Approval of Resolution Plan - Shri Shivsagar Sugar and Agro Products Limited

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022 (Under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016.)

Raj Kumar Dad, Resolution Professional for M/s. Shri Shivsagar Sugar and Agro Products Limited Flat No.1, Shivsavali Apartments, Vishwas Housing Society, 100 Feet Road, Sangli- 416416. ……Resolution Professional/Applicant

In the matter of Karamveer Bhaurao Patil Multi State Co-op Credit Society Limited ……Financial Creditor Vs Shri Shivsagar Sugar and Agro Products Limited .…..Corporate Debtor

Order delivered on: 02.05.2024

CORAM: SMT LAKSHMI GURUNG, MEMBER (J) SHRI CHARANJEET SINGH GULATI, MEMBER (T)

Appearances: For the Applicant : Adv. Ankit Lohia Adv. Rushikesh Dusani i/b Ajinkya Kurdukar

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

ORDER Per- Smt. Lakshmi Gurung, Member Judicial

1. The instant application has been filed by the Resolution Professional of M/s Shivsagar Sugar and Agro Products Ltd. (referred to as “the Applicant/RP”), under Section 30(6) and Section 31 of the Insolvency & Bankruptcy Code, 2016 (“the Code”) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 (“the Regulations”) seeking approval of the Resolution Plan submitted by Mr. Syed Fahad jointly with M/s Gudagunti Sugar & Bioenergies Private Limited which plan was approved by the Committee of Creditors (“CoC”) in its 10th Meeting held on 03.11.2023 with 100% voting under section 30(4) of the Code.

Relevant Facts: 2. On an application under section 7 of the Code, M/s Shri Shivsagar Sugar and Agro Products Limited (referred to as “the Corporate Debtor”) was admitted into Corporate Insolvency Resolution Process (CIRP), vide Order dated 19.10.2022 and Ms. Devika Sathyanarayana was appointed as Interim Resolution Professional (“IRP”).

3. Public Announcement in Form A was published on 05.11.2022, inviting claims from all the creditors on or before 16.11.2022. The IRP collated and verified the claims received pursuant to the public announcement and accordingly constituted the CoC of the Corporate Debtor.

4. In the interregnum, two creditors of the Corporate Debtor viz. Belagavi District Central Cooperative Bank Limited and Vijayapura District Central Cooperative Bank Limited filed IA/3766/2022 and IA/3781/2022 respectively seeking replacement of the IRP and appointment of an independent RP. Vide order dated 03.02.2023, IRP was replaced and Mr. Raj Kumar Dad was appointed as Resolution Professional of the Corporate Debtor with the directions to re-verify the claims received by the IRP and constitute the CoC with fresh report certifying such constitution of CoC.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

5. The Applicant, basis such re-verification, reconstituted the CoC and prepared a report certifying such constitution which was taken on record by this Tribunal vide order dated 31.03.2023. The CoC was re-constituted as follows:- Sr. Name Amount Voting No. Admitted % 1. Shri Arihant Credit Souhard 98,43,68,927 40.36 Sahakari Limited 2. Belagavi District Central Co- 65,52,26,517 22.86 operative Bank Limited 3. Vijayapur District Central Co- 47,46,68,000 19.46 operative Bank Limited 4. Shri Shivsagar Multipurpose 22,36,10,599 9.17 Souhard Sahakari Limited 5. Karmaveer Bhaurao Patil Multi 7,27,81,510 2.98 State Co-op Society Limited 6. Shri Lakshmi Narayan Pattin 2,83,60,904 1.16 Souhard Sahakari Limited Total 100

6. This Tribunal vide order dated 19.10.2022, excluded the period of 138 days from the CIRP period and further extended the CIRP by 90 days pursuant to the resolution passed by CoC u/s 12(2) of the Code. The last date for CIRP was 01.12.2023.

Expression of Interest & Submission of Resolution Plan 7. In terms of section 25(2)(h) of the Code, the RP published Form-G on 05.05.2023, inviting Expression of Interest (“EoI”). The EoI was published in following newspapers: Sr. Newspaper Name Language Location No. 1. Business Standard English Pune (covers Sangli) 2. Navarashtra Marathi Pune (covers Sangli) 3. Kesari Marathi Sangli 4. Kannad Prabha Kannada Belagavi 5. Times of India English Hubli (covers Belagavi)

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

8. Pursuant to the said publication, RP had received 9 (Nine) EoIs. The RP issued RFRP and other relevant documents to nine Prospective Resolution Applicants (“PRA’s”).

9. Pu rsuant to RFRP, two (“PRA’s”), viz. Vishwaraj Sugar Industries Limited and Mr. Syed Fahad jointly with Gudagunti Sugar & Bioenergies Private Limited submitted their respective resolution plans.

Approval of Resolution Plan by CoC 10. Th e RP presented both the Resolution Plans before the CoC in its 6th meeting held on 09.08.2023. The Resolution Applicants participated in the said meeting and each plan was discussed and deliberated at length by the CoC.

11. In the 8th CoC meeting held on 10.10.2023, based on the re-negotiations and the belated claims, the PRA’s were asked to submit their final resolution plans on or before 16.10.2023.

12. One of the PRAs i.e. Vishwaraj Sugar Industries Limited withdrew from the process of submission of Resolution Plan. Further, the other PRA requested the time to submit the revised/final Resolution Plan by 02.11.2023, same was approved by the CoC in its 9th CoC meeting dated 30.10.2023.

13. The consortium of Mr. Syed Fahad jointly with Gudagunti Sugar & Bioenergies Private Limited (“Resolution Applicant”) submitted the resolution plan on 02.11.2023.

14. In 10th CoC meeting held on 03.11.2023, it was noticed that the said plan contained various typographical and numbering errors which required corrections. Accordingly, time was given to the Resolution Applicant to correct the said mistakes and submit revised final plan for voting.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

15. Accordingly, revised Resolution Plan was submitted by the Resolution Applicant on 07.11.2023. The said Resolution Plan was put to vote and voting lines were opened from 4:00 PM of 16.11.2023, after several extensions at the request of the CoC members the voting lines were closed on 06:00 PM of 27.11.2023. Upon conclusion of the voting, the CoC with 100% voting approved the Resolution Plan submitted by the Resolution Applicant namely Mr. Syed Fahad jointly with Gudagunti Sugar & Bioenergies Private Limited.

16. The Letter of Intent and request to furnish performance Bank Guarantee was issued to the Resolution Applicant on 29.11.2023. Further, as per the request for Resolution Plan (RFRP) a time limit of 5 days is provided to accept the Letter of Intent and further time limit of 7 days is provided to submit the performance bank guarantee.

17. An unconditional acceptance of the letter of intent has been received from the Successful Resolution Applicant and furnished a performance bank guarantee dated 08.12.2023 for sum of Rs. 14,00,00,000/- (Rupees Fourteen Crores) through its guarantor bank, Bank of India, in favour of the Corporate Debtor.

18. The Resolution Applicant is a consortium of Mr. Syed Fahad and M/s. Gudagunti Sugars & Bioenergies Private Limited entered into a consortium agreement in the ratio of 50.1% and 49.9%. Mr. Fahad and GSBPL shall bring in equity capital in the ratio of 50.1% and 49.9% respectively.

19. It is submitted that the Successful Resolution Applicant (SRA) is not barred under section 29A of the Code and an affidavit in this regard is submitted by SRA which is annexed to the additional affidavit filed on 17.04.2024.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

Valuation of the Corporate Debtor: 20. Th e Valuations Reports are annexed to the application. The average Fair Value of the Corporate Debtor is Rs. 130,93,97,000 (Rupees One Hundred Thirty Crores Ninety-Three Lakhs and Ninety-Seven Thousand only) and the Liquidation Value is Rs. 102,99,10,000 (Rupees One Hundred and Two Crores Ninety-Nine Lakhs Ten Thousand only).

Salient Features of the Resolution Plan: 21. The total Resolution Plan value is Rs. 2,00,00,00,000/ (Rupees Two Hundred Crores only) out of which Rs. 140,00,00,000/- (Rupees One Hundred Forty Crores) will be paid to the stakeholders and Rs. 60,00,00,000/- (Rupees Sixty Crores) will be utilized for working capital & financial costs.

22. The statement as to how the resolution plan has dealt with the interests of all stakeholders, including financial creditors and operational creditors is given below: Sr. Category Claim Proposed pay Terms % No Admitted (in out Amount of. Rs.) (in Rs.) Payme nt 1. CIRP Cost 50,00,000 50,00,000 Within 100 90 days 2. Financial Creditors 2,14,26,24,348 107,13,12,174 Within 50 (Secured) 240 days 3. Financial Creditors 29,63,92,109 14,81,96,054 Within 50 (Unsecured) 240 days 4. Operational Creditors- 5,02,87,227 11,72,282 Within 2.33 Others 90 days 5. Workmen/Employee 7,18,09,053 1,38,26,710 Within 19.25 claims 90 days 6. Statutory dues 20,60,84,044 1,83,84,183 Within 4.92 90 days 7. Other Creditors 1,75,00,000 4,07,750 Within 2.33 90 days 8. Provisions towards 1,19,05,34,242 14,17,00,846 Within 11.90 Claim under verification 90 days (Contingent Liability)

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

9. Working Capital - 60,00,00,000 - Total 200,00,00,000

23. The plan proposed to pay Rs. 1,21,95,08,228 (Rupees One Hundred Twenty-One Crores Ninety-Five Lakhs Eight Thousand Two Hundred Twenty-Eight only) to Secured and Unsecured Financial Creditors as follows:

Sr. Secured Financial Creditor Admitted Pay Out Proposed Claims under the Plan 1. Shri Arihant Credit Souhard Sahakari 98,43,68,927 49,21,84,463 Limited 2. Belagaavi District Central Co- 65,52,26,517 32,76,13,258 operative Bank Limited 3. Vijayapur District Central Co- 47,46,68,000 23,73,34,000 operative Bank Limited 4. Shri Lakshmi Narayan Pattin 2,83,60,904 1,41,80,452 Souhard Sahakari Limited, Mudhol 107,13,12,174 Unsecured Financial Creditors 5. Karmaveer Bhaurao Patil Multi State 7,27,81,510 3,63,90,755 Co-op Society Limited 6. Shri Shivasagar Multi-Purpose 22,36,10,599 11,18,05,300 Souhard Sahakari Limited 14,81,96,055 Total 2,43,90,16,457 1,21,95,08,228/-

24. The Resolution Professional has collated/admitted 71 claims from the workmen & employees of the corporate debtor amounting to Rs. 7,18,09,053/-. The SRA proposes to pay an amount of Rs. 1,38,26,710/-in full and final settlement. There is no pending IA filed by workmen or employees for their claims.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

25. The total admitted claims of the Operational Creditors (except Statutory Dues) are Rs. 5,02,87,227/-. The SRA proposes to pay Rs. 11,72,282/-in full and final settlement of admitted claim.

26. The Resolution Professional has received two claims from Shri Daneshwari Traders and, Shri Daneshwari Transport amounting to Rs. 1,75,00,000/-, categorized as “Other Creditors”. The SRA proposes to pay Rs. 4,07,750/- being 2.33% at par with operational creditors.

27. The SRA proposes to pay the Government dues in the following manner:

Sr. Name Claim Amount No. Admitted proposed to be paid 1. Deputy Commissioner of 4,79,78,590 24,59,384 Commercial Tax 2. Deputy Commissioner of 12,97,27,881 66,49,854 Income Tax 3. Commissioner of Customs 2,01,34,735 10,32,107 NS-II, JNCH, Nhava Sheva 4. Employee Provident Fund, 82,42,838 82,42,838 Hubballi Total 20,60,84,044 1,83,84,183

The claim amount Rs. 82,42,838/- of Employee Provident Fund is proposed to be paid in full.

Term of Plan and Implementation Schedule: 28. The terms and tenure of the payments envisaged in the resolution are as follows: Timeline Payment Within 90 days from the receipt of the NCLT Order 50 crores for approval of Resolution Plan Within 150 days from the receipt of the NCLT order 50 crores for approval of Resolution Plan Within 240 days from the receipt of the NCLT Order Balance amount for approval of Resolution Plan after adjusting the EMD

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

29. The Monitoring Committee shall consist of five persons. There will be two representatives each from the COC and SRA and the Resolution Professional.

30. The resolution applicant has proposed and the COC of the Corporate Debtor has unanimously agreed that the proceeds if any received out of the PUFE application shall be retained by the corporate debtor.

31. From the approval date and till full payment is made, day to day affairs shall be managed by monitoring agent under the overall supervision of monitoring committee and from the date of full payment, corporate debtor will be managed by newly constituted Board of Directors.

32. After the implementation of resolution plan, tenure of monitoring committee shall end and Board of Directors shall independently manage affairs of the Company.

33. As per the Resolution Plan, the interests of existing shareholders have been altered by the Resolution plan under:

Sr. Category of No. of No. of Voting Voting No. Share Shares Shares Share (%) Share Holder held before held held before (%) held CIRP after the CIRP after CIRP CIRP 1 Equity 7,45,00,000 NIL 100% NIL

Compliance Certificate 34. The Applicant has prepared and annexed to the application, Compliance Certificate in Form – H in accordance with Regulation 39(4) the IBBI (Corporate Insolvency Resolution Process for Corporate Persons) Regulations, 2016. During the hearing, certain discrepancies in amounts were noted in Form H. Ld. Counsel has presented clarification chart, which is reproduced below:

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022 (Amount in Rs. Crores) Sr. No. Category of Amount Amount Amount Amount Stakeholder Claimed Admitted Provided Provided under the to the Plan Amount Claimed (%) 1. CIRP Cost - - 0.50 100% (at actuals) 2. Secured Financial 315 214.26 107.13 50% Creditors 3. Unsecured Financial 54 29.64 14.82 50% Creditors 4. Operational 37 32.82 3.34 10.17% Creditors 5. Other Debts NIL 160 4.08 2.55% and dues Sub Total 406 278.32 125.83 50.30% (A) 6. Contingent 119.05 - 14.17 11.90% Claims not admitted Sub Total 119.05 0 14.17 11.90% (B) Grand Total 278.32 140.00 50.30% (A+B)

35. The compliance of the Resolution Plan is as under:

Sr. Section of the Requirement with Clause Compliance No. Code/Regulation respect to Resolution Resolution (Yes/No) No. Plan Plan 1. 25(2)(h) Whether the Resolution Yes. The Applicant meets the weighted criteria approved by the average Net Yes CoC having regard to worth of the the complexity and consortium scale of operations of meets the business of the CD? eligibility criteria of Rs.50 Crores.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

2. Section 29A Whether the Resolution Yes. As per Applicant is eligible to the final list submit resolution plan of as per final list of Resolution Yes Resolution Professional Applicants or Order, if any, of the issued on Adjudicating Authority? 09.06.2023. 3. Section 30(1) Whether the Resolution Applicant has submitted an affidavit Yes Yes stating that it is eligible? 4. Section 30(2) Whether the Resolution Plan- (a) Provides for the Clause 5, Yes payment of Point 5.1 insolvency resolution process costs? (b) Provides for the pay Clause 5, Yes the payment to the Point 3 & 4 Operational Creditors? (c) Provides for the Clause 5, Yes payment to the Point 5.2 financial creditors who did not vote in favour of the resolution plan? (d) Provides for the Clause Yes management of the 6.1.C affairs of the Corporate Debtor? (e) Provides for the Clause No implementation and 6.1.A/B supervision of the resolution plan? (f) Contravenes any of Point 7 at the provisions of the page no. 32 law for the time being in force? 5. Section 30(4) Whether the Resolution Discussed Plan in the Yes (a) Is feasible and viable, 03.11.2023 according to the CoC CoC? meeting (b) Has been approved As per by the CoC with 66% scrutinizers Yes voting share? report dated 28.11.2023 6. Section 31(1) Whether the Resolution Clause 6 Yes Plan has provisions for IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022 its effective implementation plan, according to the CoC?

7. Regulation 38 (1) Whether the amount Clause 5, Yes due to the operational Point 4(i) or creditors under the Clause 5, resolution plan has Point 3 at been given priority in page 37 payment over financial creditors? 8. Regulation 38 (1A) Whether the resolution plan includes a Point 5 at Yes statement as to how it page 33 has dealt with the interests of all stakeholder? 9. Regulation 38(1B) (i) Whether the Resolution Applicant or any of its related NA parties has failed to implement or contribute to the failure of implementation of any resolution plan approved under the Code. (ii) If so, whether the Resolution Applicant has submitted the statement has NA submitted the statement giving details of such non-implementation? 10. Regulation 38 (2) Whether the Resolution Plan provides: (a) The term of the plan Chapter VI Yes and its implementation schedule? (b) For the management and control of the business of the corporate debtor during its term? (c) Adequate means for supervising its implementation? 11. Regulation 38(3) Whether the resolution plan demonstrate that-

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022 (a) It addresses the Clause 3, cause of default? Point 3.1.3 Yes or Point 5 at page 28 (b) It is feasible and Point 7 at Yes viable Page 29 (c) It has provisions for Clause 6 its effective Yes implementation? (d) It has provisions for Clause 5 approvals required Yes and the timeline for the same (e) The resolution plan Point 5 at applicant has the page no 28 Yes capability to and 29 implement the resolution plan? 12. 39(2) Whether the RP has filed applications in Yes respect of transactions observed, found or determined by him? 13. Regulation 39 (4) Provide details of Clause 13 Shall be performance security of Page 32 paid within received, as referred to 7 days of in sub-regulation (4A) of issue of LOI regulation 36B.

36. The CIRP has been conducted as per the timeline indicated as under:

Sr. Section of the Description of Latest As per Actual Date No. Code/Regulation Activity Timeline Regulation No. under regulation 40A 1. Section 16(1) Commencement T 19.10.2022 19.10.2022 of CIRP and Appointment of IRP 2. Regulation 6(1) Publication of T+3 22.10.2022 05.11.2023 Public (Order Announcement received on 02.11.2023) 3. Section Submission of T+14 02.11.2022 16.11.2022 15(1)(c)/Regulation Claims 12 (1) 4. Regulation 13(1) Verification of T+21 09.11.2022 23.11.2022 Claims 5. Section 26 Application for T+23 11.11.2022 (6A)/Regulation 15A Appointment of Authorized

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

Representative, if necessary 6. Regulation 17(1) Filing Report T+23 11.11.2022 30.11.2022 Certifying (as per the Constitution of order of the CoC Hon’ble NCLT the revised report filed on 28.03.2023) 7. Section 22(1) and First Meeting of T+30 18.11.2022 30.11.2022 Regulation 17(2) the CoC 8. Regulation 35A Determination of T+115 11.02.2023 03.11.2023 Fraudulent and other transactions 9. Regulation 27 Appointment of T+47 05.12.2022 22.04.2023 two Registered Valuers 10. Regulation 36(1) Submission of T+54 12.12.2022 04.06.2023 Information Memorandum to CoC 11. Regulation 36A Invitation of EOI T+75 02.01.2023 05.05.2023 Publication of T+75 02.01.2023 05.05.2023 Form -G Provisional List T+100 27.01.2023 30.05.2023 of Resolution Applicants Final List of T+115 11.02.2023 09.06.2023 Resolution Applicant 12. Regulation 36B Issue of Request 01.02.2023 for Resolution Plan, which T+105 04.06.2023 includes Evaluation Matrix and Information Memorandum to Resolution Applicants 13. Section Submission of T+165 02.04.2023 01.12.2023 30(6)/Regulation CoC approved 39(4) Resolution Plan 14. Section 31(1) Approval of T=180 17.04.2023 - Resolution Plan

37. On perusal of Form H, it is seen that the Resolution Plan is in compliance with the mandatory requirements as stipulated under section 30(2) of the Code. The Resolution Plan also meets the requirements of Regulations 35, 37, 38 and 30 of the Regulations. The Resolution Plan is not in contravention of the provisions of section 29A of the code and is in accordance with law.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

38. We note certain significant features of the resolution plan: (a) the claim amount Rs. 82,42,838/- of Employee Provident Fund is proposed to be paid in full; (b) the plan value i.e. Rs. 140 crores to be paid to the stake holders and Rs. 60 crores to be infused as working capital, is more than the Fair Value and liquidation value of the Corporate Debtor which is Rs. 130.93 crores and Rs. 102 Crores respectively. It is also observed that admitted claims against the Secured Financial Creditors of the Corporate Debtor is more than the liquidation value of the Corporate Debtor.

39. In K Sashidhar v. Indian Overseas Bank &Others (2019) 12 SCC 150, the Hon’ble Apex Court held that if CoC had approved the resolution plan with requisite percentage of voting share then the Adjudicating Authority is required to satisfy the resolution plan as approved by CoC meets the requirements specified in section 30(2). The role of Adjudicating Authority is ‘no more and no less’. Even the grounds on which the Adjudicating Authority can reject the plan is in reference to matters specified in section 30(2) only when the plan does not conform to the stated requirements.

40. In view of the law laid down by Hon’ble Apex Court, the commercial wisdom of the CoC is to be given paramount importance for approval/rejection of the resolution plan. As the resolution plan meets the requirements under the Code and the Regulations, the same needs to be approved. Accordingly, the Resolution Plan is approved with following directions:

i. The Resolution Plan submitted by the consortium of Mr. Syed Fahad jointly with Gudagunti Sugars & Bioeneergies Pvt. Ltd. is hereby approved. It shall be binding on the Corporate Debtor, its employees, members, creditors including the Central Government, Statement Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due. All the stakeholders and respective authorities

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022 shall cooperate in smooth implementation of the resolution plan and revival of the Corporate Debtor.

ii. The Monitoring Committee shall supervise the implementation of the Resolution Plan and shall review the operational performance of the Corporate Debtor.

iii. For past non-compliances of the Corporate debtor under applicable laws the Resolution Applicant shall not be liable for any liabilities and offences committed prior to the commencement of CIRP and as stipulated under Section 32A of IBC, 2016.

iv. As per the Resolution Plan, extinguishment of existing shares of the Corporate Debtor, allotment of shares to the Successful Resolution Applicant and reduction of share capital will not require the consent of shareholders under Companies Act, 2013 or any other authorities for implementation of the Resolution Plan.

Reliefs and Concessions: v. Approval of the Resolution Plan shall not be a ground for termination of any existing consents, approvals, licenses, concessions, authorizations, permits or the like that has been granted to the Corporate Debtor or for which the Corporate Debtor has made an application for renewal, permissions, sanctions, consents, approvals, allowances, exemptions etc.

vi. As far as the permits held by the Corporate Debtor and the rights and benefits therein, wherever required, the Corporate Debtor has to approach the Authorities concerned for those permits and the same shall be processed in accordance with law and decision to be taken without undue delay. As resolution of Corporate Debtor in a time-bound is the Fundamental Objective of the Insolvency and Bankruptcy Code, 2016, we trust that the Authorities concerned will do the needful as envisaged under the Code.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022 vii. Any Exemption as sought for in relation to the payment of registration charges, stamp duty, taxes and fees arising out of the implementation of the Resolution Plan is not granted but the Resolution Applicant is at liberty to approach Competent Authorities for the exemptions if permitted under the law.

viii. With regard to other concessions and reliefs, most of them are subsumed in the reliefs granted above. The relief which is not expressly granted above, shall not be construed as granted. The exemptions if any sought in violation of any law in force, it is hereby clarified that such exemptions shall be construed as not granted.

41. It is hereby clarified that in terms of the Judgement of Hon’ble Supreme Court in the matter of Ghanshyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited, on the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims which are not a part of Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of a claim which is not a part of the Resolution Plan.

42. The Resolution Professional is further directed to handover all records, premises / documents to Resolution Applicant and Resolution Applicant shall have access to all the records premises / documents to finalise further line of action required for starting the operations as contemplated under the Resolution Plan.

43. A pproval of this Resolution Plan shall be deemed approval for removal of existing Directors from the record of the Corporate Debtor as appearing in the ROC records and reflected on MCA portal. Upon receipt of the certified copy of the order approving Resolution Plan, the Statutory authorities shall give effect to the change in the shareholders and directors of the Corporate Debtor.

IA/5590/2023 In C.P.(IB)/965(MB)-C-III-2022

44. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order, save and except those duties that are enjoined upon him in the Monitoring Committee.

45. The Applicant shall forward all records relating to the conduct of CIRP and the Resolution Plan to the IBBI along with copy of this Order.

46. The Applicant shall forthwith send a certified copy of this Order to the CoC and the Resolution Applicant for necessary compliance.

47. Registry is directed to send copy of this Order forthwith to authorities (IBBI, ROC), parties/ their counsel for information and necessary steps.

48. Accordingly, Resolution Plan in IA/5590/2023 is hereby approved. I.A. 5590/2023 stands allowed and disposed of.

Sd/- Sd/- CHARANJEET SINGH GULATI LAKSHMI GURUNG MEMBER (TECHNICAL) MEMBER (JUDICIAL) Arpan, LRA