In the matter of STAR LINE LEASING LTD

\ covERNMEN'ffifi'''*o* '{UT NATIONAL C OMPANY LAW TNTNUNALAT@ qq BIII3'RTf, AHMEDABAD BENCH/3fdqEl GiT( o"*, a"i".""'"rr"*"" qrm"ipqvtqGs, oYft-erEc, l,and 2,d fr ;[i-", ;qt{-*;+*'a-'*' 3lYsqs 6r€a Beside Zydus Hospital, off S G. rrots' 3cq-drql(-1t0 0\q' rhaltej, AhmJabad-380 05e Phone No. (O1g) 2685 4591' Email: registrar-ahm@nclt'gov'in 9. ,r no N T/AIIM/ IA 4 C.P 7 20 To, 1. The Registrar of ComPantes ROC Bhavan, Nr. Ankur Bus Stand, Opp. Rupal Park SocietY, NaranPura, Ahmedabad- 380 013 2. Star Line Leasing Ltd 506, Abhijeet-I, Near. Mithakhali Six Roads Ellisbrid Ahmedabad-380006 3. The InsolvencY And Bankruptcy 7th Floor, Mayurbhawan, Shankar Market, Board Of India Connau ht Circus, New Delhi -110001 4. Mr. Sachin Dinkar Bhattbhatt A -Oo+, Royal Edifice, Kunal Crossroad, B/H Coral Pride, Gotri,Vadodara-390023 (Resolution Professional 5 Suhas Dinkar Bhattbhatt 520 Grand K-10, Behind Atlant s K- 1 0 iquidator) Opp HonES t Restaurant, Near Genda Circle, Vadodara, Gu arat-390007 Sub: Certified True Co f order dated 0 assed in AHM 24 in c.P.(IB\1247(AHM)2023. With reference to the subj ect cited above, please find enclosed herewith certified true copy of the ordeidated 30.06.2025 passed by this-Adjudicating Authority in IAiPlan)/48(AHM)2024 in C.P.(IB)/247(AHM)2023, being the' Registrai of Companies, Corporate Debtor, The Insolvency and Bankruptcy Board oflndia, Resoluiion Profesiional and the Liquidator for information, records, actions and necessary compliance, if any, at your end'

Date:02.07.2025 urt Officer Place: Ahmedabad NCLT Ahmedabad Bench-I

IN THE NATIONAL COMPANY LAW TRIBUNAL AHMEDABAD DIVISION BENCH COURT. ,I ITEM No.305 lA(Plan)/48(AHM)2024 in c.P.(rBy247(AHM)2023 Order under Section 30 IBC IN THE MATTER OF: Limited Sachin Dinkar Bhattbhatt RP M/s Star Line Leasing ........Applicant

Order delivered on: 30/06/2025 Coram: Mr. Shammi Khan, Hon'ble Membe(J) Mr. Sanjeev Kumar Sharma, Hon'ble Membe(T)

ORDER (Hvbrid Mode) The case is fixed for pronouncement of order. The order is pronounced in the open court, vide separate sheet. *sd* - --s4 SANJEEV KUMAR SHARMA SHAMMI KHAN MEMBER (TECHNICAL) MEMBER (JUDICIAL)

ffi

BEFORE THE ADJUDICATING AUTHORITY NATIONAL COMPANY LAW TRIBUNAL DMSION BENCH COURT-I, AHMEDABAD IA(Plan)48(AIJI0'I!2024 ln CP (IB) No.247 I NCLT I Art]0tr I 2O2O IAIPlan 148 AIJ][,II2O24 (An Application under Section 30 r/w Section 31 of the Insoluency and Bankruptcg Code, 2o16for approual ofthe Reso plan) tion In the matter of: Star Line Leasinq Limited Mr. Sachin Dinkar Bhattbhatt, Resolution Professional of M/s. Star Line Leasing Limited, llaving address at: 506, Abhijit-1, Nr. Mithakhali Six roads, Ellisbridge, Ahmedabad- 380006. ... Resolution Professional/Applicant

Order Pronounced On:3O.O6.2O25 CORAM: sH. SHAMMI KHAI{, HON'BLE MEMBER (JUDICIAL) sH. SANJEEV KUMAR SHARMA, HON'BLE MEMBER ITECHNICALI APPEARANCE: For the Applicant/RP : Mr. Jaimin Dave, Advocate '.L;..il-'.!ri.. :ii:J '",'d[ : Ms. Hirva Dave, Advocate P7l : Mr. Sachin Bhatt, Advocate -,E',.9.1, lA(plon)/48/NCLT/AHM/2A24 in Cp r/B/No. 247 /NCL. /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. I of 9'l

ORDER (PER: BENCHI 1 The present application, bearing lA(ptan)/aB/(AHM)202a has been fiIed on 18.11.2024 vide diary no. 83003 by the Applicant/Resolution professional of M/s. Star Line Leasing Limited under Section 3O r.w. Section 31 of the Insolvency and Bankruptcy Code, 2016 ("IBC, 2016,) seeking relief as follows; a. yOUR LORDSHIpS, may be pleased to altow the present application; b. YOUR LORDSHIPS'I to approve the or Mr. Pratik Bo;";, ff|,:;i|!:ed Resotution Ptan c. S Y e O c U r, R o n L O 31 R ( D 1 S ) H o / f P t S h, e m ly b.e pleased to hold that in accordance with tnsotvincy approved Resotution ptan shall be " ; o; in -; J; ii; g r; o; n i. ; i n, i i ii, u d c in o g d e, 2016, the and its employees, Corporate Debtor rnembers, cr"aitois,-the i' ,i Centrat s:;:i:T:::.:i:,',lij"-?*",n,", ,"i"i'),tno,ny b whom a tirii"irin"i""*;:-r::lZ?::;::;:r'ff :rr:;r:;:;:;":r?:,:: o;ed, guarantors and other sufeniiers inr"ir"o , the Resotution d p Y ta O n U R re s L u O rts R D in S c H h Ip a S ns, e m i a i v h ,b " e, - p u lea n s " e g d i t i o r| h ir o 'i ld 1 r th i" a, t, s , in ", c e the resolution ;; the corporate ;, ;;:;:; z"#: ;:" ;::::: ::::; a n d B a n k ru ptc y ;;;;;;;;';::;:rl:: code or ,;y !;::; ::i:::: ?;,ii:;i; #i ";i:':# corporate Debtor ror an the CtRp shail cease " , r a r" n r d "" t " h o e * c i o ii r " p; o ,o ;, t; " ; - ; ' ; ; i " - ; " " i, i r o re, n s c h e a m tt ent or prosecuted for such an offence from ni d"t" n"i"liolution pla n n o t be been approved by th is Hon,bte has of the lnsolvency .eai"aii*,riir,n"rily"ina", sr"tio, st and Bankruptcy Code, 2016; youR [oRDsHrps'may be preased to prererring the instant apptication c, o n i d - o n ii e " ' t. h r e Z de * r, a, y caused, if ;:!;r: interest or '.\ t M A r ( p. lo S a n c ) h / i 4 n 8 / D N i C n k L a f / r A B H h M a t / tb 20 h 2 a 4 t t i _ n cP /BlNo. 247 /NCL:/AHM/ 2023 2ot9t

I YOUR IORDSHIPS'may be pleased to grant any other relief as may deem fit in the interest of iustice;

FACTS Thebrieffactsofthiscase,asavailableontherecordsandthe 2 application for the approval of the Resolution Plan' are as under:- I. The Financial Creditor, i.e., M/s. Zep lnfratech Limited had filed a petition on 07.1O.2023, being C'P' (I'B') No' 247 of 2023 ]urlder Section 7 of the IBC, 2016 for initiating the Corporate Insolvency Resolution Process f'CIRP') against the Corporate Debtor - Star Line Leasing Limited. This Tribunal vide its order dated 23.11.2023 admitted the Company Petition (I'B') No' 247 of 2023 arrd appointed the Applicant herein as Interim Resolution Professional f'IRP"). II Thereafter, the Applicant herein invited the claims by issuing the prescribed Form-A dated 25.11.2023' \n pursuance to which, the Applicant received claims from the stakeholders and constituted the Committee of ffi Creditors ("CoC") comprising of the following members: Amount Sr. Name of Member Nature of of Voting No, Debt Claim Admitted Share (in tA{plon)/48/NCLT/ AHMl2024 in CP [lB)NO. 24TlNCLTlAHMl 2023 Mr. Sachin Dinkar Bhattbhatt 3oftt in Rs 1 Zep lnfratech /o Limited Unsecured 8,40,00,000/- 99.29% 2 Dam nti nture tt nsecured 6,00,000/- 0.71 TOTAL B 46 00 000 100 IIII. Thereafter, on 26.OL.2O24, the Applicant moved an application being I.A. No. 257 of 2024 for placing on record the report certifying the constitution of the CoC. This Adjudicating Authority vide its order dated 07.O2.2O24 allowed the said I.A. and taken on record the report certifying the constitution of CoC. IV. Based on a show cause notice dated 3L.12.2O23 issued under Section 73 of the Goods and Services Tax Act, 2077, tlne Applicant suo moto admitted a claim of G.S.T. Department being Unsecured Operationa,l Creditor (Govt. Dues) for an amount of Rs. 4g, 13,424/-. V. The CoC of the Corporate Debtor i.e., M/s. Star Line Leasing Limited has duly approved. the resolution plan, submitted by Mr. pratik Bose on 2\.O3.2O24 and amended on 23.04.2024. The said resolution plan submitted by Mr. pratik Bose was approved unanimously i.e., by looyo voting share of the committee of creditors.

lAlplon)/48 /NCLr/AHM/2024 in Cp IB,INO. 247/NCLT/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 4 al 9l

VI Subsequent to the approval of the Resolution Plan by the M/s' CoC, one Operational Creditor, namely, Avenue I'A' Supermarts Limited filed an application being No' 152 1 of 2024 befote this Adjudicating inter alia seeking condonation of delay in filing claim before the Applicant' This this Adjudicating. Authority vide its order dated 14.10.2024, disposed of the said IA with direction to the Applicant herein to consider and collate the claim of M/s' Avenue Supermarts Limited within a period of 7 (seven) days. VII. On account of the foregoing scenario, the Applicant herein had duty admitted the claim of M/s. Avenue Supermarts Limited as on 21 .7O.2O24. The details whereof are as under: of Sr. Name of Nature of Debt Amount Claim No. Member Admitted (in Rs.) Avenue Unsecured Operational 21,00,000/- 1 Supermarts Creditor Limited TOTAL 21,00,000/-

VIII. In the interregnum, the 1"t meeting of CoC was held on ,JrY r-aD ia- 22.12.2023, wherein the appointment ol the Applicant ..,C:';c.* ?,'N 1l; ie", lEli ta { k*-1*..1,'.Ll was confirmed as RP. Thereafter, on 29.12.2023, the tA(plan)/48/NCLT IAHM/2024 in CP liBlNO. 247|NCLT/AHM/ 2A23 Mr. Sachin Dinka r Bhattbhatt. 5ol9l

Applicant had appointed the followrng registered va-luers for determining the value of the different assets of the Corporate Debtor: (i) M/s. Maitri Valuation LLp for land and buildings as well as securities and financial assets; (ii) Mr. Bharatsinh R. Rajput for land arrd building; and (iii) Mr. Nilesh R. Barad for securities and financia-l assets. The appointments of alt the aforementioned registered va-luers were ratified by the CoC in the 2,d meeting held on 18.07.2024. IX. The 2"d meeting of the CoC was held on 7L.OL.2O24, wherein unanimous resolution with regards to approval of the eligibility criteria, evaluation matrix for prospective Resolution Applicants (,.pRAsr,), Form-G a,d Request for Resolution pran ((RFRp,) was passed by the coc. In view whereof, the Applicant herein had pubtished Form G on 22.01.2024. As per the said Form_G dated. 22.01.2024, the last date for submission of Expression of Interest ("EoI"; for the pRAs was O2.O2.2O24. Till O2.O2.2O24, the (;1'ffi Applicant *l herein had received EoI from only 1 (one) pRA r;fl r i.e., Mr. pratik Bose, who had a_lso deposited the Earnest t M A r ( . p t S o a n c ) h /4 in e / D N in c k L a f / r A B H h M a / t 2 tb 0 h 2 a 4 t t i. n cP (18)NO. 247 /NCL|/AHM/ 2023 6of9l

Money Deposit f'EMD")' As per the said Form G dated of .2024, the last date for submission the 22.01 Resolution Plan was 25.03'2024' x The 3'd meeting of CoC was held on L2'03'2024' wherein a unanimous resolution was passed by the CoC for holding meetings of the CoC on a need basis' subject to at least 1 (one) meeting being held in every quarter' XI Thereafter, the Applicant herein had received the valuation reports from the aforementioned registered valuers and the Applicant herein had shared the same with the members of the CoC' The summary of the valuation of the assets of the Corporate Debtor made by the aforementioned registered valuers is as follows:- tA{pton)/48/NCLT/AHM/2024 in CP ttB)NO. 247 /NCLT / AHMI 2023 Mr. Sachln Dinkar Bhattbhatt. 7ol 9I

{al tand and I u ild ing fe rli<ubru oiArial lllir. ltl r ( t V lr r i l t Y ,.r : lu - r l l ) i on LLf Mr Sir'r liin[ 8. Iripur fri {Vrlotr - ll} N l,l o o. r 6 N 9 o 0 ( { o 9 ld, N S e u r v ry. 5 ), r r N v o rl 9 { 0 ;n ? .i R ln r ii, , - lr 6 ls 1 r i. 0 { 0 in 0 / R, r I. t } fr q ir ,t 1 Y R. . 0 r r. 0 l l ! 0. /. lin l'. L r 1 i i. q q il. u. 0 i C d {i 0 r t t l, i 1 o n. t s r ") !55 par), V.rl;rn lPurr Pandh,rrpur Vill,rt( iord, llni!r rnlr!rn_ lalrk K!dr, 0i5lri.l - .{hnedr5,rri (b) Seturities and Firancial Assets; :s,' Prrti<ulatr o, irsa! Irlr. ltliitri VrlIrtio,! LLf Mr. Nil.5h l. 8.rld 1t rl urr - l) lVrl!rr - II) Liqll irr. tion f:i r Yalu. {in liqoid.tion nteslnfnt\ lio l( I Rr.) Vrlul lin Rs.l I r.l V.le. lin Rr.) r.-l! l 1 C I. r sh d Blnt T llrl r.{ Ii, l 2 l, 3 ? , i 7 i N. 6 N t, i 8 rs ,$ l. - . 2 .1 t,7 / 6 n o - , r, l 1 s t 6 tI ,. r, . 2 2r 3 ,? .7 6 t, , \ ? 7 I o 0 L o a. .23i. ? :3 J, ,' 7 i n 6, , \ ? 7 I i 0 L ( 0 ,' . . 1 2 5 9, t, . . xu. Thereafter, the Applicant herein had duly received the Resolution plan from Mr. pratik Bose on 2L.O3.2O24 i.e., prior to the last date for submission of Resolution plan. The Appricant immediately eva_luated the Resolution plan received from Mr. pratik Bose, ensuring the compliance thereof with the provisions of the Insolvency and Bankmptcy Code, 2016. XIII. The 4th meeting of the CoC came to be held on o8-o4.2o24, by which time, the Applicant had received Resolution pia,. only from one prospective Resorution t M A r ( . p l S o a n c ) h / 4 in 8 / D N i n C k L a r / r A B H h M a t / t 2 b 0 h 2 a 4..tin CP (tB)NO. 2aZ /NCLT/AHM/ 2A23 8of9l

Applicant i.e., Resolution Plan of Mr' Pratik Bose' Therefore, a Resolution Plan of the sole Resolution Applicant left for consideration of the CoC' Thus' in the said meeting, the Resolution Plan of Mr' Pratik Bose was duly discussed and the members of the CoC were of the opinion that negotiations with the Prospective Resolution Applicant were required since the financial proposal under the Resolution Plan was below the expectations of the members of the CoC' XIV. Thereafter, the members of the CoC instructed the Applicant herein to obtain a convenient date of the sole PRA and a-rrange for a CoC meeting inviting the sole PRA for further negotiation or discussion on the matter' There were minor lacunas in the Resolution Plan' which the Applicant herein had agreed to co-ordinate with the sole PRA and get it rectified' )(V. The Sth meeting of the CoC was held on 16'04'2024 wherein the members of the CoC had deliberated about the Resolution Plan in great detaiis with the PRA and ,lrlrdh Y, had intimated that the financial proposal was below the !-"...i! \-'-',! , ^i.Nl' expectations of the CoC and that he should consider lA(pton)/48INCLI /AHMl2O24 in CP (l4NA' 247 /NCLI / AHt'// 2023 Mr. Sachin Dinkar Bhattbhatt.

I ol tl significant increase in the financia_l terms as well as reduction in timelines. Therefore, the pRA had sought time to reconsider and get back with revised financial terms to the Applicant herein latest by 22.04.2024. Thereafter, the Resolution plarr with revised financial proposal received from Mr. pratik Bose was shared by the Applicant herein with the members of the CoC. xvl. Subsequent to which, in the 6th sreeting of the CoC held on 30.O4.2024, a detailed discussion and deliberation took place on the revised financial proposal under the Resolution plan submitted by Mr. pratik Bose. In the said meeting, the CoC decided to put the fina.l Resolution Pial received from Mr. Pratik Bose for e_ voting from 06.05.2024 to O7.O5.2O24. In the said voting, the Resolution pian submitted by Mr. pratik Bose was approved by 1OO% majority of the members of the CoC. XWI. Since the statutory period of 180 days was expiring on 21.05.2024 arrd the Resoiution plan provided for 15 days' time to the Successful Resolution Applicant ("SRA",; to deposit the performance Security from the t M A r ( . p l S o a n c ) h / 4 in 8 / D N i C n k L a T / r A B H h M a t / t 2 b A h 2 a 4 t in.CP (tB)No.

247 /Nctrtnaut Zoi l0 o, 9t date of approval of Resolution Plan by the CoC and also the drafting and filing of the instant application was under process, a 7th meeting of the CoC was called on it by the Applicant herein' wherein was 13.05.2024 unanimously resolved and approved by the CoC to seek an extension of 90 (ninety) days from 2l'O5'2O24 fot completion of CIRP of the Corporate Debtor from this Adjudicating AuthoritY' on t7 the Applicant filed an )(vIII Accordingly, 'O5'2O24, Interlocutory Application being No' 837 of 2O24 seeking extension of 90 days for completion of CIRP' However' this Adjudicating Authority vide its order dated granted an extension of 30 days from the 04.06.2024 date of the order i.e., from 04'06'2024' xIX Thereafter,onO2.OT'2024,ttlLeApplicalthadpreferred an application being I. A' (Plan) No' 31 of 2024 seeking approval of the Resolution Plan submitted by Mr' Pratik Bose under Section 3O read with Section 31 of the IBC' 2016. ffi-h- During the hearing on 23'08'2024' at the request of the \s..-*q7/ learnedcounselfortheRP,theplanapplicationhad lA(plon)/4'/NCLT/ AHM/2024 in CP (IB)NO 247/NCLT IAHM/ 2023 Mr. Sachin Dinkar Bhattbhatt' ll ol 91 been returned with liberty to hold another CoC meeting within a period of 10 days and file a fresh application, within a week thereafter. xxI Thereafter, the Applicant convened the gth meeting of the CoC on O2.O9.2O24. ln the said meeting, the Applicant discussed and deliberated upon the following matters with the members of the CoC: (a) Feasibility and yiability of the plan checkecl by the CoC; (b) The nantes of person to be appointed in the Boarcl of Directors a,cr the respectiue 29A und.ertaking; (c1 P r o of of dep o s i t of p e rfo rnnn c e s e cur i ty; a n d (d) Deliberotiorts of CoC on relief ancl concessions sougl.fi os per plan.

XXII. With regards to checking of the feasibility and viability, the members of the CoC informed the Applicant that they have already considered the feasibility and viability of the Resolution plan in their commercia_l wisdom at the time of its approval and aJter that only the same was approved by the CoC on 3O.O4.2O24 by 1O0o/o majority. Further, the members of the CoC also explained that in their commercial wisdom, the Resolution plan of Mr. Pratik Bose is feasible and viable considering the fact that the plan value is above the liquidation value ald tAlplon) / 48 / NCLT/ AHM /2A24 in Cp r/BlNo. 247 /NCLT / AH M / 2A23 Mr. Sachin Dinkar Bhattbhatt. 12 ot 9l further considering that the PRA has adequate net worth to implement the Resolution Plan' Also, the available cash and bank balance, if aly, available in the account to of the Corporate Debtor would be transferred the Financial Creditors, a-fter deduction of CIRP cost' XXIII. In view whereof, the following resolution came to be passed by the members of the CoC by 100% majority in the said Bti' meeting of the CoC held on O2.O9.2O24: "RESOLVED THAT the resolution plan submitted by Mr' Pratik Bose. which was approved by the COC on 30th April, 2024, is feasible and viable as per the commercial wisdom of the COC for the reasons as recordeci in the earlier poftion of these minutes."

XXIV. Further, Mr. Pratik Bose has duly submitted a declaration by way of an Affidavit dated O5.O2.2O24 for eligibility criteria under Section 29A of the IBC, 2016 to the Applicant herein. XXV. One Mrs. Kriti Bose, part of the Implementing Entity and a nominee shareholder of O.O17o has a-1so submitted a declaration by way of an Affidavit dated O2.O5.2O24 under Section 29A of the IBC, 2016 to the Applicant' Be !t .i:>.. that as it may, it has been duly provided under the a Resolution Plan that the shares in the name of Mrs. Kriti tA(plon)/48/NCLT/AHM /2024 in CP (tB)NO. 247 /NCLT /AHM/ 2023 Mr. Sachin Dinka r Bhattbhatt. 13 ol 9l

Bose will otherwise be beneficially held by Mr. pratik Bose, i.e., the SRA. The persons, namely (i) Mr. pratik Bose; and (ii) Mrs. Kriti Bose would be appointed in the Board of Directors subsequent to the approval of Resolution Plan by this Adjudicating Authority and the same is duly recorded in the minutes of the gth CoC meeting held on O2.O9.2O24. The DIN number of Mr. Pratik Bose is O7792266 and that of Mrs. Kriti Bose is 08803783. xxyl. In terms of Regulation 368(aA) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016, tine Resolution Plan provides that 2|o/o of the Resolution Plan amount after deduction of the EMD amount deposited by the SRA to the tune of Rs. 1S,OO,OO0/_ shall be provided in the form of Demand DraJt towards performance securit5r. XXVII. Accordingly, the SRA had submitted a cheque dated O7.O2.2O24 bearing no. 234456 drawn on Axis Bank Limited for an amount of Rs. 5,00,000/_, a cheque dated

1A { plon) / 48/NCLT / AHM /2024 in Cp (tB) Na. 242 /NCL: / AH M / 2023 Mr. Sachin Dinkar Bhattbhatt. '14 of 9l

25.03.2024 bearing no. 288986 drawn on Axis Bank Limited for an amount of Rs. 1O,O0,O00/- and a cheque dated 11.O5.2O24 bearing no. 278610 drawn on Axis Bank Limited for an amount of Rs. 6,25,000/- to the Applicant. Thus, a totaf amount of Rs' 21,25,000/- is duly provided by the SRA tor'vards Performance Security' XXVIII. Furthermore, at Paragraph No. 6 of the Resolution Plan, the SRA had sought for following reliefs and concessions from this Adjudicating AuthoritY: a. Afford a reasonable oppofiunity of being heard to the iurisdictional Principal Commissioner or Commissioner in accordance with Section 79(2) of the lT Act and following such oppoftunity approve thal a// /osses of the Corporate Debtor for any previous years (whether or not corporate tax return has been filed for respective financial years) shatl be available to be caried forward and set off against the income of the Corporate Debtor; b. Waiver from payment of fees, charges, stamp duty (whether by Depafiment of Registration and Stamps and Governmental Authorities of Gujarat and such other states and geographies where the Corporate Debtor or the lmplementing Entity carries on its busrness and operations or where lls assefs are located), transfer fees (if any payable on land leased from lndustrial Development Authority dae to potential change of control), registration and/or filing fees (including fees payable to the iurisdictional Registrar of Companies) for vaious actions contemplated under this Resolution Plan (including issuance of Equity Shares, change in control, etc.) and that the fees payable to the Registrar of Companies in respect of the increase of authorised share capital and amendment of - -.: i{. i ^,i'_. memorandum of association and articles of association of the f;t'rd, $ --'r ig l ) Corporate Debtor for allotment of fresh shares to the lmplementing Entity and/or its nominees (provided each such nominee is eligible \'.*"""rX under Section 29A of the Cade to be resolution applicant) and other tAlpton)/48/NCLT/AHM/2024 in cP IIB)NO.

247/NCLI /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. l5 of 9l relevant pafties be waived and the Registrar of Companies be directed to approve the rerevant ror*" ini", tiu companies Act and rules thereto without payment of fees in respect tnereof; c. a Th n e Corporate Debtor and the lmplementing Entity shall be granted exemption from att Taxes, levies, surcharges, cess, fees, transfer premiums, and surcharges tnat arise iom or retate to various actions contemplated under this Resolution ptan (inctuding issuance of Equity Shares, change i, "ontroi, "i"j. d. The Rp and CoC members shall ensure that there are no restrictions from existing promoters/owners / in creditors the implementation of Resolution plan as wett ai o,n tne Assets of the Corporate Debtor. The Resolution Appticant Jatt be provided adequate protection for the same. e. Resolution Appticant shatt be entitted for a// GSf credit, Goodwil!, receivables and all other assets of the Corporate Debtor without any restrictions except othenuise as provided in this Resotution PIan. f. The Resolution plan shatt be bindin - g C o o n rp a or l a l t s e t akeholders and on and from the Effective Date, the Debtor shalt star! running fhe busrness and operations on a ,fresh_slate, / ,clean slate" without any risk or tiabilities for past acts and omrsslons of the Corporate Debtor.

The benefit of Section 32A of the Code shalt be available to the Corporate Debtor and tmplementing Entity g Adverse Actions during Standsti peiod: During the Standstill period, the following adverse actions against the Corporate Debtor shall be prohibited: i. the institution of any proceedings or continuation of any Proceedings against the Corporate Debtor including execution of any judgement, decree or order in any coutl of taw, tribunal, arbitration panel or other Governmentat Authority; o ii. transfening, Encumbering, alienating or disposing off by the Corporate Debtor, any of rts Assets or any tegal ight or beneficial interest therein save and except for any application of cash or monies of the Corporate Debtor in the ordinary course of busrness; lA(plon) ,148/N.CLT/ :n Cp uB)NA.2a7/NCLT/At1M/ Mr. Sachin Din kar ^ B h h M a / t 2 tb 0 h 2 a t t t_ 2A23 l6 of 9l iii. any action to foreclose, recover or enforce any Security lnterest or Encumbrance against the Corporate Debtor or any of lts Assets inctuding any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security lnterest Act, 2002; iv.

The recovery of any propeiy by an owner or lessor where such propefty is occupied by or in the possession of lhe Corporate Debtor. h. During Standstill Period, Resolution Professional and CoC shall safeguard fhe asseis of the Corporate Debtor. xxlx The members of the CoC had duty deliberated upon the aforementioned reliefs arrd concessions in the Sth CoC meeting held on O2.O9.2O24. Further, the Applicant has duly taken a confirmation letter from the SRA when the Resolution Plan was submitted, that all the aforementioned reliefs and concessions are not conditional in nature and that the same does not a-ffect the implementation of the Resolution Plan. XXX. Accordingly, the members of the CoC were of the opinion that the relief and concessions asked for by the SRA were routine in nature and are not conditions which ,"#x a-ffect the implementation of Resolution Plan. Hence, this Adjudicating Authority may be pleased to grant {!:'iffi*'i?\} t';* tA(pton)/48/NCLI /AHM/2024 in CP {18)NO. 247 /NCLT /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. l7 ol 9l reliefs and concessions as requested by the Successful Resolution Applicant, as per its own discretion. xxxr.

Thus, the approved Resolution plan meets with the requirements of Regulation 38 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 as well as Section 30 of the Insolvency and Bankruptcy Code, 2016. Further, that the Resolution plan provides for payment to Financial Creditors as well as payment to Operational Creditor. A copy of the approved Resolution Plan submitted by Mr. pratik Bose is annexed at ANNEXURE-X to this application. xxxfi. on Subsequently, 13.09.2024, the Applicant herein preferred an I.A. being (Plan) No. 4O of 2024, which was listed for hearing before this Adjudicating Authority on 24.09.2024. On the said date, this Adjudicating Authority passed the following order: "After considering the brief consideration of the silent features of the Resolution Plan, the learned Counsel for the applicant / Rp seeks indulgence to place on record the originat copy of the 29A compliance as well as fresh affidavit with veification from both the proposed Board of Directors along with DIN Number within a period of one week, time which is granted. tA(pton)/ 48/NCLI /AHM/2024in Cp f/B/NO.

247/NCLT/AHM/ 2023 Mr. Sachin Dinka r Bhattbhatt. l8 ol 9r

Re-list on 1 4.1 0.2024." xxxuI. In compliance of the order dated 2+.O9.2024 passed by this Hon'ble Adjudicating Authority, the Applicant hled an additional affidavit dated lO. LO.2O24 placing on record the original copies of the compliance affidavits under Section 29A of the IBC, 2016 as well as original copies of the fresh affidavits of the proposed Board of Directors along with their DIN numbers. xxxlv. Thereafter, on 14. 1O.2O24, the I.A. (plan) No. 40 of 2024 was remitted back to the Applicant herein in view of the order passed in I.A. No. l12l of 2024, wherein the Applicant was granted liberty to hold one more CoC meeting to deal with the claim of M/s. Avenue Supermarts Limited and file a fresh application subsequent thereto. xxxv. Further, vide the same order dated 14.10.2024 passed in I.A. (Plan) No. 40 of 2024, the Applicant was also directed to file a fresh compliance affidavit under Section 29A of the IBC, 2016 with respect to Mr. pratik Bose a_long with the present fresh application. Accordingly, the Applicant states ':e\ 't:,i 'l-lr1!1 i,=li along with the present application, the fresh affidavits .: ^/J + ,r=t*f dated 19.7O.2O24 of both the proposed Board of Directors, lAlpton)/48/NCLI /AHM/2024 jn CP (tB)NO.

247 /NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. l9 ol 9l narnely, Mr. pratik Bose and Mrs. Iftiti Bose, wherein the DIN numbers are also specihcally mentioned. Also that the DIN number of Mr. pratik Bose is 0ZZ92266 and that of Mrs. Kriti Bose is 0gg037g3. XXXUI. In terms of the liberty granted by this Adjudicating Authority vide order dated 14.10.2024 passed in I.A. No. 1521 of 2024 and. I.A. (plan) No. 40 of 2024, the Applicant duly convened 9tb meeting of the CoC on 23.10.2024. ln the said meeting, the Applicant duly informed the members of the CoC with regards to admission of the claim of M/s. Avenue Supermarts Limited to the tune of Rs.21,O0,OOO/_. Further, the Applicant also drawn attention of the members of the CoC to Clause 3.I.7.6 (b) under the Resolution plan submitted by Mr. pratik Bose, which reads thus: "b) For the avoidance of doubt, it is clarified that if any such Claims or amounts are admitted after the srrbmissron of this Resotution plan for any reason whatsoever. then the same treatment provided to c/ass of Creditor shatt be provided to the new Ctaim without s a u n c y h increase in the over financiat_tiability undelaken bi the tmptementing Entity and/or the Corporate Debtor under the Reslfution ptan. tn the event such Claims, or amounts are admitted after the submission of this t R h e e so e lu x ti i o s n t in p g la n C f r o e r d a it n o y rs r e i a n s o s n u w c h h at s c o l e a v s e s r, o th f e i p i a. y ,a me U nt r s " p r s o h po a s l e t d to be p rop artionatelA re duce d.,' 1o',\ t)\"L.

Y.-.

t M A r I p. to S n a c I h / 4 in 8 / D N i C n k L a T / r A B H h M a t / t 2 b 0 h 2 a 4 t i t n. CP (18)NO. 247 /NCLT/ AHM/ 2O2g 20 ot 9l xxxvtl. Thus, the Applicant informed the members of the CoC that based on the foregoing paragraph under the approved Resolution Plan, M/s. Avenue Supermarts Limited would receive a pro-rata amount as being received by other Unsecured Operationa-l Creditors under the approved Resolution Plan and that there was no requirement to make any modifications in the approved Resolution Plan' Accordingly, in the said 9'h meeting of the CoC, a fresh resolution approving the same Resolution Plan submitted by Mr. Pratik Bose was once again, unanimously passed by the members of the CoC. xxxvlu. That under the approved Resolution Plan, the Resolution Applicant shall PaY, an aggregate amount of Rs' B5,OO,0OO/-. The tabular summary of the payments to the creditors contemplated to be made under the approved Resolution Plan is as follows: Sr. Category of stakeholder Amount Amount Admitted provided No. (in Rupees) under the Plan (in Rupees) friitttt,x*, /il. ,'ir. i"-\ 1. CIRP Costs (Refer Note 1 NIL NlL r .'€f i :l/ € . (3- \ --ra belorvl i"9I ',*,i.. -:'-, -':4.1t 2 Workmen / Empioyees NIL NIL Eiii:":^/- tA(pton)/48/NCLI /AHM/2024 in CP fl8/NO. 247 /NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 2l of 9l

.). Secured Financial NIL Creditors NIL 4 Unsecured Financial 8,46,o0 Creditors ,ooo/- 84,50 ,ooo / _ 5. Dissenting Financial NIL Creditors NIL 6. Operational Creditors 2t,oo (excluding ,ooo/ _ workmen /Employees) 7. Government Statutory 48,13 s0,000/- Du S a S oper t1onal ,424 /_ Cred tor S 8 other Stakeho1ders NIL C d torS oth e than NIL Finan C al C r editors and I op e r arional CredItor s TOTAL 8 94 1.f 42a 85 0o 0o0 Note 1; As on date of Approval of the Resolution plan unpaid the CIRp Cost is NIL. Further, the Corporate Debtor has a bank balance of more than 9,oo,ooo after Rs. / _ 1. e. deducting the amount performance of urity sec deposited by the Successful Resolution Applicant. It is pertinent to submit that th entire ClRp cost till filing of the present e application h already been pald and the future AS CIRp costs till approval of the the Resolution plarr are expected to be belor.r. Rs. 7,00,0oo/-. Hence the CIRp costs shall paid from the be existing bank balance. Further Resolution the plan provides that the Successful Resolution Applicant shall have no right over the exlsting cash and bank balance including bank term deposit balance, if any available with the Corporate Debtor and the Financial Creditors a right are entitled to have over the same. In view whereof, the Applicant tA(pton)/48/NcLf / Mr. Sachin Dinkar A B H h M a / t 2 tb A h 2 a 4 t t i. n Cp BtNA. 247 /NCLT/AHM/ 2023 22 ol 9t herein had informed the Resolution Applicant that the unpaid CIRP costs are estimated to be NIL' Be that as it may, Clauses 3'1'1 and 3'1'2 under the Resoiution Plan duly provides that "Any unpaid Insolvency Resolution Process Costs ald Standstill Period Costs shall be paid by way of Upfront Fund Infusion made by the Resolution Applicant and shall be adjusted from the Upfront Cash Recovery'" and that "The Insolvency Resolution Process Costs will be paid in priority to any payment to any Creditors"' xxxlx. TiIl the Iiling of the present application, a total amount of Rs. 10,86,230/- is incurred towards the CIRP cost and the same has been duly approved or ratified by the members of the CoC and has a-lso been Paid off. xL. The proposed distribution to the various stakeholders of the Corporate Debtor under the Resoiution Plan is as follows:

tA(plon)148/NCLT/AHM/2A24 in CP lqNA. 247 /NCLT/AHMI 2423 Mr. Sachin Dinkar Bhattbhatt. 23 ot 9l

\r!i,:.1 l.).bi I'rot'{)rrJ ln hL, lJrlrilt,i.i i irt Di\1ri5u!..1 tid ---_:i:i.'!. llr.i .'.i i i r.:r:t,. i (. ! I irrir.,:i::.i r:

; i:::r,ir,i It)1,\L: 9,1i.I i,J:J i5.00,1)00i. XLI Further, the Approved Resolution Plan of Mr. Pratik Bose provides for Implementation Steps and Schedule. The implementation plan proposed by the Resolution Applicant is as under: Sr. Key Steps No Identification of the implemeDting Entity 1 Implementing entiq* of the Resolution PIan and shareholding pattern of the Corpolate Debtor on implementation of Resolution Plan shall be as follou's: Sr. Name of implementing % of Equity No entitv/ shareholders Shareholding on approval and implementation of Resolution plan 1 Mr. Pratik Bose 99.99"/o 2 Mrs. Kriti Bose (Shares o.o1% Beneficially held by Mr. Pratik Bose) 2. Approval of the CoC and Adjudicating Authority or any relevant appellate body The Resolution Plan rviil have to be approved by the CoC. Follou'ing receipt of the approval of the CoC, the Resolution Plan *,ill have to be flled with the Adjudicating Authoritv for its approval. 3 Approval of the Resolution Plan by the Adjudicating Authority jnCp 1A,(plon)/ 48/NCLT/ AHM/2A24 it1)NO.247 /NCLT /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 24 ol91

The Resolution Plan w-ill have to be approved by a Plan Approval Order 4 Appoirtment of Moritoring Agent and Constitution of Monitodng Committee. During the period between the plan Approval Date and the Effective Date ("Standstill Period"), the follou.ing actions shall be taken: Monitorins Committee: A Monitorin8 Committee shall be constituted comprising of t$,'o representatives of the CoC, one rep.esentative of the Resolution Applicant and one Resolution professional; Egg!C-q! DilgstgE-The porvers of the board of directors of the Corporate Debtor shall continue to remain suspended and all powers of the board of directors shall be exercised by the Monitoring Commiitee; and I The Monitoring Agent and the Monitorlng Committee shall oversee the business of the Corporate Debtor. All officers of the Corporate Debtor shall perform their functions and give effect to the directions of the Monitoring Committee and the Monitori nt. ) Applicatior for seeking approvals for implemeDtatlon of the Resolution pIan. I Necessary applications will be filed by the lmplementing Entity or the Corporate Debtor, as the case may be, with the relevant Governmental Authorities to obtain the approvals necessary or desirable to commence the implementation of the Resolution plan.

The Corporate Debtor, Monitoring Agent and Monitoring Committee shall provide such assistance as may be required for the purposes of obtaining such approvals. The Resolution Applicant does not envisage requirement of any approvals from Governmental Authorities for implementation of the Resolution plan oth e r than as m be required 1 n terms of ClauSC 3 3 2 1 o f th ReSOIution PIan A 1ic tion S and pproval S 6. Effective Date o m n an t a h g e em Ef e fe n c t ti a V n C d D a a f t f e airs th e inc 1 l m u p d I i e n m g e t n h t e in a g ss E e n ts ti t o y f t s h h e a l C l o a r s p S o u r m at e e C D o e n b t t r o o r 1. of the All necessary corporate actions for undertaking the actions on the Effective Date shall have been undertaken in consultation $,ith the Resolution t 7. Upfront Fund Infusion in Star Line Leasing Limited (SLLLI T th h e e i U m pf 1 r e o m n e t n F t u in nd E I n nf t u ity o 1 n n t S h h e aU ma b n e n I e n r fu a s n e d d f a o n rm d a o s r S p u ec S i e fie to d b 1n e t 1 h n i f S us c e la d u b se y h 3 a 3 ve (r d m ee p m lem ed en to ta a t p io p n rov s e tep th s e a s n r d mu s 1 c ta he n d eo u u le S ) ls T s h ue e a p n la d n ai1o p t p m ro e v n a t l o o f r S d e e c r ur S i h ti a e U s by the Corporate Debtor for such Upfront Fund Infusion.

Thc Upfront Fund Infusion rnav be infused in the Corporate Debtor through equitv or equity linked instruments and, if neceisan, other financial instruments (including equity shares, preference sharei, debentures and loans). B Ca tal Reduction lAlpton)/48/NCLT/AHM /2024 in CP ftBlNO. 247|NCLT/AHt,/t 2A23 Mr. Sachin Dinkar Bhattbhatt. 25 ol91

After the completion of actions listed out in Step 7 {infusion of Upfront Fund Infusion in SLI,L), the issued equity and preference share capital of SLLL held by the exlsting shareholders of SLLL (including any part of the Financial creditor Debt ',r,hich has been converted to equity) and any right to subscribe to, or be allocated such equity shares, including an1, employee stock options, pre-emptive subscription rights or convertible instruments held bv anv person; but other than the sicurities that are issued to the s Im h p a le ll m b e e nti r n e g d u E c n e ti d ty to pu r N su IL a n a t n t d o th e e x ti t n e g rm ui s s h o e f d th a is n R d e s c o a l n u c tio e n lle P d l a ( n .'C a a b p o it v a e l Reduction"), \,\,ithout pa1.-ment of any price to the shareholders. For avoidance of any doubt, the Securities held by the Implementing Entity p ca u n rs c u e a ll n e t d to a n S d te p e x 7 t in (E gu qu is i h ty e C d o a n s trib p ut a io r n t o in f S t L h L e L ) C ab a o p v i e ta s l h a Re ll d n uc o ti t o n be The _share capital of SLLL shall stand cance.lled / extingr:ished and the resultant amount on such cancellation extinguislm."i'?"

7 U. credited to capital reserve in the financial statements of SLIL. The Capital Reduction shall not require the consents of any ot the creditors of SLLL or approval of anv of the shareholders ,f SaLt, ;;;"y other person h (p a u v r i s n u g a s n e t c to u r S ity e c i t n io te n r e 3 s 1 t. t o v f e th r e s I u B c C h ) s to h a t r h e e s n " e " s d o t t " h tlo ;- ., ; p 'p; j; " ; n l sha o ll f c th o e ns N tit C u L te T approval of the reduction of share capital and shall be UinJing on SLLL and its stakeholders (including its creditois u"a ota.r"j.--- "fr"."t SLLL shall record reduction jn the issued equity share capital of SLLL by t a w h v a o e y id o a R f n e c c s e a o n o c lu f e t a l i i o n a y n ti o d A n o p u o p b f l t a i, c ll s a h o n a f t l i r t p s n u o e r t x s i i n u st c a in r n r g id t e is t o s s u h e a S d re t e s s h p" a h r 7 e i " c h ( a I i n p l; i f t; u a s i i 1 b o r e n .v e h n o i c i h f s, s E f u o e q r d u t i h t t y o e Contribution in SLLL) above). The shareholding pattern of SLLL after completion of Step 8 (Capital Reduction shall be: Sr.

No Shareholder Shareholding Percen 1 Mr. Pratik Bose 99.99yo 2 Mrs. Kriti Bose (shares o.o70/o beneficially held by Mr. Pratik Bose a T C u h o e t r h po o p r r l a a iz t n e e d D p s e h p b a r to o re r v. al ca O p r t d a e l r s a h m a e ll nd h m av e e nt de o e f m t e h d e t c o ha a r p t p e r r ov d e oc t u h m e e ln n c t S rea o s f e t h ln e 9 Re nt of Priori Dues The follorving amounts shall be paid in priority to pavments to the Financial Creditors in accordance \.\..ith Clause 3(Financial Proposal) a Unpaid Insolr ency Resolution Process Costs and the Standstill ffi Period; and b Payment of Upfront OC Discharge Amount, if any 10 Pa ment of the FC D Amount The FC Dtschar Amount shal be paid to the respective Financial Cred OIS aS ecified 1n this Reso ution Plan lA(plon)/48/NCLI/AHM/2A24 in Cp (lB)NO. 247 /IJCLT /AHM/ 2023 Mr. Sach in Dinkar Bhattbhatt. 26 ol 91

Simultaneously with such payment, the Financial Creditors shall underrake the follou ing actions: a. Each of the Financial Creditors shall issue a no dues certiflcate to the Corporate Debtor/ Implementing Entity: b. Each of the Financial Creditors shall hle or cause to be filed all relevant forms tith 'the Registrar of Companies, CERSAI, Sub Registrar of Assurances, if applicable, for evidencing the satisfaction of such Encumbrance. 11. Constitutiotl of the new board of directors The existing board of directors of the Corporate Debtor shall on the Effective date be replaced and a new board comprising of such Persons as nominated or selected by the Implementing Entity (provided each person nominated or selected is eligible under Section 29A of the Code to be resolution applicant) shall come into force and the control of the Corporate Debtor, its management and assets would move to the Implementing Entity.

The Resolution Plan shall be deemed to be implemented on payment of the FC Discharge Amount to the Unsecured Finarrcial Creditors (who are last in line to receiue from the resolution amount).

XLII. Furthermore, the Clause 3.4 of the said Resolution Plan provides that implementation of the Resolution Plan shall aI commence immediately from the receipt of order of this Adjudicating Authority approving the Resolution Plan and the SRA intends to implement the entire Resolution Plan not later than period. of days of receipt of a Plan Approval r<lll-llDx\ ,. Order. til'B" ).$ "\*rs"l#n tA(pton)/48/NCLT/ AHM/2024 in CP UB)|to. 247 /NCLT/ AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 27 ol 91

XLII. Clause 4 of the Resolution plan provides thus: "The Resolution Applicant is keenly anuare that completion of the CIRp expeditiously is keg to achieuing the best possible outcome for the Corporate Debtor and its uaious Stakeholders. In tight of the aboue, the Resolution Applicant has proposed a straightforutard implementation plan inuoluing the acquisition of 1O0% of the shareholding of the Corporate Debtor. This Resolution plan is capable of immediate implementation upon receipt of the plan Approual Order. The steps inuolued in the implementation of the Resolution plan are detailed in Section 3." XLTV. The Resolution Plan also provides for performance Security as per sub-regulation (4A) of Reguiation 368 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016.

xLv. The SRA has undertaken in the Resolution plan that the Financial Creditors shall be entitled for a-ll cash and bank ba-lance including bank term deposit balalce, if any available with the Corporate Debtor atd the Successful Resolution Applicant shall not have any right over them. XLVI. That Clause 3.1.6 of the Resolution plan provides for Source of Funds and mechanics of payment of funds to ffi various creditors. It is provided that the RA has sufficient net worth to implement the Resolution plan, in so far as the net worth certificate of the SRA duly provides that Mr. 1A(plon)/48/NCLT lAHM/2024 in Cp ltqNa. 247 /NCLI/Ai1t"4/ 2023 Mr. Sachin Dinka r Bhattbhatt. 28 ot 91

Pratik Bose has a net worth above Rs. 3,00,00,000/- A copy of the net worth certificate of the Successful Resolution Applicant is annexed at ANNEXURE - AD. XLVU. Further, following the best practices as laid down by the recent guidelines issued by the Insolvency and Bankruptcy Board of India, the details of the Business Loss, Unabsorbed Depreciation, Long-Term Capital Loss and Short-Term Capital Loss as per the books of accounts and income-tax returns of the Corporate Debtor are as under: ill.rir::rrr'rilloxrlIitrl.i'r,-f\I\i:r,j.!:irl lj.,i.r-ir, li.a,jr;r, j:li l I i:lr,.r,l ljrsin'.r I r.' li,1,l.lflrl (rlilill 1.i., r shrrr.I.'nr Cjpit:l l,n. 1.,. j l iiir. ri I,*. .r' l ri:irj ,ri lrr;,ll$t frr l,r'.1 !o.. ,ui it ii I Ili :.,.::., :..': t.:

. e.ils l t:i.-q._: XLVIU. Furthermore, the Applicant has also produced a copy of the Iatest detailed Income-tax Return for the A.Y.: 2024-25 along with the present appiication A copy of the detailed Income-tax Return for the A.Y.: 2024-25 is annexed at v La ANNEXURE - AG.

tA(plon)/48/NCLTIAHM/2024 in CP (tB)NA. 247 /NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 29 ot 91

XLD( That, on account of festiva_l of Diwali, the Applicant was able to collate and send the requisite documents to the advocate for preparing a draft of the instant application only on 04.1,1.2024. Thereafter, due to other prior commitments, the concerned advocate had shared a draft of the instant application to the Applicant herein on ll.ll.2o24. That after vetting the draft of the instant application and subsequent to making minor corrections therein, the Applicant has now been able to affirm the instant application for filing the salne before this Adjudicating Authority. The delay occurred in preferring the instant application is genuine and bona fide and this Hon'ble Adjudicating Authority may be pleased to condone the same in the overa-ll interest ofjustice. L Thus, the present application filed before this 1S Adjudicating Authority to seek approval of the Resolution Plan submitted by Mr. Pratik Bose for revival of the Corporate Debtor. LI. In accordance rvith Section 31(i) of the IBC, 2016 the approved Resolution Plan shall be binding on the Corporate Debtor and its employees, members, creditors, including lA(pton)/4g/NCLT/ AHM /2024 in CP r/BlNO.

247 /NCLI/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 30 ot 9l the Centra-l Government, any State Government or any loca1 authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the Resolution Plan. It is clarified that neither the Corporate Debtor nor the Resolution Applicant shall be required to make any payments over and above the amount provided for under the said Resolution Plan on and from the date of approval of the Resolution Plan. LII. Since the Resolution Plan results in the change in the maflagement or control of the Corporate Debtor, according to Section 32A of the IBC, 2016, notwithstanding anything to the contrar5r contained in this Code or any other law for the time being in force, the liability of a Corporate Debtor for an offence committed prior to the commencement of CIRP shall cease, and the Corporate Debtor shall not be prosecuted for such an offence from the date the Resolution Pian has been approved by the Adjudicating Authority under Section 31 of the Insolvency and Bankruptcy Code, 2016 and any instrument executed by the Corporate Debtor t A (pton ) / 48 / NC LI / AH M /242 4 i n CP flB, NO. 247 / NC LT / AH M / 2023 Mr. Sachin Dinkar Bhattbhatt.

3l of 9t under the Negotiable Instrument Act, 1881 including but not limited to post-dated cheques, demand promissory notes, etc. prior to the approval order passed by the Adjudicating Authority sha-Il in no manner be the liability of the Resolution Applicant and a-11 such instruments to be treated as null and void ab-initio. LIII Furthermore, with the subscription of the Equity Shares by the Resolution Applicant and its Affiliates/ Nominees, the entire Equity Shares held by the Existing Shareholders shall stand ful1y extinguished as a part of this Resolution Plan. LIV. That, nothing contained in this Resolution Plan shall affect the rights of the Corporate Debtor to recover any amounts due to the Corporate Debtor from any third party including any Related Parties of the Corporate Debtor, under proceedings initiated by the Corporate Debtor and there shall be no set-off of any such amounts recoverable by the Corporate Debtor against any amount paid/ payable by the Corporate Debtor or any liabili(y discharged, satisfied or ,''i?e,iil",; rl .l-;r' l:li extinguished pursuant to this Resolution Plan. '''"..-,.*#

:A(plao)/a1/NCLf /AHM/2024 in CP f/BlNO. 247/NCLT/AHMI 2423 Mr. Sachin Dinkar Bhattbhatt. 32 ol 9l

LV. The Applicalt not filed any other application concerning the subject matter of this application before any other Court including the Supreme Court of India. 3. In compliance of the order dated 29.11.2024 wherein this Adjudicating Authorig had directed the Rp to seek clarification from the va-luer and place his reply by way of an additiona_l affidavit, an additional affidavit was filed by the Rp on 16.01.2025 vide diar5r no. D2g5. 4. During the course of hearing on 2g.O4.2025, this Adjudicating Authority had raised the following queries/clarifrcations: _ . lnformation on the b.us.iness carried out by the CD for the previous two years prior to the admission in the ctRp ind duing the ctRp and what busrness rs prop osed by the Resolution Applicant; ' Audited financia! accounts for two years prior to the admission of the cD in the CtRp and after that till 31.03.2025; . List of assefs on which the lRp/Rp had taken control and custody thereof; . Action taken by the Rp regarding cottection of debt due to the corporate debtor; o The number of workers and employees of the CD for each year (two years prior to the ClRp and titt date afterward); . Reasors for default it bv the cD and how the same is deatt in the ptan ";:?1ff;;i;:{X"d. Whether the Resotutio.n plan provide for any restructuring of CD by way '-1b of merger, amalgamation and clemerger; ..": . It-i. Whether the CD has any ptant ani machinery, if yes, detaits of major Il'!'1 machinery. . What ls lhe busrness of the SRA and what are the plans of the SRA regarding lhe busrness of the CD;

lA ( plon) / 48 / NC LU AH M / 2A2 4 in cP r/8/NO. 247 /NCLT/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 33 of 9l

C w D h a a t s is p e th r e la y s e t a fil r e -w d is in e c o b m u e s r t n a e x s r s e t r u o r s n s. tbrought fonuard depreciation of the U,rn income tax returns of the CD for Fys 2ot9-2020 to ?;::n.., 2023_ Sources of funds of the SRA.

5. Accordingly, in compliance of the order dated 28.04.2025, the Applicart filed an additiona_l affidavit on 06.05.2025 vide Inward No. D-3020, categorically dealing with the queries raised by this Adjudicating Authority and the response thereto herein: Sr. Query Response No. 1. a a t t I b w h n d n u e - f m o s o d i C r n i y m s d D e e s a u s a io f s t r r o i n i o s r n c n a i p g t n h r r e r i t i o t h e h o p r d e r e n e t o o v C i n o I t t R u h h b ' p e s e v A d ( t I I h t. a d 8 e i t j s. u e ) C d d s N D i u c o 2 b a. r 3 m t, 2 v i. n 1 a 4 it g 1 s t 7 e. a 2 d A o d O f u m 2 t 2 t 1 h h 0 3 t a o t 2 e t 3 r p d i t. t a h y b s e s y v C e id t d I h e R i s i P a n n H a o g C o n a r. , d i b n e p l s e r. t CIRp and what business is proposed by the Resolution Applicant It is submitted that initially the was re stered as a CD Non_Bankin Finance Company ("NBFC',) with the Reserve ank of B India ('RBr,). Hou.ever, with effect from 05.10.2016 the certificate of registration of the CD as a NBFC was surrendered and cancelled by the RBI. (A co py of the press release dated 23.1 1.2O16 issued by the RBI is marked and annexed ANNEXURE R2). hereto as +,_:::.t!;;. ''PA\ /,(-:i ' t .# ) Purther, it is submitted that the CD \ \ ? ' ., o #',*,7} was a part of the erstrvhile promoter group of M/ s. Sintex Industries Limited M S. Sintex Plastic tAlptan)/aB/NCLV Mr. Sachin Dinkar 4 B !1 h .M at 1 t 2 b ! h ?4 a tt in. cp //B/No.

247 /NCLI /AHM/ 2023 ,l 34 of and its Technolory Limited I subsidiary Mls. Limited That M/ s. Sintex Industries Limited was engaged in the business of soinnine and texriles. Whereas, M/s' "Plastic Sintex Technolory Limited ' through its subsidiary company M/s' Sintex-BAPL Limited was engaged in the business of manufacturing of water tanks under the name of well-knou'n brand "SINTEX" as well as in the business of auto sector' Durins the F.Y.: 2O2l -22 and F Y 2022-13, all the aforementioned companies viz. Mls. Sintex Industries Limited, M/s. Sintex-BAPL Limited and M/s. Sintex Plastic Technologz Limited were admitted under CIRP' It is relevant to submit that M/s' Sintex Industries Limited was taken over bY M/s. Reliance Industries' Limited and s. Sintex-BAPL M / Limited was taken over bY the Welspun GrouP of ComPanies bY waY of a Resolution Plan. Whereas, M/s' Sintex Plastic Technologr Limited rvent into Liquidation and during the Liquidation Process, M/ s Sintex Plastic Technologr Limited was taken over by the Durgesh Infrastructure group. On account of the foregoing scenarlo, the CD did not have anY business ooerations during the F 'Y ': 2027-22 ,.rd n'.Y.'

2022-23 and the annual revenue from the business activities was NIL. Business ofCD durinq the CIRP: I It is further submitted that during I the CIRP, the CD had no business activities. 1 Business ro osed the SRA: tAlpton)/4'/NCLI :AHM /2024 in CP (|B)NO' 247|NCLI/AllM/ 2a23 Mr. Sachin Dinka r Bhattbhatt 35 of 9'l

It is submitted that as per the directions Adj udicating of this Hon'ble Autho rity, the Applicant herein had duly sought an affidavit from the SRA and in response to the query under consideration, the SRA, in its affidavit, had responded thus: to the query of _.lergyos this Hon'lle Adjudicating Authoity as to what business of proposed by the Success.ful Resolutioi Applicant, it is submitted that the Success_7ful Resolution Applicant uas giuen to understand iiat the Corporate Debtor i.e., Star Line Leasing Limited had. no buszness operations in the F.y.: 2022_23 and F.Y.: 2O21-22 and euen d"uing the 9IRP Houteuer, the Corp=orate Debtor being ersttahile promoter entity of Sintex Group as tuell as being erstuthile NBFC, haue extenstue nettoork and presence in the market. In uiew uhereof, the I Succesqful Resolution Applicant intends to reuiue the CZrporate Debtor through his entrepreneurship skills and further intends to expand the busiiess of management and financial I consultancg by using the extensiue network and presence of the Corporate Debtor tn the market. (An original copy of the Affidavit submitted by the SRA is marked and annexed hereto as ANNEXURE R3).

Audited 2 financial The copies of the audited financial accounts for two years accounts for 2 (two) years prior to the prior to the admission admission of the CD in th; CIRP i.e., a of n t d h e a C f D te i r n t t h h a e t C IR til p l a fo re r F du .Y ly .: f 2 ile O d 2 I b - y 2 2 th a e n A d p F pl. i y c. a : n 2 t 0 h 2 e 2 r _ e 2 i 3 n 31 .03.2025 before this le Hon,b Adjudicating I Authority by way of Additional Affidavit dated 13.O1.2025 asa tA(plon)/ 48/NCLT/AHM/2024 in Cp ltB)NO. 247 /NCLI tAHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 36 ol 9l part the of Information Memorandum. However, with regards to audited financial accounts for F.Y.: 2023-24 and F.Y.: 2024-25, it is submitted that the same are under the process i of finalization with the statutory auditors of the CD. 3 List of assets on which The Applicant herein has taken the the IRP/ RP had taken control and custody of one small plot control and custody of land at Maharajpura. thereof It is submitted that apart from tfre aforementioned assel, there are no I other fixed assets in the books of I I CD. accounts of the 4 Action taken by the RP It is submitted that the only asset in I regarding collection of the form of debt standing in the debt due to the books of account of the CD was loan corporate debtor advanced to 2 (two) individuals.

That the Applicant herein had duly sent recovery letters to both the individuals for recovering the outstanding debt and had also made regular fo1low ups. However, there has been no response from the end of the debtors. The number of ll'orkers The number of workers and and employees of the employees of the CD for each year are CD for each year (tr.,r.'o as under: years prior to the CIRP Year No of and till date afterward) workers/employee As on 31.03.2022 1 As on 3 1-O3.2O23 1 As on 31.07.2024 NIL As on 31.03.2025 NIL 6. Reasons for default in It is submitted that sub-clause (n) A payment committed by Clause 3.1.7.10 of the Resolution the CD and horv the I Plan duly provides as under: same is dealt in the plan submitted by the "n) The Resolution Plan is feosible RA and uioble including addressed to cause of default and Resolution lll. s !1'r' .(. Applicant and their partners hauing fti'E$ sufficient net uorth to implement the \.**# Resolution Plan." Further, in the Affidavit submitted bv tA(plan)/48/NCLT/AHM/2A24 in CP llB)NO. 247 /NCLI IAHM/ 2023 Mr. Sachin Dinka r Bhattbhatt. 37 ot 9l the SRA which is annexed hereto and marked as ANNEXURE R3, it has been stated thus: "4.

Further, uith regards to the reasons for default in payment committed bg the Corporate Debtor and as to hou.t the some is being dealt Luith bg the SuccessJtrl Resolution Applicant, it is submitted that the Successf.rl Resolution Applicant u.tas giuen to understand that Star Line Leasing Limited i.e., the Corporate Debtor was erstrtthile promoter entity of Sintex Industies Limited and Sintex Plastic Technologg Limited. 5. That Sintex Industies Limited a in u)as companA engaged the business of spinning and textiles of 6.6 hauing capacity locs+ spindles. Whereas, Sintex Plastic Technology Limited uas a comPanA engaged it-t the business of of uater manufactuing tanks under the name of uell-knoun brand "SINTEX" as tuell as in the bnsiness of auto sector, through its subsidiary. 6. It is submitted that Sintex Industries Limited toas admitted under CIRP and utas taken ouer bY Reliance Industies Limited by tuag of a Resolution Plan uhich tuas approued bg this Hon'ble Adjudicating Authoritg uide 10.02.202s. 7. Further, Sintex Plastic Technologg Limited uos conducting its business of manufactuing of uLater tanks and cuto sector through its subsidiary comPdng. namelg Limited.

That euen Sintex- BAPL Sintex-BAPL Limited was admitted under CIRP and was taken ouer bg the WelsPun GrouP bg woy of a Resolution Plan tohich Tras roued b this Hon'ble tA(plon)/48lNCLI /AHM/2024 in CP llElNO. 247/NCLT/AHM/ 2423 Mr. Sachin Dinkar Bhattbhatt. 38 of 9I

Adjudicating Authoitg uide an order dated 17.03.2023. Thereafter, Sintex Plastic I Tectmologg Limited_ u;as also taken ouer bg Dtrgesh Infrastructure group during liqttidation process a.nd this Hon'ble aajud_icating / Authority had granted uaious relle|s and concessions to Durgesh Infrastntcture group uide an order I dated 08.1 I .2024. 8. Subsequent to uhich, a the i1u3stm7nry held bg the Corporate I Debtor in Sintex Industies Limited Sintex plastic ??d_ Technologg I.tmited were extinguished_ hence, the Corporate Debtor " h; a 'd d also started incuring losses. That I on account of such losses, /he Corporate Debtor uLas not able to suruiue/ cope up and u)as euentuallg admitted und.er CIRp bg I tli.s Hon'bf Adjudicating Authoiig utde an order dated 23.Ji.2023. 1, rs 2 submitted. that the / Success/t-rl Resolution Appticant is engaged in the buslness of prouiding management and JmanctaL consultancy. That the Lorporale Debtor being erstLuhile pro:lote: e.ntitg of SinLex Group as lDell as being erstuhile NBFC, haue / extensiue nettaork and presence in the market. In uieut whereof, the SuccessTt;l Resolution Appltcant intends to reuiue the I Debtor through Cirporate his entrep_reneurship sk|Is and further inlends to expand the busiiess of management and financiil consultancg bg using the ixtensiule I nehtork and presence of the f;8ri$ Corporate Debtor in the market. 1O. At this juncture it is perrinent to '':ll'#$'' / s^u?t:rt t^ha! sub_clause (n) of Clause r. t. /. i U oJ the Resolution pLan duly I prouides as under: n The Resolutio n Plan ts lA(plan)/48/NCL AHM/2424 in cp (tB)No. 247 /NCLI / AHM/ 2023 N,4r. Sachin Din kar Bhattbhatt.

feasible and uiable including addressed to cause of default and Resolution APPlicant and its partners houing sufiicient net worth to imPlement Resolution Plan." 11. In addition to the aboue, the SuccessJt-rl Resolution Applicant had dulg addressed A letter dated 05.05.2025 to the APPlicant Resolution Professional in order to specifically deal u-tith the queries raised bg this Hon'ble Adjudicating Authoity. That the said letter dated O5.O5.2O25 mag be treoted as a I part and parcel of the Resolution Plan. (A copy of the letter dated i 05.05.2025 is annexed herewith as ANNEXURE-A)," 7. Whether the No, the Resolution Plan does not Resolution Plan provide for any restructuring of the provide for any CD by way of merger, amalgamation restructuring of CD bY or demerger and the same is way of merger, conlirmed by the SRA in its Affidavit amalgamation and which is annexed hereto and marked I deme er as ANNEXURE - R3. 8. Whether the CD has No, the CD does not have anY Plant any plant and and machinery in the books of I machinery, if yes, account. I details machinery of i ma or 9. What is the business of The said query has been addressed the SRA and what are by the SRA in its Affidavit, which is the plans of the SRA annexed hereto and marked as regarding the business ANNEXURE R3, as under: of the CD "13. With regards to the query of this Hon'ble Adjudicating Authoitg as to uthat is the business of the Successful I Resolution Applicant and uhat are th.e plans of tlrc Successful Resolution Applicant regarding the business of the Corporate Debtor, it is submitted that the Successful Resolution Applicant is a highlg educated and high net uorth I indiuidual ha uing exlensiue experience of business actiuities in the field of management consultancY, I international inuestments and Venfitre lA(plan) / 48 / NCLT/ AHM /2024 in cP (tE)NO. 247 / NCLI / AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 40 oi ?1

I 10. l t f b w n h o u c e r h v o s a / m r C a n t D r e e d S S t a S a d S x 1 e t o h p p r S e e e r s e r t c u v l l a r a b n a S t r i t o r o u f n it g I e h S o d f t A A r t T e h o d p h S t j p e u u S l r i d C d n c i D a b t n r h a o t t a i a i u n S v S h e c h p o A t e f b r u f e t t o n h t e h r n a e w o b S v a r t d t r e f t o u d a f y i r 1 r e e d y a w d e o t f p l i h n 1 S 1 r e e n S d c c w b o H a u m l b t t o S y h i e o n n n t t b t e h h a S o e x e S f capt oned app Cati on at ANNEXURE e AF (Page No 32a ) and ANNEXURE 11. t D a a x te re o tu f r n fi s li n o g f t t h n e co me T AG he P d a at e e No o s f 3 fi 2 li 9 ng t o o 43 f 6 Incom e-ta,x lor F.Y.: 2019_2O C t D o Returns of the CD are as under: 2023-24 Financial Year Date offilti 2019-20 l 10.01.2021 2020-21 10.03.202 I 2 2027-22 22 10 2o22 2022-23 l 30 0 2023 2023-24 12. S S R ou A rces of funds of the It is submitted 2 t 3 h. a 10 t .2 th 02 e 4 SRA had 1nformed the Applicant herein that a th n e d y w n i o ll t be th u e ti lizing their own funds I borrow,ed funds for ffi revivrng the CD. In I addition to the above the said I query has also been dealt v/ith by the SRA in its Affidavir, which is annexed I hereto and marked as ANNEXURE R3, as follows: t A I plon) / 48 / NCLT / AH M / 2O24 in CP lB)NO.2a7/NCLT/AHM/ Mr. Sachin Oinkar Bhattbhatt. 2a27 4l o, 9l

''15. to the query qua t\e. ADroPos ,:;"*:;: i1 5""a" oJ ihe successfut i*"lii"i ippticani. it is submitted ;;;;--6i;"""-'s.1'6 of the Resotution 'iE" ir"*a"" for soirce of funds. and -mech'anics ';;;;;; of Pog^"nt of funds to is that creditois'-It Prouided ii"'"'ionn"r" of the SuccessJt'rl frrotiti"t, Applicant haue suffcient '"nt ionn to implement the Resolution P'lilo. n. fnut, it is submitted that the ir"""."f"i Resolution Applicant - is i"r,iio 'r"fnn nt net LUorTh to infuse adeiate -- funds in the Corqorate ieaior 7o, ieuiuing the business of the Corporate Debtor. 17. Moreouer, tlTe Success/ul 'Bn."e-, sot tion Appticant undertakes that iAt u. uitaing his ousn funds and not borrorped funds in reuiual of the Comorate Debtor. lt is Pen[nent to sitmit that 259o oJ the Resolution Plan I iiount nas already been deposited bg iii sr"."s.pt Reiolution Applicant .in in" form of Performance secuitg ieoosit tromits -ou-'n funds' The details oio tite d ePosit of Performance ii*au 'thaere aireadg Placed on record bu APPlicant Resolulion iioPssional before lhis Hon'ble itg. A dju d.ic ating Autho lS. fnat the Succes sful Resolution Applicant has d net LUo rth of more than Rs 3 Crores and a coPg of the net worih certiftcate of the Successful Resolution APPlicant is dulg produced at ANNDXURE AD (Page No. 32O) along LDith tlg caPtioned aPPlication bA Lhe licant Resolution Pro essional."

6. Further, in compliance of order dated 07'05 '2025' a revised Form-H has been filed by way of additional Affidavit through ffi Inward No. D-3129 on 13'05'2025' in the revised Format by the IBBI' Information' other than discussed prescribed tA(plcn)/AI/NCLT tAHM/2A24 in CP ltB)Na 247|NCLTIAHMI 2423 Mr. Sachin Dinkar Bhattbhatt. 42 ol 91 above arrd other imp information, as available in Form, is summarized;r*- this i. The RA, namely I engaged in business ":": " the activities r,"n" T t : h e field of management consultaacy, internationa-l investments and Venture Capitalist as well as engaged in the business of providing management and finaacial consultancy. II. The Members of CoC are Zep Infratech Limited (gg.3}% voting rights), and Damyanti Ventures (o.7o% voting rights). III' The total admitted claims other tha, corporate suara,tee are Rs.9,1S, lg,OOO/-. The Corporate Guarantee Claims is NIL. The plan value results into realization of 9. 1S%. of the Principal Amount and 9> .. l!s r%"/oo oofl the total admitted claims. ry. The Resolution plan va_lue is Rs.g5,O0,O0O/_, against fair a va_lue of Rs.32,96, 759/_ anda tiquidation value of Rs 30,2o,759/_. V. The plan amount of ,drt#* Rs.BS,OO ,OOO/_ i.vill be distributed ll'" r, jl:\ j between unsecured \\,rY'. i'**ep i.' i^"'-/,/l financia-l creditors ( Rs 84,50,000/_ and operational creditors including lAIpton)/4A/NCL the GST Departme nt I/AHM/2024 Mr. Sachin Dinkar thattbhatt iN CP(IB)NO. 247/NCLT/AHM / 2023

43 of 9l (Rs. 3s,000/-). VI. The plan results into rea_lization of 9.99oh of the unsecured hnancial creditors (members of CoC) claims of Rs 8,46,00,000/_. VII. The government claims are of Rs 4g,13,424/_, and the Plal provides for recovery of only Rs 35,000/_, which is O.72o/o. After payment of these, the ptan does not leave anything for the Corporate Debtor VIII. The Rp has not identified any preferential, Undervalued, Fraudulent and Extortionate transactions. IX. The CD has a business loss of Rs O.0g crores for the assessment year 2024_25 and the expiry year is 2032-33. The CD has long_term capital loss of Rs 325.93 crores for the assessment year 2023_2024, and the expiry year is 2031-2032.

7. In compliance of the order dated 29.11.2024, the applicant had filed an additional affidavit vide Diary No. D_2g5 on 16.OL2O2S and the same had been taken on record. As per clause 3.1.1 of the Resolution plan, the summaqz of proposal is as under:_

/N.C.L\/AHM/2A24 in Cp ltB,NO. 247 /NCLI /AHM/ 2A2i Mr. Sachin Dinkar Bhattbhatt. 44 ot 9l

Pafticulars Amount (lNR) I nsolvency Resolution Process A ny unpaid lnsolvency Resolution Costs and Standstilt Period Process Cosfs and Standstill peiod Cosfs Cosfs sha// be paid by way of Upfront Fund lnfusion made by the Resotution Applicant and shall be adjusted from the Upfront Cash Recovery. Standstill period cost means the cost which is required to be incurred after approval of Resolution Plan by Hon,ble Adjudicating Authority tiil the date the Resolution Plan is fully imptemented and lmplementing entity take over the control of Corporate Debtor. Operational Debt to be tNR 50,000 against the claims of permanently settled, Operational Creditors verified and discharged and extinguished in admitted by the RP shatt be paid by full and reduced to NIL by way of Upfront Fund lnfusion made by payment of: I t a h d e j u R s e t s e o d lu f ti r o o n m A p t p h lic e a n t t J p an fr d o n s t h all be Cash Recovery ("Upfront OC Discharge Amount"). Upfront OC Discharge Amount means upfront amount to be paid to the Operational Creditors (claim of which admitted by RP) within 45 days from the date of approval of Resolution plan by Adjudicating Authority.

I I Financial Creditor Debt to be Balance of Upfront Cash Recovery i.e. permanently settled, Upfront Cash Recovery - unpaid discharged and extinguished in lnsolvency Resolution process Cosfs full in accordance with the and Standstill Period Costs - lJpfront terms of this Resolution Plan: OC Discharge Amount available to the Financial Creditor verified and admitted by the RP shall be paid by way of Upfront Fund lnfusion made by the Resolution Appticant ("Upfront FC €rB'i} Discharge Amounl / FC Discharge Amount"). 'x'.:# I Upfront Cash Recovery means total lAlpton)/4BlNCL|/AHM/2024 in Cp (tqNA. 247 /NCLT /AHM/ 2A2j Mr. Sachin Din kar Bhattbhatt. 45 o, 9t upfront payment proposed by Resolution Applicant to be paid to financial creditors and operational creditors in term of this Resolution Plan, which is INR 85,00,000/-. Upfront FC Discharge Amount means upfront amount to be paid to the Financial Creditors (claim of which admitted by RP) within 45 days from the date of approval of Resolution ptan by Adjudicating Authority. For example, in case unpaid lnsolvency Resolution Process Costs and Standstill Period Costs is NtL (i.e. lnsolvency Resolution Process Cosfs and Standstill Period Costs paid from the cash and bank avaitable with Corporate Debtor) then foltowing amount available for Financiat Creditors, /NR 85,00,000 (Upfront Cash Recovery) - NIL (unpaid lnsolvency Resolution process Costs and Standstill Period Costs) /NR 50,000 (Upfront OC Discharge Amount) = INR 84,50,000 (Batance amount available for Financial i Creditors).

Any residual Debt, Claims or NIL liabilities to be permanen y settled, discharged, and extinguished in full and reduced to NIL by payment of:

ln any case, the Resolution Applicant shalt not be liabte to pay any amount more than Total Financiar proposal i.e. tNR gs,oo,ooo (Rupees Eighty-Five 6':'ffi Lakhs Only). 1i.? . Y::,'^^// ,..::::**t"

|A,(pton)/48/NCLT / AHM /2024 in Cp fiB)NO.24Z/NCL:I /AHM/ 2O2s Mr. Sachin Din kar Bhattbhatt. 46 ol 9l ln order to provide more clarity fo owing payment proposed by Resolution Applicant lo each c/ass of creditors against their admitted amount of claim; Amount Sr. Class of Creditors of Amount proposed to be /Vo. claim paid under Resolution admitted by plan (in Rs) RP N Rs. Unpaid CIRP 1. Cost NA NIL and Standstill Peiod (As cosls information per provided by RP, corporate debtor is not having any unpaid CIRP cosf considering the same rs paid off from the amount of bank balance available with the Corporate Debtor. Further as per information provided by RP, for standstill period cost a/so corporate I debtor having sufficient bank balance 2 Operational Creditors 48,13,424 50,000 (including workmen and employees and Government Dues) J Financial Creditors 8,46,00,000 84,50,000 Total e,94,13,424 85 00 000 ln addition to above as per Process Document, we undeftake that Financiat creditors also entitle for all cash and bank balance after deduction of ctRp Cost including bank term deposit balance in any avaitable with Corporate Debtor and we as Resolution Applicant would not have right over them.

9. As per clause 3.1.3. of the Resolution plan, the proposal for Outstanding Debt is as under:-z'"i*v-llI-19-3'. , 'rtii /t': '2 3.1.3.1. Summary of Outstanding Debt "2J\ 1:i ts)l f -. , ... r."r.o.cly^''K As per the lnformation Memorandum and List of Creditors provided by the Rp, tA(pton)/48/NCLT/AHM/2024 in CP llBlNO. 247 /NCLT/AHM/ 2023 Mr. Sachin Dinka r Bhattbhatt. 47 ol9l following are the detaits of the outstanding Debt of the corporate Debtor as of the lnsolvency Commencement Date: a) The RP has received craims from Financiar creditors for an amount of rNR 8,46'00,000 (rJnsecured financiar creditors) of which entire amount of rNR 8,46,00,000 has been verified and admitted as Financial Debt by the Rp (" F i n a nc i a I C red ito rs De bt,). b) The RP has received ctaims from rJnsecured operational creditors (inctuding workmen and emptoyees and Government Dues) for an amount of tNR 48,13,424 of which entire amount INR 4g,13,424 has been verified and admifted by the Rp ("Operationat Debt,); c) we note that other than the ctaims specified in (a) and (b) above, the Rp has not admitted any other Ctaims. d) As per information provided by the Rp, we note that there are no contingent obligations to any person owed by the coryorate Debtor in retation to aiy Financiar Debt of such person incruding in tie form of corporate guarantees, letter of comfort, hold harmless arrangements, indemnities, put options, co_ obligor arrangements, etc.

3.1.3.2. Proposal for Financial Creditors a) The Financiat creditors (incruding Dissenting Financiar creditors) shafi be permanently set ed, discharged and extinguished upon payment of FC Discharge Amount by the Resotution Appticait. b) As per Section 30 of the Code, the Dissenting Financiat Creditors are required to be paid an amount which shatt notbe Lss than the amount to be paid to such Dissenting Financiat creditor in accordance with sub-section (1) of. Section 53 in the event of a liquidation of the Corporate Debtor. c) The Dissenting Financiat creditors, if any, shart receive the Liquidation value payabre to such creditors from the rc Discharge Amount in fult and final settrement of their claim. rt is hereby ctarified that the Liquidation vatue proposed to the Dissenting Financiat Creditors in Clause 3.1,3.2 lb) (Proposal for Financiat creditors) shafi be paid, in priority to the Financia! ?r:,!,r* who have voted in favour of the Resotlution plan, on the Effective

1A(plon)/48/NCLT/AHM/2a24 in Cp (tB)NO. 242 /NCLr/ AHM/ 2O2s Mr. Sachin Dinkar Bhattbhatt_ rl 48 ol d) with effect from the Effective Date, ail ctaims of Financiar creditors shart stand discharged, set ed, extinguished in full and reduced to NlL.

3.1.3. Proposal for Operational Creditors The RP has received ctaims from unsecured operational creditors (inctuding workmen and emptoyees and Government Dues) for an amount of tNh 48,13,424 of which entire amount INR 4g,13,424 has been verified and admitted by the Rp. In accordance with section 3o(2)(b) of the code, the Resolution Appricant is required to make payment to the operationar creditors an amount eq'uat to the higher of (i) the amount to be paid to operationa! creditors in the event of riquidation of the corporate Debtor under sectrbn 53 0f the code and (ii) the amount that wourd have been paid to operationat creditors if the amounr to be distributed under the Resotution pran had been distributed in accordance with the order of priority in Section 53(1) of the Code. with effect from the Effective Date, afi craims of operationat creditors shart stand discharged, seftled, extinguished in futt and reduced to NlL. 3'1'4' The payments contemprated in this Resorution pran shart be Resorution Applicant and the Corporate Debtor,s futt and final peiormance and satisfaction of art craims, Debt, riabirities incruding contingent tiabitities against it, in each case, whether or not such ctaim, Debt, tiabitities inctuding contingent riabi,ties is reduced to judgment, fixed, equitabre, maturei, unmatured, disputecr, undisputed, secured, unsecured, contingent, crystafiised, admitted, rejected, under verification, recognized in the financiat statements or not and incruding in reration to or peftaining to Tax whether or not contingent, recorded, assessed, unassesse4 disputed, undisputed, whether or not in reration to or on account of assessment, reassessrrenl, notice, proceedings, compounding, non_compliance, non-filling, non-preparation of documents, repofts incruding but not timited to pursua-nt to any surveys or summons. No other payments or setttement (of any kind) witt be made to any other person in respect of the ctaims, Debt and tiabilities in {r';t'6ifi'i';f;;1i reration to the period prior to the Effective Date (whether arising prior or post the Effective Date) against the corporate Debtor and art such ctaims, Debt and liabilities shail stand extinguished. '::i*24 tA(pton)/48/NCLT/AHM/2A24 in Cp ltB)No. 247 /NCLt /AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 49 ot 9l

3.1.5. Proposal for Shareholders No payment is proposed to.be made to the existing sharehorders of corporate Debtor and the existing paid up share capitar of the-corporate Debtor, whether as equity or preference shares, arong with any share apprication monies shart be reduced to NrL and extinguished and canceied pursuant to the capital Reduction contained herein. Upon canceltation of the existing equity capital and any share application yoniel' the lmplementing Entity shart infuse capital tnto the corporate Debtor as described in crause 3-3.1 (implementation pran) of the Resorution ptan and become the 100% sharehorder of the corporate Debtor enjoying of 100%o the u_oting rights and ights over distributable surplus, from time i tir", of inZ corporate Debtor. The capitat rnstrumenrs issued sha, not t" ruq""t io restrictions, encumbrances or agreement to create the same which were agr " e ,n e y d by any person, other than the Resotution Appticant, prior to the Effective Date. Ail rights of any person, whether such ight is in any agreement, contracts, chafter documents, confirmations, terms and conditions, retters, commitments, guarantees, lndemnities, power(s) of attorneys, acceptances, promises, notes hypothecations, ptedges, moftgages, chargei, trusts and/or any other deed or i d n o c t u h m e e C nt o r o p r o a r t a ta te c h D ed e b to to a r n w y h s ic e h c u m rit a y, y t o a t a a cq n u y ir e t im or e h a o n td d / s o h r a r f e o s r o a r n a y n y r e s a e s c o u n ri t b ie e s convefted or exchanged into shares or convefiibte securities, whether optionatu or mandatority or in paft or in whote, or to participate in any decision i"*iii i, governance of the Corpora.te Debtor, inctuding by having voting rights, vetZ otr affirmative ights or by nominating or appointinj or causing the nomination and/or appointment of any director, executive, principat officer or observer in the Corporate ..Debtor, or to have any right to " p n a y rl ic " i r p p a t te o y in "" t o h n e revenue or profits or any other earnings of the corporate Debtor shart terminate and not be effective and binding any more, and all sharehotder agreements, voting covenants etc. sha, immediatety terminate and the corporate Debtor and the implementing Entity be rereased from att obrigations thereto, whether express or implied.

3.1.6. Source of Funds and mechanics of payment of funds to various Creditors ,v A T p h p e r p ic a a y n m t e / n r t m s p p l r e o m p e o n se tin d g i n E n th ti i t s y R o e r s o it tu s t i a o f n f ir p ia t t a e n s, w a i s tt s b o e c ra fu r n es d e o d r b g y r o t u he p R e e n s ti o ti r e u s t io in n accordance with the terms of this Resolution plan.

tAlplon)/48/N.C.Lf /AHM/2024 in Cp (tB)No. 247 /NCLI/ AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 50 oI 9l

The lmplementing Entity proposes to infuse the upfront Fund lnfusion into the corporate Debtor on the Effective Date in the manner and form as specified in crause 3.3.1 (imprementation pran) for the payment of the amount to the Creditors in the manner as specified in the Resotuiion plan. The Resolution Applicant having sufficient net wofth (net worth ceitificate provided to Resorution professionar) to imptement the Resorution ptan. 10. As per Clause 3.3.2.2 of the Resolution plan, the Upfront Fund Infusion in Corporate Debtor and Reduction of Current Share Capital are as under: upon the receipt of the plan Approvat order and on the Effective Date, the lmplementing Entity wil infuse and/or cause the infusion of funds of an amount equal to the upfront Fund rnfusion in the corporate Debtor in the manner as specified in this Resotution ptan within the peiod of 4s days from the date of approvar of Resorution pran by Adjudicating Authority such thlat the rmprementing Entity holds 1 00% of the entire sharehording of the corporate Debtor an thz Effective Date_ upon the receipt of the plan Approval order and with effect from the Effective Date, the entire share capitat of the corporate Debtor shall stand reduced to NtL and permanentry discharged, extinguished and settted, such that the lmplementing Entity remains the sole shareholder on the Effective Date.

11. As per Clause 3.3.4.1 of the Resolution plan, the Monitoring Agent is as under:- a) with effect from the pran Approvar Date or any earrier dare as directed by any relevant judiciar authority and tiil the Effective Date (the ,standstiil Period), the Monitoring Agent shalt be appointed in order to oversee the operations and management of the Corporate Debtor. b) Subject to the provisions of thr.s Resotution ptan, the Monitoring Agent shart i t : /.1 t ',' ."r. carry out the daylo-day operations of the Corporate Debtor wii tie support of the management team of the Corporate Debtor during the \.r Standsti Period; and any actions which require the Corporate Debtor to obtain shareholders' approvat or the approval of its board of directors would be 1A(plan)/ 48/NCLI/AHM/2024 in Cp r/BlNo. 247/NCLr/AHM/ 2023 Mr. Sachin Dinka r Bhattbhatt. 5l of ?l undeftaken sorery with consent of the Monitoring commiftee, which consent would be deemed to be the approval of the shareholders or the board of directors, as lhe case may be. c/ Unless othenuise required by the lmplementing Entity, the term of the Monitoing Agent shalt automatically terminate upon the earlier of (1). occunence of the Effective Date; and (2) termination of the Resotution pian in terms of lhis Resolution plan. d) The fee payabte to the Monitoring Agent shatt form part of the standstill Period Costs.

The fees of the Monitoring Agent shalt be mutua y agreed between the Resorution Appticant and the Monitoring Agent on or priorio tne Plan Approval Date. e) The Monitoring Agent shall peiorm its obtigations under the supervision of the Monitoing Committee. t) The Monitoring Agent shall peiorm the foltowing obtigations and shall be vested with all authority for the same: Continue with the operations and busrhess of the Corporate Debto; il Ensure filing of relevant e-forms with the Registrar of Companies in relation to all actions required to be taken for the purpose of completion of the acquisition of the Corporate Debtor by the lmplementing Entity; III Pay all dues of the Corporate Debtor (including but not timited to Tax dues, dues to Operational Creditor, dues to wirkmen and employees, if any) in a timety manner and in accordance with the poricies of the Corporate Debtor and provisions of applicable Law: lv. Take steps to rectify non-compliances of the Corporate Debtor with applicable Law; V, Cause the Corporate Debtor to take such sleps as is necessary in the opinion of the Resolution Applicant to enable the implementing Entity to implement the Resolution plan

L2. As per Clause 9.3.4.2 of the Resolution plan, the Board of Directors is as under:- a) ct From the Plan Approval Date, the powers of the board of directors of the 1i€ corporate Debtor sha, continue to remain suspended and all powers of the 1A(plon)/48/NCLT/ AHM/2024 in Cp r/B/No. 247/NCLf /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 52 ol 9t board of directors of the Corporate Debtor shalt be exercised by the Monitoring Commiftee. b) with effect from the Effective Date, the board of directors of the corporate Debtor sha, be reconstituted in the manner specified by the tmprementing Entity (such reconstitution wourd be with persons who are erigibte undJr Section 29A of the Code to be resolution applicant) and on ippointment such new directors the term of existing directors of the corporate Debtor shall automatica y terminate/expire on the Effective Date, without requiing any furlher actions on the paft of the Corporate Debtor. c) The existing Board of Directors of the corporate Debtor shal provide art cooperation necessary for undeftaking a, actions for imptementation of the Resolution Pran inctuding affixing their digitat signature on forms to be fiter! with the Registrar of Companies on the Effective Date.

13. As per Clause 3.3.4.3 of the Resolution plan, the Monitoring Committee is as under:- a) with effect from the ptan Approvat Date and tirt the Effective date (the "Standstill period,), the supervision of the management of the affairs of the Corporate Debtor and duty to oversee the implementation of the Resolution plan sha inter atia vest with a stee ri ng com m ittee (, Mo n itori ng Co m m ittee,). b) Unless otherwise required by the lmplementing Entity, the term of the Monitoring Commiftee shall automatically terminate upon the occurrence of the Effective Date following the reconstitution of the board of directors of the Corporate Debtor by persons identified by the lmplementing Entity (provided each such person identified sha be eligible under Section 29A of the Code to be resolution applicant). c) The Monitoring Committee shall comprise: (i) 2 representatives of the CoC (i.e. Financial Creditars); and (ii) 1 representative of the Resolution Applicant and (iii) 1 Resolution professional. The -/zio!11'rX decision-making powers of Monitoring Committee should be vest /,t':; ,*'1h with CoC members and Resolution Applicant including Resolution rl \,..-* Professional would not have any decision-making powers. '",+:#;.' tA(plon) / 48/NCLT / AHM /2A24 in Cp //B/NO.

247 / NCLT/ AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 53 of 9l d) The Monitoing as board of dire C c o to m r m s. if iee shall also have the same role and ights e) The quorum for a mee Monitoing a re r q a u t i r n e e t m he o p e r r e l s J e p n i c r e "i J o r r r ' , : " n ' ,^te?a's, t ' 0 1, " m ember repre c s o e m n m tin it g te t e h e w o c u o td c ng lmplementing Entiiy. f) The meeting of way of physicat, a th u e d M io o, r, :::":'1 committee mav be conducted by tn"reor.. Uni"ss., audio-visu a t mean s or any combin ation ,upr"r"niiir " J ;; i; ; t; ' ; " : , :o::::"1 bv the tmptemening utt Entitv and c t n o e rr i r t i t l u o n o i - t; i i n iZ s r " r; i. ; Z ;; r; | i * , " ,: 'f : i : " ' e : a ' .c t, h c r m e d e i e to t r in s s w h o o r a t r h e e m M e m o n b i e t o r r s i n o s r mav be conduc;r';:;';;"1'"' notice or 3 Busrness D monitoing. ter notice *inin|" *r"r"ir".i';":;::::, t4. As per Clause 3.3.4.4 of the Resolution plan, the Supervision of Implementation of the Resolution plal is as under:_ a) During the S:1r!":!, period, the tmptementing takins the ro"ii" Entity shail be ;:::;i'::;:: 't"p' imptementation or the andthe","r;k':"r!,W,;::Zf::;l:;!i::":::i:;!:::;r; on the imptementation * ,n. i"r"ir, requested by rmpremeniins;r;;;",;,i;"T;r: may be the b) The mechanism for supervision of the oav of t h e co rporate- o o,i/ *,ii Zi*,;;:;i#";;;:"::,:E:::":i;: manner contempla" ted tmptementingEn, n rr e * re ** u : n, a " e "" r, 1 i " h 0 a : t " t" ; ;t;;:1r:Xi:;;:,:rtlr"::: 1s.

SoME ADDITIONAL I.ACTS Information relevalt to the present proceedings, as available in the audited accounts of the CD for the financial years 2027_ 2022 and 2022_2023, is given below (The Rp provided the lA(plan)/48/NCLVAHM Mr. Sachin Dinkar Bhat / t 2 b 0 h 2 a 4 t t i. n Cp (]B)NO. 247lNCLf /AHM/ 2023 54 of 9t information based on the directions issued by this Tribunal): . The share capital of the company as on 31'03'2022 and 3l .O3.2O2L was Rs 383'45 Lakhs' The shareholders are: Anal A. Patel (42.42o/ol, Liuv Amit Patel (L7 'L4%)' Kush Amit Patel (19.38o/o\, and' Chandan Infratech LLP (2O'72o/o)' The Company belongs to Sintex Group and audited accounts are signed by Shri Luv A Patel and Shri Jabal C' Lashkari' both directors of the company' The share capital remained the same as on 31.O3.2023' o and surplus of the company as on 31'03'201 and Reserves 31.03.2022 were Rs (10,944'06) Lakhs and Rs (L9'947'O2l The figure for 31'03'2023 was (Rs Lakhs respectively. 1267.89 Lakhs). The figures indicate that the company has negative reserves and surplus due to the deficit in the profit ald loss account.

Long-term borrowings as on 31.03'2022 and 31'03'2021 a were Rs 38,473.75 Lakhs ald Rs 38,933'63 Lakhs respectively. These borrowings were reduced to Rs 1,377'52 lakhs as of 31.03.2023. No reasons are given for reduction .9) in the intercorporate deposits. None of these lenders has fiied claims before the RP. tA{plon) 148/NCLI /AHM/2024 in CP {lB/NO 247|NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. ti 55 ot a Trades payable were Rs 93.91 Lakhs and 93.20 Lakhs respectively as on 31.O3.2022 and l. 31.03.202 Trades payable reduced to Rs 1.12 Lalhs as on 31.03 .2023. a ProperQr, plant and equipment were of Rs 5.66 Lakhs as on 37.03.2022, and it was a freehold land. The company continued to hold freehold land as on 31.03.2023. a Non-current investments were of Rs g171.95 Lakhs and Rs 8049.34 Lakhs respectively as on 37.O3.2O21 and 31.03.2022. These were reduced to Rs 101.03 Lakhs. The investments in the shares of Sintex plastic Technologr Ltd shares was reduced to Zero as against 33529.47 Lakhs as on 31.O3.2022. a Long-term loans and advalces were of Rs 19522.44 Lakhs arrd Rs 19908.95 Lakhs, respectively, as on 31.03.2022 and 31.03.202 1. The a_rnount was reduced to Rs 3S9.gO Lakhs a Current assets comprising of cash and cash equivalents, and other current assets were of Rs 63.25 Lakhs and Rs 63.25 Lakhs, respectively, as on 3I.O3.2022 and ,:.dfYjX 37.O3.2027. f&i$ -\,-rJs a During the year 2o2o-2o21, the compa,y had totar revenue lA(pton)/48/NCLT/AHM /2024 in cp (18)NO.

247 /NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt.

ofRs 1.02 Lakhs, other expenses ofRs 111.69 Lakhs and a loss of Rs 142.41 Lakhs. o During the year 2O2l-2O22, the Company had a total revenue of Rs 17.05 (mostly on profit on sale of investments) and a loss of Rs 2.96 Lakhs. a Cash flow statement for the year 202I-2022 shows that the Company sold investments for Rs 135.05 Lakhs. a The audited accounts for the year 2022-2023 show that the Company had an income tax demand of Rs 3g,16,64,371, but the same is not taken into account by the Rp in the claims. a During the year 2022-2023, the company had other income of Rs 174.87 Lakhs and included interest on Income Tax Refunds of Rs 44.82 Lakhs. The Comparry had a loss of Rs 6703.55 Lakhs on the sale of investments in the year 2022-2023. a Trial balance as on 23.11.2023 shows that the Compaly had made loarls arrd advances of Rs 40,50,000 and Rs 10,36,00O to Shri Mukesh R Shah (HUF) and Shri .,"":r_'.i.;.. ll Rashesh M Shah- ,i,i ':J[ ',:.::.).jili 'r-.-r# a The company sold a vehicle in the period 1,.4.2023 to lA(pton)/48/NCLT/ AHM/2024 in Cp 1/B/NO. 247/NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 57 ot 9l

23.L1.2O23 and earned a profit of Rs 787. 16. Sintex Power Limited extended a loan of Rs 7,00,00,000 to the Corporate Debtor. The name of Sintex Power Limited was changed to Sixvents Power and Engineering Limited. This company was amalgamated with Zep llrfratech Limited, and therefore, the loan receivable from the Corporate Debtor stood transferred in favour and name of. Zep Infratech Limited (the Financial Creditor). Zep lnfratech and CD entered into an MOU on 01.07.2018 that provided that the loan amount of Rs 7.O crores, along with a premium of 2O%o, would be payable on or before 30.06.2022. As the loan was not repaid, the FC filed an application under section 7 of the IBC, and the CD replied that, "We hereby acknowledge and admit the default in repaying the aforesaid loan of Rs 8,4O,OO,OOO to Zep Infratech Limited. Currently, we are facing a financial crunch, and it would not be possible for us to repay the debts of Zep Infratech Limited." L7, The Valuation Report of one valuer, namely Bharat Sinh R. Rajput, had valued the land at Rs 9,33,0OO fair value and Rs 6,53,000 as liquidation ;:(.t!I.!)*'r /(::,m ,li\ value. Other assets were valued as given below: t-' i''2" ;l Io;L' .-1 .,^/, \-" ' '* *".r* lA(plon)/ S/NCLT/AHM/2024 in Cp 0BINO, 247 /NCLT/ AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt.

Maitri Valuation LLp provided a valuation report for financial assets. The cash and bank balance was Rs 23,T6,glg ftair and liquidation value). The investments of book value of Rs 1,43,32,236 were valued at NIL. . Shri Nilesh R Barad, another valuer, valued all investments in quoted shares with a book value of Rs 1,43,32,236 at Rs ZERO. Cash and cash equivalents were valued at Rs 23,76,7OO. . The above shows that the Company had onty two types of assets: One land with a fair value of Rs 9,33,00o and cash and bank barance of Rs 23,76'700' The total value of assets was about Rs 33 rakhs. Then there were loans receivable of Rs 50,g6,000 from Shri Mukesh R Shah and Shri Rashesh M Shah, 18' The Rp issued Form G "Invitation for Expression of Interest for star Line Leasing Limited not having any business activities at Present,. The Form states that the fixed assets are located in Gujarat. The Company has no manufacturing operations. The company has no materiar business operations in the last financia-l year. 19. This Tribunar sought some clarifications vide order dated 79.06.2025. The information provided by the Rp through the additiona-t affidavit filed on 26.06.2025, to the extent helpful in taking a decision about the approval/rejection of the plan, is given below: tA(ptonl/48/NCLT/AHM/2A2a in cp (tB)NO.

247 /NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 5t of tl a The Resolution Applicant of the case, Mr. pratik Bose, has also submitted a resolution plan for Rs 90,00,000 in the matter of Kolon Investment Private Limited being C.P. (I.8.) No. 259 of 2023. a The RP submitted that none of the financial creditors, who made claims, are related to CD as per provisions of Section S efl of the IBC, 20t6, a The RP has submitted that it had not issued any communication to the creditors as required by Regulation 64, of the IBBI (Insolvency Resoiution Process for Corporate persons) Regulations, 2076. The Rp has submitted that the trial balance drawn as of the date of CIRp did not show any material creditors, except for the unsecured FC, as well as the auditors of the company/CD. Both the unsecured creditors (M/s Zep Infratech Limited and M/s Damyanti Ventures had already submitted their claims. 1r*ill.1t. .'l'-€#o, i.rf,',-.?.\r li:t "iflr l;li The auditor did not submit any claims. The Rp has further submitted that there was regular lAlpton)/48/NCLT/AHM /2024 in cp rrB/No. 247/NCLT/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt.

60 ol9l verba.l communication with the auditors of the CD, who had been duly informed of the initiation of the CIRP against the CD, and their services were also kept ongoing. The Rp had also made communication with the Income Tax Department, TDS Department, GST Department vide emails d.ated, 27.11.2023. The Rp has additionally submitted that there were no material creditors as per the last books of account of the CD, which needed to be communicated in terms of Regulation 6.4. However, as discussed above, the CD has assets ald liabilities of hundreds of crores and even the audit report for the year 2022_2023 had income tax claims/demald but that is not included in the claims prepared by the Rp. r As directed by this Tribunai, the Rp has a-lso provided a copy of the Information q$ Memorandum (IM). The IM states that the last audited accounts of the CD have been prepared for FY 2022-2023. Up_to_date books of accounts tA(pton)/48/N.CL| /AHM/2A24 in Cp //B]NO. 242/NCLT/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 6l of 9l are being maintained on a regular basis. The IM notes that the provisional trial ba_lance of the current yea-r as on the CIRP commencement date is given in Annexure.

A list of creditors is given in the Annexure. As per the trial balance as on 23.11.2023, the CD has no dues payable to the related party. The CD has investments in the shares of Kolon Investment private Limited of Rs 16.61 Lakhs. The CD has NIL permanent employees or workmen as on 23. 17.2023. a The Company was incorporated on 26.O3.19a4 under the name of Star Line Leasing Limited. The primar5r activity of the compa_ny consisted of investing in shares of Sintex Industries Limited and Sintex Plastics Technologr Limited, as both companies are under CIRP. Consequently, the investment in these shares has been lvritten off in the books of Star line Leasing Limited. ffle:t) a The primary source of income of the Compaly ^w"_izt consisted of interest income and miscellaneous 1A{pton)/48/NCLT/ AHM/2024 in Cp f/B/NO. 247/NCLI/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 62 ol 9l lncome. a Major assets of the company as on 23.1 t.2O2S consist of loan receivable of Rs 51 lakhs and investment in the equity shares and reai estate funds. Apart from this, the CD has a barrk balance aggregating to Rs9 lakhs in a few current accounts. .

A copy of the trial balance as on 23.11.2023 is provided. According to this, the company has reseryes and a surplus of Rs 2S4,Sg,gg,2g2. rt A copy of the claim forms received from M/s Zep Infratech Limited and M/s Damyanti Enterprises is filed. M/s Damyanti Ventures, 105, Ist Floor, Jangid Lake View, Bhiwandi Thane. The loan of Rs 6,00,000 was given on LO.O7"2O23. This loan has similar characteristics as loans received in the month of September 2023 from Rajendra M. Thakkar arrd Sons Private Limited, having the address of 101, House of Grace, Padwal H, Bagle Estate Thane, 400604, by three other companies for which Zep Infratech Limited has filed application under section 7. tA(ptanj/48/N C.LT/AHM/2A2A in CP f/BlNO. 24,//NCLT/At1M/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 63 oI9l

20. ANALYSIS AND FI$DrNGS oF THIS TRIBUNAL 2O.l Before adverting to the Application filed by the RP it and the submitled Resolution Plan, 'uve consider appropriate to highlight essential facts about the cise as available in the records' . The Corporate Debtor and the Financial Creditor' Mls Zep Infratech Limited belong to the Sintex Group of Major Sintex Group companies """"". have undergone CIRP. . The Financial Creditor, namely Zep lnftatech Limited, a Group company, had filed the application under section 7 of the IBC, 2016, against the CD' . M/s Zep lr.J;ratech Limited has fi1ed applications under iection 7 in at least three other cases (namely M/s Kolon Investments Private Limited, i'A7s Opet Securities Limited, and M/s Gabriel Ventures India Private Limited), and ai1 the cases are being adjudicated by this Authority' . The above facts show that Sintex Group entities are undergoing/ undergone CIRP' r The information on various assets and liabilities as noted in the balance sheet of the CD as on 31.O3.2O2 1, 9 1.O3.2022, and 3 1' 03'2023 is noted in this order. Huge iiabilities are running in crores, and surprisingly, none have made any clairns a.gainst tLre CD.

The CD has no business for the two yea-rs prior to the admission to the CIRP, and also not during the period of the CIRP. . The CD has no tangible assets other than a land yz,6*lt-,xr valued at about Rs 7 lakhs, and it has only financial assets, and those are valued at about Rs ffiei+ 23,76,818. Fair va-1ue and Liquidation value is \{r*;;;:",'7 the sarne. Colncldentally, two lnclependerrt '\t--#/ tA(pton) /48/NCLI /AHM/2024 in CP {lB)NO. 247lNCLl IAHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 64 ol t'l valuers valued the financial assets at the same vafue. The CD had no employees for two years prior to I the admission of the CD in the CIRP, artd a-lso during the CIRP and at present, the CD has no employees. The CD was an NBFC, but its license was a cancelled by the RBI on 23.11.2016.It was later a part of the promoter investment company of the Sintex Group. The CD has a business loss of Rs 0.08 crores' o long-term capita-l loss of Rs 325.93 crores and sho-rt-term cipital loss of Rs 1.21 crores' The Resolution Plan seeks confirmation from the Principal Commissioner of Income Tax and direction from this AA that the business loss will be ailowed as set off against income under section 79 of the Income Tax Act' We also see the availability of business loss or long-term capital loss, which can potentially be considered arr asset and could be utilised for tax planning by entities to reduce their tax liability' However, this asset is not valued and is not considered by the RP/CoC' a The RA is seeking various relief and concessions, most of which do not apply to the facts of the case.

For example, it is seeking a waiver of transfer fees on land leased from the Industrial ity. Indicating tha't the RA Developmenl AuLlrur ,loes not have information that the CD has no land. The CoC a-1so did not examine the relief and sought in the Plan and their concessions relevance to the actual facts of the CD but simply agreed wj.th the claims of the RA by terming them -'::l-!r;. as routine. t': .',# ''.?\ l * l;1, , 1-)i,\...: 1#."/l a The RA filed a response regarding various queries \{rs:ia rcieed in the fnrrn of an Aflhdavit. and such information was not available in the submitted tA{ptan)/48/NCLT IAHM/2024 in CP l/BlNO 247lt'lcLr/AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 65 ol 91

Plan. Shri Pratik Bose has also filed an Afhdavit on 05.05.2025 which states that we sha1l infuse adequate working capital funds in the Corporate Debtor and intends to revive the Corporate Debtor through our entrepreneurship skill and further intends to expand the business of management and consultancy by using the extensive network and presence of the Corporate Debtor in the market. This business plan has no link with the CD as CD does not have any employees and it does not have any extensive network. We have observed that the RAs have frled similar afhdavits in three other cases in which M/s Zep Infratech Limited had filed applications under section 7 of the IBC, 2016. The claims of the Resolution Applicant are not supported by reatity on the ground and lack substance. The CoC did not examine these aspects and continued to approve the resolutions with a 100% majority. It is noted that CoC comprises of M/s Zep lnfratech Limited, which did not file its claim for a loan of hundreds of crores. o The reasons for default by the CD, as stated in the additional affidavit filed by the RA, are based on the queries raised by this Tribunal to the RP.

The RA has submitted that it \Miil use its own a funds for meeting the Plan requirements and not the borrowed funds for reviving the CD. However, it has not made any provision for equity capital or working capital. The amount of Rs 85,OO,OOO proposed in the Plan is earmarked for payment to two financial creditors and a sma1l portion for payment to the GST Department. Shri Pratik Bose has also fi1ed a Resolution Plan in the case ffi of Kolon Investment Private Limited, another company in which a CIRP was initiated based on an application filed by M/S Zep lnfratech Limited. 2O.2Tlne CD had assets and liabilities in hundreds of tA(pton)/48/NCLf /AHM/2024 in CP /r8lNO. 247/NCLT/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 66oltl crores as on 31.O3.2A21, 31.O3.2O22, and 31.03.2023. The CoC apparently lacked sufficient knowledge of the CD's business, arrd it never asked any questions or raised any doubts about the transactions undertaken by the CD. 2O.3 The CD was neither subjected to a forensic audit nor a transaction audit, nor were the transactions referred to an auditor for identifying preferential transactions under Section 43, undervalued transactions under Section 45, extortionate transactions under Section 50, and fraudulent transactions under Section 66 of the IBC, 2016. And on being directed by this Adjudicating Authority, an Aflidavit to reply to the queries raised has been filed, and relevant information has been discussed in this order and summarised again below: a The RP submitted that the audited financial statements for FY 2023-2024 and 2024-2025 arc under the process of fina.lisation with the statutory auditors of the CD. a The RP states that the Resolution Plan is feasible and viable, but it has not demonstrated the basis thereof, nor has the CoC deliberated it.

What is feasible and viable in the circumstances that the CD has no business operations, no employees, no offices or other tangible assets. Only financial assets are considered assets, which can be easily sold or liquidated in a short process, such as liquidation. The business of CD was to invest in the Sintex Group companies (which are group comparries). There are no employees of the CD, and therefore, no knowledge of the business, customer information, or any other intangibles, lz.".}ii--::r> except for tax losses, is available with the CD. {q 2O.4The RP has filed an affidavit and revised Form-H, based on the IBBI Notification No. 1BBll2025- 26lGN/REG 124, dated 03.O4.2025, in this Tribunal on 10.05.2025 (Inward Diary No. 3558). tA(ptan)/48/NCLf IAHM/2024 in CP (tB)NA. 247 /NCLr/ AHM/ 2C2s Mr. Sachin Dinkar Bhattbhatt. 67 ol 9l

Additiona-l information provided is extracted below: o Date of initiation of CIRp- 23.I1.2023. Date of expiry of 180 days of ClRp 21.05.2024. The extended period of CIRP expired on 03.o7.2024. Fair value of CD is Rs 32,96,259 e Liquidation Value is Rs 30,20,759. Resolution Plan Value Rs BS,OO,0O0. . A tota_l of 9 CoC meetings were held. . Form H shows that CD was part of the erstwhile promoter group entities of Sintex Industries Limited and Sintex plastic Technologz Limited. o No PUFE applications are made or pending. 2L. Section 31 of the IBC dea-ls with the approval of the resolution plan. Section 31 reads as follows: '37. Approval of Resotution plo;n (1) If tlle Adjudicating Authoitg is satisfi.ed that the resolution plan as approued bg the committee of creditors under sub-section (4) of section 3O meets the requirements as referred. to in sub-section (2) of section 30, it shall bg ord.er approue the resolution plan which shall be bind.ing on the corporate debtor and its emplogees, members, creditors, including the Central Gouernment, anA State Gouernment or anA local autlnity to whom a d_ebt in respect of the pagment of dues aising und.er ang latu for the time being in force, such as authoities to whom statutory dues are oued, guarantors and other stakeholders inuolued in the resolution plan.

Prouid.ed that the Adjud.icating Authoritg shall, before passing an order for approual o! resolution plan under this sub-section, sqtisfg tholt the resolution plan has provisions for its effectiue implementation. tA(ptan)/48/NCLI/ AHM/2024 in Cp (tB)NO. 247 /NCLT /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 68 of 9l (2) Where the Adiudlcating Authoritg is satislied that the resolution plan does not confinn to the requirements referted to in sub'section (7)' it may, bg an ordet, reject the resolutlon plan, (1),- (3) After the order of approual under stb-section by (a) the moratoium order passed the Adjudicating Authoity under section 14 shall ceose to haue effect; and (b) the resolution professional shall forword all records relating to the conduct of tLe corporate insoluency resolution process and the resolution plon to the Board to be recorded on its database. to (4) The resolution appticant shall, pursuant the resolution plan approued under sub-section (1), obtain the necessary opproual required under any laus for the time being in force u;ithin a peiod of one aear from the dote of approuol of the resolution plan by the Adjudicating Authoitg under sub-section (1) or u-tithin such peiod as prouided for in such lau, whicleuer is loter.

Prouided that u,here the resolution plan contanns a prouision for combination, os rekrted to in section 5 of the Competition Act, 2002, the resolution applicant sholl obtain the approual of the Competition Commission of India under that Act pior to the approual of such resolution plan bg the committee of creditors." 22. To our understalding, section 3 1 requires satisfaction of the Adjudicating authority on two issues:

a) Whether the resolution plan has provisions for its effective tA{plon) /A1/NCLT/ AHM /2024 in CP (18)NO.247 /NCLI/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 69 ol 9l implementation; and b) Whether the resolution plan meets the requirements of section 30 (2) read rvith Regulations 3g and 39 0f the cIRp Regulations. 23. Section 30 (2) of the IBC reads as below: €O. Submisslon oJ resolution plan. (2) The resolution professional shall examine each resolution plan receiued bg him to confi.rm that each resolution plan- (a) prouides for the paAment of insoluencg resolution process cosls in a manner specifted by the in pioitg to Board. the paAment of other debts of the corporate debtor; (b) p_rouides for the paAment of debts of operational credttors in such manner as maA be specifted bg the Board which sha not be less than- (i) the amount to be pai.d to such cred.itors in the euent of a liquidation of the corporate d.ebtor und_er section 53; or (ii) the amount that would haue been paid. to such creditors, if the amount to be distibuted. under the resolution plan had been distributed_ in accordance uith the ord.er of pioitg in sub_ section (1) of section 53, u.thicheuer is higher, and. prouides for the pagment of debts of financial cred.itors, u.tho do not uolte in yorog ,/-(t?1:;1'.:J),.. of the resolution plan, in such mdnner o" *og b. specifted bg the Board., tuhich shall not be tessihan {.$ the amount to be paid to such creditors in accord ance uith _sub-section (1) of section SS in the euent of a liquidation of the corporate d.ebtor. tA(pton)/48/NCLT/ AHM/2024 in Cp (tqNA.

247 /NCLI /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 70 ol91 it b "Eixtpiil"ain ation 7.-For remoual of doubts' herebg tn", a distibution in occord'ance u;ith the of this clause shall be fair and equitable to Orou;"irn" such creditors. it E-ixi"pWlan otion 2.-For the purpose of this clause' ts a.dored" that on and from the date of *^rri"n""*.rt of the Insoluency and Bankruptcg Cotde (Amendment) Act, 2019' the prouisions of this shalt atso applg to the corporate insoluency ct-rruse' resolution process of a corporate debtor-plon has not been (i) tuhere a re solution approued or rejected bg the Adjudicoting AuthoritY; (ii) uthere an appeal has been preferred under '""a*n a o, section 62 or such an appeal is no, ,i^" barred. under ang prouision of laut for or the time being in force; (iii) uhere a legal pro.ceeding hns been initiated in anA court agdtnst the decision of the "iaiuaiioting Authoitg in respect of a resotution plan; of the affairs of the (c) prouides for the mdnagement '"oirporot dLbtor after approual of the resolution plan; and superuision of the resotution plan; (d) the implementation p) d.oes not contrauene any of the prouisions of the laur for the time being in force: i-, .,-:-.t_!{i.

(f1 conforms to such other requirements as mag be ,'.'F'f-J\ specified bg the Board' ,-, -.::l .'-ll ''{s#}* tAloton) /48lNCLI IAHM/?A24 in CP (18)No.247 lNCLT/AHMI 2023 Mr. Sachin Dinkar Bhattbhatt' 7l ol 9l

Explanation. -For the purposes of clause (e), if ang approual of shareholders is required under the Companies Act, 2013 (18 of 2013) or any other latu for the time being in force for the implementation of actions under the resolution plan, such opproual shall be deemed to haue been giuen and it shall not be o contrauention of that Act or lau.t." Furthermore, Regulation 39(4) of the IBBI (Insolvency Resoiution Process for Corporate Persons) Reguiations, 2016, requires the CoC to evaluate the resolution plan based on its feasibility and viabiliry*', a responsibility that appears to have been inadequately discharged in this case, as evidenced by the lack of scrutiny over the plan's business projections and financial provisions. 24. As far as effective implementation is concerned, the Plan only provides for payment to the CoC members to be made within 45 days of the NCLT's approval of the Plan. As discussed in detail in this order, the CD \^ras part of the promoters of Sintex Group (a group investment company). Most of the Group entities have undergone CIRP and some have been liquidated.

The value of the assets of the CD is about Rs 33 lakhs. With -/ , r r. r. n " " - ; - , -! h ,'. * r ' 1. 3. . r '. L no tangible assets and no employees, the CD has become a l's', ','t# fClI i'3 N"" .:.7,' "'q$1/ hollow shell, except for some financial assets and a piece of land. There is nothing in the plan regarding the RA running tAlplon)/48/NCLI/ AHM/2024 in CP (tB)NO. 247 /NCLI /AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 72 ot 91 the Corporate Debtor, except for referring to its business a.nd not of the CD' which does exist' utilising the network the plan does not deal with the effective Therefore, implementation of the Plan' In fact' the plan does not provide It of the CD or its revival' is for the insolvency resolution obvious because there is nothing in the CD except its name' business losses, and financial assets having a liquidation value of about Rs 3O lakhs' The case has the potential of misuse of the business losses and long-term capital loss for income tax PurPoses' of the principle that 2io. This Tribunal is fully conscious Authority under judicial intervention by the Adjudicating and Bankruptcy Code' 2016' must be the Insolvency in a catena of As reiterated limited and restrained' by the Hon'ble Supreme Court' including in K' decisions t. Indian Oterseqs Bo;nk [20191 7O2 Scrshidhdr of / 72 SCC I5O' Committee of Creditors trr;cmcrnn-com Essar Steel Ltd. V' Satish Kumar Gupta 8 SCC 531' Ebix (Pl Ltd v' Committee of Creditors of, Singapore t,'.- .l .i; Educomp Solutions Ltd l2}2ltl 13O taxmann'com 2O8' ,iz; ji'-,1'J e t/1x.

Y;: v. Siaa Industties &Ilolding Ltd ll2022l 9 Vatla.l RCK "^" t^lptar) t48/NCLI lAtlM12024 :o CP (tBlrlo 2aT/NCLT/AHM/ 2023 tl Mr. Sachin Dinka r Bhattbhatt' 73 ol

SCC 8O3), the commercial wisdom of the CoC is not to be interfered with, save in exceptional circumsta,ces. However, this Tribunal cannot remain a mute spectator where the very anchor of the insolvency resolution process, the bona fide, and the commercial judgment of the CoC - is corroded by patent arbitrariness and opacity. 26. Honble Madras High court in the matter of writ petition No. 29845 ot2022 has observed in para 52.3 as under: "^23.? the tegislative intent to save the corporate Lrcolor a ^t s lr a tl te go rng concern may be appreciable, should it be at the cost of others, more so when the IBC offers adequate space for engineering mrrripufatlon? The larger question therefore, is rvhy ""rro,-,rJ [," pariiament bend backeards to protect one corporate debtor at the rlsK 01 exposlng the problic interest to peril? The present case, a case study merely, illustrates how IBC cou.l.d. be ,manipulated to defeat ihe i;i;rests of the undislosed creditors of the corporate debtor. points for the parliament ^ Some to ponder, and some legislative correction for it to make, f""i-if." Iong term impact of the IBC could be disastrous-,- if not counter productive.

Incidentally, has the parliament taken note of the percentage of recovery generally achieved out of a successful resolution process of tt e Ctrporate Debtor?,. :) The relevant facts as discussed in this order are again summarised below: o The Corporate Debtor had hundreds of crores of lAlplon)/78/NCLT/ AH^.r /2024 in cp ltE,lNo.247/NCLf /AHM/ 2023 Mr. Sacnrn Drnkar Bhattbhatt. 74 ol 91 as on 3l'O3'2O2L' and liabilities assets in the balance and 3l'O3'2O2g g1.O3.2O22, sheet. Still, all are on paper because none fi1ed a claim before the RP' and the RP and CoC do not the assets and liabilities' evaluate adequately of a petition uncler section 7 b1' NI/s The fi1ing a u'ith the absence Limited' coupled Zep Infratech of claims from other significant creditors and lack offorensicauditstoiclentifi''potentialavoidance raises concerns about the transactions, and plrrpose of the CIRP process transparenc.v ' in light of the immunities avaiiable particularly-under section 32A oi the IBC' 2016' a forensic o Neither the RP nor CoC recommended audit of the CD or an audit for identifying the that the in the circumstances tralsactions PUFE of in hundreds crores' CD had transactions including with related Parties' of Regulation RP did not follow the requirements o for CIRP as discussed 64 of the IBBI Regulations above and did not identify the real creditors' that it has taken The RP has not demonstrated a to provide correct information along with steps fuil details of assets' The facts indicate that it was /f, i l ,) -,- - "- -_ 2 - a very closed group that was aware of the CIRP f.i;;i*-1 There are no IAs by the third 1,r,?r. , " ; , = ",i i l g ;/i proceedings. parties.

tAtolon) /48lNCLT/ AtsM 2A24 in cP tiB) NO. 247 I NCLT / AH M I 2023 rui. sachin Dinkar Bhattbhatt' 75 ol 9'l o The CD has carried forward business losses, long-term capital losses, and short-term capital losses in hundreds ofcrores. Though the SRA has asked for a prayer from this Adjudicating Authority to approve affording a reasonable opportunity of being heard by the jurisdictional principal commissioner of income tax in accordance with section 79 of the Income Tax 12) Act, 196 1, to allow carqr forward of losses of the previous year. However, these intangible assets have not been considered while valuing the CD or while submitting the Resolution plan. . The CD had advanced loans to various parties, and it had huge trade receivables, but the same were not taken into account by the CoC white approving the Resolution plan amount quoted by the SRAs. r The Resolution Plan only provide for payments to the two unsecured financial creditors_ . Whole money provided in the plan will go the creditors and there is no provision for the working capital, equity capital, ald for running the expenses of the CD. o There is no provision for CIRp cost as it will be ffi met by the cash available with the CD. .

The financial capacity of the RA is not convincing. He has Iiled a Resolution plal in tA(pton)/48/NCLT/AHM/2024 in Cp (tB)NO. 247 /NCLI/ AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 76 ol9l another case of M/s Kolon Investments Private Limited. The above facts raise serious doubts about the a on whole CIRP process initiated based the application of Zep Infratech Limited' The entire exercise suggests ar accommodation or collusive with the sole purpose of helping the arrangement CD obtain benefits, reliefs, and concessions lt of the IBC' 2016' raises under Section 32A concerns about its alignment with the IBC's objective of genuine insolvency resolution' a There is no material in the Plal underpinning the feasibility and viability of the Resolution Plan' The plan does not address the cause of default' feasibility and viability' provide for demonstrate or establish the RA's effective implementation, it' capabilitY to imPlement 24. The Corporate Debtor has no business assets and no Currently, CD is not conducting any business ,-,t\ :1-o"t'i- .. . . -.. employees. / \ 1 ', s, t, 3 :* . l'.ii and is not a going concern or in operation' None will beneht' \tG*iY.1s'71 tA(alonl/4i/NCLT / AHM/2024 in CP ltB)No 247lNcLT /AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt 77 oi 91 other than the two unsecured financial creditors, who constitute the CoC, from the approval of the plan.

29. The RP has not filed any IA before this Tribunal regarding non-co-operation from the cD. The records indicate that the CD's management provided the necessary documents and information to the Rp, and no specific instances of non_ cooperation tvere reported during the CIRp. The Rp has neither proposed nor has an initiative been taken by the CoC for identifying the avoidance transaction. There are no accounts of the CD after 01.04.2O23 and this indicates that the Rp did not have the full information to be provided in the Information Memorandum. Therefore in absence of the same, the Resolution plan submitted by the RA cannot be considered to have taken into account the full picture of the cD as on the date of submission of the Plart.

30. The fl-rlcrum on which the Resolution process under the Code 't'# proceeds is the fi:Il and correct lcrowiedge of the alfairs of the cD; however, in the present case, ftrll information about the CD was not avaiiable. Therefore, the CoC could not be said to have tA(pton)/48/NCLT/ AHM/2024 jn Cp (tB)NO. 247 /NCLT/AHM/ 2A23 Mr. Sachin Dinkar Bhattbhatt. 78 of 9l wisdom while approvtng the resolution. its commercial exercised uisdom cf the CoC: The CoC's role is questionable' as 31. Commercial of the Resolution Plan without questioning its l0oo,ir approval of atldited accounts signilicant unclaimed ljabilities' the absence for Fy 2023_ )1 and 2024-25, or the pian's lack of reri'al strateg/ a diligent of iBC' u'hich mandates 30(a) t1-re riolates Sectior-r This arbitral' and liabili-r-v*' of the plan's 1-easibiliw evaluation at arm's length' decision-rnaking concluct, lacking Prudent moiimlzing value for IBC's objective of unclermines the their decisions were lacts indicate that The -*takeholders. u'ith the sole intention of getting the approval of this motivated Tribrmal and getting all rypes of benefits' reliefs and concessions of the plan to all involved in the due to the approval available to be no intention to resolve the There appea-rs transactions. as the CD has no ongoing business and no party is insolvency, interested other than the two CoC members" tt' Shirn Industries (s-upra) 32. In the case of Valtat RCK Court has also held that: the Hon'lole Supreme

!Alalon) l4SlNCLI IAHM/2A24 in cP {lB/NO. 247 /NCLTIAHM/ 2023 Mr. Sachin Dinkar Bhattbhatt 79 of 9'l "...inouruieul,theadjudicatingauthoitaortheappellate in on ouer the outhoitg cannot sit "ipt"t "o:-Tn"'"' ttt'ould be of the CoC' The' interference wisdom u;anrantedonlgtl:hentheadjudicatingauthoitgorthe f:1' the deasion of the Coc to be ;;;:;;;",""-w-phroortitiigo n c i a " p; i, c; i ' o n u t s a ' (lrbfirary ' irational and de hors the t?e statute or rules'" o7 in 33. In view of the facts discussed above' the CoC not only acted a'rbitrary' irrational' manner but also approved a "capricious, of IBC and the the provisions the plans that contravene In that regard' the CoC has failed to exercise its Regulations. wisdom in deciding on the Resolution Plan' which' commercial in a real sense, does not take into accor':nt the ground realities of the CD and is not commerciaily feasible and viable' It does from the assets of the CD' not lead to value maximisation plan has no we are of the view that the resolution 34 Therefore, or resolution of the implementation provisions for its effective as required by Section 31 (1) of the IBC' as there insolvency to CoC members and is nothing in the plan except pa)''rnent others out of plan value of Rs 85 takhs' The entire amount goes to dr{l#tl, and nothing remains for the CD' not even for the stakeholders, i:ir''G d5* ./,# the eqtrity capital contribution' tAlotool lASlNCLI l4FM/2024;n CP IIBINO 247 lNcLf IAHM/ 2423 vr. Sachin Dinkar Bhattbhatt' 80 ol 9'l

35. The Tribunal would also like to mention that the r-rnderiying purpose of a resolution plan is not merely the settlement of claims but the revival of the Corporate Debtor as a going concem in a manner that is commercially viable and legally compliant. In this regard, Regulation 38(3) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2O16, outlines key parameters that every resolution plan must comply with. The said regulalion reads as under: "Regulation 38(3): The resolution plafl sha-ll demonstrate that - (a) it addresses the cause of default; (b) it is feasible and viable; (c) it has provisions for its effective implementation; (d) it has provisions for approvals required and the timeline for the same; and (e) the resolution applicant has the capability to implement the resolution plan." 36. In the present case, upon a detailed consideration of the material on record, it is evident that the resolution plan fails to satisfy the criteria laid down in tJle above regulation. F\-rrther, section 30 (2) of the IBC, 2016 requires that the plan provide for the ffi impiementation and resolution of the Plan. The RA has no plans to provide a resolution to the corporate insolvency. As discussed tAlplon)/48/r'tcLf IAHM/2024 in cP aqNo. 247 /NCLT/ AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 8l ol 9l in detail with cogent reasons, the Plan fails to meet the requtements of clauses (c), (d), (e), and (f) of Section 30(2) of the rBC,2016. 37. The plan lacks financial depth and strategic clarity to justi$' its feasibility and viability, as it provides no working capital, equity infusion, or business projections to revive the corporate Debtor, which has no ongoing operations, and no employees' Moreover, there is no demonstrable vision to restart the business of the cD and no capabiJity is shown on the part of the Resolution Applicant to implement the plan. In fact, it does not provide any information on the business projections of the cD and how will it be achieved.

38. Thus, in substance and spirit, the resolution plan does not comply with the provisions of section 30 and 31 of the IBC,2016 andtheRegr.rlation3s(3),andthemannerinwhichtheCoChas approved it without tttese essential elements being satisfied raises serious questions about the integnty of the resolution process as a whole.

9. The Honble Supreme Court in the case of Pratap Technocrats (P) ,:JJ l/ll Ltd. v. Monitoring Committee of Reliance Infratel Ltd. 10 SCC 623, . :::., tAtplon)/48/NCLI/AHM /2024 in CP /r8/NO. 247/NCLT/AHM/ 2023 r. Sachin Dinkar Bhattbhatt. N,4 82 ol 91 under the Heading: Balancing the goals and key objectives of insolvency law in paragraph 46 of the order noted that, " since an insolvency regime cannot fi:lly protect the interests of all parties, some of the key poliry choices to be made while designing the insolvency law relate to the broad goals of the law (rescuing businesses in financial diffrculty, protecting emplo5,T nent, protecting the interest of creditors. Encouraging tJre development of an entreprener.rrial class) and achieving the desired balance between the specific objectives identihed above. The Honble Cotlrt in paragraph 47 further notes that, "Hence, once the reqr-rirements of IBC have been fulfrlled, the adjudicating authority and the appellate authority are duty-bor.rnd to abide by the discipline of the statutory provisions. It needs to be emphasised that neither the adjudicating authority nor the appellate authority have an unchartered jurisdiction in equify.

The jurisdiction arises within and as a product of a statutory framework. 4C., As discussed in this order, currently there is no business in the CD; the CD has no employees, and the creditors, otl-rer than the unsecured security creditors, have not even frled any clairn, all pointing to the conclusion that the plan submitted by the RA does f,(:?1,.,'." s' not meet the goals of the IBC law .1u:1;'',"uy;.. ',r:;:idl 4L. Accordingly, and in view of the discussion above, the relying on lA[pton)/48/NCLI /AHM/2024 in CP r]BlNO. 247 /t'tCLT/ AllM/ 2023 Mr. Sachin Dinkar Bhattbhatt. tt 83 of and 31 (2) of IBC, 2016 and of Sections 30 the Provrsrons the Resolution Plan in quesrion is Regulation 38 as referred above ' Authoriry for non-compliance hereb,v rejectecl b1' this Acljudicating (b)' (c)' anci (e) of the CIRP Regr'rladons' with Regulation 38(3)(a)' 2016, as it fails to aclclress the cause of clefault' demonstrate and implementation' anrl r.iabiliry, pro.,"icle 1br effective feasibilir--i-to implement the the resolurion appricant,s capabilit-v esrabrjsh p1an. 42. The provisions under Section 33(1Xb) of the Code are reproduced below: - ' 33. Initiation o;f liquidatton' ' Authoitg' (1) Where the Adjud.icating (b) rejects the resolution plan under section 31 for 'the n-on-compliance of the requir'ements specified ' therein, it shall (i) pass an order requiing the corporate debtor to be liquidated in tle manner as laid down in this ChaPter; stating thot the (ii) issie a public announcement corporate debtor b in liquidation; and (iii) reqtire such order to be sent to the authoity tuith uhich the corporate debtor is registered' ..

43. The Hon'ble Supreme Court in the case of Ramlsishna Forging ( ,/ ; ;o tr':'-1(;:', Ltd (supra), rn paragraph 29 referred to the decisions in the cases c; \'. - . \ . '3 !1 :: e -. : : . '! ^ . ' A /l : of Innoventive Industries Ltd. v' ICICI Banl< Lrd' l2ol7) 84 tA'ptan)t48lNCLT/ AhM 12024 in CP tt'ltlo. 2 47 lNCLIIAHMI 2023 tvlr. Sachin Dinkar Bhattbhatt' 84 ol 9l ta<rnann.com 32O/ 7 SCC 407 and Swiss Ribbons (p) Ltd. v. Union of India [20 i 9] 1 0 1 taxmann .com 389 / 4 SCC 17 in which it was explained that the Code'"vas introduced explicitly by the Parliament for ensuring quick and time bound resolution of insolvency of corporate entities in financial trouble, by hrst attempting to revive the Corporate Debtor, failure whereof would entail liquidation of the corporate debtor's assets. 44. As a consequence, following the rejection of the resolution plan under Section 3l(21 for non-compliance with statutory requirements, and given the expiry of the extended CIRP period on O3.O7.2024, the Tribunal, pursuant to Section 33(1)(b), orders the liquidation of the Corporate Debtor to maximizc creditor value and conclude the insolvency process.

The Corporate Debtor's lack of business operations, absence of emp1o1-ees, and minimal tangtble assets, coupled with the resolution plan's failure to propose a viable revival stratery-, render liquidation the onll' feasible course to maximize creditor va-lue and achieve the IBC's objective of eflicient i-nsolvency resolulion. ;'1",;.,i:'.ril ,."-i l#I itE. IBBI vide its circular number Liq-12Oll/214/2O23-IBBIl840 {5 t?"i .;.7 \\*r g .- - ; - P -_.' t ^1/ dated 18.07.2023 1n the exercise of its powers conferred under tA(pton)/48/NCLT/ AHM/2A24 in CP IIBINO. 247 /NCLI IAHM/ 2023 Mr. sachin Dinkar Bhattbhatt. tl 85 ot that an IP other section 34(4Xb) of the Code, had recommended than the RP/IRP may be appointed as liquidator in all the cases where liquidator (read liquidation) order is passed henceforth'

46. In view of the above, it is hereby ordered as follows: - a) The Corporate Debtor Star Line Leasing Limited is admitted into liquidation in terms of the provisions of 33(1Xb) of the Insolvency and Bankruptcy Code' 2016' tobeconductedinaccordancewithChapterlliofthe Code and the IBBI (Liquidation Process) Regulations' 2016 which shall be effective from the date of this order. b) In terms of the above circular of IBBI and as per section 34(4)(b) of the IB Code, Mr' Suhas Dinkar Bhattbhatt' having Reg. No. IBBI/IPA-OO2/IP-NO057Ll2Ol7- 2OlSlll738, E-mail ID cssuhasb@;smail'com; Mobile No. 98242-5O787 is hereby appointed as a Liquidator of the Corporate Debtor i'e' Star Line Leasing by IBBI for this Limited as per the panel suggested Bench for the period of Jaluary, 1,2025 to June 30' 2025, as the Liquidator of the Corporate Debtor to carry the liquidation Process y ro"- :-'-lr ;, c) The Moratorium declared under section 14 of the Code - {i' .t i$ shall cease to have effect from the date of the order of "":,g;rpg'l liquidation. tA(plon)/48/NCLT /AHMl2O24 in cP 0B)NO. 247 /NCLI /AHMI 2023 Mr. Sachin Dinkar Bhattbhatt.

86 of 9l d) A fresh moratorium under Section 33(5) of the Code is prohibiting the institution or continuation of d.eclared, suits or proceedings against the Corporate Debtor, except as provided under the Code, effective from the date of this order until the completion of the liquidation process. e) The Liquidator shall take charge of the Corporate Debtor's assets, books, and records forthwith arrd perform all duties as prescribed under Sections 35 to 50 of the Code and the IBBI (Liquidation Process) Regulations, 20 16. fl The Liquidator is directed to fi1e a preliminar5r report within 75 days of this order, as per Regulation 13 of the IBBI (Liquidation Process) Regulations, 2016, ald submit periodical progress reports to this Tribunal' g) The Liquidator so appointed shatl complete the liquidation process as per the provisions of the Code r'w' the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 20 16' h) the powers of the Board of Directors, key managerial A11 persons, and the paltner of the Corporate Debtor, as the : _o' case may be, hereafter cease to exist.

All these powers ,:-.., i'?'1. henceforth vest with the Liquidator. i) The Creditors as well as the Personnel of the Corporate tA-(ptan) /48iNCLT/AHM/2A24 in CP lqNa. 247 /NCLT IAHM/ 2023 lvlr- Sachin Dinkar Bhattbhatt. 87 o{ 9l

Debtor are directed to extend all cooperation to the Liquidator as required by him in managing the liquidation process of the Corporate Debtor' j) The Liquidator will charge fees for the conduct of the liquidation proceedings in proportion to the value of the iiquidation estate assets as specified by IBBI and same shall be paid to the Liquidator from the proceed of the liquidation estate under section 53 of the Code' k) Once the liquidation process is initiated, subject to section 52 of the Code, no suit or other lega1 proceeding shall be instituted by or against the Corporate Debtor' The Liquidator has the liberty to institute a suit arld other legal proceedings on behalf of the Corporate Debtor with the prior approval of this Adjudicating Authority, as provided in sub-section (5) of section 33 of the Code. I) This liquid.ation order shall be deemed to be notice of discharge to the officers, employees, ald workmen of the Corporate Debtor except to the extent of the business of the Corporate Debtor continued during the liquidation process bY the Liquidator' ffi m) This Adjudicating Authority directs the Liquidator to issue a public announcement stating that the Corporate Debtor is in liquidation. The Liquidator will also serve a copy of this order to the various Government tAlplon) /48/NCLT /AHM/2024 in cP /,8/NO. 247 /NCLI/AHMI 2023 Mr. Sachin Dinkar Bhattbhatt. 88 ot 9l

Departments such as Income Tax, GST, VAT, etc', who are likely to have any claim upon the Corporate Debtor so that the authorities concerned are informed of the liquidation order timely. The Liquidator will also provide a copy of this order to the trade unions/employee associations of the Corporate Debtor so that the rvorkman/employees could also be informed of this liquidation order through their association' n) The Liquidator is further directed to issue a public inviting claims from all potential announcement creditors, including those who did not file claims during the within 3O days of this order, to ensure CIRP, maximum creditor participation in the liquidation process. o) The Liquidator is directed to investigate the linancial affairs of the Corporate Debtor in terms of the provisions of Section - 35(1) of IBC, 2016 read with relevant rules and regulations, and also file its response for disposal of any pending Company Applications during the process of liquidation. p) The Liquidator is further directed to consider a forensic audit to identify arly commissioning or preferential, undervalued, fraudulent, extortionate ,l. '< '- , ''.,- - - - " - - ' - > ll ? .' ' - . transactions under Sections 43, 45, 50, and 66 of the fti8 IBC, given the significant asset sa-les and financia-l \:1$#r/ ;A(pton)/ 48/NCLT/AHM/2A24 in cP rlBlNo.

247/NCLI/AHM/ 2A2j Mr. Sachin Dinkar Bhattbhatt. tt 89 ol discrepancies noted during the CIRP' q) The Liquidator is directed to prioritize these to ensure transparency and protect investigations all the creditor interests, addressing deficiencies noted in this order during the CIRP' The Liquidator shall coordinate with the Adjudicating Authority to obtain any necessa{/ approvals for instituting legal proceedings, as provided under Section 33(5)of the IBC. r) As has been discussed in this order' the CD is not carrying out any business operation and there are no The Liquidator in consultation with the employees. Stakeholder Consultation Committee, as constituted under the provisions of Regulation 31,{' may consider the sale of financial assets and a piece of land with priority. The present Resolution Professional is directed to hand s) over the relevant documents and control of the Debtor to the newly appointed liquidator Corporate forthwith. t) The Registry is directed to communicate this order to the concerned Registrar of the Compalies, the registered ffi ofhce of the Corporate Debtor, IBBI, the Resolution Professional, and the Liquidator by speed post as well as e-mail within one week from the date of this order' after ;A(ptonl/48/NCLT/ AHM 12024 in CP (IB)NA' 247 /NCLT / AHM/ 2023 Mr. Sachin Dinkar Bhattbhatt 90 ol 9l of all the formalities for records and completion action, if any.

The Registra-r of Companies necessarJr shall update the Corporate Debtor's status on the MCA portal accord.inglY. u) Liberty is granted to the Liquidator to approach this Tribunal for any further directions or clarifications as may be required during the liquidation process 47. Accordingly, IA (Plan) No. 48 of 20124 in CP(IB) No' 247 of 2023 stands dismissed and disPosed of. 48. The Registry is also directed to send e-mai1 copies of the order forthwith to all the parties and their Learned Counsel for information and for taking necessary steps' Files be consigned to the record. - s4 _ S_l__ SANJEEV KUMAR SHARMA SHAMMI KIIAN MEMBER (JUDICIAL) MEMBER (TECHNICAL) E4JEEV-.9E{ Certified to be lrue CoPY ol the Origlnal Court cer NCLT, Ahmedabad Bench .bad AhrJtcti ,.- ',.:.. i.fu s3 tA(plan)/48/NCLT IAHM/2024 in cP rlB)No. 247/NCLTIAHM/ 2023 Mr. Sachin Dinkar Bhattbhatt. 9l ol 9'l