Approval of Resolution Plan - P.l. Industries Private Limited

An Application under Seaion 30(6) read with Seaion 60(5) oftlu ltsolvmq, and Bankruptcy Code, 2016

In the mattzr of: P.L Iadustries Private Limited, a company incorporated under Companies Act, 1956, having registered Office at 29A, Cantonmert, Goenka Market Shillong East I(hasi Hills, I Meghalaya -793001; .,.Petitioner/Corporate Applicant

-Versus-

Canara Bank & Ors, having Head office at 112, JC Road, Bangalore- 760002 and branch office at Sikh Temple Branch, S.C Goswami Road, Panbazaar, Guwahati, Assam- 781001; .Respondent .AAD. In the mattet of:

Sandeep Khaitan, Resolution Professional of the Corporate Applicant, having address at Singhi & Co., Sanmati Plaza, G.S. Road, opposite IDBI Bank, ABC Area, Guwahati, Kamrup, Assam - 781005. .AppIica-nt

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NATIONAL CONI]ANY LAW TRIBUNAL GTJWA]IATI BENCE lA. (IBC\(Plaa\/ 2 / GB /2024 bteP E)\/32/ GB/2022

Coram: Joshi Shri Deep Chandra Member (Judicial) : Joshi Shri Balraj Member (Technical) : Appearances (through video canferencing): Applicant For Mr A. Prasad, Adv. For the RP :

Order pronounced on: 13.12,2024

Per: Balraj Joshi. IV1ember (Technical)

ORDER This Interlocutory Application i.e., IA (IBCXPlai/ 2 / GB/ 2024 has been filed by Sandeep Khaitan(t'Resolution Professional/RP'), who is the appointed Resolution Professional of P.L Industries Private Limited("Corporate Applicaat/CA"), under Section 30(6) read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016("Code"). In CP (IB) No ,32/GB/2022, this Tribunal vide order dated L2.01.2024 admitted the above Petition and initiated Corporate Insolvenry Resolution Process ("CIRP") against the Corporate Applicant. The Resolution Plan dated 15.07.2024 (as amended on 16.09.2024) submitted by Mr. Arup Kumar Sarma (the Successful Resolution Applicant, "SRA") has been approved by the Committee of Creditors ("CoC") through e-voting held after the 96 CoC meeting, securing " 1007o voting sharc". Tbe Applicant through the present Application prays for the following reliefs to- a. Allow the present Application and apprwe the CoC dpprotd resolurton plan dated 15.07.2024 (as amended on 16.09.2024) submitted by Mr. Arup Kumar Sann; sd- <A- Page 2 oi 19 s -e r"- -y,.5,.

NATIONAL COMPAI{Y LAW TRIBUNAL GI.IWA}IATI BENCH I A {IBCltPlai\ / 2 / GB / ZlZ4 I!cP {lJl/ 321G812022 b. Direa that the Resolution plan so approved be binding o the Corporate Debtor, its employees, memben, sharehoiders, aeditors, guarantors and other stake holden; c. Issue approprian direaionfor implementation ofthe R€solution Plan; d. Pending heaing ard fnal dhposal of this Application and till the Resolution Plon * approted or rejeded by this Honhle Adjudicating Authority and for such futther time as this Hon'blt Adjudicatiflg Authoity may ryecify, this Hon'ble Adjudicating Authoity be pleased to pas appropriau ordets/ directions such as but not linited to: i. Allowing the Applicant to manage the afais of the CD; ii. Allowing the CoC of the CD tofundiort with the sante rights and obligations as wen available to the CoC duing rhe CIfuP period undet the Code and otho applimble laws; iii. That restrictions imposed upon the xtspended boaril of directon of the CD shall remait inforct, e. Pass any other orfurther order/ mder(s) as may be deemedft and proper in the fa*s and circutnstatres of tlu presant matter. 2. The relevant submissions of the Apolicant made vide this Application is extracted hereunder: 2.1 In CP(IB)/32/GB/2022, the CA was admitted into CIRP on 12.01.2024 and this Tribunal vide Order Cated 12.01.2024 and in light of further events, this present Application is being filed by the RP in terms of Section 30(6) read with Section 60(5) ofthe Code. By vutue ofthe order dated 12.01.2021, Mr. Ujwal Kumar Kalita was appornted as Interim Resolution Professional ("IRP"), who, as mandated ur.rder the Code, issued a public announcement in FORM A on 11.01.2024, thereby inviting the submission of claims ftom creditors in accordance with the provisions of the Code. FORM A was published on the website of the Insolvency and Bankruptcy Board oflndia and also two newspapers in Meghalaya being "The Rupang" and "The Meghalaya Guardian". A copv of FORM A as published on 17 .01.2024 is annexed as Annexure A-6 to the Application. <A-sd

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NATIONAL COMPANY LAI TRIBTJNAL GIIWAHATI BENCE 1A, fiBo't?l,iip\/ 2/ GB/2024 In CP GB/2022 2.2 Thereafter, the CoC was constituted on 07 .02.2024 and the first meeting ol the CoC was held on 13.02.2024. The CoC consisted of only one Financial Creditor with voting rights, i.e. Canara Bank. Pursuant thereto this Tribunal vide its Order dated 07.A3.2024 replaced the IRP and appointed the Applicant herein as the Resolution Professional' 2.3 Upon the Applicant's appointment, the Applicant issued an Invitation for Expression of Interest ('EOI") in Form G oa 27 .04.2024, which was published in two widely ctculated new papers in Meghalaya being "The Rupang", "The Meghalaya Guardian" as well as two widely circulated newspapers in Assam being "The Times of India" and "D. Barta". True and correct copy ofFORM G published on27 .04.2024 in The Rupang' The Meghalaya Guardian, The Times of India and D. Barta is annexed to the Applieation as Annexure A-8. 2.4 After publishing the EOI. the Applicant received interest &om the following parties, i. e. Prospective Resolution Applicants ("PRA'). i. Mr. Rakesh Nahta ii. Mahalaxmi Agro Impex Pvt. Ltd.; and ii. Mr. Arup Kumar Sarma 2.5 The approved Request for Resolution Pian & Evaluation Mafix along with the Information Memorandum was circulated to the PRAs on 12.06.2424 and the last date for submission of the Resolution Plan was 15.07.2024. All the aforementioned PRA submitted their resolution plans before the last date of submission of p1ans, be:ng 15.07 .2024. Mr. Rakesh Nahta, submitted his plan on 12.07.2024; Mahalaxmi Agro Impex Pvt. Ltd. submitted its plan on L5"07 2024; and the SRA submitted his plan on 15.07.2024, 2.6 The said plans were opened during the 7& CoC meetineheldon$.A7.2024 whereafter the Applicant carried out the necessary code compliance checks to ensure that the plans met the required legal and procedural standards. Following this thorough review, a comprehensive compliance report was Sd-. . Pase4ofls Sr(- // ir M

NATIONAT COMPAI{Y LAW TRIBUNAL GUWAIIATI BENCH lA (B C\ @ Lat) / 2 / G9 / 2[2 4 In CP piepared and cilculated tr: the PRAs and the Committee of Creditors (COC) on 30.07.2024. Subsequently, the defects in the Resolution plans were corected and the revised plans were submitted by the PRAs on or before 05.08.2024, which were found to be compliant with the necessary requirements. 2.7 ln firrtherance, ot 07.A8.2A24, the Applicant prepared and circulated a detailed summary and comparison of the three resolution plans to the members of the CoC. Additionally, the Applicant drafted a Process Note, which was shared with the voting members of the CoC via emarl on 08.08.2024, for their consideration and approval. The Process Note was duly approved on l7 .08.2024. Foliowing this, negotiations with the PRAs were conducted during the 8e CoC meeting on 21.08.2024, where efforts were made to secure the best fmancial offer. Notably, after the 8'h CoC meeting, oae ol the PRAs -Mahalaxmi Agro Impex Pw. Ltd. ' chose to withdraw from the process and informed the Applicant about the same via their email dated 28.08.2024. 2.8 Moving forward, during the 9'h CoC meeting held on 11.09.2024, $e remaining PRAs were informed of the updated CIRP costs and were given a final opportunity to submit their best "no regret" financial offer by 77 .09.2024 after provisroning for the updated CIRP Cost. After this deadline, the plans were scheduled for a vote. Additionally, the feasibiliry and viability of the resolution plans were evaluated by the CoC during this meeting, as documented in the minutes undertheheadlng" Voting kem No.B- 3'. The Applicant received final revised plans from the remaining two PRAs and then proceeded to review them and issued Eligtbility & Compliance Cetificates on 18.09.2024. 2.9 The Resolution Plan dated 15.07 .2024 (as amended on 6.A9.2024) submitted by Mr. Arup Kumar Sarma/SRA has been approved by the Committee of Creditors of the Corporate Debtor vide the e-voting held pursuant to the 9s CoC meeting by 100% of voting share. A copy of the 34- S/- Pasesofle

NATIONAL COIIIPAI{Y LAW TRIBI.'NAT" GUWAHATI BENCE LtjJBllElaI)/2los/NA Ia CP [Bl/32/ GB/2022 CoC approved Resolution Plan is attached to the Application as Amexnre A-1. The minutes of the 9s CoC Meeting dated 11.09.2A24 are annexed to the Application as Arnexure A-2. Copy ofe-voting result and copy ofForm H are annexed as Annexure A-3 and Annexure A-4 respectively. 2.10 However, it is to be notieed that the initial completion date for the CIRP was 10.07.2A24. For this reason, the Applicant sought a 90-day extension and an exclusion of 9 days, as detailed and for the reasons set out in the Application fi.led by the Applicant bearing no IA(IB C)/ 135 / GB / 2024. This Tribunal ide its order dated 71.07.2024 allowed the abovementioned application and the CIRP expiry date stood at 18.i0.2024. 3. Heard the Counsel for the Applicaat and perused the material available on record along wi& the Resoiution Plan approved by the CoC ("CoC Approved Resolrrtion Plan"). 4. It is seen tlat the Applicant has collated claims received by him and accordingly a list ol creditors has been prepared, which was updated from time to time. The final list of creditors was published on 17 .05.2024. h.would be helpful to publish a summary of claims filed, and amounts admltted by the Applicant and the same is reproduced below: Amount Claimed Amount Admitted Sl. No. Category of Slakeholder (ln INR) ln INR Secured Financial {other 1 tlraa linancial creditors betonging lo 1,46,88,217.19 1,46,88.217 any class of credrtorS 2 21,73,217 2.51.M9 Dues Operationa, (olhsr tha0 J Workmen and Employees aM 4,19,90,970.75 4,15,72,672.75 Government Grand 5,65,1 Against the fotestated claims, the amounts provided under the Resolution plan is as under: - Sc{

A/

NATIONAI CON[PAI,IY LAW TRIBUNAL GIIWAIIATI BENCH lA $BC)(Pla\\/ILGWIAL In C? GB/2022 .tmou t l'rraelllr(o llellrrrkt l'mri{!..d of rhr Amoxnt iia, \o. Crl{gon oIsukhxliJrr r\dltill{d ulldcr thc ,\allol![1 Itla{ nrorid$l {ln INla) {lr lNll) u drr tll( SecLrrl,l I'irrrrri;ri ( r,:ilit0r' .I rotlt,:r thii r craJili,r. salan.lut! l ir l li l t oL J i r ir ll i t..1rr.EN,i Il i1).00.1rtjtr. l{r.-ri' .[.s,, L:.,|tLrrrl l (h(rnl iLn.rl Cr!diltr. | \'\i.,d\ rljtllclnsnt oi 1.51.S{q .t3.?77., 15..10"" l)urr r .\(tditrt).rli), rl .rn) {lp!r.rlr rlr,rl ( rciilor. lr)iiler f::)rl(ili: ilra 1Q ir! rnl!{lL u l I h .rn ;r l) r h r\ (. \l. u tn | r k i (i g r) r \ r \ :l rlll1 iu .0 u i l i ii.-l r,' ) r: 'r.6 r.131.- {}.86u, ' : . i r r rr i r ,: t - r S rr l l a l ' l tr il tJ n ) r; . r I L t lc I lr li n or l n. l t h lrc. DLrc't lr,jrrlJ' pxl rl'l-' l(' ih! -1 I oirl The financial proposal as mentioned in resolution plan which indicates the payments to be made under the resoluaion planby the Resolution Applicant is summarised in the table beiow, as exftacted from the Petition: sL.\i\[..\RY i]l I i ii i,\.'\\('lrll. t'l{i }i'{)J.'\i I).r\ {irr. rri \\ itili'l Itrrrl rrl pat rncltl Anrounl (Rs. t i.'lil l'l .:.r r,.r ' -ii.tli|.i.ltlil l ( )(. :,: :::rl. ', ! i,i irt; ' ,1o 1,.:'l (.)l;rr: r ..:ll.'rr r.,' Ii'i ', r.1 \\ lihilr(.r(l r',\ il tr:r 'lll l)i';,ttl:l r':,1 '; \\ru ri:::rr'lr t .lt,rli ,I,ri:tts \lt Lllrlj,.rli. i!.liI lt.'lrJ r'l l; l),t v')l( ]ll l{, \' \ llrl ri IL. it,lrr.rrttL, 'Iot al Shoirld t l:l CII{l'.r!srs !r1' kru tr tir,in Rs. J,i l,rrs (he !!,tl,lttqt: ir!-r-r.rl!-l!1.}'ii!.Lr'r;llrrr'r1 lr1.{ltc rri.urt'd li rr,rrrei.rl-r,ltd-it rirr 11 .r p,trl.rrl-14-r !!t(:!!!l .rga ir-r!-t. l.l!t-il r laint. CIRP and Compliances 5. The Application submits that in terms of the provisions of Section 25(2Xh) of the Code read with Regulation 364(1) of the Insolvenry and Bankuptcy Board of India (Insolvency Resolution Process for Corporate Persons), Regulations, 2016, invitations in sd^ _1d- /

NATIONAL COTIPAT\TY LAW TRIBUNAL GUWAHATI BENCII lA $BC\ehr'.\ / 2 / GB / 2t24

Form 'G' for Expression oflnterest(,8cl,) from potential resolution applicant was issued on27 .04.2024 n Meghalaya and Assam, with the newspapen being , The Rupang" , ,The Meghalaya Gtardian" in Meghalaya, and,, Tlu Times of India" and ,D.Barra" , in Assam, wherein the last date ofreceiving EoI s,as 15.07.2024. The notices were also published on the website of the Insolvency and Bankruptry Board oflndia (,IBBI,). 6. The Applicant received interest from three prospective Resolution Applicants (.'PRA) and the approved Request for Resolution plan & Evaluation Matrix along with the Information Memorandum was circutated to the pRAs on 12.06.2024 and the last dare for submission of the resolution plan wu 15.07 .2024. As per regulation 35(2) of the CIRp Regulations, after receipt of the Resolution plan, the Rp informed the fair value and liquidation value ofthe Corporate Debror to the CoC. Evaluation and Yotine 7. Two PRAs finally submitted the Resolution plans yiz. Mr. Rakesh Nahta and Mr. Atup Kumar Sarma as Mahalaxmi Agro lmpex pvt. Ltd. - chose to withdraw from the process. The plans were opened durrng the 7th Coc Meeting held on 03.07.2024 whereafter the Applicant carried out the necessary code compliance checks to ensure that the plans met the required legai and procedural standards. Following this thorough review, a comprehensive compliance report was prepared and circulated to the pRAs and the Committee of Creditors (COC) on 30.07.2024 8. After receiving the final revised plans fiom the pRAs, the Applicant reviewed them and issued the Eligibility & compliance cerrificates oo 18.09.2024. A copy of the Eligibiliry & Compliance certificate dated l8.o9.zoz4 is annexed to the Application as Annexure A-9. During the 96 coc Meeting dated fi.09.2024. the remaining pRAs were apprised of the last opporrunity to frle their best ''no regret" financral offer by l7 .og.2oz4. After this deadline, both the plans were put to vote by the coc and the plan submitted by Mr. Arup Kumar Sarma("SItA) dated 15.07.2024(as amended on 16.09.2AV\ was approved with 1 00% voting share on 2'l .09 .2024. 9. It is pertinent to note that vide order of this Tribunal dated 11.07.2024 \n rA(IBc)/ L35 / oB /2024, ttrc GIRP expiry dated stood at r1.ro.2o24 and the presenr rffi .(6(^ ,q\- s.

NAITONAL COI{PANY LAW TRIBUNAL GI'WAIIATI BENCH 1A tlBC\Elan\/ 2/ GB /202l (I!,/ LD CP 321G812022 application for the approval of the resoiution plan was filed befote the expiry ofthe CIRP period. 10. Pursuant to the approval of the Resolution Plan, the Applicant has issued the Lener of Intent to the SRA on 30.09.2024 whiclt was accepted by the SRA on 30.09 .2024.Further, as per the RIRP, the SRA was also required to submit a performance guarantee of an amount equal to 30% ofthe total resolution pian value, which has been duly complied by the SRA. The SRA has on 02.10.2024 ransferred the entire amount of performance guarantee to the CD. We also note *rat the Applicant has thereafter converted the performance guarantee into a Fixed Deposit. Compliance of the aporoved Resolution Plan with various provisions of the Code ll. The compliance of the Resolution Plan is set out in the Compliance Certificate/Form H which has been filed by the Applicant as required under Regulation 39(4) of the IBBl(Insolvenry Resolution Process for Corporate Persons) Regulations, 2016('CIRI Regulations"). The Applicant, for sake of convenience, has submitted details of various compliances as envisaged within the Code and the CIRP Regulations which a Resolution Plan should adhere to, which is reproduced hereunder: Section of the Requirement with Clause of Compliance( Code/Regulation respect to Resolution Resolution Plan Yes/No) Plan 2s(2)b) Whether the The Applicant Yes Resolution Applicant meets the eligibility meets the criteria criteria set out by approved by the CoC the Member of the having regard to the CoC. complexity and scale of operations of business of the CD? 29A Whether the Submitted along Yes with Resolution Applicant the _ -s/ -q,(-

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NA'IIONAL COMPAI.TY LAW TRIBITNAL GIIWAHATI BEI{CE lA (B0\@larr\/ 2/ GB / 2024 In CP fiB)/ is eligible to submit the Resolution Plan as resolution plan as per Annexure B. the final list of Resolution Profession or Order if any, of the Adjudicating Authority? Whether 30(1) the Submitted along Yes with EOI Resolution Applicant as has submitted an Annexure affidavit stating that it C(Undertaking) is eligible? 30(2) the a) Section VII, a) Yes Resolution Plan: Point I b) Yes a) Provides lor the b) Section VII, c) Yes payment of Point 2 d) Yes iruolvency c) Section IX, e) Yes f) resolution Point 2(a) Yes preess costs? d) Section IX, b) Provides for the Point 2(b) payment to the operational creditors? c) Provides for the management of the affain ofthe corporate debtor? d) Provides for the implementation </.- s,d- @ w.

NATIONAL COMPANY LAW TRIBUNAL GIIWAIIATI BENCH U_@s)glar\)!2 GBl2024 1 and supervision of rhe resolutic,n plan? e) Does not conEavene any of rhe provisions of the law for the time being in force? f) Conforms to such other requtem.-.nts as may be specified by the Board Whether 30(4) the a) VIII Yes Resolution Plan: b) Approved a) Is feasible and in the 96 viable, CoC according to the Meeting CoC? with 1000/0. b) Has been approved by the CoC with 66% ysting share? 31 ) Whether the Part IX ofthe Plan. Yes Resolution Plan has provisions for its effective - Srt-- -</

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NATIONAI COMPANY LAW TRIBUNAL GTTWAHATI BENCII IA fiBc\{Plad/ 2 / GB/ 2024 wc] [B)13UGV20D implementation plan, according to the CoC? 35A Where the resolution Final Transaction Yes professional made a Report received on if determination the September, 10, cofponte debtor has 2024. After propet been subjected to any consideration by ol traruaction the the RP, he is in the nature covered under process of filing the sections 43, 45, 50 or avoidance 66, before the one application. hundred and fifteenth day of the insolvency commencement date under intimation to the Board? 38(i) The amount payable a) Section X a) Yes under the resolution b) Section X b) Yes plan: a) To the operaLtional creditors shall be paid in priority over financial creditors; b) To the financial creditors, who have a right to vote uoder sub-section(2) of Section 21 and did Dage 12 of 19 (rd - t3 .sd ^ -l s t, {r

NATIONAI, COMPANY LAW TRIBUNAI GUW,\IIAII BENCE lA (IBC)Glar.\/ 2/ GB / 2024 In not vote in favour of the resolution plan, shall be paid in priority over the financial creditors who voted in favour of the plan. 38(lA) Whether the resolution Section Yes plan included a X(Summary of statement as to how it fwncial proposal) has dealt with interests of all stakeholders? 38(1B) Whether the Section XI, Serial Yes plan includes a No.3 statement giving the details regarding if the Resolution Applicant or any of its related parties failed to implement or to contribute the failure of implementation of any other resolution plan by approved the Adjudicating Authority at any time in &e past?

-sd^ .s4 Pag{r 13 of 19 s

I..IATIONAL CO]dPANY LAW TRIBUNAL GIIS{IIATI BENCH IArl3CWfuYllG]Z!2A hCP (lBl/32/ GB/2022 38(2) Whether the a) Section IX(l a) Yes Resolution Plan b) Yes b)Section IX(2)(a) provides: c) Yes c)Section IX(2)(t) d) Yes a) the term ofche plan and its d)Section XI(l) implementation schedule? b) For the management and control of the of business the corporate debtor during its term? c) adequate means for supervising its implementarion? d) Provides for the in manner which proceedings in respect of avoidance transaction, if any, under Chapter III or fraudulent or wrongful trading under Chapter lV of part II of the Code, will be pursued after the S.A- 97/..- Pags 14 of 19 s

NATIONAL COMPANY LAW TRIBUNAL GUW,{IIATI BENCH lA 6Bo\@laa\/ 2/ GB /2024 In CP of approval the resolution plan and the manner in which the if proceeds, any, from such proceedings shall be distributed 38(3) Whether the a) Section IV, a) Yes Resolution Plan Point 2 b) Yes demonstrates that: b) Section VIII c) Yes It a) addresses the c) Section d) Yes cause ofdefault? rx(2xb) e) Yes It b) is feasible and d) Section IX(1) v'rable? e) Section III c) It has provisions for its effective implementation? It d) has provisions for approvals required and the timeline for the same? The e) resolution applicant has the capability to implement the Resolution PIan?

Sd

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NATIONAL COMPANY LAW TRIDUNAL GT'WATIATI BENCH rAtrBc\eh /2/GB/2024 In CE $Bl/ 32/GB/2422 3e(2) Whether the RP has The RP is in the Yes filed applications in process off ing the respect of transactions same. obsewed, found or determined by him? 3e(3) The Committee shail- a) The EM was a) Yes a) Evaluate the prepared and b) Yes resolution plans considered for c) Yes received under all plans. sub-regulation(2) as b) During the 9'h per evahration CoC meeting, the matrix; feasibility b) Record its and viabiiity dehberatic,ns was deliberarcd on by all the CoC feasibility and members. viability o1'each resolution plan; c) All plans were and; simultaneously c) Vote on all such put to vote. resolution plans simultaneously. 3e(4) Provide the detarls of PBG submitted as Yes performances security on October 2,2024 received, as referred to and FD made on in sub-regulation(4A) October 3, 2024 of regulation 368. 12. Further, it is also clarified that the source of funds is set out in Section XII of the Resolution Plan. To this effect, it is seen that that the Resolution plan provides for the I - a \a 't l _ sA- s \ftl f \&5z

NATIONAL CONIPANY LAW TRIBI,INAI GIIWAIIATI BENCH IA fiBetrtlapJ/ 2/ GB / 2024 In CP (IB payment ofRs. 78 Lakh wittr an addirional Rs. 25 Lakh expecred to be allocated for repair, maintenance, and restarting the CD's operations. Funding will be provided by the SRA, with suppofi from friends and family. Additionally, the liquidation value of the CD is Rs. 46 Lakh, however, the Resolution Plan approved by the CoC proposed to pay a sum of Rs 78 Lakh as the resolution value. 13. We find that the Resolution Plan frled by Mt. Arup Kumar Sarma has been approved by the coC with 100% voting share. As per the coc, the plan mee6 the requirement ofbeing viable and feasible for revival of the Corporate Debtor. By and iarge, all the compliances have been done by the Resolution Professional and the Resolution Applicant for making the plan effective after approval by this Bench. 14. on perusal of the documents on record and the replies to the clariJications sought by us, we are satisfied that the Resolution Plan is in accordance with sections 30 and 3l ofthe IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulatixs, 2016. 15. As far as the question of granting time to comply with the statutory obligations or seeking approvals from authorities is concemed, the Resolution Applicant is directed to do so withh one year from the date ofthis order, as prescribed under section 3l(4) of the Code. l6' we have perused the reliefs, as given in section XIII at pages 55- ofthe Resolution plan. we have also gone through the waivers and concessions as sought and as provided in the Resolution Plan.

It is evident that some of the reliefs, waivers and concessions sought by the Resolution Applicant come within the ambit of the I&B code and the companies Act 2013, while many others fall under the po,rrer and jurisdiction of different govemment authorities/deparBnents. This Adjudicating Authority has the power to grant reliefs, waivers and concessions only concerning the reliefs. waivers and concessions that are directly with the I&B code and the companies Act (within the powers of the NCLT). The reliefs, waivers and concessions that pertain to other govemmeutal authoritievdeparhnents may be dealt with by the respective competent authorities/forums/offices, Government or Semi-Govemment of the state or central Government conceming the respeotive reliefs, waivers and sonc€ssion, whenever sought for. The sompetent authorities including the Appellate authorities may -\ a\- -</- \ PaBe 17 of 19

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NATIONAL COMPANY LAW TRIBUNAL GIJWAHATI BENCH LA n@)@tao\/2/GB/2024 In consider granting such reliefs, waivers and concessions keeping in view the spint ofthe I&B Code, 2016 and the Companies Act, 2013

17. It is rrite law and fairly well-settled that the Resolution Plan must be consistent with the extsnt law'TheResolutionAPpIicantshallmakenecessaryapplicationstotheconcernedregulatory if or statutory authodties for the renewal of business permits and supply of essential services' requircd, and all necessary forms along with filing fees etc' and such authority shall also consider the same keeping in mind the obiectives of the Code' which is essentially the resolution of the insolvency ofthe Corporate Debtor' 18. It is pertinent to refer to section 31 of the code and the law laid down by the Hon',ble Supreme Court in Ghanshycm Mishra anil Sons h,t Ltd y Edelr,eiss Asset Reconsfiaction Compaay Ltd.(2021 SCC OtLine SC JI3,) wherein the Hon'ble Supreme Court has held thar once a resolution plan is duly approved by the Adjudicating Authority under sub-seoion(1)ofsection3l,theclaimsasprovidedinthelesolutionplanshallstandfrozen and will be binding on the Corporate Debtor and its employees, members' creditors' includingtheCentralGovt,anyStateGovtoranylocalau&ority,guarantorsandother stakeholden. 19. Reliance can also be placed on the recent judgement of the Hon'ble High Court of RajasthaninthematterofEMCastateofRajasthanrwhereinithasbeen'inter-aliaheLd that: ,Iaw is well-settled that with the fnalization of insoh,ency resolution plan and the approwl thereofbythcNCLT,allduesofcreditors,Corporate,statutoryandothmstandettinguishzd and no detnand can fu ruised for the poicd pior to the specifed date" ' 20. on the date of approval of resolution plan by the Adjudicating Authority, all such claims' which are not a part of lesolution plan, shall stand extinguished and no person will be etrtitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan, The Honble Supreme Court also held that all the dues including the stahrtoryduesowedtothecentralGovt,anySateGovtoranylocalauthority'ifnotPa,t ofthe resolution plan, shall stand extinguished and no proceedings in respect ofsuch dues q^ S"(._ s

NATIONAL COIIPANY LA'\ry TRIBTJNAL GUWAIIATI BENCH lA 6BC\@at\/ 2/GB/2024 ln CP $B)/32 LGB/ 20n for the period prior to the date on which the Adjudicating Authority grants its approval under section 31 could be continued. 21. As far as the specific conessions, reliefs and waivers are concerned, the SRA is granted liberty to file an application for the same and it would be dealt accordingly by this Tribunal in light of existing precedent and judicial discretion. 22. With the above-mentioned observations, findings and judicial precedenr, IA (IBC)@Ian)/2/GB/2024-is APPROYED and disposed of. 23. The Registry is directed to send e-mail copies of the order forthwith to all the panies and their Ld. Coursel for information and for taking necessary steps. 24. Certified Copy of this order may be issued, if applied for, upon compiiance of all requisite forrnalities. 25. File be consigned to records. <{- Balraj Joshi oshi Member (Technical) Member (Judicial)

tlt Signed thb on day ofDeanber, 2024.

Abhilash R (LRA)

? rl,4r1 -\tototrl; ,-r/ao .,2oJ /.4.' c / I //--/2'7a.

Pate 19 of 19

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