Clause 6,4 and 6.5 of the Plan proposes that that Mr. Ajay Vijaykumar Agrawal (DIN - 03 122505) and Mr" Shubham Sunil Bagadia (DIN - 11038494) will be nominated as Directors by the Resolution Applicant and shall be the Board of Directors of the Corporate Debtor in order to manage and control overall business affairs of the Corporate Debtor from the Effective Date. The Resolution Applicant also possesses strong experience in lurning around various stressed assets across business spectrurrr" The existing team along with the support of qualified professionals that may be appointed by the Resolution Applicant shall be involved for smooth overhauling as well as scaling of the commercial operations of the Corporate Debtor e. Section 3o(2)(df read with Regulation 38(2Xa) & (cl: The Resolution Plan at Clause 6.5 and Annexure-2 annexed rn,ith the pian has given elaborate provisions to ensure proper implementation and supervision of implementation of the plan along rvith a detailed timeline for such implementation" q ---

IYCLT, Cumecx Bprcx IA(IB) Flan No.L I CB I 2026 tn cP(IBl No.4tlCBl2o23 f. Compliance u/s 3O(2)(0: i. Complianee u/s 29A: SRA. has Submitted an Affidavit dated 3O.OV "20.25 declaring eligibility uls 29 A of the code is filed by Ajay Vijaykumar Agarural, the Director of the SRA. ti" Compliance under Regulation 37' (a) to (m): In regard to Clause (a) and (b! of Regulation 37 it is stated that the Resolution Plan does not immediately envisage transfer or sale of any of the assets of the Corporate Debtor. The plan proposes a complete capital restructuring of the company but as specified under Regulation 37(ba) there is no proposal for any amalgamation lrnerger I demerger which forms an integralf necessary part of the plan proposed by the SRA in regard to Regulation 37(c), the plan at Clause 7.5 enumerated the detailed capital restructurisation of the CD upon approval of the plan in regard to Regulation 37(ca), the plan does propose cancellation of the shares held by the existing shareholders but no delisting is proposed under the Resolution Plan. The Resolution Plan in regard to Regulation 37(dl at Annexure-3 of the plan proposes that upon full payment of the resolution amount as proposed in the plan, the entire charge on the assets of the corporate debtor would be deemed to be satisfied and vacated by the financial creditors therein. In compliance with Regulation 37(e) it is proposed in plan that the debts of various parties due from the Corporate q CJ -l

NCLT, Cumecx BENcH IA{IB} Plan No" 1/CB I 2026 cP(IBl No.4LlCBl2023 Debtor are proposed to be settled 1 restructured I waived as provided separately under this Resolution Plan as required Regulation 37(e)" The resolution amount proposed by the RA will result in a haircut to the tune of 71.95o/o of the Admitted claims of the creditors as per the financial plan" [Regulation 37(f)]. The Resolution Plan Proposes assignment of the entire Debt to SRA. Hence there are no changes proposed at this stage in the terms of the Debt due from the Corporate Debtor as per Regulation 37(g). In regards to Regulation 37(h) no amendment of the constitutional documents of the Corporate Debtor is proposed under the Resolution Plan The resolution plan in consonance with Regulation 37(i) states that Fresh equity shares would be issued as part of the Resolution Plan in lieu of the existing shares, as per Clause 7.5 of this resolution plan No proposition has been in respect with Regulation 37[if" No proposition has been made in the plan with respect to Regulation 37(k)" In regard to obtaining necessary approvals from concerned government authorities specified in Regulation 37(l) the SRA in the plan has undertaken to obtain necessary approvals as and when required. In regard to Regulation 37(m! this plan is submitted by a single resolution applicant hence there is no proposition of sale of assets of the CD to different resolution applicants and e4

NCtT, Cutr.tcx BBucn IA(IB) Plan No.L I CB I 2026 CP(IB) No " 4'i. I CB I 2o23 furtherrnore the resolution plan proposes to take over the entire corporate debtor as going concern" iii. Compliance utuder Regulation 38(1A): At Clause 6. L of the Plan the SRA has stated that he L@ stakeholders their outstanding claims and the impact the plan has been taken into consideration. Upon perusal of the plan it is noted that interests of all the stakeholders have been dealt with by the SRA. iu. Compliance under Regulation 38(18/: The SRA at Clause 6.2 the Plan has made declarations that it or its related parties have never tailed to implement or contribute to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past under the code. u. Compliance under Regulation 38(3)- (a) t'o {e): The Plan at Clause 6,6 of the Plan in compliance with Reguiation 38(3)(a) analyses the weakness of the company and the reason for the default and also elaborates on the strength and opportunities to turn around the econornic & financiai prospects of the corporate debtor" Regarding the feasibility and viabilitv of the plan, the RF has stated that the plan is feasible and viable and even the CoC in its minutes of the 23rd Meeting has recorded their satisfaction about the feasibility and viability of the plan" The plan has elaborated on the modality and timeline of the implernentation of the plan in compliance with Regulation 38(3)(c)" In respect to Regulation 38(31(d), the Plan has enumerated at Clause 6.9 that the SRA will seek all necessary approvals q_

NCLT, Cumecx BENcH IA(IB) Plan No" 1/CB I 2426 CP(IB) No.4LlCBl2023 within 12 months and as on the date of filing of the plan it did not require any specific approvai from anyone to submit this plan.

is order In compiiance with Regulation 38(3|(ef the SRA in 1-he plan has given a detailed overview regarding its financial worthiness, its experience in turning around stressed assets and provided information about SRA's Key managerial personnetr to demonstrate their deep experience in managing difl'erent kinds of businesses other than just the SRA. The SRA has also provided a detailed financial and business plan which it seeks t-o undertake to turnaround the health of the corporate debtor. g" Compliance under Regulation 39 : ( 1 )(c) As per the requirement of Regulation 39(1|(cl the SRA at Clause 6"15 has undertaken that that every information and records provided in connection with or in the Resolution Plan is true and correct and discovery of any false inforrnation and record at any time will render the applicant ineligible, forfeit the Earnest Money, and attract penal action under the IBC" However no separate atfidavit in that regard has been filed by the SRA" h. Compliance under R egulation 39(4) : As per the requirement of Regulation 39(41 of the CIRP Regulatir:ns for submission performance securrity as required under regulation 368, it is noted that the SP-A has transferred Rs" 1O Crores in totality as performance Security through RTGS. The SRA had paid an EMD of Rs 1O Lakhs during submission of plan and Llpon receipt of € o^re 4t of 52

NCLT, Cuttacx BPwctl IA(IB) Plan No" 1/CB I 2026 CP(IB) No.4LlC.B|2O23 Letter of Intent it has made payment of Rs 9"90 Crores thereafter" 85. It is noted that the Average Liquidation Value of the CD as per the Valuation Reports is Rs.78.76 Crores and the Resolution proposal for the creditors proposed in the Pian is RS 77 Crores (excluding the CIRP cost). However, in light of the judgement of the Honhle Supreme Court in Mq.hqrasthrq Seamless Limited ,s" Pad.manabhan Venkatesh & Ors. {CfilIL APPDAL NO. 4242 OF 20191wherein the following was held: 26. No prouision in the Code or R.egulations has been brought to our ruotice under tahichthe bid of aruy Resolution Applicant has to matctt liquidation ualue arriued at in the manner prouided in Clause 35 of the Insoluencg and Bankruptcy Board of India (Insoluencg Resolution Process for Corporate Persorus) Regulations, 2016. This point has been dealt with in the case of Essar Steel (supra). We haue quoted aboue the releuarut passages from this judgment. Hence the approval by the CoC is not in contravention of any law in force^ Rpr,rprs. lVervpRs nwp Cowcpssroxs soucHr m tnp pr,Rw: 86. We have perused the reliefs, waivers and concessions as sought in the Resolution Plan. This Adjudicating Authority has the power to grant 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 reliefs, waivers and concessions that pertain to other governmental authoritiesldepartments may be dealt with by the respective competent authorities/forums/offices, Government or Semi-Government of the State or Central Government concerning the respective reliefs, waivers and concessions, whenever sought for. The competent authorities including the Appellate authorities may

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NCLT, Curttcx Bpucn IA(IBI Plan No.L I CBI 2O26 tn CP(IB! No. 4LlCBl2a23 consider granting such reliefs, waivers and concessions keeping in view the spirit of the I&B Code, 2016 and the Companies Act, 2013. 8?. The Resolution plan seeks certain reliefs, waivers, and concessions for implementation of the resolution plan. It is stated in the plan the denial of the reliefs, waiver or concession sought in the plan shall 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:

Sl Reunrs, WervpR on CoucpssloN soucHT OnppRs No. THEREON On approvai of Resolution Plan, Moratorium shall Nor Gneutpp 1" deemed to have been granted to the Corporate Debtor/Resolution Applicant to regularize all the noncompliance and breach, if any of the Corporate Debtor prior to an appointed Date, without levying any fee, penalty or additional duty by respective Government Authority and which shall continue for a period of Twelve Months after effective date; The Resolution Applicant shall be granted waiver from all actions, proceedings or penalties under any applicable law for any Non-compliance which were existing on an Appointed Date

2. All the business permitlapproval that may have Necessary iapsed, expired, suspended, cancelled, revoked, Application terminated of Corporate Debtor shall be renewed by may be made the respective Government Authorities with effect by the frorn an Appointed Date and the Corporate Debtor Applicant to f4 /'a '---- s''l

NCLT, CurrACK Bnucn IA(IB) Plan No. 1/CB I 2026 1n No" 41 shall take all necessary steps to ensure such renewal the concerned in this regard. For avoidance of doubt it is hereby Authorities clarified that all the business permitf approvaX in and the favour of Corporate Debtor which have expired on or Authorities prior to an Appointed Date shall be nenewed by the shail decide in relevant Government Authority on an expedient basis accordance without levying any additional fee, penalty or with the additional duty and pending receipt of such business Applicabie Law permit the Corporate Debtor shall be permitted to by keeping in continue to operate its business as a guiding concern view the withor-it disruption for the benefit of the Corporate objectives of Det'tor for a period of 12 months, within which the IBC. Resolution Applicant shall ensure to seek all relevant approvals from the relevant Government Authorities

3. Resolution Applicant shali obtain approval frorn the Not Granted Competition Commissioner of India if required" 4 All penalties, interest, delayed payment charges, any Granted to the other liabilities for any non-Compliance with any extent as agreement or arrangement binding on the Corporate permissible Debtor under the Applicable Law (including Taxes, under the code delays in filing returns or payrnent of tax dues or and the payment of stamp dutyl not forming parts of the .judgment of claims, against the Corporate Debtor for the perioC the Hon'ble prior to an Appointed Date shali stand settied at NIL Apex Cor-rrt in and to the extent not settled, shall stand waived. Ghansgam Mishra V Ddelweiss ARC (_[ ->..{ -

NCLT, Curtecx BPrcn IA(IB) Plan No.L I CB I 2426 l!t IB) No. 4LlCEl2O23 c. Upon approval of the Resolution Plan, each of the Granted to the directors whose offices are being vacated pursuant to extent as the provisions of the Resolution plan, the Related permissible Parties whose Contracts are being terminated under pursuant to this Resolution Plan shall have no clairn IBC,20 16 against the Company either in law or tort including on account of any loss of office, profit or repute'

6" Waiver of the proceedings and consequently waiver of Granted to the liabilities that may arise due to shortfall of duties extent as paid on mortgage deed if any for the past period prior permissible to an Appointed Date" under ItsC,2016 7. The CBDT to allow the Corporate Debtor to enioy and Granted to the avail in future any Tax Benefits, deductions, extent exemptions as per the relevant provisions of the permissible Applicahrte Law which the Corporate Debtor was under 6 entitled to as on an Appointed Date with waiver of the IBC,20 i and Income period spent in the Insolvency Process and closure of Tax business of the Corporate Debtor" Act,1963. This is for CBDT and concerned Income Tax Authorities to decide subject to the provisions of Income Tax q -;,?

NCLT, Cumecx Bpucu IA(IB) Plan No. 1/CB I 2026 1n tBl No. 4LlCBl2O23 Act, 196I and keeping in mind the objective of IBC,20 tr6"

8" No Tax authority shaltr be entitled to take, initiate, Granted to the institute or continue any suits, assessment or extent as proceedings against the Corporate Debtor or its permissible assets for any act of omission or comrnission under the code including short payment of any Tax related to or and the attributable to any period prior to the date of judgment of approval of the Resolution Plan by the Hon'ble the Hon'ble Adjudicating Authority. Apex Court in Ghansgann Mishra V Edeluteiss ARC 9" Any claim against the Corporate Debtor, whether or Granted to the not assessed or unassessed, disputed or undisputed, extent as due or nemaining unpaid arising from any permissible assessment, self-assessment, audit, scrutiny, notice under the code or judgment whether pending or disposed under the and the provisions of Customs Act, 1962, Central Excise Act, judgment of 1941, Chapter IV of the Finance Act, 1994, State the Hon'ble Value Added Tax Acts, State Excise Acts and Entry Apex Court in Tax Act for ley of tax on entry of goods in local areas, Ghansgam Integrated Goods and Services Tax Act,2017, aenffal Mishra V Goods and Services Tax Act, 2Ol7 and State / Union Edelweiss Territory Goods and Services Tax Act, 201"/ of any ARC

,. H

NCLT, Cumecx BENcH IA(IB! Plan No" I"1CB I 2026 ln No.41.lCB|2O23 Indian state or union territory and any rules or regulation or notification issued thereunder related to any period prior to the date of the approval of the Resolution Flan by the Adjudicating Authority shall stand extinguished fully. 10. Any claim against the Corporate Debtor whether or Claims not assessed or unassessed, disputed or undisputed, pertaining to arising under any export promotion scheme pre-CIRP including export oriented unit, Export Promotion period shall Capital Goods Scheme, Advance Authorization stand scheme or any other scheme under the Foreign Trade extinguished. Policy issued under the provisions of Foreign Trade No waiver with (Development & Regulation) Act, L992 read with respect to relevant notifications shall stand extinguished fully claims arising upon approval of the Resolution Plan by the during or after Adjudicating Authority and assets forming part of the CIRP period. Resolution Ptran shall be free from any end-use condition, lien, restriction or obligation including export obligation under any notification" 11" Any Non-Compliance(s) of the Corporate Debtor Granted to the under the Companies Act, 1956 and/or Companies extent it is Act" 20i3 and/or the notifications, circulars, rules permissible and regulations enacted/ notified thereunder, prior to under the code an appointed date shall stand compoLtnded without and imposition of any additional obligation on the Companies Corporate Debtor to pay any penalty, fees, etc. to the Act, 20 13 Regional Director and/or Registra.r of Companies and/or Ministry of Corporate Allairs and/or any other regulatory or judicial authority having jurisdiction with regard to the same" .1 s4 Ca -

NCLT, Cutrecx Bpmcn IA(IB! Flan No" 1/CB | 2026 1n No" L2. Upon approval of the Resolution Plan by the Flon'ble This is for NCLT, the CBDT/DOR shail deem to have granted CBDT and the following exemptions/ waivers; concerned a" from applicability of Section 281 of the Income Income Tax Tax Act, 1961" including obtaining no objection Authorities to certificate from income tax authorities in respect decide subject of ail the pending proceedings and dues to the (including provisions of interest and penalty) of the Corporate Debtor Income Tax arising for periods up to an Appointed Date Act, 1951 and (including keeping in such proceeding and dues for periods prior to an mind the Appointed Date that may crystallize subsequent objective of to the Effective Date) IBC,20 16. . b. From applicability of provisions of taking-over the tax liability for the act and period of the previous management (predecessor's liabilities) under section l7O of the Income Tax Act, 196. c. from treating any transaction contemplated in this Resolution Plan as being void or non-compliant with any provisions of the Income Tax Act, 1961; and d. from all Tax Liabilities (including interest and penalty) and Tax proceeding arising in respect of periods up to an Appointed Date, including such Liabilities/proceedings for period up to an Appointed Date that may crystallize subsequent to the Effective Date in respect of on-going or potential Income Tax litigations at all levels save and except as provided in Clause 5 of section A of this plan.

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NCLT, CurrAcK BENCH IA(IB) Plan No"L I eB I 2o26 tn No" 4LlCBl2023 13" Penalties & interest pertaining to regulatory non Granted to the compliances of any of the government, semi-extent as government judicial authority &e department, quasi-permissible judicial authorities &e departments and other under the code departments: The Resolution Applicant shall not be and the liable for penalties & interest arising for regulatory judgment of non-compliance by the Corporate Debtor prior to or the Hon'ble during the CIRP including filing of IT returns and Apex Court in non-acknowledgement of financials pertaining to Ghansgam any period before or during CIRP and should be Mishra V allowed to fulfil all kind of compliances at normal Dd.eluteiss rates/ fees to become a statutorily compiied ARC company. 1.4" Neither the Resolution Applica.nt nor the Corporate Granted to the Debtor, nor their respective directors, officers and extent employees appointed on or after the Approval Date permissikrle shall be liable for any violations, liabilities, penalties, under section interest on statutory payments and / or fines with 32-A of respect to or pursuant to any order of any LBC,2O76 and Governmental Authority or on account of non-the judgment compliance of Applicable laws by the Corporate of Hon'ble Debtor or due to the Corporate Debtor not having in Apex Court in place requisite approvals and licenses to undertake Ajag Kumqr its business as per Applicable Law. Radhegshga m Goenkrr" as. Tourism Fino,nce Corporatlon of India Ltd.

q q

NCIT, CurrAcK BENCH lA(IBf Flan Na.L I CB I 2426 tn No" 4LlCB 15" A1tr the carry forward losses (as per the IT records) of Not Granted the Corporate Debtor shall be allowed as set-off This is for against future profits of the Corporate Debtors and CBDT and unabsorbed depreciation will be allowed for set off in concerned accordance with the provisions of the Income Tax Act, Income Tax 1961 and where forwarded unabsorbed depreciation Authorities to will be allowed for set-off till it is fully absorbed and decide subject CIRP period should be excluded in calculating 08 to the years period of set-off unabsorbed business losses provisions of against future profits of the Corporate Debtor" Income Tax Act, 1961" 16. Permission to the Corporate Debtor to continue to Not Granted" use the licenses, approvals, registrations from the Government Authorities/ departmentsfgovernment Necessary owned companies (all the state government and applications central government) and in respect of its business, may be made despite their expiry or lapse, till the same are before renewed by the Resolution- Applicant" None of such appropriate licenses, approvals, registrations from the mentioned authorities authorities and entities should be cancelled as these which is to be will be crucial and essential for the revival of the decided by the business of CD. concerned government departments keeping in view the objectives of IBC,2016"

C4

NCLT, Cutrecx Bpucn [A(IB) Flan No. 1/cB I 2026 tn cP(IBl No. 4LlCBl2a23 FINAL ORDER: 88" The plan proposes that the SRA or its affiliates/nominees/ assignees IAIF ISPV can make necessary payments as proposed in the plan and it wiil be ensured that the entity is compliant u/s 29A of the Code. It is directed to the applicant that as the Chairperson of the if monitoring committee, the applicant shall ensure that, any other entity, other than the SRA makes any payment in terms of the plan, the entity shall be compliant ul s 29A of the Code and the concerned entity/entities (other than SRA) shall submit an affidavit declarins that it is not inelisible u 29A of the code and the applicant shall also verify the same and issue a certificate certifvine their elisibility. 89. A11 reliefs, waivers or concessions sought in the plan which are not expressly eranted/allowed in this order shall be deemed to be NOT-GRANTED" 90. In the tright of the enumerations, observations and directions made in this Order supra and subject i:o the cornpliance of the directions given thereto we hereby APPROVE and FINALLY SAryCTION the Resolution Plan dated 25.08.2o25 read with Addendum dated 15" lO.2O25submitted by NAXATRA ASSETS VENTUIIES LIMITED, the Successful Resolution Applicant, subject to the conditions and directions given atrove" 9I". The Resolution Plan shall form part of this Order and shall be read along with this order for implementation. The Resolution Plan thus approved shall be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government, or any local authority in terms of Section 31 of the I&B Code, so that the revival of the Corporate Debtor Company shall come into force with immediate effect without any delay.

__.|- tr'[CtT, Cumncx BEilcH [A(IB) Plan llo. 1/CB I 2026 CP(IB) No.4LlCBl2o23 92, The Moratorium imposed under section 14 of the Code by virtt.le of the order initiating the CIR Process, shal1 cease to have effect from the date of this order. 93. The Resolution Professional shall submit the records collected cluring the commencement of the proceedings to the Insolvency & Bankmptcy Board of India for their record and also return them to the Resolution Applicant or New Promoters" 94. Librerty is hereby granted for moving any application, if requirecl, in connectir:n with the successfutr implementation of this Resolution Plan. 95. A copy of this Order is to be submitted to the Registrar of Companies (RoC) with whom the company is registered, by the Resolution Professional. 96. A copy of this Order be senred upon the trnsolvency and Bankruptcy Board of India (IBBI) by the RP" gT " The Resolution Professional is further directed to hand over all records, premisesl factories/ documents to the Resolution Applicant to finalise the further line of action required for starting the operation. The Resolution Appiicant shall have access to all the recordsf premisesl factories/ documents through the Resolution Professional to finalise the further line of action required for starting the operation" 98" The R.esolution Frot-essional shall stand discharged from his duties with effect from the date of this Order" 99" The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Learned Counsels for information and for taking necessary steps. ,aa s4

NCLT, Curtacx Bpncn IA(IB) Plan No" l/CB I 2026 cP(IBl No. 4LlCBl2a23 1OO. In terms of the view above, I.A.(IBf(Plan) No" LlCBl2O26 is ALLOMD and stands Dtspospn oF accordingly.

101" Certified copy of the orders, if applied for with the Registry, be supplied to the parties upon compliance with all requisite forrnalities.

BeFrflnnrLel, IVfppne CHpnr<erl RADHA KnrsHue (Juolcw) MnurspR (TncHuIcAL) MpilrspR This Order is signed on 22nd, Day of May 2o.26