Calyx Chemicals & Pharmaceuticals Pvt ... vs Ravindra N. Athavale

In the matter of: 1. RAVINDRA N. ATHAVALE For himself and ex-employees Resident at 2nd Floor, Sfurti Bldg, Shivasi Vdyog Nagar, Manpada Road Dombivali, Thane - 421204 .... Applicant No.1 2. DNYANABA NAMDEO KARANDE For himself and ex-employees R/o 302/A4 Ashar Estate, Shree Nagar, Wagle Estate, Thane - 400 604 ....Applicant No.2 Versus

1. CALYX CHEMICALS AND PHARMACEUTICALS PVT. LTD. Having address at- Unit No. 110, Marwah's Complex, Krishanlal Marg, Off Saki- Vihar Road, Andheri (East), Mumbai- 400072 ...Respondent No.1 2. CHARU S. DESAI Resolution Professional of Calyx Chemicals and Pharmaceuticals Limited Having address at- 2602, Fairfield A Wing, Lodha Luxuria, Majiwada, Thane (West)- 400601 ...Respondent No.2 Present:

For Applicant : Mr Gaurav H. Sethi, Mr. Rahul Kapoor and Mr. Rahul Panwar, Advocates.

For Respondent : Counsel appeared but presence not marked. JUDGMENT

(Hybrid Mode)

Per: Barun Mitra, Member (Technical)

Review Applications Nos. 4 & 5 of 2025 have been filed by the Applicants

seeking review of the order dated 18.12.2024 passed by this Tribunal in

Company Appeal (AT)(Insolvency) Nos. 522 & 523 of 2024 in terms of the Order

dated 07.04.2025 passed by the Hon'ble Supreme Court of India in Civil Appeal

No. 5052-5053 of 2025.

2. For a better, comprehensive and holistic understanding of the issue at

hand, we would like to recapitulate briefly the chronological sequence of events

in the present matter briefly. The Corporate Debtor was admitted into Corporate

Insolvency Resolution Process ("CIRP" in short) on 06.02.2018. The resolution

plan submitted by the Successful Resolution Applicant ("SRA" in short) was

approved by the Adjudicating Authority on 16.04.2019 with 77.80% CoC voting

share, following which the SRA took over the management and ownership of the

Corporate Debtor. This resolution plan was challenged before this Tribunal,

which challenge was dismissed by this Tribunal on 30.08.2019. The order of this

Tribunal upholding the resolution plan was challenged before the Hon'ble

Supreme Court. However, the Hon'ble Supreme Court vide order dated

20.02.2020 dismissed the appeal and did not interfere with the Resolution Plan.

Thus, the resolution plan of the SRA acquired finality on 20.02.2020 having also

received the stamp of approval of the Hon'ble Supreme Court.

3. Much after the plan was approved and confirmed upto the level of the

Hon'ble Supreme Court, certain ex-employees of the Corporate Debtor filed an Page 2 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 I.A. before the Adjudicating Authority in 2022 seeking payment of gratuity dues

under the Resolution Plan. Vide its order dated 19.01.2024, these applications

were allowed by the Adjudicating Authority and it was held that gratuity dues

as per the provisions of the Payment of Gratuity Act, 1972 to the extent of their

admitted claims deserves to be paid. The SRA challenged the order of

Adjudicating Authority before this Tribunal. By judgment dated 18.12.2024, this

Tribunal allowed the appeal and set aside the impugned order of the

Adjudicating Authority by observing that any admission of such belated claim of

gratuity payment would tantamount to modification of the resolution plan as the

plan did not provide for payment of gratuity to these ex-employees. Aggrieved by

the decision of this Tribunal dated 18.12.2024, Civil Appeal No. 5052-5053 of

2025 was filed before the Hon'ble Supreme Court stating that this Tribunal had

failed to appreciate that payment of admitted gratuity dues was reflected in

"Approved Resolution Plan" but was not implemented by the SRA.

4. The Hon'ble Supreme Court passed the following order on 07.03.2025 in

Civil Appeal Nos.5052-5053 of 2025, the relevant excerpts of which are as

extracted below:

"2. We heard Ms. Anjali Sharma, the learned counsel appearing for the appellants (ex-employees of the corporate debtor). We confronted the learned counsel with the following part of the impugned order which reads thus:-

"This judgment clearly held that SRA cannot be left open to entertain claims which have not been factored in the resolution plan. Therefore, no such claims which are not part of the plan can be enforced against the SRA after the approval of a resolution plan. No proceeding can be initiated or continued in respect of a claim which is not part of the resolution plan."

Page 3 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

3. The learned counsel submitted that it is a finding which is absolutely contrary to the evidence on record.

4. According to the learned counsel the claim is very much a part of the plan. She invited our attention to the plan approval order also.

5. In view of the aforesaid, we permit the appellants herein to go back to the NCLAT and point this out.

6. Prima facie, if what has been submitted by the learned counsel is true and correct then the same needs to be rectified by the NCLAT and then proceed accordingly to decide the matter once again on merits.

7. If any application is filed in this regard the same shall not be rejected only on the ground that the NCLAT has no power to review its order."

5. In pursuance of the above order of the Hon'ble Supreme Court, the

Applicants have filed the present Review Applications No. 4 & 5 of 2025 in

CA(AT)(Ins) No. 522 & 523 of 2023 making the following prayers as reproduced

below:

(a)Pass an order with the effect of reviewing the orders passed by this Hon'ble Appellate Tribunal in Company Appeal (AT) (Ins.) No. 522 of 2024 and in Company Appeal (AT)(Ins.)523 of 2024 dated 18.12.2024; and/or

(b)Pass an order of rectification or modification of the orders passed by this Hon'ble Appellate Tribunal in Company Appeal (AT) (Ins.) No. 522 of 2024 and in Company Appeal (AT)(Ins.)523 of 2024 dated 18.12.2024; and/or

(c) Pass an order to re-hear the matter in order to pass sufficient orders under the above mentioned prayers (a) and (b).

(d) Any other order as deemed fit by Hon'ble Tribunal in light of the fact and circumstance in the present case.

6. In deference to the directions of the Hon'ble Supreme Court, we have heard

the matter on 07.08.2025 after condoning refiling delay of 57 days on part of the

Applicants. We have duly considered the arguments advanced by the Ld.

Counsels for both parties and perused the records carefully.

Page 4 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

7. When we look at the orders of the Hon'ble Supreme Court, we find that

liberty has been given to the present Applicants to draw our attention to the

purported discrepancies in the findings returned by us on 18.12.2024 with

respect to their gratuity related claims for being contrary to evidence of record.

The Hon'ble Supreme Court having directed that the matter be reconsidered by

this Tribunal without taking the stand that this Tribunal lacks power to review

its own order, we now proceed to examine the veracity of the contention of the

Applicants made before the Hon'ble Supreme Court that the gratuity related

claims of the Applicants formed part of the approved resolution plan, which has

been disregarded by this Tribunal.

8. It is the case of the Applicants that along with other ex-employees they

had filed their gratuity claim before the Resolution Professional ("RP" in short)

and that the same had been accepted and admitted by the RP. These claims were

also reflected in the List of Creditors which had been prepared and submitted

by the RP before the Adjudicating Authority on 13.03.2018. Furthermore, the

plan submitted by the SRA had also acknowledged that the statutory liabilities

towards the workmen and employees will be paid in full. It is further contended

that since their gratuity claims found place in the List of Creditors and there is

no specific denial of payment of gratuity dues in the resolution plan, these claims

cannot be ignored by the SRA. Submission was also pressed that apart from the

fact the gratuity payment formed part of the Resolution Plan, it was also asserted

that the plan stipulated that gratuity will be paid as and when due, in

accordance with applicable law. The applicable law being Payment of Gratuity

Act, 1872, the Applicants fit within the parameters of Section 4 of Payment of Page 5 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Gratuity Act and therefore entitled to payment of gratuity dues. In support of

their contention, reliance was placed on the judgment of this Tribunal in Jet

Aircraft Maintenance Engineers Welfare Association Vs Ashish

Chhawchharia, 2022 SCC OnLine NCLAT 418 which was subsequently

upheld by the Hon'ble Apex Court in Jalan Fritsch Consortium Vs Regional

Provident Fund Commissioner & Arn. in Civil Appeal No. 407 of 2023

directing payment of admitted claims towards gratuity dues to the employees.

Further it was contended that for the purpose of making gratuity payment, the

SRA cannot make any differential treatment between employees on the payroll

as on 06.02.2018 and employees not on payroll as on 06.02.2018. In support of

their contention reliance has been placed on the judgment of this Tribunal in

SBI Vs Moserbaer Karamchari Union in CA(AT)(Ins) No. 396 of 2019 and of

the Hon'ble Supreme Court in CoC of Essar Steel India Ltd. Vs Satish Kumar

Gupta (2019) 16 SCR 275 to contend that sub-categorization within a class of

creditors is impermissible. Therefore, failure on the part of SRA to pay admitted

gratuity dues to the Applicants on this count tantamount to non-implementation

of the resolution plan.

9. Refuting the arguments canvassed by the Applicant, the Ld. Counsel for

the Respondent vehemently contended that the Applicants had misrepresented

facts before the Hon'ble Supreme Court that this Tribunal had returned a wrong

finding that the gratuity claim of the Applicants did not form part of the

resolution plan and that this finding of the Tribunal was contrary to evidence on

record. It was added that the Respondent not being on caveat, they were not

present when the matter was heard by the Hon'ble Supreme Court and therefore Page 6 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 stood deprived of the benefit and opportunity to present the correct factual

position before the Hon'ble Apex Court. It was emphatically asserted that the

resolution plan did not provide for payment toward gratuity claims of the

Applicants since the resolution plan as approved by the Adjudicating Authority

on 16.04.2019 clearly provided that employees not on the payroll as on

06.02.2018 being the Insolvency Commencement Date ('ICD' in short) were to

be paid Nil amount. It was asserted that this aspect of Nil Payment to the

Applicants for gratuity claims in the plan read with Annexure 7 thereof had been

clearly noticed by this Tribunal in paragraph 21 of its order dated 18.12.2024.

There is no ambiguity in the plan that the Applicants not being on the payroll as

on ICD were not to be paid gratuity dues but the Applicants are merely trying to

orchestrate this claim by deliberately ignoring Annexure 7 instead of reading the

plan in conjunction with Annexure 7. It is further contended that this Plan has

acquired finality and the Applicant is trying to indirectly challenge the plan

under the guise of this review application. It was also asserted that the Applicant

are making a distorted claim that the plan provided for payment of gratuity to

them but the SRA did not abide by the terms of the plan during the

implementation of the plan.

10. The limited question before us is whether the material available on record

supports the position that the claim of the Applicants with respect to gratuity

dues formed part of the approved resolution plan and denial of gratuity payment

shows non-implementation of the terms of the Resolution Plan.

11. It is the contention of the Applicants that their names figured in the List

of Creditors prepared by the RP. In support of their contention, attention has Page 7 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 been adverted to a letter dated 13.03.2018 sent by the RP to the Adjudicating

Authority furnishing a List of Creditor and the "Claims Submitted" by the

creditors in accordance with Regulation 13(2)(d) of IBBI (Insolvency Resolution

Process for Corporate Persons) Regulations, 2016. Perusal of this letter shows

that it depicts "Operational Claims"; "Employee Claims" and "Financial Claims"

as well as the names of Creditors as can be seen at page 46-47 of the Review

Application. The name of one of the Applicants, Shri Ravindra Athavale is found

to be reflected under the category of "Employee Claims" which clearly shows that

gratuity dues of the Applicants had been admitted by the RP. To avoid any

ambiguity, the letter is as reproduced below:

Page 8 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Page 9 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Page 10 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 (READABLE VERSION OF THE SCANNED COPY OF LETTER DATED

13.03.2018 IS AS BELOW)

"ANNEXURE A/3"

Calyx

CALYX CHEMICALS AND PHARMACEUTICALS LIMITED

CIN:U24220MH1986PLC038618

Factory: N-102, 91, MIDC, Tarapur, Boisar, Dist. Palghar-401 506, Maharashtra, INDIA. Tel.: +91-22-2525-274 858. Fax: +91- 22-6646 6416. www.calyxindia.com

13 March 2018

To The National Company Law Tribunal, Mumbai Bench.

6th Floor, Fountain, Mahatma Gandhi Road Mumbai, Maharashtra - 400 001

Subject: List of creditors for Calyx Chemicals and Pharmaceuticals Limited as required under Regulation 13(2) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016

In accordance with Regulation 13(2) (d) of Insolvency and Bankruptcy board of India (insolvency Resolution Process for Corporate Person) Regulations, 2016, we have enclosed as Annexure, the claims submitted by financial and operational creditors, amount of claims admitted as per available information and security interest in respect of such claims.

The amount admitted in some case might undergo some changes, as we are expecting some clarification and additional information. We would submit updated list, in case any claims received are updated or any new claims are received.

For any queries you may reach out to me at email id charudesal@gmail.com and/or ip.calyx@in.ey.com.

Thanking You.

Page 11 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Yours truly,

Mrs. Charu Desai Interim Resolution Professional Calyx Chemicals and Pharmaceuticals Limited (a company under corporate insolvency resolution process by NCLT order dated 6 February 2018)

Registered with IBBI:

IP Registration no.: IBBI/ IPA-001/IP-P00434/2017-18/10757 Address: 2602, Fairfield A Wing, Lodha Luxuria, Majiwada, Thane West, Thane-400061, Maharashtre, India. E-mail:

charudesal@gmail.com

Calyx CALYX CHEMICALS AND PHARMACEUTICALS LIMITED CIN:U24220MH1986PLC038618 R & D Unit : A-37/35, MIDC Phase-I, Golavli, Kalyan-Shil Road, Dombivli (East), Dist. Thane - 427 203. INDIA Tel: +91-251-6698 300 .

Fax : +91-22-6646 6401. www.calyxindia.com (A) Operational Claims

Name of Creditor Claim Submitted (Rs) Ambavat Jain & Associates Limited 3,33,024

Fine Chem Corporation 3,62,513 Income-tax (TDS) Department 92.13 Lacs Jiangsu Guotai International Group Hau Tai 1,04,40,713 Jivraj Chemicals & Industries Private Limited 49,10,405 Sanjay Mehla 2,19,500 Shree Aarti Enlerprises 3,71,010 Shree Ganesh Decorators & Caterers 17,95,006 Sub Total (A) 276.45 Lacs (B)Employee Claims Name of Creditor Claim Submitted (RS) Balaraju Chinnabathini 4,18,116 Bansi Lal 1,90,000

Page 12 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Bhaskar Nair 1,87,054 Dinesh Gond 3,78,427 Gangadhar Hegde 1,79,662 Girsh Mandlekar 2,05,906 Hanamanth Rau 56,562 Hemant Khamkar 1,58,302 Hitesh Patil 62,844 Jaysshree Murukale 98,743 Jitendre Kint 75,953 Jitendra Suryavanshi 2.51,564 Kamlesh Kore 3,70,333 Kiran Desai 65,379 Mahesh Kamal 3,48,192 Nilin Dey 78,110 Peddi Bijam 1,28,774 Raghava Reduy 1,52,067 Raghavendra S T Pyali 1,85,664 Ravindra Athavale 1,00,000 Sandeep Turwaikar 2,52,452 Shakera Shaikh 78.224 Sumit Gampawar 69,595 Sunil Save 88,535 Sushil Dheer 1,63,123 Tanvir Mahadik 2,08.042 Vimeshkumar Palel 1,79,284

[Sub Total B) 47,20,987

(C) Financial Claims (C) Financial Claims Clalm Suhmitted (Rs in crores) Secured-

Allahabnd Bank 94.20 Bank of Bahrain & Kuwait BSC 6.8 Bank of India 71.20 Bank of Maharashira 43.83 Canara Bank 64.08

Page 13 of 31 Review Application No. 4 & 5 of 2025 in

Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Corporation Bank 60.93 Dena Bank 8 65 Export-Import Bank of India 112.58 IDBI Bank Limited 45 64 Indian Bank 8.70 Kotak Mehindra Banık Limited 8.0 Oriental Bank of Commerce 44.63 Punjab National Bank 155.33 SBI Global Factors Limited 10.62 The Jammu & Kaslımir Bank Limited 73.60 UCO Bank 29.01

Unsecured-

Canbank Factors Limited 3.15

Sub Total (C) 1401.15

TOTAL CLAIMS SUBMITTED (A + B + C): Rs 1404.39 crores Notes:

i. CIRP commencement dates 6 February 2018 ii. Employee claims in respect of certain former employees have not been admitted pending submission of claims iii. The security interest in favour of financial creditors is as under."

x-x-x-x-x-x READABLE VERSION ENDS x-x-x-x-x-x

12. At this stage, it will be useful and constructive to notice the terms of the

resolution plan of the SRA to find out how the plan has treated the claims and

pay-outs to Workmen and Employees in general and the claims of the present

Applicants in particular. The terms of the resolution plan have been outlined in

the order of the Adjudicating Authority dated 19.10.2024 which has not been

disputed by either parties which reads as follows:

"3.1. The total liability of the Company towards Workmen and Employees as per the claim sheet above is INR 6.29 Crores (including Net Salary, Leave Encashment, Bonus, PT, PF, TDS and Gratuity) Page 14 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 whereas, as per the provisional balance sheet of the Company as on March 31 2018, the estimated liability towards workmen and employees is INR 4.01 Crore.

3.2. Out of the INR 6.29 Crores, INR 1.16 Crores is Statutory Liability towards PF, PT and TDS and INR 2.56 Crores is towards Gratuity and INR 1.11 Crores towards Net Salary. Break up given below as given below:-

Liabilities Towards Workmen and Employees Sr. Statue Total Share of Payment No. Liabilities - as to be made (INR in on CIRP Crores) Commencement Date (INR in Crores)

1. Employee and 0.38 0.38 Workmen TDS**

2. Employee and 0.74 0.74 Workmen PF**

3. Employee and 0.04 0.04 Workmen Prof Tax** Total of 1.16 1.16* Above

4. Net Salary + 2.57 1.11 Leave Encashment + Bonus*

5. Gratuity (Paid 2.56 2.56 on accrual basis)** Total 6.29 4.83

Note

*:Net Salary + Leave Encashment + Bonus of all employees and workmen to the extent of amount allotted above shall be paid as per annexure 7. on discharge of relevant Workman or Employee from Employment or within 2 years from Closing Date, whichever is earlier.

Page 15 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 **: The Statutory Liabilities towards the Workmen and Employees will be paid in full

3.3 The Resolution Applicant proposes to pay an upfront sum of INR 1.16 Crores, ("Workmen Payment") within 30 days from the Closing Date. towards PF, PT & TDS. Gratuity (currently provisioned for INR 2.56 Crores) will be paid as and when due, in accordance with the Applicable Law. Also, Net Salary, Leave Encashment, Bonus of all employees and workmen to the extent of INR 1.11 Crores shall be paid as per Annexure 7, on discharge of relevant Workman or Employee from Employment or within 2 years from Closing Date, whichever is earlier. The aforesaid amounts will be full and final amount and one time settlement of all workmen and employees dues as on Insolvency Commencement Date. While the Resolution Applicant is not aware of the liquidation value of the Company, for the purpose of this Resolution Plan, the underlying assumption of the Resolution Applicant is that the liquidation value due to the Operational Creditors (Workmen and Employees) in accordance with the liquidation waterfall under the Code is far less than the sun agreed to be paid to the Workmen and Employees hereinabove. Further, as per Regulation 38(1) of the CIRP Regulations, the amount due to the Operational Creditors are being given priority in payment over the Financial Creditors.

3.4 This Workmen Payment shall also include liability of the Company arising from payment of Provident Fund contribution and ESI contribution and any other liability of the Company, whether contractual, statutory or otherwise. towards its workmen, staff, employees and any other person working with the Company on its pay roll. The Workmen Payment shall be paid from the OCD Consideration, to be infused by the Resolution Applicant.

3.5 List of exact payment to Workmen and Employees is annexed hereto as Annexure 7 till CIRP commencement date, and it shall constitute a full and final settlement of all workmen and employee dues (including pertaining to payment of salary, bonus, leave encashment, terminal benefits, statutory contributions and any other statutory liability) for the period prior to the CIRP commencement date. Except for Workmen and Employee Payment, the Company and the Resolution Applicant shall not be in any manner whatsoever at any point, present or future, be directly or indirectly responsible or liable for any claims with respect to workmen dues which relate to a period prior to CIRP commencement date. All balance dues, whether in past, present or

Page 16 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 future other than what is provided for in the clause 3.3 above, pertaining to the workmen and employee of the Company, for the period prior to the CIRP commencement date, shall stand settled in the manner set out above.

3.6 In consideration of Workmen and Employee Payment, all the litigations/ proceedings by employees/ workmen or before any labour department for non-payment of any dues/ contribution or any other moneys shall be withdrawn and stand dismissed accordingly and the Company shall no longer be required to make any payments in relation to such litigations/proceedings.

3.7 In case any stock options or warrants or rights to Equity Shares have been granted to workmen/ employees pursuant to any employee stock option plan/ policy of the Company, such options/ warrants/ rights, whether vested or unvested, exercised or un-exercised shall stand revoked with no claims or liabilities against the Company or the Resolution Applicant."

(Emphasis supplied)

13. Interestingly, the order of the Adjudicating Authority has confined itself to

the above terms of the Resolution plan without extracting Annexure 7 even

though it formed an integral adjunct of the resolution plan and has to be read

hand in hand in view of Clause 3.3 and 3.5 of the plan. It is therefore essential

to reproduce "Annexure 7: Payment to Employees and Workmen". The contents

of Annexure 7 which appears as 'Annexure 4' in the Review Application is as

reproduced below:

"ANNEXURE A/4"

Annexure 7: Payment to Employees and Workmen

1. List of employees who were on the payroll of the company as on 6th February, 2018 and have submitted claims through an authorized representative of workmen and employees.

Page 17 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Sr. Employee Name Claims Payment to be No. Admitted made (Amount (Amount in INR) in INR)

1. Ajay Rathod 40,027 20,014

2. Ajay Suradkar 36,481 18,241

3. Ajay Tare 38,689 19,345

4. Ajaykumar Patel 7,72,033 3,86,017

5. Ajit Pawar 26,861 13,431

6. Ajit Salunkhe 23,695 11,848

7. Amitabh Saxena 2,99,805 1,49,903

8. Amol More 18,026 9,013

9. Amol Sayane 43,888 21,944

10. Anand Salunkhe 2,86,885 1,43,443

11. Anant Kasar 1,37,905 68,953

12. Anil Jadhav 15,499 7,750

13. Anil More 3,34,298 1,67,149

14. Ankur Khot 39,157 19,579

15. Ankush Kamble 69,032 34,516

16. Apurva Sukani 43,405 21,703

17. Aquib Shaikh 83,592 41,796

18. Arun Bari 2,69,261 1,34,631

19. Arun More 27,827 13,914

20. Arvind Poojari 209,263 104,632

21. Ashok Dinde 184,787 92,394

22. Ashok Konda 20,68,853 10,34,427

23. Ashok Salunkhe 2,61,342 1,30,671

24. Ashwini Raut 39,362 19,681

25. Aslam Naikawadi 40,476 20,238

26. Avdhesh Yadav 1,35,113 67,557

27. Avijit Sanyal 1,62,367 81,184

28. Avinash Takale 43,299 21,650

29. Balaji Panda 1,08,308 54,154

Page 18 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

30. Balaso Saptal 2,70,637 1,35,319

31. Balu Katela 42,378 21,189

32. Bhanudas Tupe 3,11,145 1,55,573

33. Bhanwar Tailor 2,54,100 1,27,050

34. Bhaskar Ghagre 23,785 11,893

35. Bhupesh More 30,635 15,318

36. Bimal Patel 65,14,304 32,57,152

37. Brijnandan Pandey 24,523 12,262

38. Chandrakanth Salian 1,32,194 66,097

39. Danaji Nemane 54,971 27,486

40. Dashrath Dalvi 86,073 43,037

41. Dattatraya Dute 23,111 11,556

42. Dayanand Patil 2,68,263 1,34,132

43. Deepak Patil 1,38,464 69,232

44. Deepak Patil 2,62,513 1,31,257

45. Deepti Patil 44,186 22,093

46. Devidas Patil 3,04,845 1,52,423

47. Dhairya Shah 1,13,232 56,616

48. Dhanashree Khot 42,092 21,046

49. Dharmendra Mishra 79,662 39,831

50. Dharmendra Shinde 42,244 21,122

51. Dhiraj Tare Not legible 16,953

52. Digambar Satwe Not legible 1,44,091

53. Dinesh Raut 16,668 8,334

54. Dinesh Vade 2,67,287 1,33,644

55. Dinyar Elavia 34,14,343 17,07,172

56. Dipali V. Desai 26,367 13,184

57. Dulamani Majhi 33,160 16,580

58. Dyaneshwar Shinde 4,48,350 2,24,175

59. Eknath Parab 1,69,658 84,829

Page 19 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

60. Ganesh Kushwa 2,27,984 1,13,992

61. Ganesh Tirloskar 73,597 36,799

62. Gautam Davane 43,152 21,576

63. Ghanshyam Yadav 1,00,998 50,499

64. Girish Bhangale 1,59,576 79,788

65. Gopalkrishna Shenoy 22,71,031 11,35,516

66. Gracy Andrew 2,91,950 1,45,975

67. Harshad Lohar 41,963 20,982

68. Hemant Bari 1,23,591 61,796

69. Hemant Kumar Singh 1,81,859 90,930

70. Hemant Pimple 2,61,577 1,30,789

71. Hemantkumar Mahajan 1,71,211 85,606

72. Himanshu Churi 15,699 7,850

73. Hitesh Dongare 33,866 16,933

74. Hitesh Vagadia 9,79,215 4,89,608

75. Indiresh Yadav 1,14,997 57,499

76. Jagdish Salian 3,98,388 1,99,194

77. Jaiprakash Patil 4,55,916 2,27,958

78. Javed Mahammed Shaikh 24,807 12,404

79. Jayashrec Murukate 1,26,398 63,199

80. Jaydeep Mhatre 34,441 17,221

81. Jayesh Gawad 40,602 20,301

82. Jitendra Mali 96,460 48,230

83. Jitendra Sankhe 1,12,390 56,195

84. Jitendra Talele 1,06,159 53,080

85. Jitendra Tare 71,568 35,784

86. Jitendra Vade 2,66,288 1,33,144

87. K R Singh Thapa 3,67,813 1,83,907

88. Kailash Salunkhe 2,74,602 1,37,301

89. Kalidas Bagal 1,28,676 64,338

Page 20 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

90. Kalpesh Bhangale 24,791 12,396

91. Kanishk Kadu 45,952 22,976

92. Kinjal Shah 6,16,452 3,08,226

93. Kiran Jadhav 47,301 23,651

94. Kishor Barde 1,61,831 80,916

95. Krishna Gosawi 1,88,900 94,450

96. Krushnath Nimbalkar 1,46,391 73,196

97. Lalbahadur Chaudhari 2,82,968 1,41,484

98. Laxman Zore 3,57,061 1,78,531

99. Madhukar Davare 25,416 12,708

100. Mahesh Patil 2,93,195 1,46,598

101. Mahesh Sankhe 2,27,564 1,13,782

102. Manish Gharat 2,64,206 1,32,103

103. Manohar More 1,21,975 60,988

104. Manohar Salunkhe 2,88,461 1,44,231

105. Manoj Dhande 36,498 18,249

106. Manoj Pimpale 2,81,751 1,40,876

107. Nakul Salve 38,252 19,126

108. Narsing Dhaygude 29,120 14,560

109. Navnath Patil 2,00,438 1,00,219

110. Netaji Dabade 32,278 16,139

111. Nikhil Ovhal 43,842 21,921

112. Nilesh Machhi 36,981 18,491

113. Nilesh Pathak 2,80,526 1,40,263

114. Nitin Lokhande 2,62,614 1,31,307

115. Nivruti Naik 2,41,976 1,20,988

116. Omkar Patil 31,792 15,896

117. Pandurang Gawde 1,56,924 78,462

118. Paritosh Sankhe 41,528 20,764

119. Parmanand Tamore 39,878 19,939

Page 21 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

120. Peddi Reddy .B 1,34,122 67,061

121. Pradeep Shanvar 14,616 7,308

122. Pradip Warke 23,447 11,724

123. Prafull Ghodke 2,86,721 1,43,361

124. Prakalp Raut 40,678 20,339

125. Prakash Gosavi 4,73,829 2,36,915

126. Prakash Kadam 39,125 19,563

127. Prakash Suryavanshi 5,05,605 2,52,803

128. Prakash Tupe 5,47,538 2,73,769

129. Pranay Mer 35,460 17,730

130. Pranay Shah 29,695 14,848

131. Pranita Mhatre 64,464 32,232

132. Prashant P Deshmukh 34,997 17,499

133. Prashant Showche 2,68,256 1,34,128

134. Prashant Vade 2,54,067 1,27,034

135. Pratik Dalvi 47,325 23,663

136. Pravin Chaudhari 1,60,370 80,185

137. Premshankar Singh 2,29,035 1,14,518

138. Prinkal Bari 44,040 22,020

139. Pritam Vajirkar 2,89,567 1,44,784

140. Priyanka Raut 18,391 9,196

141. Purushottam Patil 2,49,308 1,24,654

142. Raghava Majjiga 1,58,903 79,452

143. Rahul Kulkarni 1,97,658 98,829

144. Rahul Wadke 1,04,596 52,298

145. Raj Mhatre 17,845 8,923

146. Rajan Margl 1,20,286 60,143

147. Rajesh Mere 30,765 15,383

148. Rajesh Mhatre 3,05,337 1,52,669

149. Rajesh Sonkamble 1,53,856 76,928

Page 22 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

150. Rajesh Yadav 52,855 26,428

151. Rakesh Mhatre 37,251 18,626

152. Ram Varma 1,08,495 54,248

153. Ramdas Kadam 5,36,639 2,68,320

154. Ramnarayan Pandil 2,69,306 1,34,653

155. Rashmi Khandare 1,04,877 52,439

156. Ravi Selvaraj 75,850 37,925

157. Ravindra Sonkamble 1,48,630 74,315

158. Reena Kini 51,821 25,911

159. Ronak Ashok Sethiya 52,173 26,087

160. Roopvarsha Khambal 2,94,600 1,47,300

161. Roshan Vade 34,259 17,130

162. Rupali Joshi 3,51,255 1,75,628

163. Rupesh Sankhe 3,23,687 1,61,844

164. Rushikumar Gharat 2,69,475 1,34,738

165. Sachin Gursal 25,438 12,719

166. Sachin Mane 47,826 23,913

167. Sachin Patil 81,410 40,705

168. Sagar Kamble 30,920 15,460

169. Sandip Diva 34,003 17,002

170. Sandip Madhukar Shelar 9,631 4,816

171. Sandip Pimple 1,30,012 65,006

172. Sandip Rahane 43,193 21,597

173. Sanjay Ghadge 1,05,634 52,817

174. Sanjay Jadhav 1,60,265 80,133

175. Sanjay Pawar 2,29,277 1,14,639

176. Sanjay Shinde 3,97,182 1,98,591

177. Sanjay Suryavanshi 2,05,413 1,02,707

178. Santosh Bhangale 3,65,724 1,82,862

179. Santosh Hindalekar 2,41,309 1,20,655

Page 23 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

180. Santosh Khambe 2,67,710 1,33,855

181. Santosh Mohite 11,766 5,883

182. Santosh Salunkhe 2,57,262 1,28,631

183. Santosh Sankhe 2,70,929 1,35,465

184. Santosh Sankhe 57,358 28,679

185. Santosh Vade 2,55,972 127,986

186. Sathiascelan B 21,53,681 10,76,841

187. Satish Shinde 81,612 40,806

188. Satyanarayan 1,45,231 72,616 Veerbhathini

189. Shahaji Bhosale 2,78,153 1,39,077

190. Shailesh Kansara 2,53,870 1,26,935

191. Shailesh Patil 47,632 23,816

192. Shamali Salve 51,305 25,653

193. Shankar Shinde 64,670 32,335

194. Shantaram Jamble 5,13,363 2,56,682

195. Shidharam Haralayya 46,092 23,046

196. Shirish Taharabadkar 2,35,754 1,17,877

197. Shivaji Katkar 2,54,818 1,27,409

198. Shivaji Nagare 1,15,114 57,557

199. Shivaram Gharat 1,09,333 54,667

200. Shravanbal Tejam 1,68,381 84,191

201. Shrikrishna Sawant 1.90.585 95,293

202. Shubham Mistri 32,872 16,436

203. Smita Kalse 43,482 21,741

204. Smita Shinde 83,163 41,582

205. Somnath Neharkar 31,662 15,831

206. Sopan Shelar 2,62,467 1,31,234

207. Subhash Domb 3,74,939 1,87,470

208. Suhas Patil 28,405 14,203

209. Sunil Deshmukh 2,88,558 1,44,279 Page 24 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

210. Sunil Jadhav 33,596 16,798

211. Sunil Padave 3,24,376 1,62,188

212. Sunil Raut 1,03,398 51,699

213. Sunil Vartak Not legible Not legible

214. Sunil Wahurwagh 73,436 36,718

215. Sunita Kumkar 39,613 19,807

216. Supesh Shelke 43,547 21,774

217. Suresh Avadhani 6,16,028 3,08,014

218. Suresh Mate 1,18,733 59,367

219. Suresh Salunkhe 2,81,024 1,40,512

220. Suresh Thapa 3,12,786 1,56,393

221. Suryakant Zore 3,23,534 1,61,767

222. Suryapraksh Yadav 44,455 22,228

223. Suyog Gharat 25,987 12,994

224. Swapnil Kadu 39,104 19,552

225. Tamanna Shaikh 92,579 46,290

226. Tejeswara Rao Killi 1,20,398 60,199

227. Trishul Shinde 25,210 12,605

228. Tushar Bari 53,185 26,593

229. Uday Bhosle 1,28,896 64,448

230. Uday Kumar Rao 15,19,405 7,59,703

231. Umesh Patil 2,10,591 1,05,296

232. Upesh Deo 41,809 20,905

233. Vaibhav Patil 57,944 28,972

234. Vaibhav Patil 18,657 9,329

235. Vaman Naik 6,35,201 3,17,601

236. Vasant Mane 1,83,489 91,745

237. Vicky Patil 25,918 12,959

238. Vijay Patil 3,46,670 1,73,335

239. Vilas Salunkhe 2,33,917 1,16,959

Page 25 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024

240. Vilas Shinde 3,78,359 1,89,180

241. Vinayak Jamble 3,78,359 1,48,562

242. Vinod Pagdhare 2,97,123 81,915

243. Vinod Yadav 1,63,829 16,018

244. Vishal Guhagarkar 32,035 1,058

245. Vishal Patil 2,116 15,082

246. Vishvesh Joshi 82,215 41,108

247. Yogesh Gund 44,455 22,228

248. Yogesh Patil 67,641 33,821

249. Yuvaraj Barhate 5,17,390 2,58,695 Total 5,67,77,295 2,83,88,648

2. List of employees who were on the payroll of the company as on 6th February 2018 and have submitted claims individually.

Sr. Employee Claims Payment to be No. Name Admitted made (Amount (Amount in in INR) INR) 1. Hiren Dave 1,05,972 52,986 Total 1,05,972 52,986

3. List of employees who were not on the payroll of the company as on 6th February and have submitted claims individually

Sr. Employee Claims Payment to be No. Name Admitted made (Amount (Amount in in INR) INR)

1. Amarjeet Yadav 21,655 -

2. Anju Verma 1,27,186 -

3. Babaji Gunjal 21,857 -

4. Balaraju Chinnabathini 4,18,116 -

5. Gangadhar Hegde 1,79,662 -

6. Girish Mandlekar 2,05,906 -

7. Hanamanth Rao 56,562 -

Page 26 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Rangrao

8. Hemant Khamkar 1,58,382 -

9. Hitesh Patil 62,844 -

10. Jayashree Murukate 98,743 -

11. Jitendra Kini 75,953 -

12. Jitendra Suryavanshi 2,51,564 -

13. Jitendra Talele 50,906 -

14. Kamlesh Kore 3,70,333 -

15. Kiran Desai 55,379 -

16. Kiran Sajan 64,811 -

17. Mahesh Kamat 3,48,192 -

18. Mayuri Bhoir 1,02,462 -

19. Mrinal Debnath 65,080 -

20. Nilesh Sankhe 82,020 -

21. Nitin Dey 78,110 -

22. Peddi Reddy Bijjam 1,28,774 -

23. Raghava Reddy Majjiga 1,52,067 -

24. Raghavendra T-Pyati 1,85,664 -

25. Raup Pinjari 19,640 -

26. Ravindra Athavale 1,00,000 -

27. Sagar Ekal 15,848 -

28. Sandeep Patil 69,083 -

29. Sandeep Turwatkar 2,52,452 -

30. Shakera Shaikh 78,224 -

31. Shashikant Gaikwad 86,433 -

32. Sonali Sawant 35,805 -

33. Sudhir Zende 61,593 -

34. Sumit Gampawar 69,595 -

35. Sunil Save 88,535 -

36. Suresh Patil 6,54,964 -

37. Sushil Dheer 1,63,123 -

38. Tanvir Mahadik 2,08,042 -

39. Vimesh Patel 1,79,284 -

Total 54,44,849 -

Page 27 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Summary of all the Employee claims:

Sr. Particulars Claims Admitted Payment to be No. (Amount in INR) made (Amount in INR) 1 Employees in the 5,67,77,295 2,83,88,648 payroll and claims submitted through authorized representatives 2 Employees in the 1,05,972 52,986 payroll and claims submitted individually 3 Employees not on the 54,44,849 -

payroll of the company Total 6,23,28,116 2,84,41,634

14. When we peruse the terms of the resolution plan alongwith the Annexure

7, it clearly shows at Category No. 3 that 39 employees who were not on the

payrolls of the Company as on 06.02.2018 had submitted their claims

individually. Annexure 7 clearly depicts that "Nil" payments were to be made to

them against the claim amount admitted in their case. We find the name of one

of the present Applicants, Shri Ravindra Athavale at Sl. No. 26 at Annexure 7 at

Category No.3. It is unambiguously clear from a reading of Annexure 7 that 'Nil

Payment' was due to the Applicants in terms of the plan. The existence of this

list has not been denied or controverted by the Applicant.

15. Given this backdrop, we cannot subscribe to the manner in which the

Applicants have tried to read the Resolution Plan in a fragmented manner

segregating Annexure 7 therefrom. This skewed approach also followed by the

Adjudicating Authority of severing the Annexure 7 from the plan has led to

misrepresentation and misinterpretation of the terms of the resolution plan.

Page 28 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 Annexure 7 clearly shows that Nil Payment treatment was accorded to the

Applicant in the resolution framework of the SRA with respect to their gratuity

dues.

16. This leaves no doubt in our mind that the resolution plan did not provide

for payment of gratuity dues to certain employees including the Applicants who

were not on payroll of the Company as on 06.02.2018. It is also a fact that it has

not been disputed by the Applicants that they were not on the payroll of the

employer as on 06.02.2018.

17. We further note that this resolution plan was approved by the CoC with

77.80% vote share and thereafter approved by the Adjudicating Authority on

16.04.2019. This plan was thus approved by the Adjudicating Authority nearly

six years back as of now. At the cost of repetition, it is again stated that this

resolution plan was challenged upto the level of the Hon'ble Supreme Court, but

the challenge to the plan having failed to pass muster, the plan had acquired

finality. Though the plan had been challenged right up to the Hon'ble Supreme

Court, the Applicant had remained silent and did not challenge the resolution

plan which tantamount to their acquiescence to the term of the plan.

18. At this stage, we would like to point out that the facts of the present case

is clearly distinguishable from Jet Aircraft judgment supra which has been

relied upon by the Applicants. In the present case, the Resolution Plan had

acquired finality upto the level of the Hon'ble Supreme Court and even

implementation process was also complete. As noticed above, this plan clearly

did not provide for payment of gratuity dues to the employees who were not on

the payroll before 06.02.2018. In the Jet Aircraft judgment supra, the plan Page 29 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 had not attained finality and was still under challenge. Thus, this judgement

cannot come to the rescue of the Applicants.

19. Thus, when the plan of the SRA did not provide for any payment to the

Applicants for their gratuity dues and this plan had been approved by CoC in

the exercise of its commercial wisdom, it would be fallacious on our part to

accede to the contention of the Applicants that their gratuity payment claims

formed part of the Resolution Plan. Further in terms of the approved plan, the

SRA has already paid Rs 4.83 Cr. including Rs 2.56 Cr. towards gratuity against

the admitted claim of Rs 6.29 Cr. of the workmen/employees which has not been

controverted by the Applicants.

20. It is well-settled, as held by the Hon'ble Supreme Court in Ghanshyam

Mishra and Sons Pvt. Ltd. Vs Edelweiss ARC (2021) 9 SCC 657 and Ebix

Singapore Pvt. Ltd. Vs Committee of Creditors of Educomp Solutions Ltd.

(2022) 2 SCC 401, that once a Resolution Plan is approved, all claims not

forming part of it stands extinguished and cannot be reopened. After the plan of

the SRA was approved by the Adjudicating Authority on 16.04.2019, the issue

of differential treatment to employee and workmen not on the payroll of the

Corporate Debtor as on 06.02.2018 and employees and workmen who were on

the payroll as on 06.02.2018 in respect of gratuity claim was never put to

challenge by the Applicants. Thereafter the order of the Hon'ble Supreme Court

affirming the resolution plan was passed on 20.02.2020. The Applicant filed

their application challenging the resolution plan for non-inclusion of their claim

as late as in April 2022 by which time the plan had acquired finality. Thus, in

terms of the Ghanshyam Mishra and Ebix judgments supra, the Applicant Page 30 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024 stood precluded from disputing the plan and that too when the SRA has already

discharged the payment obligations in terms of the approved resolution plan of

16.04.2019 which plan carried the stamp of approval from the CoC upwards to

the Hon'ble Supreme Court.

21. In view of the aforesaid reasons, we do not find any merit in the Review

Applications warranting any modification of our findings dated 18.12.2024.

Accordingly, the Review Applications are rejected. No costs.

[Justice Ashok Bhushan] Chairperson

[Barun Mitra] Member (Technical)

[Arun Baroka] Member (Technical)

Place: New Delhi Date: 21.08.2025

Abdul/ Harleen

Page 31 of 31 Review Application No. 4 & 5 of 2025 in Company Appeal (AT) (Insolvency) No. 522 & 523 of 2024