Approval of Resolution Plan - Kapasi Infracon LLP

IN THE NATIONAL COMPANY LAW TRIBUNAL ALLAHABAD BENCH, PRAYAGRAJ IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 (An application under Section 30(6) R/w Section 31(1) of the Insolvency and Bankruptcy Code, 2016). IN THE MATTER OF:

DR. SHRAVAN KUMAR VISHNOI (Resolution Professional for M/s Kapasi Infracon LLP) Office at: 1008, 10th Floor, BCC Tower, Arjunganj, Lucknow, U.P.226002. …… Applicant/RP AND IN THE MATTER OF: Future Universal Petrochem Pvt. Ltd. 412, Village Gadhauli, Near Tejli Sports Complex, Yamuna Nagar, Haryana-135001. …… Operational Creditor Versus M/s Kapasi Infracon LLP H.No.3/4/199 D Brahampuri Colony Near Bank of Baroda Paper Mill Road, Saharanpur U.P.247001 …… Corporate Debtor Order Pronounced on: 02.06.2026 Coram: Mr. Praveen Gupta : Member (Judicial) Mr. Ashish Verma : Member (Technical)

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, ALLAHABAD BENCH, PRAYGRAJ

Appearances: Sh. Yash Tandon, Adv : For the RP, Mr. Shravan Kumar Vishnoi present in person Order

1. This Application/ I.A. has been filed on 09.02.2026 by Dr. Shravan Kumar Vishnoi, the Resolution Professional (hereinafter referred as “RP) under section 30(6) of the Insolvency and Bankruptcy Code (hereinafter referred as “IBC/Code”) for approval of a Resolution Plan under section 31(1) of the Code pursuant to its approval by the Committee of Creditors (hereinafter referred as “CoC”) in respect of Corporate Debtor, M/s Kapasi Infracon LLP (hereinafter referred as “Corporate Debtor”). This plan, as approved by the Coc in its 11th meeting held on 24.12.2025 and voting being concluded on 07.01.2026 with a voting share of 100 %, is submitted by M/s Kumari Durga Memorial Sansthan (hereinafter referred as “Successful Resolution Applicant”/ “SRA”) on 30.09.2025.

2. M/s Kapasi Infracon LLP, (“the Corporate Debtor”) is engaged in the business of road construction and had entered into a tripartite agreement with the Future Universal Petrochem Pvt. Ltd. (“Operational Creditor”) and M/s Gannon Dunkerley & Co. Ltd. (“Principle Contractor of NHDCL Project”) wherein the Operational Creditor had agreed to supply Bitumen

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL,

VG-30/VG-40 and Bitumen Emulsion to the Corporate Debtor on credit basis up to the maximum limit of Rs. 1 Crore.

3. A Company Petition bearing number CP (IB) No. 34/ALD/2022 was earlier filed by the Operational Creditor, M/s Future Universal Petrochem Pvt. Ltd., against the Corporate Debtor, under section 9 of the Code on account of defaults occurred in making the payments by the Corporate Debtor in accordance with the terms of the agreement. However, the same was dismissed by this Tribunal vide order dated 31.10.2023, in view of the fact that Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) was already initiated against the Corporate Debtor vide order dated 04.09.2023 in the Company Petition bearing CP (IB) No. 80/ALD/2022 filed by another Operation Creditor of the Corporate Debtor, thereby rendering the petition filed by the present Operational Creditor infructuous. In doing so, liberty was granted to the present Operational Creditor to revive the present petition, in case the CIRP initiated against the Corporate Debtor in CP (IB) NO. 80/ALD/2022 fails to continue.

4. Since the CIRP proceeding initiated against Corporate Debtor vide above mentioned order dated 04.09.2023 was set aside by the Hon’ble NCLAT vide order dated 30.05.2024 in Company Appeal (AT)(Ins) No. 1210/2023), the Operational Creditor filed a Restoration Application No. 02/2024 to IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, restore CP (IB) No. 34/ALD/2024, which was accordingly allowed by this Tribunal vide order dated 06.09.2024.

5. Vide the Admission Order dated 03.04.2025 in RCP (IB) No. 01/ALD/2024, CIRP has been again initiated against the Corporate Debtor and Dr. Shravan Kumar Vishnoi having Registration No. IBBI/IPA-002/IP-N00040/2016- 2017/10079 was initially appointed as the Interim Resolution Professional (“IRP”) of the Corporate Debtor. He was later confirmed as the Resolution Professional (“RP”) of the Corporate Debtor in the 1st meeting of the CoC on 02.05.2025 which was further affirmed vide order dated 05.05.2025 passed by this Tribunal.

6. The IRP made a public announcement on 10.04.2025 in Form A in Financial Express (English- Lucknow edition), Jansatta (Hindi- Lucknow edition), Times of India (English- Guwahati Edition) and Dainik Assam (Assamese- Guwahati Edition) newspapers under Section 15 of the Code read with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 (“CIRP Regulations”) regarding the initiation of CIRP against the Corporate Debtor and called for claims along with proof from the financial and operational creditors, workers and employees of the Company in the specified forms to be filed till 17.04.2025. A copy of the Public Announcement was also uploaded on the website of IBBI.

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7. Pursuant to the public announcement, claims were filed by the stakeholders including financial creditor and operational creditors and accordingly the CoC was constituted by the erstwhile IRP on 26.04.2025 with State Bank of India having 100% voting right in the CoC. Thereafter, the RP received additional claims and reviewed previously admitted claims received till 30.09.2025, subsequent to which the composition of COC as on 30.09.2025 is as follows:

S. Name of Financial Amount Amount Voting No. Creditors Claimed Admitted % 1. STATE BANK OF 51,78,573.42 51,78,573.42 100 INDIA Total 51,78,573.42 51,78,573.42 100

8. A Comprehensive detail of claims filed by all stake holders including the members of CoC and other creditors and admitted by the RP after due verification and collation and further revised and reviewed as on 30.09.2025 by the RP, are summarized in a tabular chart as below:

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S. Category of Summary of Summary of Claims Admitted Amount Amount of Amount Details in N Creditor Claims of Claim Not of Annexure o. Received Conting Admitted Claims (Only PDF) No. Amoun No. of Amount % Share in ent under of t Claims Total Claims Verificat Claim Amount of ion s Claims Admitted 1 Secured financial 0.00 NA creditors belonging to any class of creditors 2 Unsecured financial 0.00 NA creditors belonging to any class of creditors 3 Secured financial 1 517857 1 517857 7.17 Annexure 3 creditors (other than 3.42 3.42 financial creditors belonging to any class of creditors) 4 Unsecured financial 0.00 NA creditors (other than financial creditors belonging to any class of creditors) 5 Operational Creditors 0.00 NA (Workmen) 6 Operational Creditors 0.00 NA (Employees) 7 Operational Creditors 0.00 NA (Government Dues) 8 Operational Creditors 5 272488 3 669983 92.83 1043628 195054093 Annexure 8 (other than Workmen 735 58 4 and Employees and Government Dues) 9 Other Creditors, if 0.00 NA any, (other than financial creditors and operational creditors) Total 6 277667 4 721769 100.00 1043628 195054093 308.42 31.42 4

9. As per the details provided in the Application, a total of 12 CoC meetings have been held during the CIRP period, which are as follows;

Particulars Date of CoC meeting 1st CoC Meeting 02.05.2025 2nd CoC Meeting 27.05.2025 3rd CoC Meeting 21.06.2025

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4th CoC Meeting 05.07.2025 5th CoC Meeting 30.07.2025 6th CoC Meeting 27.08.2025 7th CoC Meeting 22.09.2025 8th CoC Meeting 09.10.2025 9th CoC Meeting 05.11.2025 10th CoC Meeting 04.12.2025 11th CoC Meeting 24.12.2025 12th CoC Meeting 22.01.2026

10. The Applicant RP published Form ‘G’ on 07.06.2025 in terms of Section 25(2)(h) of the Code read with Regulation 36A(1) of the CIRP Regulations inviting Expression of Interests (EoIs) for submission of resolution plans for the Corporate Debtor. The last date for receipt of EoIs was 23.06.2025.

11. Till 23.06.2025, a total of 27 EoIs were received by the RP and in furtherance to the discussion held in the 3rd CoC meeting, the last date of submission of EoIs was further extended to 09.07.2025. Subsequent to the approval of CoC (granting extension thereby), a fresh Form G was published on 24.06.2025 in the Lucknow Edition of Financial Express (English) and Jansatta (Hindi) having wide circulation over the place where the registered office of the Corporate Debtor is situated. The notice was published on the IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, website of the Insolvency and Bankruptcy Board of India [hereinafter referred to as “IBBI”].

12. The Applicant submits that a provisional list was published on 14.07.2025 in terms of Regulation 36A(10) of the CIRP Regulations, comprising of 4 eligible Prospective Resolution Applicants (hereinafter referred to as “PRAs”). As on the deadline of submission of objections by PRAs (i.e., 19.07.2025), the RP had not received any objections on the Provisional List. Thereafter, as per Regulation 36A(12) of the CIRP Regulations, the final list of PRAs was issued by the Applicant RP on 25.07.2025, consisting of following 4 PRAs:

Sr. No. Name of PRA 1. M/s Vedika Irrigation and Energy Solutions Pvt. Ltd. 2. M/s Ahinsa Builders Pvt. Ltd. 3. Mr. Sahil Jain 4. M/s Kumari DUrga Memorial Sansthan

13. Thereafter, issuance of Request for Resolution Plan (hereinafter referred to as “RFRP”) and evaluation matrix was approved on 05.07.2025 in the 4th CoC meeting with voting share of 100%. Accordingly, the Applicant issued the RFRP on 25.07.2025 in compliance with Regulation 36B (1) of the CIRP Regulations to the PRAs reflecting in the final list.

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14. The Applicant prepared the Information Memorandum (hereinafter referred to as “IM”) in terms of Section 29 of the Code and Regulation 36 of the CIRP Regulations and was shared with the CoC, upon receiving confidentiality undertaking. Subsequently after approval of the CoC, the same was also issued to the eligible PRAs reflecting in the final list on 25.07.2025.

15. As per the last published Form –G, the last date for submission of Resolution Plan was initially fixed as 24.08.2025 and was subsequently extended on two occasions pursuant to approval granted in 6th and 7th CoC meeting, with the final deadline being 30.09.2025.

16. In the 8th CoC meeting, the Applicant RP apprised the CoC that only one resolution plan has been received by the RP from M/s Kumari Durga Memorial Sansthan and the same was opened in front of the members, and was discussed. Thereafter, in adherence to certain modification and clarification discussed by the CoC in the 9th CoC meeting, the sole PRA i.e.M/s Kumari Durga Memorial Sansthan submitted an addendum along with the Revised Resolution Plan on 11.12.2025.

17. Pursuant thereto, the RP convened the 11th CoC meeting wherein revised plan of the sole PRA was considered and detailed discussions were IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, undertaken with respect to its feasibility, viability and compliance under Section 29A of the Code.

18. Upon conclusion of the discussions in the 11th CoC meeting, the Revised Resolution Plan along with the Addendum submitted by the sole PRA were resolved to be placed for voting and accordingly the voting concluded on 07.01.2026 wherein the CoC of the Corporate Debtor approved the Resolution Plan submitted by M/s Kumari Durga Memorial Sansthan with 100% of majority vote by passing the following Resolution:

“RESOLVED THAT, the Resolution plan including its modification, clarifications, revision and Addendum submitted by the Resolution Applicant M/s Kumari Durga Memorial Sansthan under provisions of section 30 (4) of the Insolvency and Bankruptcy Code, 2016 read with all other applicable provisions of the Code and IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 be and is hereby approved." "RESOLVED THAT, the Resolution Professional shall submit the plan so approved by the Committee of Creditors to the Adjudicating Authority for its approval.” 19. Thus, by passing of the above resolution, M/s Kumari Durga Memorial Sansthan became the Successful Resolution Applicant (hereinafter referred to as “SRA”) and a Letter of Intent (hereinafter referred to as “LOI”) was issued to it on 08.01.2026 by the Applicant RP and the same was accepted

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, by it on 14.01.2026. A copy of the LOI letter has been annexed as Annexure 24 (Colly) with the present IA.

20. The SRA, in compliance with the LoI issued in its favour, submitted the performance guarantee of 10% of the Resolution Plan Value of Rs. 55 Lakhs amounting to Rs. 5,50,000/- by depositing a sum of Rs. 50,000 and appropriating Rs. 5 lakhs already deposited at the time of submission of EOI in the Account of Corporate Debtor bearing No. 874210000067494 in DBS Bank having IFSC Code DBSS0IN0874. Subsequently, the CIRP Cost of Rs. 14,18,123/- was approved by the CoC and accordingly, the Resolution Plan value increased from Rs. 55,00,000 to Rs. 69,18,123/-. To accommodate such increase, the SRA deposited an additional amount to the tune of 10% of the CIRP Cost i.e., Rs. 1,41,812/- on 06.02.2026 in respect of the performance guarantee and thus, the total performance guarantee deposited by the SRA, amounts to Rs. 6,91,812/-. A copy of bank statement of the account of Corporate Debtor in which the Performance Guarantee has been deposited has been annexed as Annexure 24 (Colly) on page no 354 with the present IA.

21. The CIRP was initiated against Corporate Debtor on 03.04.2025 and the Resolution Plan was approved by the CoC on 07.01.2026 and then the IA was filed on 09.02.2026 for approval of resolution plan by this Adjudicating Authority. The initial period of 180 days expired on 30.09.2025. Thereafter,

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, this adjudicating authority vide its order dated 14.04.2026 granted exclusion of 90 days period from 03.04.2025 to 03.07.2025, and further extension of 60 days period in the completion of CIRP, thereby extending the period of CIRP up to 28.02.2026.

22. The timeline of the CIRP of the Corporate Debtor, including the period of extension and exclusion granted by this Tribunal from time to time, is summarized in the table below:

S. Particulars Period/Timeline Date of order granting No. exclusion/ extension 1. CIRP Commencement Date 03.04.2025 2. Initial CIRP Period (180 03.06.2025 _ days) 30.09.2025 3. Exclusion sought and 03.04.2025 – 15.04.2026 granted for 3 months 03.07.2025 4. Further Extension sought 30.12.2025 – 15.04.2026 and granted for 60 days 28.02.2026

23. In view of the above, as per Section 12 of the Code, 2016, CIRP should be completed within 180 days or within the extended period of 90 days and mandatorily be completed within 330 days, including any exclusion of time period taken in legal proceedings. Considering the given factual position, we are satisfied that the present I.A. has been filed within the subsisting CIRP period of the Corporate Debtor after taking into consideration the extension and exclusion of time period approved by this Adjudicating Authority as IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, discussed in para 21 and 22 above of this order. As the present order approving the resolution is passed today, considering the given factual position and in the interest of justice, this Adjudicating Authority suo-moto, hereby excludes the time period from the date of filing of the present IA for approval of resolution plan till the date of approval of the resolution plan by this Adjudicating Authority.

OVERVIEW OF THE SUCCESSFUL RESOLUTION APPLICANT

24. The Successful Resolution Applicant (“SRA”), M/s Kumari Durga Memorial Sansthan, is a society registered on 03.09.2007 under the Society Registration Act, 1860, having initial registration certificate number 579 renewed from time to time and valid up to 27.11.2027. As per the details provided in the approved Resolution Plan by the CoC, the SRA runs a franchise of co-educational school with the name of G.D. Goenka Public School affiliated with Central Board of Secondary Education and envisions to make it an institution of excellence where children learn and grow every day.

ELIGIBILITY OF SRA AS PER SECTION 29A OF THE CODE

25. As certified by the Applicant RP in Form H, the Resolution Applicant, M/s Kumari Durga Memorial Sansthan has submitted an affidavit pursuant to section 30(1) of the code confirming that it is not ineligible under Section

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29A of the Code to submit a resolution plan. The Applicant being RP in this case, has certified that the said affidavit is in order. Copy of the said Affidavit filed by the SRA has been annexed as Annexure 11 of the plan at Pgs. 336 to 340 of the IA.

26. Subsequent to the suggestion of the sole CoC member, in 8th CoC meeting held on 09.10.2025, the RP has undertaken verification of the 29A eligibility of the SRA. Pursuant thereto, a report/ due diligence certificate dated 05.12.2025 (annexed on Pg Nos. 378 to 380 with the IA) was submitted, wherein the following observations were recorded in respect of the SRA, as under:

“We have checked publicly available information and subscribed databases searched relevant for Section 29A and observe that Shri Raju Jaiswal is compliant under Section 29A of the IBC.” 27. It is further noted that Shri Raju Jaiswal was duly authorized by the SRA vide Authority Letter dated 30.08.2025 to act on its behalf for the purposes of submission of the Resolution Plan, execution of documents, receipt of correspondence, and undertaking all acts necessary in relation to the CIRP of the Corporate Debtor. In pursuance of such authorization, Shri Raju Jaiswal furnished the affidavit under Section 29A on behalf of the SRA affirming that the SRA did not suffer from any of the disqualifications contemplated under Section 29A of the Code. The due diligence carried out

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, by the RP did not reveal any material indicating ineligibility under Section 29A either in respect of Shri Raju Jaiswal, the authorized representative of the SRA, or the SRA itself. Accordingly, the RP recorded its satisfaction regarding the eligibility of the SRA under Section 29A of the Code. Therefore, the SRA not being ineligible u/s 29A of the Code has been ascertained satisfactorily, and accordingly its plan has been considered and voted upon by the CoC and confirmed by the requisite majority vote as has already been discussed earlier in this order.

DETAILS OF RESOLUTION/ FINANCIAL PROPOSAL

28. The Resolution Plan has been annexed in Annexure-23 (Colly) attached with the present IA (pg no 226-341). Financial Proposal of the plan has been provided in Part B, comprising the details of composite financial proposal made by the SRA to settle all claims against the Corporate Debtor (including but not limited to Claims of the Financial Creditors, Workmen, Employees, Operational Creditors including Government, other Creditors and Shareholders) and towards the CIRP Costs is as set out in the Part B (i) and its effects are detailed further in Para 7 (Effects of the Plan). Based on these details and the details provided by the Applicant RP in item no. 7B of the Form H, the relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the SRA, i.e., M/s Kumari

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Durga Memorial Sansthan, under the said Resolution Plan keeping in view the provision of section 30(2), is tabulated as under:

Stakeholder type Amounts Payment Amount Amount Realizable Amount claimed Admitted amount Realizable under in plan to plan amount Claimed (%) Secured Financial 51,78,573.42 51,78,573.42 25,00,000 48.27 Within Creditors 55 days Creditors not having a of the right to vote under sub- Effective section (2) of section Date 21 NA NA NA - -Dissenting - -Assenting Unsecured Financial NA NA - - - Creditors Creditors not having a right to vote under sub-section (2) of section 21 -Dissenting -Assenting Operational Creditors (i) Government - - - - - (ii) Workmen - - - - - - PF dues - Other dues (iii) Employees - - - - - - PF dues - Other dues (iv) Other Operational 2 7, 24,88,735 6,69,98,358 30,00,000 1.10 Within Creditors 50 days of the Effective Date Other Debts and Dues - - - - Shareholders - - - -

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Total 27,76,67,308.42 7,21,76,931.42 55,00,000

Note: As per the Undertaking by the SRA, the CIRP Cost of Rs. 14,18,123/-has been proposed as part of the realizable amount in addition to Rs. 55,00,000/-. Hence, total realizable amount shall be Rs. 69,18,123/-.

IMPLEMENTATION OF THE RESOLUTION PLAN AND PAYMENT SCHEDULE

29. The details regarding implementation of the Resolution Plan is provided in Para 4 and 6 of the Resolution Plan. The said implementation schedule was further modified by the SRA by submitting an addendum with the Plan in accordance with the negotiation meeting held on 18.11.2025 between RP, SRA and the sole member of CoC. The relevant extract of the addendum is as follows:

“3. In respect of the negotiations meetings dated 18.11.2025 with the State Bank of India and the Resolution Professional, we have considered the reduction of time limit for payment to the Creditors. Accordingly, we will make the payment under the resolution plan as follows:

Particulars Original Timelines Modified Timelines CIRP Cost T+90 T+15 Operational Creditors T+90 T+50 Financial Creditors T+90 T+55

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Accordingly, in the resolution plan submitted wherever the timeline for payment to the creditors and CIRP cost stated as 90 days shall be stand corrected as aforesaid.” 30. In this regard, the Resolution Applicant, in Para 4 of the Resolution Plan as modified by the addendum, has submitted that the implementation of the Plan shall be subject to fulfillment of following actions as reproduced below:

“ 1. Approval of On the Approval date Adjudicating Authority for the Plan 2. Payment of the Resolution applicant will pay entire unpaid/ Unpaid CIRP Cost outstanding CIRP cost on priority over financial creditor or any other creditor. The Resolution Applicant will settle CIRP Cost out of their own fund prior to settlement of Financial Creditors within 15 days from the Approval Date 3. Outstanding As per the Information Memorandum, claim of Rs. Financial Creditors 51,78,573.42 was received from the Financial Creditor Settlement Amount (State Bank of India) to the IRP/RP for which Rs. 51,78,573.42 was admitted. However, the Resolution Applicant will make provision of Rs. 25 lacs for settlement of claims received from the Financial Creditors of Corporate Debtor. 4. Outstanding As per the Information Memorandum, claims of Rs. Operational 27,24,88,735 was received by the IRP/RP of the CD Creditors Settlement from the Operational Creditor till now in which the Amount. amount of Rs. 6,69,98,358 was admitted by the RP. However, the Resolution Applicant will make provision of Rs. 30 Lacs for settlement of all the claims received from various Operational Creditors of Corporate Debtor in proportion to their admitted claims. 5. Employee Dues No Claim was received by the IRP/Rp of the Corporate Debtor from the Employee for settlement till now. The Resolution Applicant will make provision of NIL

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, amount for settlement of claims received, from Workmen and Employees of the Corporate Debtor. ” 31. Based on negotiations made in meeting dated 18.11.2025, and the modifications made in the Resolution Plan accordingly vide the addendum submitted thereto, time line and the details of payment schedule for payment to various stakeholders, out of funds brought by the SRA are reproduced as under:

S. No. Activity Timeline (days) 1 Approval of Resolution Plan by CoC As per CoC 2 Furnishing the performance guarantee by the As per CoC Resolution Applicant 3 Approval Date or Effective Date whichever is T later 4 Payment of Rs. 25 Lakhs from Upfront Cash Within 55 working day Recovery to Financial Creditors from Approval Date 5 Notice on the website of Corporate Debtor No website of the CD 6 Intimation to all stakeholders i.e. Financial T+15 Creditors/ Operational Creditors/ Employees/ other stakeholders 7 Intimation to CoC, IBBI, Tax authorities and T+15 other statutory Authorities 8 Opening of the Settlement Account T+60 9 Change in Memorandum and Articles of the T+60 Association etc., if Required 10 Remittance of share application money into the T+90 Settlement Account 11 Remittance of loan amount to the Company T+90

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12 Takeover of the ownership/ management by the T+90 Resolution Applicant from existing partners 13 Appointment of Designated Partners/ Board of T+90 management/ CEO/ Auditors etc. 14 Payment of Unpaid CIRP cost T+15 15 Payment to Operational Creditors T+50 16 Payment to Financial Creditors T+55

MANDATORY CONTENTS OF PLAN 32. In Para 5 of the Resolution Plan, mandatory compliances of various provisions of the Code have been provided, details of which are given as under:

SUBMISSION OF RESOLUTION PLAN IN TERMS OF SUB-SECTION (1) OF SECTION 30 OF THE CODE: CLAUSE REQUIREMENT HOW DEALT WITH IN HOW DEALT WITH IN OF S.30 THE PLAN THE PLAN (PAGE NO.) (PARA/ANNEXURE) (1) Plan must be submitted Annexure-11 Pages 337-340 of the by the resolution application. applicant along with an affidavit stating his eligibility under section 29A to the Resolution Professional prepared on the basis of the Information Memorandum

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SUBMISSION OF RESOLUTION PLAN IN TERMS OF SUB-SECTION (2) OF SECTION 30 OF THE CODE (AS AMENDED VIDE AMENDMENT DATED 16 AUGUST 2019):

CLAUSE REQUIREMENT HOW DEALT WITH IN RELEVANT OF THE PLAN PAGE NOS OF S.30(2) (CLAUSE/ANNEXURE) THE RESOLUTION PLAN) (a) Plan must provide for payment of Para 5.(i) and Para Page 245 and CIRP cost in priority to repayment 7 (Payment of 251 of the of other debts of CD in the manner Unpaid CIRP Costs) application specified by the Board. (b) (i) Plan must provide for Para 5.(ii) and Para Pages 245 and repayment of debts of OCs in such 7 (Operational 253 of the manner as may be specified by the Creditors) application Board which shall not be less than the amount payable to them in the event of liquidation u/s 53; or (ii) Plan must provide for Para 5.(ii) and Para Pages 245 and repayment of debts of OCs in such 7 (Operational 253 of the manner as may be specified by the Creditors) application Board which shall be not less than amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher and IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, (iii) provides for payment of debts N.A. (Plan was N.A. of financial creditors who do not approved vote in favour of the resolution unanimously) plan, in such manner as may be specified by the Board. (c) Management of the affairs of the Para 5.(iv) and Pages 246 and Corporate Debtor after approval of Paras 3 & 4 242-244 the Resolution Plan.

(d) Implementation and Supervision. Para 5.(iii), Paras 3 Pages 246, (Supervision of the 242-244 and Plan), 4 & 6 246-250 respectively (e) Plan does not contravene any of the Para 5.(vii) Page 246 provisions of the law for the time being in force.

(f) Conforms to such other requirements Para 5.(vii) Page 246 as may be specified by the Board.

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MEASURES REQUIRED FOR IMPLEMENTATION OF THE RESOLUTION PLAN IN TERMS OF REGULATION 37 OF CIRP REGULATIONS:

PARTICULARS RELEVANT CLAUSES AND PAGES RELEVANT OF THE RESOLUTION PLAN CLAUSES AND DEALING AFORESAID PAGES OF THE COMPLIANCE WITH REGULATION RESOLUTION PLAN

A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of the corporate debtor for maximisation of value of its assets, including but not limited to the following: - (a) transfer of all or part of the N.A N.A. assets of the corporate debtor to one or more persons; (b) sale of all or part of the N.A. N.A. assets whether subject to any security interest or not; (ba) restructuring of the N.A. N.A. corporate debtor, by way of merger, amalgamation and demerger; (c) the substantial acquisition N.A. N.A. of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons;

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, (ca) cancellation or delisting N.A. N.A. of any shares of the corporate debtor, if applicable; (d) satisfaction or Para 7 (Effect of Closing) Page 252 modification of any security interest; (e) curing or waiving of any Para 7 (Effect of Closing Page 252 breach of the terms of any debt due from the corporate debtor; (f) reduction in the amount N.A. N.A. payable to the creditors; (g) extension of a maturity N.A. N.A. date or a change in interest rate or other terms of a debt due from the corporate debtor; (h) amendment of the Para 6 Page 247-248 constitutional documents of the corporate debtor; (i) issuance of securities of N.A. N.A. the corporate debtor, for cash, property, securities, or in exchange for claims or interests, or other appropriate purpose; (j) change in portfolio of N.A. N.A. goods or services produced or rendered by the corporate debtor;

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, (k) change in technology used N.A. N.A. by the corporate debtor; and (l) obtaining necessary Section 8 (Relief and Concessions) Page 259-263 approvals from the Central and State Governments and other authorities. (m) sale of one or more assets N.A. N.A. of corporate debtor to one or more successful resolution applicants submitting resolution plans for such assets; and manner of dealing with remaining assets

MANDATORY CONTENTS OF RESOLUTION PLAN IN TERMS OF REGULATION 38 OF CIRP REGULATIONS:

REFERENCE TO REQUIREMENT HOW DEALT WITH IN RELEVANT RELEVANT THE PLAN PAGE NOS OF REGULATION (CLAUSE/ANNEXURE) THE RESOLUTION PLAN) 38(1) (a) The amount due Point 2 of the Page 341 to the operational Addendum creditors under a resolution plan shall be given priority in payment over financial creditors.

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N.A. (the Plan is N.A. (b) The amount payable approved with 100% to the financial creditors, votes) who have a right to vote under sub-section (2) of section 21 and did not vote in favour of the resolution plan, shall be paid in priority over financial creditors who voted in favour of the plan.

38(1A) A resolution plan shall Paras 5(ix) and 7 Pages 246, include a statement as 250-259 to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors of the corporate debtor. 38(1B) A resolution plan shall Para 1 (Particulars of Page 237 include a statement the Resolution giving details if the Applicant and its resolution applicant or connected persons any of its related and confirmations) parties has failed to implement or contributed to the failure of IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past. 38(2) A resolution plan shall provide: Pages 242-244 (a) the term of the plan and 246-250 Paras 4 & 6 and its implementation schedule;

(b) the management and Para 3 (Supervision of Page 242-244 control of the business of the Plan) and Para 4 the corporate debtor during its term; and (c) adequate means for Paras 3 (Supervision Page 242-244 supervising its of the Plan) & 4 implementation.

(d) Manner in which Para 7 (Effect of Pages 252-253 proceedings in respect closing; Sub-Para (v)) of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the approval of the resolution plan and the IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, manner in which the proceeds, if any, from such proceedings shall be distributed 38(2A) A resolution plan shall N.A. N.A. not provide for the assignment of any avoidance transactions under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code that were not: (a) disclosed in the information memorandum; and (b) intimated to all N.A. N.A. prospective resolution applicants under sub-regulation (3A) of regulation 35A before the last date for submission of resolution plans: 38(3) A resolution plan shall demonstrate that – (a) It addresses the cause Para 3 Page 239 of default. (b) It is feasible and Para 1 Para 230 viable;

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, (c) It has provisions Para 4 Page 242-245 for its effective implementation;

(d) It has provisions for Para 8 Page 259-263 approvals required and the timeline for the same; and (e) The Resolution Paras 1,2,3 & 4 Pages 230-240 Applicant has the capability to implement the resolution plan. (a) The committee Para 3 (Supervision Page 242 38(4) shall consider setting up of the Plan) a monitoring committee for monitoring and supervising the implementation of the resolution plan (b) The monitoring Para 3 (Supervision Page 242 committee may consist of the Plan) of the resolution professional or any other insolvency professional, or any other person, including representatives of the committee and representatives of IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, resolution applicant(s), as its members: Provided that where the resolution professional is proposed to be part of the monitoring committee, the monthly fee payable to him shall not exceed the monthly fee received by him during the corporate insolvency resolution process.

TREATMENT OF PUFE APPLICATIONS FILED AGAINST THE CORPORATE DEBTOR 33. The Applicant submits that an application has been filed by the RP under Section 66 of the Code, 2016, before this Adjudicating Authority. The relevant details of the PUFE application filed are detailed below:

SL IA No./E-filing No. Section Filed on Pending/Under Defect No. 1 IA (I.B.C.)/199/ALD/2026 66 14.03.2026 Pending

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34. In the light of the above, the manner of treatment of the said application has been duly provided for in the Resolution Plan under Para 7 (Page 252-253). The relevant extract of the said para is reproduced herein below:

“……… (v) The Financial Creditors shall have no rights or claims against the Company in respect of any recovery made by the Company after the Closing Date pursuant to any insurance claim or any suit/ case filed by the Company in any manner whatsoever. However, it is clarified that any recovery made pursuant to an avoidance application filed/ to be filed under IBC by the Resolution Professional before the Approval Date shall be retained by the Resolution Applicant. Further, Resolution Applicant will pursue the application. "

DETAILS ON MANAGEMENT/ IMPLEMENTATION AND RELIEFS AS PER THE RESOLUTION PLAN – SALIENT FEATURES

35. The Resolution Plan also provides for – a. The management of the Corporate Debtor after the approval of the resolution plan is governed in terms of Para 3 (SUPERVISION OF THE PLAN) which is reproduced as under: “From the effective date until the completion of the resolution plan, a Monitoring Committee will oversee the implementation of the plan for KILLP. The Committee will comprise the Resolution Professional (The Chairperson of the Committee), an authorized

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, representative of the Committee of Creditors (Financial Creditor), and a representative of the Resolution Applicant. Its primary mandate is to supervise and facilitate all actions necessary for timely and effective execution of the plan, exercising the same powers and protections as provided to the Resolution Professional under the Insolvency and Bankruptcy Code.” b. In this regard, the Resolution Plan under Para 6.2 (Proposal for Partner’s Contribution Structure) further prescribe the treatment meted out to the contribution of the SRA. The relevant portion is reproduced as under: “ 6.2 Proposal for Partner's Contribution Structure: Pursuant to this Plan, 100% of Partner's Contribution in the CD shall be held by the Resolution Applicant's nominated members. Kumari Durga Memorial Sansthan (RA) shall be classified as the 'promoter' of KILLP after approval of Resolution plan by NCLT, and the existing promoters/promoter group shall be de-classified as 'promoters / promoter group' of KILLP. The contribution on behalf of the RA shall be distributed as follows: 3 Name of Partners % of Distribution 1. Mr. Harendra Jaiswal (Chairman of the Society) 50% 2. Mr. Raju Kumar Jaiswal (Secretary of the Society) 50% ” c. The Applicant has further submitted the following in the present application in respect of the management of Corporate Debtor:

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, “On and from the effective date until the completion of the Resolution Plan, the Company will be managed and controlled by Monitoring Committee and a new Board of Designated Partners will join as proposed by SRA in resolution plan and once the new board will take charge; the CD will be managed by the Board of the LLP and the Monitoring Committee will have right to monitor the implementation of the plan.” d. The term and Implementation of the approved resolution plan by the CoC is set out in Para 4 of the Resolution Plan; and e. The Monitoring Committee shall consist of Resolution Professional who would also act as the Chairperson of the Committee, an authorized representative of the Committee of Creditors (Financial Creditor) and a representative of the Resolution Applicant. Further, the Committee will be responsible for overseeing distribution of resolution proceeds to all stakeholders in accordance with the resolution plan. RELINQUISHMENT/ WAIVER OF LIABILITIES AND APPROVALS

36. As per Para 8 of the Resolution Plan, the SRA has sought the following reliefs and concessions:

SL. Relief and/ or Concessions and Approvals Sought No. i. P hysical Possession of the assets of KAPASI INFRACON LLP including all the original records and documents of title of the above said assets including but not Limited to Sale/Lease deed, building plans etc. is handed over to Resolution Applicant at the time of Full and Final settlement of the Financial Creditor of the Corporate Debtor. Further, any other outstanding Governmental dues/claims/liabilities towards the Corporate Debtor I.e. KILLP pertaining to a IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, period prior to Approval Date shall irrevocably and unconditionally stand abated, withdrawn, settled and/or extinguished, and the Company shall have no liability in this regard. ii. T he relevant Governmental Authorities shall not initiate any investigations. actions or proceedings in relation to any non-compliance with Applicable Law by the LLP during the period prior to the Effective Date. Neither shall the Resolution Applicant, nor the LLP, nor their respective partners, officers and employees appointed on and as of the Effective Date be liable for any violations, liabilities, penalties or fines with respect to or pursuant to the LLP not having in place the requisite licenses and approvals required to undertake its business as per Applicable Law, or any non compliances of Applicable Law by the LLP. iii.

T he CBDT/DOR shall grant the following exemption/ waivers: (a) from applicability of Section 281 of the Income Tax Act, 1961 Including obtaining no objection certificate from income tax authorities in respect of all the pending proceedings and dues (including interest and penalty) of the LLP arising for periods up to the Approval Date (including such proceedings and dues for periods prior to the Approval Date that may crystallize subsequent to the Approval Date). Further, CBDT/DOR shall restrict/restrain from treating any transactions contemplated in this Plan as being void or non-compliant with any provisions of the Income-tax Act, 1961; (b) from all Tax Liabilities (including interest and penalty) and tax proceedings arising in respect of periods up to the Approval Date, including such Liabilities/ proceedings for periods up to the Approval Date that may crystallize subsequent to the Approval Date in respect of on-going or potential income tax litigations at all levels; pursuant to the Resolution Plan does not lead to lapse of brought forward losses of the Company as well as the credit of TDS of the CD will continue be eligible to the CD. iv.

T he Department of Registration and Stamps of the relevant states and the Ministry of Corporate Affairs shall exempt the Resolution Applicant and the Company, from the levy of stamp duty and fees applicable in relation to this Plan and its implementation including but not Limited to in relation to increase

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, in authorized share capital of the Company and issuance of shares by the Company on infusion of funds by way of equity by Resolution Applicant. v. T he Goods & Service Tax input tax credit available in the electronic cash ledger or credit ledger as on the Insolvency commencement date shall not be lapsed and shall be made available to the CD. vi. T he concerned state revenue/ stamp authorities are requested to waive penalties for non-registration and inadequate/non-stamping of the documents executed by the Company. vii. T he Adjudicating Authority shall direct that the Company shall not be liable for any non-compliance, default, breach of any contract, etc., during the period prior to the Approval Date, in relation toc (1) any contractual arrangements of the Company with counter-parties, and (ii) failure to take or obtain any approvals, consents or permits under any contract or from any Governmental Authorities. viii. T he Adjudicating Authority shall direct that all proceedings, investigations, inquiries, etc. made, commenced or initiated by any person against the Company in relation to the period prior to the Approval Date shall irrevocably and unconditionally stand abated, withdrawn, settled and/or extinguished, and the Company shall have no Liability in this regard. ix. T he relevant Governmental Authority in relation to Tax shall waive any Tax or interest and shall not initiate any penal proceedings in case of non-fulfillment of any obligations of the Company in relation to which benefit has been claimed by the Company prior to the Approval Date. x. T he Resolution Applicant and its affiliates shall not in any manner be implicated in, or in any manner adversely affected by (including in respect of transactions in foreign exchange), or have any Liability in relation to, any investigations/proceedings/orders or any matters relating to the Company. xi. A ll the demands, show causes, arbitral claims or litigation whatsoever, whether present or future, whether disclosed or not, pursued by any government, semi-government, statutory authority, etc against the Company prior to the Completion Date shall stand withdrawn and abated and the Company shall not be required to make any payments in relation to demands, show causes, arbitral

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, claims or litigation whatsoever. The governmental authorities in such an event shall not be eligible to prevent the Resolution Plan from becoming operative and shall be liable and obligated to continue to facilitate the Company as a going concern. xii. T he Adjudicating Authority shall direct that upon receipt of the approval of the Adjudicating Authority under Section 30 of the IBC, the terms and provisions of this Plan shall have effect, notwithstanding anything inconsistent contained herein with the provisions of any other Applicable Law for the time being in force or any other instrument having such effect by virtue of any Applicable Law. xiii. A ny and all legal proceedings (including any notice, show cause, adjudication proceedings, assessment proceedings, regulatory orders, etc.) initiated before any forum by or on behalf of any Operational Creditor (including Governmental Authorities) or any Other Creditors to enforce any rights or claims against the Company shall immediately, irrevocably and unconditionally stand withdrawn. abated, settled and/or extinguished, and the Operational Creditors and Other Creditors shall take all necessary steps to ensure the same. Except to the extent of the Operational Creditors Settlement Amount payable to the relevant Operational Creditors, the Operational Creditors of the Company (including Governmental Authorities) and Other Creditors shall have no further rights or claims against the Company (including but not Limited to, in relation to any past breaches by the Company), in respect of the period prior to the Approval Date, and all such claims shall immediately, irrevocably and unconditionally stand extinguished. xiv. A ll claims that may be made against the Company in relation to any payments required to be made by the Company under Applicable Law, or in relation to any breach, contravention or non-compliance of any Applicable Law (whether or not such claim was notified to or claimed against the Company at such time, and whether or not such Governmental Authority was aware of such claim at such time), shall be deemed to be owed and due as of the Insolvency Commencement Date, and shall immediately, irrevocably and unconditionally stand abated, settled and extinguished. No Governmental Authority shall have

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, any further rights or claims against the Company, in respect of the period prior to the Approval Date and / or in respect of the amounts written off. xv. A ll contingent liabilities, if any, shall stand extinguished from the Approval Date.

37. The Resolution Plan further denotes that non-grant of any relief or concession by Adjudicating Authority except for physical possession of immovable properties of Corporate Debtor by Resolution Professional will not affect the implementation of Resolution Plan and Resolution Applicant will acquire the Corporate Debtor and its asset on as is where is basis.

COMPLIANCE CERTIFICATE FILED BY ‘RP’ IN ‘FORM H’

38. The Applicant/RP has filed a Compliance Certificate in prescribed form, i.e., Form ‘H’ in compliance with Regulation 39(4) of the CIRP Regulations, 2016, giving all the details of the relevant compliances made during the CIRP of the Corporate Debtor along with details of all the steps taken for its insolvency resolution, details and documents related to SRA and salient features of Resolution Plan including details of its implementation and schedule of payment to various stakeholders, which has been annexed as Annexure 26 to the present Application.

39. On perusal of Form-H, both the Fair value and Liquidation value of the Corporate Debtor are stated to be Rs. 0/-, respectively. The Resolution Plan Value and Realisable Amount under the Approved Resolution Plan are

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, stated to be Rs. 69,18,123/- each, and the percentage of realisation in the Approved Resolution Plan is given as under

Sl. Particulars Description No. 1. Total Realisable amount under the plan Rs. 69,18,123/- (In case of real estate CDs, provide the monetary value of flats etc. given to allottees) 2. Fair Value 0 3. Liquidation Value 0 4. Percentage (%) of realisable amount to Fair 69,18,12,300 Value 5. Percentage (%) of realisable amount to 69,18,12,300 Liquidation Value 6. Percentage (%) of realisable amount to 17.16 Principal Amount 7. Percentage (%) of realisable amount to Total 9.58 Admitted Amount 8. Percentage (%) of realisable amount to Other 100 than admitted Corporate Guarantee Claims

40. The Applicant in his capacity as RP of the Corporate Debtor has certified with respect to compliances of provisions under the Code and related Regulations stating that;- a. The CoC approved Resolution Plan of M/s Kumari Durga Memorial Sansthan, complies with all the provisions of the Insolvency and Bankruptcy Code 2016 (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons)

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Regulations, 2016 (CIRP Regulations) including the provisions and Regulations as per the table below: Section of the Requirement with respect to Compli Relevant Clause of Code/Regulation Resolution Plan ance resolution plan No. (Y/N)

Section 25(h) The Resolution Applicant Yes meets the criteria approved by the COC having regard to the complexity and scale of operations of business of the CD Section 29A The Resolution Applicant is Yes Page-112, The RA eligible to submit resolution has provided an plan as per final list of affidavit declaration Resolution Professional or and in compliance of Order, if any, of the Sec-29A of the IBC. Adjudicating Authority Section 30(1) The Resolution Applicant has Yes Page 112 of the Plan submitted an affidavit stating that it is eligible as per Code Section 30(2) The Resolution Plan- a.Refer page 18, (a)provides for the payment of a. Yes Point 2 of the Plan. insolvency resolution process costs (b)provides for the payment to b. Yes b. Refer page 28, the operational creditors Point (ii) (c)provides for payment to the financial creditors who did c. NA c. NA not vote in favour of the resolution plan (d)provides for the d.Yes d. Refer page 17, management of the affairs of Section 4 the corporate debtor (e)provides for the e. Refer page 17, e. Yes implementation and Section 4 supervision of the resolution plan f. Yes (f)does not contravene any of f. Refer page 31 the provisions of the law for the time being in force Section 30(4) The Resolution Plan a. COC voted for and a. Yes approved after

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, (a)is feasible and viable, c onsidering according to the CoC feasibility and viability of Resolution plan b. Yes (b)has been approved by the b. Yes, voted by CoC with 66% voting share 100% voting share Section 31(1) The Resolution Plan has Yes Refer page 17 provisions for its effective implementation plan, according to the CoC Regulation 38(1) The amount due to the Yes Refer to the Point 2 operational creditors under of the addendum the resolution plan has been given priority in payment over financial creditors Regulation (1A) The resolution plan includes a Yes Refer page 25, statement as to how it has Section 7 of the plan. dealt with the interests of all stakeholders Regulation 38(1B) Neither the Resolution Yes Refer page 12, point Applicant nor any of its (viii) of the Plan related parties has failed to implement or contributed to the failure of implementation of any resolution plan approved under the Code. If applicable, the Resolution Applicant has submitted a statement giving details of any such non-implementation. Regulation 38(2) The Resolution Plan provides: (a)the term of the plan and its a. Yes implementation schedule a. Refer page 17, (b) for the management and S ection 4 control of the business of the b. Yes corporate debtor during its b. Refer page 17 term (c)adequate means for supervising its c. Yes implementation c. Refer page 17 Regulation 38 (3) The resolution plan demonstrates that (a)it addresses the cause of a. Yes a. Refer default the Plan (b)it is feasible and viable b. Yes b. Yes

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, (c)it has provisions for its c. Yes effective implementation c. Refer Page 17, (d) it has provisions for d. Yes Section 4 approvals required and the timeline for the same d. Refer Page 35 e. Yes (e)the resolution applicant has the capability to implement e. Refer Page 14 & the resolution plan 15 of the plan Regulation 39(2) Whether the RP has filed NA NA applications in respect of transactions observed, found or determined by him? Regulation 39(4) Provide details of Yes Refer to the Bank performance security Statement attached received, as referred to in sub-with the plan regulation (4A) of regulation 36B) b. The resolution plan does not contravene any of the provisions of the law for the time being in force. c. That the contents of this certificate are true and correct to the best of my knowledge and belief, and nothing material has been concealed therefrom. ANALYSIS AND FINDINGS

41. After hearing the submissions made by the Ld. Counsel for the Resolution Professional and the CoC, and perusing the record, we find that the Resolution Plan of the SRA has been approved by the CoC with 100% voting share in its 11th meeting held on 24.12.2025 with voting in this regard being concluded on 07.01.2026. The CoC members voted after evaluation of plan as placed before them and making deliberation on feasibility and viability of the sole resolution plan i,e, of SRA for the revival of the Corporate Debtor. From the documents presented before us by the Ld.

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Counsel of RP, it has been shown to us that all the compliances by SRA have been examined by the RP for making the plan to be implemented effectively after approval by this Bench, for which necessary details have been submitted by RP in Form H as have already been discussed in para nos.38 to 40 of this order.

42. On perusal of the documents on record, we are also satisfied that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with the regulations 38 and 39 of the CIRP Regulations.

43. As regard to complying with the law laid down in various judicial pronouncements of the Hon’ble Supreme Court on the scope of approval of the Resolution Plan by the NCLT, we deem it appropriate to refer to some of the landmark judgements as under:

a. Judgment of the Hon’ble Supreme Court in the matter of K. Sashidhar –Vs– Indian Overseas Bank (2019) 12 SCC 150, wherein in para 19 and 62 it is held as follows; “19....... In the present case, however, our focus must be on the dispensation governing the process of approval or rejection of resolution plan by the CoC. The CoC is called upon to consider the resolution plan under Section 30(4) of the I&B Code after it is verified and vetted by the resolution professional as being compliant with all the statutory requirements specified in Section 30(2).

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62. .........In the present case, however, we are concerned with the provisions of I&B Code dealing with the resolution process. The dispensation provided in the I&B Code is entirely different. In terms of Section 30 of the I&B Code, the decision is taken collectively after due negotiations between the financial creditors who are constituents of the CoC and they express their opinion on the proposed resolution plan in the form of votes, as per their voting share. In the meeting of the CoC, the proposed resolution plan is placed for discussion and after full interaction in the presence of all concerned and the Resolution Professional, the constituents of the CoC finally proceed to exercise their option (business/commercial decision) to approve or not to approve the proposed resolution plan. In such a case, non-recording of reasons would not per-se vitiate the collective decision of the financial creditors. The legislature has not envisaged challenge to the “commercial/business decision” of the financial creditors taken collectively or for that matter their individual opinion, as the case may be, on this count.” b. Further the Hon’ble Supreme Court in the matter of K. Sashidhar v. Indian Overseas Bank and Ors. (2019) 12 SCC 150 has lucidly delineated the scope and interference of the Adjudicating Authority in the process of approval of the Resolution Plan and held as follows; “55. Whereas, the discretion of the adjudicating authority (NCLT) is circumscribed by Section 31 limited to scrutiny of the resolution plan “as approved” by the requisite per cent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2), when the resolution plan does

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, not conform to the stated requirements. Reverting to Section 30(2), the enquiry to be done is in respect of whether the resolution plan provides: (i) the payment of insolvency resolution process costs in a specified manner in priority to the repayment of other debts of the corporate debtor, (ii) the repayment of the debts of operational creditors in prescribed manner, (iii) the management of the affairs of the corporate debtor, (iv) the implementation and supervision of the resolution plan, (v) does not contravene any of the provisions of the law for the time being in force, (vi) conforms to such other requirements as may be specified by the Board. The Board referred to is established under Section 188 of the I&B Code. The powers and functions of the Board have been delineated in Section 196 of the I&B Code. None of the specified functions of the Board, directly or indirectly, pertain to regulating the manner in which the financial creditors ought to or ought not to exercise their commercial wisdom during the voting on the resolution plan under Section 30(4) of the I&B Code. The subjective satisfaction of the financial creditors at the time of voting is bound to be a mixed baggage of variety of factors. To wit, the feasibility and viability of the proposed resolution plan and including their perceptions about the general capability of the resolution applicant to translate the projected plan into a reality. The resolution applicant may have given projections backed by normative data but still in the opinion of the dissenting financial creditors, it would not be free from being speculative. These aspects are completely within the domain of the financial creditors who are called upon to vote on the resolution plan under Section 30(4) of the I&B Code.

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58. Indubitably, the inquiry in such an appeal would be limited to the power exercisable by the resolution professional under Section 30(2) of the I&B Code or, at best, by the adjudicating authority (NCLT) under Section 31(2) read with Section 31(1) of the I&B Code. No other inquiry would be permissible. Further, the jurisdiction bestowed upon the appellate authority (NCLAT) is also expressly circumscribed. It can examine the challenge only in relation to the grounds specified in Section 61(3) of the I&B Code, which is limited to matters “other than” enquiry into the autonomy or commercial wisdom of the dissenting financial creditors. Thus, the prescribed authorities (NCLT/NCLAT) have been endowed with limited jurisdiction as specified in the I&B Code and not to act as a court of equity or exercise plenary powers.” (emphasis supplied) c. Further, the Hon’ble Supreme Court of India in the matter of Committee of Creditors of Essar Steels –Vs– Satish Kumar Gupta &Ors. in Civil Appeal No. 8766 – 67 of 2019 at para 42, has held as follows; “42. .........Thus, it is clear that the limited judicial review available, which can in no circumstance trespass upon a business decision of the majority of the Committee of Creditors, has to be within the four corners of Section 30(2) of the Code, insofar as the Adjudicating Authority is concerned, and Section 32 read with Section 61(3) of the Code, insofar as the Appellate Tribunal is concerned, the parameters of such review having been clearly laid down in K. Sashidhar (supra).”

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, d. Also, the Hon’ble Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta and Ors. (2020) 8 SCC 531, after referring to the decision in K. Sashidhar (supra), has held as follows; “73. There is no doubt whatsoever that the ultimate discretion of what to pay and how much to pay each class or sub-class of creditors is with the Committee of Creditors, but, the decision of such Committee must reflect the fact that it has taken into account maximising the value of the assets of the corporate debtor and the fact that it has adequately balanced the interests of all stakeholders including operational creditors. This being the case, judicial review of the Adjudicating Authority that the resolution plan as approved by the Committee of Creditors has met the requirements referred to in Section 30(2) would include judicial review that is mentioned in Section 30(2)(e), as the provisions of the Code are also provisions of law for the time being in force. Thus, while the Adjudicating Authority cannot interfere on merits with the commercial decision taken by the Committee of Creditors, the limited judicial review available is to see that the Committee of Creditors has taken into account the fact that the corporate debtor needs to keep going as a going concern during the insolvency resolution process; that it needs to maximise the value of its assets; and that the interests of all stakeholders including operational creditors has been taken care of. If the Adjudicating Authority finds, on a given set of facts, that the aforesaid parameters have not been kept in view, it may send a resolution plan back to the Committee of Creditors to re-submit such

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, plan after satisfying the aforesaid parameters. The reasons given by the Committee of Creditors while approving a resolution plan may thus be looked at by the Adjudicating Authority only from this point of view, and once it is satisfied that the Committee of Creditors has paid attention to these key features, it must then pass the resolution plan, other things being equal.” (emphasis supplied) e. The Hon’ble Supreme Court in its recent decision in Jaypee Kensington Boulevard Apartments Welfare Association & Ors. v. NBCC (India) Ltd. &Ors in Civil Appeal no. 3395 of 2020, dated 24.03.2021, has held as follows; “76. The expositions aforesaid make it clear that the decision as to whether corporate debtor should continue as a going concern or should be liquidated is essentially a business decision; and in the scheme of IBC, this decision has been left to the Committee of Creditors, comprising of the financial creditors. Differently put, in regard to the insolvency resolution, the decision as to whether a particular resolution plan is to be accepted or not is ultimately in the hands of the Committee of Creditors; and even in such a decision making process, a resolution plan cannot be taken as approved if the same is not approved by votes of at least 66% of the voting share of financial creditors. Thus, broadly put, a resolution plan is approved only when the collective commercial wisdom of the financial creditors, having at least 2/3rd majority of voting share in the Committee of Creditors, stands in its favour.

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77. In the scheme of IBC, where approval of resolution plan is exclusively in the domain of the commercial wisdom of CoC, the scope of judicial review is correspondingly circumscribed by the provisions contained in Section 31 as regards approval of the Adjudicating Authority and in Section 32 read with Section 61 as regards the scope of appeal against the order of approval. 77.1. Such limitations on judicial review have been duly underscored by this Court in the decisions above-referred, where it has been laid down in explicit terms that the powers of the Adjudicating Authority dealing with the resolution plan do not extend to examine the correctness or otherwise of the commercial wisdom exercised by the CoC. The limited judicial review available to Adjudicating Authority lies within the four corners of Section 30(2) of the Code, which would essentially be to examine that the resolution plan does not contravene any of the provisions of law for the time being in force, it conforms to such other requirements as may be specified by the Board, and it provides for: (a) payment of insolvency resolution process costs in priority; (b) payment of debts of operational creditors; (c) payment of debts of dissenting financial creditors; (d) for management of affairs of corporate debtor after approval of the resolution plan; and (e) implementation and supervision of the resolution plan. 77.2. The limitations on the scope of judicial review are reinforced by the limited ground provided for an appeal against an order approving a resolution plan, namely, if the plan is in contravention of the provisions of any law for the time being in force; or there has been material irregularity in exercise of the powers by the resolution

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, professional during the corporate insolvency resolution period; or the debts owed to the operational creditors have not been provided for; or the insolvency resolution process costs have not been provided for repayment in priority; or the resolution plan does not comply with any other criteria specified by the Board 77.6.1. The assessment about maximisation of the value of assets, in the scheme of the Code, would always be subjective in nature and the question, as to whether a particular resolution plan and its propositions are leading to maximisation of value of assets or not, would be the matter of enquiry and assessment of the Committee of Creditors alone. When the Committee of Creditors takes the decision in its commercial wisdom and by the requisite majority; and there is no valid reason in law to question the decision so taken by the Committee of Creditors, the adjudicatory process, whether by the Adjudicating Authority or the Appellate Authority, cannot enter into any quantitative analysis to adjudge as to whether the prescription of the resolution plan results in maximisation of the value of assets or not. The generalised submissions and objections made in relation to this aspect of value maximisation do not, by themselves, make out a case of interference in the decision taken by the Committee of Creditors in its commercial wisdom. 78. To put in a nutshell, the Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well defined and circumscribed by Sections 30(2) and 31 of the Code read with the parameters delineated by this Court in the decisions above referred. The jurisdiction of the Appellate Authority is also circumscribed by the limited grounds of appeal provided in Section

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61 of the Code. In the adjudicatory process concerning a resolution plan under IBC, there is no scope for interference with the commercial aspects of the decision of the CoC; and there is no scope for substituting any commercial term of the resolution plan approved by the CoC. Within its limited jurisdiction, if the Adjudicating Authority or the Appellate Authority, as the case may be, would find any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission after satisfying the parameters delineated by Code and exposited by this Court.” 44. From the above judgements, it is amply clear that after a resolution plan is approved by the CoC by a majority vote with requisite percentage of Vote, applying their commercial wisdom by deliberating on all the financial aspects including value maximization and considering feasibility and viability of each resolution plan and the entire process is carried out by the RP in an absolutely transparent manner, the Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well defined and circumscribed by Sections 30(2) and 31 of the Code. In the present case, no such violation has been brought to our notice. Therefore, we find the plan of SRA i.e., M/s Kumari Durga Memorial Sansthan before us in conformity with the law laid down by the Hon’ble Supreme Court in its various judgements.

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ORDER 45. Subject to the observations made in this Order while discussing details of plans, the Resolution Plan of SRA/ Kumari Durga Memorial Sansthan as filed before us in the present IA, is hereby APPROVED. The Resolution Plan annexed with the present IA in Annexure-23(Colly) shall form part of this Order.

46. In view of the provision of Section 31(1), the Resolution Plan is binding on the Corporate Debtor and its employees, members, creditors and other stakeholders involved in the Resolution Plan so that revival of the Debtor Company shall come into force with immediate effect. The Resolution Plan shall also be binding on the Central Government, any concerned State Government or any Local Authority

47. We constitute the monitoring committee as under:- a. One Authorized representative of the Committee of Creditors b. One Authorized representative of the Resolution Applicant c. Resolution Professional 48. The above-constituted monitoring committee shall supervise the implementation of the Resolution Plan approved by us and shall take necessary steps to ensure the successful implementation of this plan in terms of Para 4 of the Resolution Plan by the SRA.

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49. The Monitoring Committee shall also file monthly reports on the progress of the implementation of the Resolution Plan.

50. In case of non-compliance with this order or withdrawal of the Resolution Plan, the CoC shall forfeit the performance security of Rs. 6,91,812/- already paid by the Successful Resolution Applicant.

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

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

53. In terms of Para 7 [Effects of the Closing; (Point v)] of the Resolution Plan as affirmed by the CoC, we order that the Resolution Applicant shall pursue the PUFE Applications filed under the IBC by the Resolution Professional before the Approval Date and any recovery made pursuant thereto, shall be retained by the Resolution Applicant.

54. Further in terms of the implementation schedule provided in Para 6 and discussed above with respect to approval date and effective date, we observe that the payment to the Financial Creditor is submitted to be made within 55 days (as modified by the addendum submitted with the Resolution Plan)

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, from the date of approval of the Plan. However, the timelines in respect of other payments/ activities are submitted to be starting from the “Approval Date” or “Effective Date” whichever is later. The definitions of Approval Date and Effective Date as attached on Page 264-268 with the application are extracted below for the sake of convenience:

“Approval Date: The date on which Order of Hon’ble NCLT for the approval of the Resolution Plan is issued. Effective Date: Date of grant of unencumbered physical possession of all the movable and immovable assets of Corporate Debtor to Resolution Professional as per the terms of the approved Resolution Plan.” 55. We have also taken note of the fact that the CoC is well informed with the status of the Corporate Debtor’s assets and that subsequent as well as sufficient steps are being taken by RP to recover the assets. In this regard, an application no. 577/2025 has also been preferred by the RP against the ex-management of the Corporate Debtor, praying inter-alia to be provided with the title deeds and ownership documents of movable & immovable assets of the Corporate Debtor which is still pending before this Tribunal. It has also been observed that the RP has hired the services of a recovery agent to recover certain assets of the Corporate Debtor. Accordingly, in the negotiation meeting held on 18.11.2025 between RP, RA and member of CoC, the following was observed:

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, “The RA reaffirmed that the resolution plan submitted by them has been made after carefully examining all the facts, figures, businesses and circumstances of the CD, including the unrecoverable assets of the CD. There is no movable assets in the CD as of now and on assumption of recovery of assets, the value enhancement is not possible for him…….” 56. In view thereof, we find that the implementation of this Resolution Plan cannot be kept open and dependent on the effective date, as the said date by its very definition as reproduced above cannot be used in absence of any assets of the Corporate Debtor in the custody/ possession of the RP. In para 8 of the plan, it is also stated that the Resolution Applicant will acquire the Corporate Debtor and its asset on as is where is basis. Accordingly, the plan along with the addendum as approved by the CoC shall commence from the Approval Date with the assets of the Corporate Debtor lying as is and where is basis and the monitoring committee led by the RP would continue to make efforts to recover assets of the Corporate Debtor by pursuing the Application no. 577/2025 in this Tribunal. The Effective Date wherever mentioned in the plan shall be read as Approval Date

57. In view thereof, we are of the considered opinion that the plan has come up for the further taking up of implementation by the SRA for acquiring of Corporate Debtor and its assets on as is where is basis. However, an IA No. 577/2025 for consolidation of assets to be handed over to the SRA is still

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, pending before this Tribunal. Therefore, the Monitoring Committee lead by RP shall make strenuous efforts to ensure that the assets are made available to SRA, apart from following of IA 577/2025.

58. The Reliefs and concessions sought by the SRA under Para 8 of its resolution plan stand directed as follows:

SL. Relief and/ or Concessions and Approvals Orders thereon No. Sought i. Physical Possession of the assets of KAPASI (i) Physical Possession INFRACON LLP including all the original of assets shall be records and documents of title of the above said taken as ordered in assets including but not Limited to Sale/Lease para 6 of this order deed, building plans etc. is handed over to (ii) Relief in respect of Resolution Applicant at the time of Full and any outstanding dues Final settlement of the Financial Creditor of the is granted in terms of Corporate Debtor. Further, any other Section 31(1) and outstanding Governmental 32A of IBC, 2016 dues/claims/liabilities towards the Corporate and also in view of Debtor i.e. KILLP pertaining to a period prior to the clean slate Approval Date shall irrevocably and principle enshrined unconditionally stand abated, withdrawn, settled under IBC, 2016 and and/or extinguished, and the Company shall as per the decision of have no liability in this regard. the Hon’ble Supreme Court in the matter of Ghanashyam Mishra & Sons Pvt Ltd vs. Edelweiss Asset Reconstruction Company Limited [2021] 13 S.C.R. 737

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, ii. The relevant Governmental Authorities shall not Relief is granted on a clean initiate any investigations. actions or slate basis as per Section proceedings in relation to any non-compliance 32A of the IBC and the with Applicable Law by the KILLP during the decision of the Hon’ble period prior to the Effective Date. Neither shall Supreme Court in the the Resolution Applicant, nor the KILLP, nor matter of Ghanashyam their respective partners, officers and employees Mishra (Supra) appointed on and as of the Effective Date be liable for any violations, liabilities, penalties or fines with respect to or pursuant to the KILLP not having in place the requisite licenses and approvals required to undertake its business as per Applicable Law, or any non-compliances of Applicable Law by the LLP. iii. The CBDT/DOR shall grant the following Relief sought shall be exemption/ waivers: (a) from applicability of governed by the relevant Section 281 of the Income Tax Act, 1961 law for the time being in Including obtaining no objection certificate from force. income tax authorities in respect of all the pending proceedings and dues (including interest and penalty) of the LLP arising for periods up to the Approval Date (including such proceedings and dues for periods prior to the Approval Date that may crystallize subsequent to the Approval Date). Further, CBDT/DOR shall restrict/restrain from treating any transactions contemplated in this Plan as being void or non-compliant with any provisions of the Income-tax Act, 1961; (b) from all Tax Liabilities (including interest and penalty) and tax proceedings arising in respect of periods up to the Approval Date, including such Liabilities/

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, proceedings for periods up to the Approval Date that may crystallize subsequent to the Approval Date in respect of on-going or potential income tax litigations at all levels; pursuant to the Resolution Plan does not lead to lapse of brought forward losses of the Company as well as the credit of TDS of the CD will continue be eligible to the CD. iv. The Department of Registration and Stamps of Relief sought shall be the relevant states and the Ministry of Corporate governed by the relevant Affairs shall exempt the Resolution Applicant laws relating to and the Company, from the levy of stamp duty Registration, Stamp duty and fees applicable in relation to this Plan and its and allied laws for the time implementation including but not Limited to in being in force in respective relation to increase in authorized share capital of States. the Company and issuance of shares by the Company on infusion of funds by way of equity by Resolution Applicant. v. The Goods & Service Tax input tax credit Relief sought shall be available in the electronic cash ledger or credit governed by the relevant ledger as on the Insolvency commencement date law for the time being in shall not be lapsed and shall be made available force. to the CD. vi. The concerned state revenue/ stamp authorities Relief sought shall be are requested to waive penalties for non-governed by the relevant registration and inadequate/non-stamping of the laws relating to stamp duty documents executed by the Company. and allied laws for the time being in force vii. The Adjudicating Authority shall direct that the Relief is granted on a clean Company shall not be liable for any non-slate basis as per Section compliance, default, breach of any contract, etc., 32A of the IBC and the during the period prior to the Approval Date, in decision of the Hon’ble

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, relation to (1) any contractual arrangements of Supreme Court in the the Company with counter-parties, and (ii) matter of Ghanashyam failure to take or obtain any approvals, consents Mishra (Supra) or permits under any contract or from any Governmental Authorities. viii. The Adjudicating Authority shall direct that all Relief is granted on a clean proceedings, investigations, inquiries, etc. made, slate basis as per Section commenced or initiated by any person against 32A of the IBC and the the Company in relation to the period prior to the decision of the Hon’ble Approval Date shall irrevocably and Supreme Court in the unconditionally stand abated, withdrawn, settled matter of Ghanashyam and/or extinguished, and the Company shall Mishra (Supra) have no Liability in this regard. ix. The relevant Governmental Authority in relation Relief sought shall be to Tax shall waive any Tax or interest and shall governed by the relevant not initiate any penal proceedings in case of non-law for the time being in fulfillment of any obligations of the Company in force and further by taking relation to which benefit has been claimed by the into account the law laid Company prior to the Approval Date. down by the Hon’ble Supreme Court to deal with such matter on clean slate basis as held in the matter of Ghanashyam Mishra (Supra) x. The Resolution Applicant and its affiliates shall Relief is granted, in terms not in any manner be implicated in, or in any of the provisions of Section manner adversely affected by (including in 32A of IBC, 2016, for respect of transactions in foreign exchange), or actions, if any, would be have any Liability in relation to, any taken against the corporate investigations/proceedings/orders or any matters debtor under the relevant relating to the Company. law prior to the approval date.

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, xi. All the demands, show causes, arbitral claims or Relief is granted, in terms litigation whatsoever, whether present or future, of the provisions of Section whether disclosed or not, pursued by any 31(1) of IBC, 2016 and government, semi-government, statutory further on clean slate basis authority, etc against the Company prior to the as per the decision of the Completion Date shall stand withdrawn and Hon’ble Supreme Court in abated and the Company shall not be required to the matter of Ghanashyam make any payments in relation to demands, Mishra (Supra), in respect show causes, arbitral claims or litigation of any arbitral claims or whatsoever. The governmental authorities in any litigation by any such an event shall not be eligible to prevent the authority initiated prior to Resolution Plan from becoming operative and approval date. shall be liable and obligated to continue to facilitate the Company as a going concern. xii. The Adjudicating Authority shall direct that Relief is granted, as prayed upon receipt of the approval of the Adjudicating in terms of section 31(1) Authority under Section 30 of the IBC, the terms but plan shall be and provisions of this Plan shall have effect, implemented by following notwithstanding anything inconsistent contained provisions of all the herein with the provisions of any other applicable laws for the time Applicable Law for the time being in force or being in force. any other instrument having such effect by virtue of any Applicable Law. xiii.

Any and all legal proceedings (including any Relief is granted, in terms notice, show cause, adjudication proceedings, of the provisions of Section assessment proceedings, regulatory orders, etc.) 32A of IBC, 2016 and on initiated before any forum by or on behalf of any clean slate basis as per the Operational Creditor (including Governmental decision of the Hon’ble Authorities) or any Other Creditors to enforce Supreme Court in the any rights or claims against the Company shall matter of Ghanashyam immediately, irrevocably and unconditionally Mishra (Supra). stand withdrawn. abated, settled and/or IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, extinguished, and the Operational Creditors and Other Creditors shall take all necessary steps to ensure the same. Except to the extent of the Operational Creditors Settlement Amount payable to the relevant Operational Creditors, the Operational Creditors of the Company (including Governmental Authorities) and Other Creditors shall have no further rights or claims against the Company (including but not Limited to, in relation to any past breaches by the Company), in respect of the period prior to the Approval Date, and all such claims shall immediately, irrevocably and unconditionally stand extinguished. xiv.

All claims that may be made against the Relief is granted, in terms Company in relation to any payments required of the provisions of Section to be made by the Company under Applicable 32A of IBC, 2016 and on Law, or in relation to any breach, contravention clean slate basis as per the or non-compliance of any Applicable Law decision of the Hon’ble (whether or not such claim was notified to or Supreme Court in the claimed against the Company at such time, and matter of Ghanashyam whether or not such Governmental Authority Mishra (Supra). was aware of such claim at such time), shall be deemed to be owed and due as of the Insolvency Commencement Date, and shall immediately, irrevocably and unconditionally stand abated, settled and extinguished. No Governmental Authority shall have any further rights or claims against the Company, in respect of the period prior to the Approval Date and / or in respect of the amounts written off.

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, xv. All contingent liabilities, if any, shall stand Relief is granted, in terms extinguished from the Approval Date. of the provisions of Section 32A of IBC, 2016 and on clean slate basis as per the decision of the Hon’ble Supreme Court in the matter of Ghanashyam Mishra (Supra).

59. The Resolution Professional shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record and also return to the Resolution Applicant or New Promoters.

60. A certified copy of this Order shall be issued on demand to the concerned parties, upon due compliance.

61. Liberty is hereby granted for moving any Application if required in connection with the implementation of this Resolution Plan.

62. A copy of this Order is to be submitted to the Office of the Registrar of Companies, Kanpur.

63. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order.

64. The Resolution Professional is further directed to hand over all records, premises/factories/documents to the Resolution Applicant to finalise the IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL, 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 the start of the operation.

65. IA (Plan) No. 02 of 2026 is allowed, and the resolution plan dated 30.09.2025 along with addendum 11.12.2025 stands approved as per the directions contained in this order.

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

67. A certified copy of this order may be issued, if applied for, upon compliance with all requisite formalities.

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

Date: 02.06.2026

IA (PLAN) NO.02/2026 IN RCP (IB) NO.01/ALD/2024 IN CP (IB) NO.34/ALD/2022 IN THE NATIONAL COMPANY LAW TRIBUNAL,