In the matter of MAA DURGA RICE PROCESSING AND EXPORTS PRIVATE LIMITED

NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH IA (IB) No.42lCBl2o22 & IA (IBl No.244lcBl2o23 in TP No. 30/CB|2OI9 Ir tup MATTER oF: BANK OF INDIA FINANCIAL CREDITOR Vs. MAA DURGA RICE PROCESSING AND EXPORTS PRIVATE LIMITED CORPORATE DEBTOR AND IA (IB) No. 42/CBl2a22 (Appl.ication Under Section 30(6) for approual o.f Resolution. Plan. un.der Section 31(1) o.f the Insoluency and Bankruptcy Code,2016) Ir mrp MATTER oF: KAMALESH KUMAR SINGHANIA, Rpsot utIol PRorpssIoNAL oF MAA Dunca Rrcp PRocpssrxc & Exponrs Pvr Lro, At Rajrangkunj, Room No"412 &,413,28, Grant Lane,4th F'loor, Ko11<ata-7000 12" APPLICANT AND IA(IB) No.244lCBl2023 (An application under section 31(1) of the Insoluencg and Bankruptcy code, 2016) Ir rHp ryrertpR or: KAMALESH KUMAR SINGHANIA, Rpsor,urror PRoppssroNAL or Mae Dunce Rrcp PRocpssrNc & Exponrs Pvr Lto, At Bajrangkunj, Room No"412 &,4I3,28, Grant Larte,4th F'loor, Kolkata-7000 2" 1 APPLICANT Vs sd SJ

IA(IB) No"42/CB/2022 and IA(IB) No.244 / CB I 2023 In TP No, SO|CTB|?OL9 NCLT, Cumacx BENCH LORAMITRA RATH, Kairapari, Kotasahi, Bainchua, Tangi, Cuttack, Dist: Cuttack, Odisha - 754022. RESPONDENT Onpon PRonoullcpD ON: o5.08.2026 Coneu: Cnppxerr RepHa KRrsHne, HoN'sr,p MsMspn (Juorcw) Bauweru Lal MppuA, HoN'BLE MEMBER (TecHnrcel)

FoR Apppenarcp: Fon ApplrcANT: Pnewev AceRwel, Aovocetu Fon RpspoNDENTs S.K. AcHeRyA. ADvocATE SusHail! AcaRwel, Auvoceru

AR:DEB PBn: Belrwenr LeL MBBNa. MBnnsaR (IBcrrxrcal,l Bnrpp BecxcRourp: 1. Maa Durga Rice Processing & Exports Pvt. Ltd., (hereinafter referred to as the Corporate Debtor) was admitted into CIRP vide order dated 04"Aq.'2019. During the CIRP period, Government of India redefined the definition of MSME units and CD was eligible to be a MSME as per the revised definition and subsequent to such notification Prasant Chandra Rath one of the promoters and guarantors of CD, expressed intention to submit trOI if allowed by the CoC claiming exemption from provisions of section 29Atn terms of section 24OA of the Code. The Resolution Applicant submitted an affidavit dated 78.10.2021 under Section 29A confirming its eligibility to submit a resolution plan as its turnover is less than 250.00 crores" CoC at its meeting held on 03.07.2O2O allowed the promoters to submit trOI as it was a registered Small-Scale unit and was falling within ot >c ?-- SJ -z'

IA(IB) N o "42 I CB I 2o22 and, IA(IB I N o "244 I CB I 2023 In TP No, SO(CTB|?OL9 NCLT, CurrAcK BENCH the meaning of MSME enterprise as per new notilication S.0 "21i9(E) dated 26.06.2020 which came into effect from A1.O7.2020 issued by the Govt, of India and RP was directed by CoC to accept the same if found otherwise eligible as per criteria fixed by the COC. 2. Mrs. Loramitra Rath, wife of Mr" Frasant Chandra Rath who is also director and guarantor of the CD submitted EOI and the Information memorandum, RFRP and Evaluation Matrix were shared with her and she subsequently submitted a Resolution Plan & after protracted negotiations and deliberations the CoC in its Adjourned 19th meeting held on 19"01.2022 accepted and Resolution plan submitted by Mrs. l,oramitra Rath with lOOo/o votes. However, the Resolution Plan submitted for approval before this Adjudicating Authority through IA(IB) 42lCB 12A22 was dismissed and an order for liquidation of the CD was passed by the I{on'ble Bench on 05.04.2A22. 3. The liquidation order was assailed by the Resolution Applicant before the Hon'ble High Court of Orissa and uide order dated 79.O5"2022, Hon ble High Court set aside the liquidation order and referred the matter to be reconsidered by this Adjudicating Authority and accordingly the Resolution Applicant filed IA(IB) No"225lCBl2022 seeking restoration of IA(IB) 42lCB/20222 which was allowed uide order dated 28.02.2023 and also in subsequent hearings permitted the Resolution Applicant to Iile additional documents in support of its MSEM status. 4. During the pendency of IA(IB) No. 42 ICB 12022 the RP filed IA(IB) No.2a4lCBl2022 with the following prayer: q. Allow RP to utithdraw IA no" 42/CB/2O22 filed before the Hon'ble Bench tuith regard to approual of Resolution Plan submitted by Mrs" Loramitra Rath;

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IA(IB) N o.42 I CB I 2422 and, IA(IB) N o "244 I CB I 2023 In TP No, SO{CTB|?OL9 NCLT, Cumecx tspwcn b, lssue necessary orders I directions approuing the liquidation of M/s" Maa Durga Rice Pl"ocessing & Dxports Put" Ltd., CD herein, os approued by the CoC. c" lssue necessary orders/ directions approuing the. appointment of Mr" Kamalesh Kumar Singhania as liquidator in th.e matter of l.iquidation of CD, M1s. Maa Durga Rice Processing & Exports Put. Ltd., as approued bg the CoC. d, Pass such other Order/ directions as this Hon'ble Bench mag deem fit and necessary in the facts and circumstances o.f the case. 5. The applicant in IA(IB) No. 244lCBl2O22 has averred that the Resolution Applicant is ineligible to submit the Resolution plan on the following grounds: a, In the matter lbr another group company M/s Maa Durga Rice Products Pvt. Ltd. in IA no.276lCTBl2020 arising out of TP NO: 36 I CTF_ l2OI9 connected with CP(IB) No. 1292 IKlB- 12079, an order has been passed by this Hon'bie Bench on 26"O4.2022 against the directors of the said company involving PUFE Transactions and Mrs" Loramitra Rath, the RA herein, is also a director of the said M/s. Maa Durga Rice Products Pvt. Ltd. The orders dated 26"44.2022 u,ere challenged before the Hon'ble NCLAT and the Ilon'ble NCLAT vide judgernent dated 3A"O9.2022 upheld the orders dated 26.O4.2022. Thejudgement of the Hon'ble NCLAT was subsequently appealed before the Hon'ble Supreme Court but the same was withdrawn on 10.04.2023. b" In the CIRP of M/s Maa Durga Rice Products Pvt. Ltd the Resolution Plan submitted by the Loara Mitra Rath was rejected in IA no. 337 lCBl2O2O and order for liquidation was passed as Mrs. Lora Mitra Rath was found to be ineligible under Sec 29A(g).

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IA(IB) N o "42 I CB I 2Q22 and. IA(IB ) N o "244 I CB I 2023 In TP I{o, 3O/CT812019 NCLT, Cumncx BENcH c. Punjab National tsank had initiated proceedings under section 95 of the IBC on 25.1O.202'2 against Mrs. Loramitra Rath in CP(IB) No. 5llCBl2022 before this Adjudicating Authority and RP was appointed u/s 96 vide order dated 09.O5"2023 after observing the vaiid invocation of guarantee against Lora Mitra Rath and the RP through its report has recommended the admission of the RA into Personal Insolvency Resolution Process. 6" The Resolution Applicant has objected to the application and has raised the following contentions that: a. for the purpose of evaluating disqualificatiorr :uls. 29A(g) of' the Code, the disqualification pursuant to PUFE transactions would have to be there at the time of submission of the Resolution Plan, and not at such an advanced stage where the approval of the Resolution Plan is being considered pursuant to the order of the Hon'ble High Court. b. The order clated 26.O4.2022 in respect to avoidable transactions against the Resolution Applicant which was upheld by Hon'ble NCLAT was challenged before the Hon'ble SC however the same was withdrawn rnith the liberty to raise all objections before the Adjudicating Authority and accordingly IA(IB) No.262lCB/2023 was filed and the same remains sub judice. c. The application vide C.P" (lB) No. 5LlCBl2022 u/s. 95 of the Code has been filed against the deponent by Punjab National Bank for initiation of personal insolvency proceedings against the deponent has not been admitted by t-his Hon'ble Tribunal as on date. 'l'he Hon ble Tribunal has only taken note of the interim moratorium which commences from the date of filing of petition u/s. 95 of the Code, and this cannot be said to be a declaration of interim

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IA{IB) N o "42 I CB I 2a22 and, IA(IB} N o "244 I CB / 2023 ln TF No, SAlCTBl2Atg NCLT, CUTTACK BENCH moratorium by this Ilon'ble Tribunal. Ilence it is false and misconceived to state that this Hon'ble Tribunal vide order dated 09"O5"2A23 has appointed the resolution professional u/s. 97 of the Code and had imposed the interim moratorium u/s. 96 of the Code" The application u/s. 95 can only be treated to be admitted upon the passing of the order u/s. 100 of the Code. Further, the applicant has also not mentioned under which clause of Section 29A does this amount to a disqualification. d. In the 2nd Last para of Pg" 233 of the IA the applicant hrmself stated before the CoC that at the time of submission of the Flan, the SRA was not falling under the provisions of disqualification for PUFE transactions. e. The applicant has prayed for withdrawal of iA 42, which was the application for approval of the resolution plan. In response thereto, it is submitted that under the Code, there is no provision for withdrawal of an application filed u/s" 30(6) of the Code. In fact, the CoC also is not empowered to direct the Resolution Professional to withdraw such an application and there is no provision even under the invoked section 31(1) which allows withdrawal of IA 42 for approvai of the Plan. f" The applicant has not arrayed the SRA as a party in the present application, and therefore, the instant application cannot be permitted because of non-joinder ofnecessary party. Analysrs AND Frlollcs: 7. We have heard the learned counsels appearing for both the parties and have perused the records of IA(iB) No. 42lCBl2022 and IA(IB) No. 244/C8"2022. Since IA 244 has been Iiled by the RP seeking withdrawal

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IA(IB) N o.42 I CB I 2A22 and IA(IB) N o "244 I CB I 2023 In TP No, 3O/CTB/2019 NCI,T, Cumecx BENcH of IA 42 and with consequential prayer of initiating liquidation of the Corporate Debtor, hence we a1'e inclined to first decide IA 244 as the outcome of IA 244 directly affects the fate af IA 42. 8. The ld counsel for the RP has submitted that the Successful Resolution Applicant i"e. Lora Mitra Rath has become ineligible u/s 29A(g) and (h) as the SRA was a director of a CD wherein PL/F E transactions was carried out and guarantee was invoked by a PNB executed by the SRA with respect to loan extended to Mls Maa Durga Rice Products Pvt. Ltd which has undergone CIRP upon the application filed by PNB. 9" Upon perusal of section 29A(g) of the code it is clear that a person is barred from submitting a plan who has been part of mana6lement of a CD 'in which' arty avoidable transactions has taken place and in respect of which an order has been made by the Adjudicating Authority under this Code. In the present case it is undisputed that the SRA herein was a director of M/s Maa Durga Rice Products Pvt. Ltd and vide order dated 26.O4.2022 this Adjudicating Authority has concluded that certain PUFtr transactions has taken place in the CD and has directed al1 the respondents including the SRA to contribute in the reimbursement and t-he said order has attained finality after the same has been unsuccessfully appealed before the Hon'ble Apex Court. Furthermore, in terms of section 29A(g) the disqualification regard to 29A(g) does not have to be ascertained at the tirrre of submission of resolution plan, that condition is only applicable in case of 29A(c). Hence it is concluded that the SRA is barred u/s 29A(g) from submitting a resolution plan. 10. In regard to section 29A(h) it is seen that as per sec 24OA of the code section 29A(h) is not applicable in case of an MSME, however the fact that the CD herein is in fact MSMtr has not been adjudicated as that issue

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IA(IB) No.42lCBl2022 and IA(IB) No"244lCB 12423 In TP No, SOlCTB{2AL9 NCLT, Cumecx BENcH remains pending adjudication in IA 42" Furthermore, in light of the observations made in the preceding paragraph wherein we have already ascertained that the SRA is hit by 29A(g) making her ineligible. Hence" we are not inclined to adjudicate upon the issue related to the disbarment of SRA u/s 29A(h) as it will not materially alter the outcorne of this order and also the status of the CD as MSME has to be judicially adjudicated before applicability of 29A(h) can be truly looked upon. 11. In regard to the contention raised by the SRA that the applicant prayer for withdrawal or liquidation u/s 31(1) of the code is erroneous as the provision does not permit the same. lt is observed that application has been filed u/s 31(1) of the code and upon bare perusal of section 31(i) of the code it is seen that section 31(1) neither permits the RP to fiie an application either seeking withdrawal of an application filed u/s 30(1) nor to seek initiation of liquidation" Section 31(1) in reality empowers this Adjudicating authority to either approve a plan which is filed u/s 30(6) alter evaluating the approved plan on the parameters described in section 31(1) and in the alternate reject the plan in accordance with the power provided u/s 31(2) of the code. It is also seen that the code does not specifically contain any provision empowering the RP to fi1e a specific application to withdraw an application filed u/s 30(2) of the code. However, since the RP has brought on record undisputed facts through 1A242 which has made the SRA ineligible uls29A and hence in light of such circumstances the appropriate provision of law to file an application seeking liquidation is section 33(2) of the Code. it is a trite larn, that mere filing under wrong provisions is not fatal to the application and hence the present application is treated as application u/s 33(2) of the Code. Section 33(2) of the Code states the following:

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IA(IB) N o "42 ! CB l 2022 and, IA(IB) No.244l CB 1 2023 In TP No, SO|CTB{?AL9 NCLT, Cumacx Bprcn (2) IVhere the resolution professional, at a.nA Lime during the corporate insoluency resohttion process but before confi.rmation of resolution plan, intimates the Adjudi.cating Authority of the decision of the committee of creditors afapproued by not less than sixtg-six per cent" of the aoting sharel to liquidate 3[or dissolae] the corporate debtor, the Adjudicating Authoritg shalt pcrss a liquidation order as referred to in sub-clauses {i), t[(ii), (iii), (iu) and (a)] of clause (b) 6[of sub-section (7) or a dissolution. order under sub-section (2A) of section 54, as the case m.ay be:l. L2. The applicant herein has brought on record the Minutes of the 22nd CoC meeting held on 24.07 .2023 wherein the following resolutions were put to vote: As there ls no alternate plan, the CoC then recom.mended for liqui.dation of the CD and passed the fo llo tu ing R e s olutio n s : "RESOLVED THAT IA no 42/ CB/ 2022 filed for approual of Resoluti.on Plan submitted by Mrs. Lorarritra" Rath. be utithdraun for the reasorls of disquaLifi"cations of RA in terms of section 29A(g) of Code and initiation of personal insoluency against the RA i.n which renders the serious concerns about i.mplem.entation of the plan by RA. "RESOLVED THAT Mjs Maa Du.rga Rice Processing & Exports Put" Ltd., the CD, be liquidated and Mr. Kamalesh Kumar Singhani"a, Resolution Professional be appointed as liquidator of the company." SC SC -'-

IA(IB) N o.42 t CB t 2022 and IA(IB ) No "244 t CB I 2023 In TP No, SO|CTB(2OL9 NCLT, Cumecx BENcH FURTHER RESOLVE D THAT Re solutio n Profe s sio nal is authcsrised to take necessaru sleps with regctrd ta with.drawal o.f IN 42/ CB/ 2022 ctnd alsa to _fi.le necessary application before the Hon'ble NCLT for liquid.ation of the CD 13. Accordingly, the resolutions were approved by CoC, however no voting results was enclosed along with the application and hence necessary clarification was sought. The applicant has filed a clarification affidavit on 08.07.'2026 wherein he has clarified that [he voting was conducted with the show of hands and has filed affidavits from both the members of the CoC to that effect. In light of'the observations made above MAA DURGA RICE PROCESSING AND EXPORTS PRMTE LIMITED is Ordered to be Liquidated under section 33 of IBC,2O16 and the following orders are passed: a" Mr" Amarendra Kar having Registration No" IBBI/IPA- OO1/IP-P-O295612025-20261 L4557, residing at Cuttack Odisha and having Contact No.- 986L82257O, E-mail id -caamarendrakar(a)gmail.com is hereby appointed as the Liquidator. b. The Liquidator is directed to forthwith take into her custody all the assets, Properties, equipment, machineries, and actionable claims of the corporate debtor and take necessary steps to ensure preservation, protection security and maintenance of those properties as provided under section 35(1)(b) & (d) of IBC 2016. c. The Liquidator is directed to adhere to Section 33(1) (ii) & (iii) and discharge his powers and duties as specified under

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IA(IBI No.42 I CB I 2022 and. IA(IB) N o "244 I CB I 2023 In TP No, SO(CTB{?OL9 NCLT, Cumecx BENcH Section 35 to 4\ of IBC, 2016 and meticulously adhere to the Rules and Regulations issued by IBBI in this regard from time to time. d. The Liquidator is directed to issue public Notice as contemplated under section 33(1) of the Code in one morning, English daily and in one morning regional language newspapers. e. A11 the powers of the Board of Directors of the Corporate Debtor and of its key managerial personnel, shall cease to exist in accordance with section 34(2\ of the Code, These powers shall henceforth vest in the Liquidator. The personnel of the Corporate Debtor shall extend all assistance and cooperation to the Liquidator as may be required by him in the Liquidation process of the Corporate Debtor. f" On initiation of the Liquidation process but subject to section 52 of the Code, no suit or other legal proceeding shall be instituted by or against the Corporate Debtor, save and except the liberty to the liquidator to institute a suit or other legal proceeding on behalf of the Corporate Debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso" g" In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the Corporate I)ebtor, except to the extent of the business of the Corporate Debtor continued during the liquidation process by the liquidator.

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IA(IB) No.42 I CB I 2022 and IA(IB) Na.244 I CB I 2023 In TP No, SO{CTB{2AL9 NCLT, Cumncx BENcH h. In terms of Section 33(1) (b) (iii), the Liquidator shall file a copy of this Order with the Registrar of Companies within whose jurisdiction the Corporate Debtor is registered. io The fee of Liquidator to be determined as provided under Regulation 4 of Insolvency and Bankruptcy tsoard of India (Liquidation process) Regulation 2016. j. As per Regulation 13 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regu1ation,2Ol6, the liquidator shall submit a preliminary report to the AdJudicating Authority within 75 days from the liquidation commencement date providing various details/information as mentioned in the said regulation. k. The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel and to ROC, Odisha for information and for taking necessary steps. L4. Accordingly, IA(IB) No" 244lCBl2O23 is PARTLY ALLOWED to the extent of prayer regarding liquidation and IA(IBI No.42lCBl2O22 is DISMISSED in light of the orders passed in IA(IB) No.244lCB/2023 15. The Applicant ls discharged from his dutles as RP and is directed that all documents, books of accounts, official records, access and control of assets of the corporate debtor which he holds in his posseion in the capacity of RP shall hand it over to the newly appointed Liquidator within 2 days of receipt of this order. 1'6. The Registry is her:eby directed to send e-mail copies of the order f<rrthwith to all the parties and their counsel and the newly appointed Liquidator for information and for taking necessary steps" sd ---:? Sd

IA(IB) N o.42 I CB I 2022 and IA(IB) No.244 I CB I 2023 In TP No, SO{CTB|2OL9 NCLT, Cumecx Bpucx L7. Let the certified copy of the order be issued upon compliance with requisite formalities" 18" File be consigned to record

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