In the matter of State Bank of India vs. Sanjay Gupta,

CORAM: JUSTICE RAMALINGAM SUDHAKAR HON’BLE PRESIDENT SHRI RAVINDRA CHATURVEDI HON’BLE MEMBER (TECHNICAL) (HEARING THROUGH PHYSICAL MODE & VC) PRESENT: For the : Ms. Shipra Adv., Mr. Deepak Maini (RP) Resolution Professional For the Personal : Ms. Kaveri Rawal, Mr. Tushar Godia Advs. Guarantor ORDER IA-3086/2025 Report under Section 112 of the Insolvency and Bankruptcy Code, 2016 Mr. Deepak Maini …. Applicant/Resolution Professional (IB)-384 (PB)/2021

1. This is a report in form of an Application filed by the Resolution Professional Mr. Deepak Maini (RP) under Section 112 of the Insolvency and Bankruptcy Code, 2016 (IBC/Code) seeking an order of this Adjudicating Authority (AA) in terms of Section 114 r/w Section 115(1) of the IBC for approval of the Repayment Plan of Mr. Sanjay Gupta, the Personal Guarantor (PG) of M/s C&C Construction Ltd. The prayers made in the application are extracted below:

“(i) To allow the present application;

(ii) To condone the delay of 300 days in filing the Repayment Plan along with the Report prepared under Section 112 of the Code;

(iii) To approve the Repayment Plan dated 29th November, 2024 accompanied with the Addendum submitted by the Personal Guarantor namely, Mr. Sanjay Gupta to C & C Construction Limited;

(iv) Pass such other order/directions as this Hon'ble Bench may deem fit and proper in the facts and circumstances of the case.”

Brief background of the case:

2. An application under section 95 of the Code was filed by the State Bank of India (Financial Creditor) against the PG to M/s C&C Construction Limited. As can be seen from the records, having considered the application preferred by the Financial Creditor, this AA vide order dated 05.12.2023 appointed the RP, Mr. Mahindra Kumar Tiwari, qua the Personal Insolvency (IB)-384 (PB)/2021

Resolution Process (PIRP) in respect of Mr. Sanjay Gupta, the PG. 3. Vide order dated 30.01.2024, Mr. Mahindra Kumar Tiwari, the erstwhile RP, was replaced by the present applicant Mr. Deepak Maini. The relevant portion of this order is extracted below for ready reference: ”In view of the above, Mr. Deepak Maini is hereby appointed as RP in the insolvency proceeding of personal guarantor in place of Mr. Manindra Kumar Tiwari. The Counsel for the RP is directed to give his report as per the provisions of the Code within the prescribed period with serving a copy upon the Personal Guarantor.” 4. Pursuant thereto, the RP filed a report under Section 99 of the Code, being I.A. No. 1071 of 2024, whereby the RP formed an opinion recommending initiation of the PIRP in respect of the PG in terms of Section 100 of the Code. The AA vide order dated 01.05.2024 admitted the petition, thereby initiating PIRP under Section 100 of the Code (Admission Order), and further directed the Resolution Professional to proceed in accordance with the code. The relevant portion of the order dated 01.05.2024 reads as follows: “13. In view of the above, we are inclined to admit the present petition bearing No. (IB)-384(PB)/2021 under the Provisions of Section 100(1) of IBC, 2016 for initiation of Insolvency Resolution of the Personal Guarantor. 14. Accordingly, the present petition bearing No. (IB)- 384(PB)/2021 stands admitted under Section 100 of IBC, 2016.

(IB)-384 (PB)/2021

15. The RP is directed to proceed further in accordance with the provisions of the Code. Interim moratorium which came into effect in terms of Section 96(1)(a) on the date of filing the application shall cease to have effect. A moratorium in terms of Section 101 of the Code shall commence as applicable. RP is directed to take all further steps in accordance with Part III, Chapter III of the Code. ” 5. On admission of the application, the RP carried the process in terms of provisions of Sections 102 to 112 of IBC, 2016. Having carried the process as per the prescribed procedure, the RP has preferred the present application under Section 112 of IBC. Along with the application, he has enclosed the resolution passed by the creditors in terms of provisions of Section 111 of the IBC, 2016. 6. The Applicant issued a public notice dated 14.05.2024 in Financial Express (English) and Jansatta (Hindi) vide circulation in Delhi NCR containing necessary information in terms of Section 102(2) of the Code for inviting claims from the creditors wherein the last date of submission of claim was specified as 04.06.2024 (Annexure A-2 of the Application). 7. The RP sent a letter to the PG dated 14.05.2024 to submit the following details, information, and documents required for the preparation of Statement of Affairs of the PG within 7 days from the date of receipt of this letter, the details of which are as follows: (a) Assets and liabilities for the preceding three financial years and the current financial year; (b) Details of the excluded assets and excluded debts;

(IB)-384 (PB)/2021 (c) Income statement for the preceding three financial years and the current financial year; (d) Income-tax returns filed by the guarantor, if any, for the preceding three financial years; (e) Creditor wise amount due, broken up into secured and unsecured debts for the preceding three financial years; (f) Details of debt owed by guarantor to his associates for the preceding three financial years; (g) Guarantees given in relation to any of his debts, and whether any of the guarantors is an associate of the guarantor; and (h) Details of the financial statements for the business owned by the guarantor, or of the firm in which he is a partner, as the case may be, for the preceding three financial years, if applicable. 8. Subsequently, various reminder mails dated 22.05.2024, 27.05.2024, 01.06.2024, and 04.06.2024 were sent to the PG. However, the RP received limited information in pieces and parcels. 9. Further, through emails dated 12.06.2024, 03.07.2024, and 04.09.2024, the RP provided the PG the updated list of creditors in compliance of Regulation 9(2)(b) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, and reminded him to submit the repayment plan within the stipulated timelines. The updated list of creditors as contained in Annexure-4 of the application is extracted below for ready reference:

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10. The RP prepared a statement of affairs based on the information received from the PG in compliance of Regulation 10 of IBBI (Insolvency Resolution Process for personal guarantor to corporate debtor) Regulations 2019 which is as follows:

(IB)-384 (PB)/2021 (IB)-384 (PB)/2021 (IB)-384 (PB)/2021 (IB)-384 (PB)/2021

11. Since no plan was received till 25.06.2024 i.e. 21 days after the last date for submission of claims which was 04.06.2024, the RP in his report u/s 106 of the Code submitted that he has not received any repayment plan. The same was taken on record by this AA vide its dated 08.07.2024.

12. The PG, however had filed an application bearing no IA- 3425/2024 on 02.07.2024 for extension of time by 4 weeks for submission of repayment plan and the same was allowed by this AA vide order dated 02.09.2024. The order dated 02.09.2024 is extracted herein below :

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13. The 1st meeting of the creditors (MoC) was held on 22.07.2024, wherein the RP apprised the creditors about the plan submitted by the PG. The PG was directed to submit a revised repayment plan with an enhanced financial proposal. Further, the creditors decided to condone the delay of approximately 13 days caused by the PG in submitting this plan, as also noted by this AA in order dated 02.09.2024, extracted above. 14. The 2nd MoC was held on 17.09.2024 wherein the revised repayment plan was discussed among the creditors. 15. The 3rd MoC was held on 10.10.2024, during which the agenda for appointment of the Asset Tracing Agency was deliberated upon.

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16. The 4th MoC was held on 17.10.2024 during which the appointment of IIRIS, GAC as Asset Tracing Agency for investigating the movable assets of the PG was discussed, and the RP apprised the Creditors with regards to receipt of updated Repayment Plan. 17. In the 5th meeting held on 18.11.2024 the report submitted by the Asset Tracing Agency was discussed and queries were raised to the PG. 18. In the 6th meeting held on 11.12.2024, the nuances of the repayment plan, if implemented, were discussed in detail. 19. Post an elaborative discussion, a proposal under the repayment plan dated 29.11.2024, accompanied with the Addendum, was arrived at with consensus between the creditors and the PG, and the details about the sources of funds, along with the manner of repayment, were laid out in the Application as follows: “ (IB)-384 (PB)/2021

The aforesaid proposed amount of ₹ 4.10 Crores to be paid in the following manner: a) An amount of Rs. 25,00,000/- (Rupees Twenty-Five Lakhs only) will be paid within 30 days of approval of Repayment Plan by the Creditors, i.e., on or before 10th July, 2025; and b) Residual amount of Rs. 3 .85 Crores (Rupees Three Crores and Eighty Five Lakhs only) within 120 days from the date of approval by the Adjudicating Authority. A copy of Repayment Plan dated 29th November, 2024 along with the Addendum has been annexed herewith as Annexure A-13.”

20. The RP conducted the due diligence of the Repayment Plan and apprised the creditors that the Repayment Plan complies with all the relevant provisions of the Code and the regulations made thereunder.

21. It was submitted that although an unsecured loan from family and friends has been specified as a source of funds, the particular family members and friends have not been identified and there are no individual affidavits or commitment letters on record from those family members and friends. Notwithstanding the above, the creditors with the requisite majority have approved the Repayment Plan in exercise of their commercial wisdom. The Resolution Professional (RP) has confirmed that he has verified compliance with the Insolvency and Bankruptcy Code (IBC) and the regulations. Furthermore, the RP is tasked with supervising the implementation of the (IB)-384 (PB)/2021 plan, and the RP shall be discharged only upon full implementation of the plan. Accordingly, based on the commercial wisdom of the creditors and the verification and confirmation by the RP, there is no impediment in approval of the Repayment Plan by the Adjudicating Authority (AA).

22. Following the 6th MoC, certain queries were raised by the Creditors regarding the Repayment Plan and payment of other dues. Hence, the 7th, 8th, 9th, 10th, 11th, 12th and 13th MoCs were held on 09.01.2025, 20.01.2025, 18.02.2025, 19.03.2025, 25.04.2025, 23.05.2025 and 17.06.2025 respectively. Pursuant to the discussions and clarifications sought during the meeting, the PG submitted a further Addendum, clarifying specific issues and incorporating the removal of certain clauses as suggested by the Creditors, in consultation with the RP.

23. Accordingly, post deliberations, the Creditors instructed the RP to put the Repayment Plan on vote through e-voting platform and the e-voting platform was opened on 16th December, 2024 at 02.00 PM which ended on 10th June, 2025 at 07.00 PM, during which the Creditors voted on Repayment Plan and other connected Resolutions. Accordingly, the results were circulated amongst the Creditors on 11th June, 2025, depicting the approval of the Repayment Plan with the requisite votes in favour, in terms of the provisions of Section 111 of the Code.

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24. The RP held the 13th MoC on 17th June, 2025, during which the RP apprised the Creditors about the approval of the Repayment Plan and also informed the further course of action for implementation of the Repayment Plan, which had already been outlined during the previous meetings. Pursuant to Section 112 of the Code, the RP has prepared the report on MoC on the Repayment Plan dated 29th November, 2024 accompanied with the Addendum thereon, which was discussed and put to vote through e-voting platform on 16th December, 2024 at 02.00 PM which got concluded on 10th June, 2025 at 07.00 PM. and the same was duly approved by the Creditors in terms of Section 111 of the Code.

Findings and Analysis: 25. The RP has submitted this report under Section 112, and seeks our orders under Section 114 of the Code. In compliance of Section 112 of the Code, r/w Regulation 19 of the IBBI (Insolvency Resolution Process of Personal Guarantors to Corporate Debtor) Regulations, 2016, the RP is required to prepare a report of the meeting of the creditors on the Repayment Plan submitted by the PG under Section 105, and he has to submit the same with the AA on or before completion of 120 days from the resolution process commencement date. In the present case several extensions were sought, and hence this report is being filed by the RP after a delay of 300 days. The chart laying out the various extensions sought is provided below:

(IB)-384 (PB)/2021 (IB)-384 (PB)/2021

26. At this stage, we are inclined to discuss Section 111 of IBC, 2016, which reads as follows: “Section 111: Approval of repayment plan by creditors.-

The repayment plan or any modification to the repayment plan shall be approved by a majority of more than three-fourth in value of the creditors present in person or by proxy and voting on the resolution in a meeting of the creditors.”

27. We find it pertinent to mention Section 113 of IBC, 2016 here which is as follows: *Section 113: Notice of decisions taken at meeting of creditors.

The resolution professional shall provide a copy of the report of the meeting of creditors prepared under section 99 to— (a) the debtor;

(b) the creditors, including those who were not present at the meeting; and (c) the Adjudicating Authority.”

The same has been complied with and proof of service dated 25.06.2025 has been filed by the Applicant.

28. It is evident from the Annexure-14 of the Application that the creditors with 76.95% majority approved the repayment plan dated 29.11.2024. The extract of the same is produced below for ready reference:

(IB)-384 (PB)/2021 “E-VOTING RESULTS FOR THE RESOLUTIONS PROPOSED AT THE 6th MEETING OF CREDITORS HELD ON 9th DECEMBER, 2024 AND CONTINUED ON 11th DECEMBER, 2024, FOR MR. SANJAY GUPTA, PERSONAL GUARANTOR TO THE CORPORATE DEBTOR C & C CONSTRUCTION LIMITED.

THE E-VOTING STARTED ON 16th DECEMBER, 2024 AT 02.00 PM AND ENDED ON 10th JUNE, 2025 AT 07.00 P.M.

Item No. C-2: To approve the Repayment Plan dated 29th November, 2024 submitted by Mr. Sanjay Gupta, Personal Guarantor "RESOLVED THAT pursuant to Section 111 of IBC, 2016, the approval of the Creditors be and is hereby accorded for the Repayment Plan dated 29th November, 2024 for the total value of Rs. 4.10 crores submitted by Mr. Sanjay Gupta, Personal Guarantor; RESOLVED FURTHER THAT the Resolution Professional be and is hereby authorized to submit Repayment Plan, as approved herein above, to Adjudication Authority and to do all such acts and deeds as may be necessary and expedient relating thereto.”

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The votes casted in favour of the resolution is 76.95% and the agenda item require minimum 75% votes in favour for approval of the said resolution. Hence, the Resolution has been approved.” 29. The salient features of the Repayment Plan are as follows:

(IB)-384 (PB)/2021 a. The summary of the repayment is extracted below for ready reference:

(IB)-384 (PB)/2021 b. Details of excluded assets and debts as claimed by the PG is as follows: Excluded Debts: Nil Excluded Assets: Gratuity claim lodged with Liquidator of C & C Constructions Ltd for Rs. 23,07,696/(Indian Rupees Twenty three lakhs Seven Thousand Six Hundred and ninety six only) c. Sources of funding for the Repayment Plan:

d. Term of repayment Plan and Implementation schedule:

(IB)-384 (PB)/2021 e. Distribution of funds as per Repayment Plan

30. A checklist in terms of the Regulation 17 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 is also included in the application. The satisfaction of this AA with respect to compliance with the provisions of the Code and Regulations is recorded below:

Provision Requirement of Reference the Provisions Section The repayment The Repayment Plan complies with the 105(3)(a) plan shall include provisions of the Code and has been justification for prepared on the basis of the assets preparation of (IB)-384 (PB)/2021 such repayment owned by the undersigned for discharge plan and reasons of the liabilities towards the creditors. on the basis of which the creditors (Justification For Preparation Of The may agree upon Repayment Plan is provided at Clauses the plan. 2, 3 & 13 of the Repayment plan, having sub-heads as Track Record, Reasons for Financial Stress, Effects of CIRP & Subsequent Processes, and Substantiation for Proposed Payments.) Section The repayment The Repayment Plan envisages that the 105(3)(b) plan shall include amounts deposited in the bank account a provision for shall be used firstly for discharge of the payment of fee to fees to the Resolution Professional. the resolution professional (Provision for Payment of Fee to the Resolution Professional is provided at Clause 10 of the Repayment Plan.) Regulation The Repayment PG has proposed the payment of INR 17 (1)(a) Plan shall provide 410 Lacs.

The term of this Plan is for for, term of the 120 days from the date of approval of repayment plan the Plan by the Hon'ble Tribunal under and its Section 114 of the Code. INR 25 lacs implementation shall be deposited within 30 days from schedule, the approval date (X) and balance including the amount shall be deposited within amounts to be X+120 days. Timeline of Payment has repaid and dates of been extracted hereinafter this repayment to compliance table. creditors; (The terms of the repayment plan and its implementation schedule, including the amounts to be repaid and dates of (IB)-384 (PB)/2021 repayment to creditors, is provided at Clauses 5 (Repayment Plan), 9 (Payment Timelines, read with addendum dated 07.01.2024) & 10 (Distribution of Funds) of the Repayment Plan.) Regulation The Repayment The entire fund shall be realized in 17 (1)(b) Plan shall provide terms of withdrawal from of the for, the source of balances from the bank accounts and funds that will be arrangement of unsecured loans used to pay procured from friends and family as resolution process proposed in the plan into a bank costs and that account under supervision of such payment Resolution Professional or as per shall be made in directions of Hon’ble NCLT. priority over any The funds shall be distributed under creditor the supervision of the Resolution Professional to first pay the fees of the Resolution Professional and resolution process costs.

Source of funds and payment of resolution process costs provided at Clauses 5 (Repayment Plan, 8 (Funding and Distribution) Regulation The Repayment The PG has confirmed that he has no 17 (1)(c) Plan shall provide business income and the settlement for, a minimum amount herein under this plan is being budget for the proposed to be funded from the sale of duration of the assets and debt to be borrowed from repayment plan, to family and friends. It can be reasonably cover the assumed that the PG is dependent on reasonable his family for his expenses.

(IB)-384 (PB)/2021 expenses of the (The same is provided at Clause 14 of guarantor and the Repayment Plan.) members of his immediate family to the extent they are dependent on him, provided that at least ten percent of the realizable income of the guarantor shall be utilized for repayment of debts Regulation The Repayment From the sale of the Assets as 17 (1)(d) Plan shall provide mentioned in the repayment plan and for, financing unsecured loan from family / friends. required for implementation of Financing required for implementation the repayment of the repayment plan is provided under plan Clause 8 (Funding and Distribution) and 14 (Confirmations) of the repayment plan. Regulation The Repayment The Guarantor has no existing business 17 (1)(e) Plan shall provide to run, hence no provision is required to for, if the be made. guarantor has any business, the (The reason for the same is provided manner in which it under Clause 14 of the Repayment is proposed to be Plan.) conducted during the course of the repayment plan, and the role of the (IB)-384 (PB)/2021 resolution professional. Regulation The Repayment The entire fund shall be realized in 17 (1)(f) Plan shall provide terms of Repayment Plan by sale of for, the manner in assets as proposed in the Repayment which funds held Plan into a bank account under the for the purposes of supervision of RP. the repayment (The manner for repayment plan is plan, invested or provided in Clauses 8 & 14 of the otherwise dealt Repayment Plan) with, pending repayment to creditors. Regulation The Repayment An escrow account will be opened in the 17(1)(g) Plan shall provide name of PG, which shall be supervised for, the functions by the Resolution Professional. The RP which are to be is authorized to collect and realize funds undertaken by the in the escrow account under Repayment resolution Plan. The PG under the supervision of professional, the Resolution Professional shall including transfer the entire sale consideration supervision and received into an escrow bank account. implementation of the repayment (Supervision and implementation plan. functions of the RP are provided in Clause 8 (Funding and Distribution), Clause 10 (Distribution of Funds), Clauses 11 (Effect of the Repayment Plan), 14 (Confirmations) and Addendum dated 07.01.2024 of the Repayment Plan.)

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Regulation The Repayment The PG has confirmed that there are no 17 (1)(h) Plan shall provide onerous contracts/ transactions for, variation of involving him. onerous terms of a contract or (The same is provided at Clause 14 of transaction the repayment plan.) involving the guarantor. Regulation The Repayment Excluded Debts: Nil 17 (1)(i) Plan shall provide for, the details of Excluded Assets: Gratuity claim lodged excluded assets with Liquidator of C & C Constructions and excluded Ltd for Rs.23,07,696/- (Indian Rupees debts of the Twenty Three Lakhs seven thousand six guarantor; hundred and ninety six)

(Details about the excluded debts and assets is provided at Clause 6 of the repayment plan.) Regulation The Repayment On receipt of the payment in accordance 17 (1)(j) Plan shall provide with this Repayment Plan, the Creditors for, terms and shall have no other rights or Claims conditions for the against the undersigned and all claims discharge of the which have already been satisfied guarantor. through the instant plan, shall immediately, irrevocably, and unconditionally stand extinguished without any other recourse. PG has provided under clause 14 (Confirmation) that he shall stand discharge upon settlement in payment of terms of the repayment plan to creditors.

(IB)-384 (PB)/2021 (Further Manner of discharging the guarantor can be inferred from Clauses 5, 8 & 11 of the repayment plan.) Regulation The Repayment The items to be sold are provided under 17 (2)(a) Plan may provide 2nd addendum (page 140 of the for, transfer or sale Application). of all or part of the The RP is authorized for the realization assets of the of the funds. guarantor along with the mode and manner of such sale Regulation The Repayment The Resolution Professional is 17 (2)(b) Plan may provide authorized to: for, administration a. Realize the assets as per the process or disposal of any outlined in this Repayment Plan. funds of the b. Administer or dispose of any funds guarantor available in the escrow bank account as per the process outlined in this Repayment Plan.

The administration and disposal of funds is provided under Clause 10 (Distribution of Funds) & 12 (Authorization to Resolution Professional) of the Repayment Plan. Regulation The Repayment The satisfaction of the security interest 17(2)(c) Plan may provide has been dealt with under Clause 11 for, satisfaction or (Effect of the Repayment Plan) modification of any Further, under clause 14 security interest; (Confirmations), the Resolution (IB)-384 (PB)/2021

Professional has confirmed that satisfaction for security interest has been provided.

Regulation The Repayment The amount of debt verified and 17 (2)(d) Plan may provide admitted for all the creditors is given for, reduction in under clause 10 (Distribution of the amount Funds). payable to The total amount proposed to be paid is creditors; INR 410 lacs, which shall first be disbursed towards fee of the Resolution Professional and remaining amount for settlement of debt to be distributed as inter-se agreed between the Creditors as per the list of creditors given under clause 10.

Regulation The Repayment The total amount proposed is payable 17 (2)(e) Plan may provide as per clause 10, as noted in previous for, curing or section. Further clause 11 (Effect of waiving of any the Repayment Plan) provides that on breach of a debt receipt of the payment in accordance due from the with this Repayment Plan, the Debt of guarantor the Creditors qua the PG shall stand satisfied in full. The Creditors shall not be entitled to initiate or continue any steps or proceedings against the PG, or his assets whether by way of demand, legal proceedings, alternative determination process (including arbitration or an expert determination process) in any jurisdiction whatsoever for the purpose of obtaining payment of (IB)-384 (PB)/2021 any liability. The Creditors shall withdraw all legal proceedings initiated before any forum to enforce any rights or Claims against the PG, over his assets to enforce or invoke any further guarantees. Regulation The Repayment The same is dealt with in terms of 17 (2)(f) Plan may provide Clause 10 (Distribution of Fund) and for, modification in Clause 11 (Effect of the Repayment the terms of Plan), as noted in detail in previous two repayment of any sections. debt due from the guarantor Regulation The Repayment The Guarantor has confirmed that he 17 (2)(g) Plan may provide has no existing business or business for, part of the income.

Further, repayment plan is income of the being exclusively funded from bank guarantor to be account balances, the sale of assets and used for the unsecured loan to be arranged from repayment of the family and friends. The repayment plan debt, and the is not proposed to be sourced from manner of income, if any of the PG. calculating the (Clause 14 of the Repayment Plan ) income of the guarantor Regulation The Repayment It is evident from the Repayment Plan 17 (2)(h) Plan may provide that the RP has been given the authority for, the manner in to supervise and implement the plan. which funds held Hence, it is reasonable to infer that the for the purpose of RP will take appropriate steps for the repayment to complete utilization of the repayment creditors, and not plan amount and discharge of the so repaid at the liabilities. Furthermore, since amount (IB)-384 (PB)/2021 end of the proposed to be paid is anyways lesser repayment plan, than dues admitted, hence separate are to be dealt with provision need not be made in this regard.

(The same is provided at Clause 13 of the Repayment Plan.)

(*Extracted with reference to compliance of Regulation 17 (1)(a))

31. It is noticed from Section 114(1) of the IBC, 2016 that the AA shall approve or reject the Repayment Plan on the basis of the meeting of the Creditors submitted by the Resolution Professional under Section 112 of the IBC, 2016, r/w Regulation 19 of IBBI (IRP for Personal Guarantors to Corporate Debtors) Regulations, 2019. Section 114 of the code is extracted for ready reference:

(IB)-384 (PB)/2021 “114. Order of the Adjudicating Authority on repayment plan.- (1) The Adjudicating Authority shall by an order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional under section 112: Provided that where a meeting of creditors is not summoned, the Adjudicating Authority shall pass an order on the basis of the report prepared by the resolution professional under section 106. (2) The order of the Adjudicating Authority approving the repayment plan may also provide for directions for implementing the repayment plan. (3) Where the Adjudicating Authority is of the opinion that the repayment plan requires modification, it may direct the resolution professional to re-convene a meeting of the creditors for reconsidering the repayment plan.” 32. We have perused the report of the Resolution Professional under Section 112 of the Code, and the voting on the resolution wherein the resolution on approval of the repayment plan dated 29.11.2024 of Mr. Sanjay Gupta is concluded as approved by the the creditors. 33. As apparent from the report of the RP, the creditors have in their meeting convened by the RP approved the repayment plan. From the provisions of Section 114 of IBC, 2016, it is clear that this AA needs to approve or reject the repayment plan on the basis of the report of the meeting of the creditors. In the wake, we allow the report of the RP, recommending the approval of the repayment plan. We have perused the repayment plan and (IB)-384 (PB)/2021 verified the compliance thereof with provisions of Insolvency and Bankruptcy Code 2016 and Personal Guarantor Regulations in paragraph 29 above and we have found no impediment in approving the same. Thus, we are inclined to approve the Repayment Plan dated 29.11.2024 along with two addendums.

Order: 34. Thus, this IA-3086/2025, which is for the approval of the Repayment Plan is ALLOWED and DISPOSED OF.

35. Accordingly, the Repayment Plan of INR 4,10,00,000/- (Indian Rupees Four crore ten lakh only) is approved with effect from the date of this Order, with the following directions: - a) The Resolution Professional shall supervise the implementation of the Repayment Plan as per the terms and conditions mentioned therein, including opening and operation of the escrow account in the name of the Personal Guarantor, receive funds from sources earmarked under the repayment plan in the escrow account and distribute the funds to the creditors therefrom.

b) The Resolution Professional shall file his final report soon after the implementation of the plan or upon completion of the timelines mentioned in the plan, whichever is earlier.

c) Upon completion of the Repayment Plan, the Resolution Professional shall comply with the provisions stated in Section 117 of the Code.

(IB)-384 (PB)/2021 d) On full implementation of the Repayment Plan, the Personal Guarantees given by the Personal Guarantor shall be released by the Financial Creditors. e) The Debtor is permitted to share a certified copy of this repayment plan and order of this Tribunal approving this repayment plan with third parties including statutory/government authorities wherever needed. f) The approval of the Repayment Plan shall not be construed as waiver of excluded debts as defined U/s 79(15) if any. Nevertheless, we specifically record that if any liability arises in the future, they shall be strictly dealt with by PG in accordance with law. g) The Resolution Professional, the Applicant herein shall forward all the records pertaining to the Insolvency Resolution Process against the Personal Guarantor to IBBI. h) The Registry is hereby directed to send copies of the order forthwith to the IBBI, all the parties and their Ld. Counsel for information and for taking necessary steps. i) Certified copy of this order may be issued, if applied for, upon compliance of all requisite formalities.

Files be consigned to the record storage (current).

Sd/ (RAMALINGAM SUDHAKAR) PRESIDENT Sd/ (RAVINDRA CHATURVEDI) MEMBER (TECHNICAL)

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