27th April, 2026 Approval of Resolution Plan - Delcray Cables Private Limited [IA(I.B.C)/2572(CH)2023 in CP(IB) No.144/CHD/PB/2021] (406.9 KB)

​    NATIONAL COMPANY LAW TRIBUNAL​ ​CHANDIGARH BENCH (COURT-II), CHANDIGARH​ ​IA(I.B.C)/2572(CH)2023​ ​In​ ​CP(IB) No.144/CHD/PB/2021​ ​(Admitted)​ ​(An​ ​Application​ ​under​ ​sub-section​ ​(6)​ ​of​ ​section​ ​30​ ​of​ ​the​ ​Insolvency​ ​and​ ​Bankruptcy​ ​Code,​ ​2016,​ ​read​ ​with​ ​Regulation​ ​39​ ​of​ ​the​ ​Insolvency​ ​and​ ​Bankruptcy​ ​Board​ ​of​ ​India​ ​(Insolvency​ ​Resolution​ ​Process​ ​for​ ​Corporate​ ​Persons) Regulations, 2016)​ ​In the matter of IA(I.B.C)/2572(CH)2023,​ ​JALESH KUMAR GROVER,​ ​RESOLUTION PROFESSIONAL,​ ​Delcray Cables Private Limited,​ ​Reg. No.: IBBI/IPA-001/IP-P00200/2017-2018/10390​ ​Address for Correspondence:​ ​Reg. Office:​ ​SCO 818, Second Floor, above YES Bank,​ ​NAC, Manimajra, Chandigarh-160101​ ​Mob:​​+91 9501081808​ ​Email:​​jk.grover27@gmail.com​ ​...Resolution Professional/Applicant​ ​In the matter of CP(IB) No.144/CHD/PB/2021​ ​(An Application under section 7 of the Insolvency & Bankruptcy Code, 2016) ​ ​IN THE MATTER OF:​ ​PUNJAB NATIONAL BANK​​                         ​ ​... Financial Creditor/Petitioner​ ​                                                     ​Versus​ ​DELCRAY CABLES PRIVATE LIMITED​ ​    ...Corporate Debtor   ​

​NCLT Chandigarh Bench Court II​ ​In​ ​CP(IB) No. 144/CHD/PB/2021​ ​(Admitted)​ ​Order delivered on: 21.04.2026​ ​CORAM: MR. K. BISWAL, MEMBER (JUDICIAL)​ ​                MR. KAUSHALENDRA KUMAR SINGH, MEMBER (TECHNICAL)​ ​Present:-​ ​For the Applicant/RP  ​ ​             ​ ​:​ ​Ms.​ ​Swati​ ​Saluja,​ ​Advocate​ ​along​ ​with​ ​Mr.​ ​Jalesh Kumar Grover, Resolution Professional​ ​ORDER​ ​1.​ ​The​ ​present​ ​Application​ ​has​ ​been​ ​filed​ ​on​ ​10.10.2023​ ​by​ ​Mr.​​Jalesh​ ​Kumar​​Grover,​​Resolution​​Professional​​(hereinafter​​referred​​to​​as​​the​​“RP”​),​ ​under​​sub-section​​(6)​​of​​section​​30​​of​​the​​Insolvency​​and​​Bankruptcy​​Code,​ ​2016​​(hereinafter​​referred​​to​​as​​the​​“Code”​​or​​“IBC”​),​​read​​with​​Regulation​ ​39​​of​​the​​Insolvency​​and​​Bankruptcy​​Board​​of​​India​​(Insolvency​​Resolution​ ​Process​ ​for​ ​Corporate​ ​Persons)​ ​Regulations,​ ​2016,​ ​seeking​​approval​​of​​the​ ​Resolution​ ​Plan​ ​of​ ​Mr.​ ​Rohit​ ​Bindlish​ ​(hereinafter​ ​referred​ ​to​ ​as​ ​the​ ​“Successful​ ​Resolution​ ​Applicant”​ ​or​ ​“SRA”​),​ ​in​ ​respect​ ​of​ ​Delcray​ ​Cables​​Private​​Limited​​(hereinafter​​referred​​to​​as​​the​​“Corporate​​Debtor”​),​ ​which​ ​has​ ​been​ ​approved​ ​with​ ​a​ ​100%​ ​voting​ ​share​ ​of​ ​the​ ​Committee​ ​of​ ​Creditors​ ​(hereinafter​ ​referred​ ​to​ ​as​ ​the​ ​“CoC”​)​ ​in​ ​the​ ​8th​ ​COC​ ​meeting​ ​dated 04.10.2023.​ ​2.​ ​The​ ​averments​ ​made​ ​by​ ​the​ ​Applicant/RP​ ​in​​the​​present​​Application​ ​and as presented by the Ld. Counsel for the RP are summarized as follows:​ ​Page​​2​​of​​27​

​In​ ​(Admitted)​ ​(i)​ ​The​ ​Corporate​ ​Debtor​ ​is​ ​a​ ​company​ ​registered​ ​under​ ​the​ ​provisions​​of​​the​​Erstwhile​​Companies​​Act,​​1956​​and​​incorporated​​on​ ​10.06.1993,​​having​​its​​Registered​​Office​​at​​29,​​S.B.S.​​Colony,​​Rajpura​ ​Distt.,​ ​Patiala,​ ​Punjab​ ​-​ ​147001.​ ​It​ ​is​ ​an​ ​MSME​ ​registered​ ​on​ ​25.02.2017.​ ​It​ ​was​ ​engaged​ ​in​ ​the​ ​manufacturing​ ​of​ ​HDPE​ ​Plastic​ ​drums​​and​​DPE​​Plastic​​Jerry​​Cans​​and​​containers,​​etc.​​The​​Corporate​ ​Debtor​ ​has​​remained​​nonoperational​​since​​2019.​​Its​​factory​​premises​ ​is located at D-18, Focal Point Rajpura Distt., Patiala, Punjab.​ ​(ii)​ ​An​​Application​​under​​Section​​7​​of​​the​​Code​​for​​the​​initiation​​of​ ​the​​Corporate​​Insolvency​​Resolution​​Process​​(“CIRP”)​​of​​the​​Corporate​ ​Debtor​ ​was​ ​filed​ ​by​ ​the​ ​Financial​ ​Creditor,​ ​Punjab​ ​National​ ​Bank,​ ​bearing​​CP(IB)No.144/CHD/PB/2021​​and​​the​​same​​was​​admitted​​vide​ ​Order​​dated​​13.01.2023.​ ​Mr.​​Jalesh​​Kumar​​Grover​​was​​appointed​​as​ ​Interim​​Resolution​​Professional​​(“IRP”)​​and​​was​​later​​confirmed​​to​​act​ ​as RP for the Corporate Debtor.​ ​(iii)​ ​The​ ​Constitution​ ​of​ ​the​ ​CoC​ ​and​ ​the​ ​voting​ ​share​ ​of​ ​the​ ​respective Members have been as under:​ ​S.​ ​No​ ​Name of Creditor​ ​Amount Claimed​ ​(Rs.)​ ​Amount​ ​Admitted (Rs.)​ ​Voting​ ​Share (%) ​ ​1.​ ​Punjab National Bank​ ​12,05,99,966​ ​12,05,99,966​ ​100% ​ ​(iv)​ ​As​​against​​the​​total​​claim​​received​​at​​Rs.​​13,18,50,040/-,​​the​​IRP​ ​admitted the claim to the extent of Rs. 13,13,03,353/-.​ ​(v)​ ​Pursuant​​to​​the​​publication​​of​​Form​​G​​for​​inviting​​Expression​​of​ ​Interest​​(EOI)​​twice​​on​​11.03.2023​​and​​14.06.2023​​in​​the​​course​​of​​the​ ​CIRP,​ ​two​ ​Resolution​ ​Plans​ ​were​ ​received​ ​from​ ​eligible​ ​Prospective​ ​Page​​3​​of​​27​

​In​ ​(Admitted)​ ​Resolution​ ​Applicants,​ ​namely​ ​from​ ​SPSS​ ​Infrastructure​ ​Private​ ​Limited​​(Corporate​​Entity)​​and​​Mr.​​Rohit​​Bindlish​​(Individual)​.​​The​ ​Members​ ​of​ ​the​ ​CoC,​ ​in​ ​consultation​ ​with​ ​the​​Applicant-RP​​opted​​to​ ​analyze​ ​the​​Resolution​​Plans​​submitted​​by​ ​both​​of​​these​​Prospective​ ​Resolution​ ​Applicants​ ​in​ ​order​ ​to​ ​explore​ ​the​ ​competitive​ ​proposal​ ​amongst​​the​​PRAs.​​After​​negotiations,​​both​​the​​Resolution​​Applicants​ ​were​ ​asked​ ​to​ ​revise​ ​their​ ​Resolution​ ​Plan​ ​and​ ​following​ ​that,​ ​Resolution​ ​Plans​ ​were​ ​submitted​ ​by​ ​enhancing​ ​the​ ​bid​ ​amount.​ ​However,​ ​during​​the​​second​​round​​of​​negotiation,​​it​​was​​informed​​by​ ​Ms.​ ​Seema,​ ​the​ ​authorized​ ​representative​ ​of​ ​SPSS​ ​Infrastructure​ ​Private​ ​Limited,​ ​that​ ​they​ ​do​ ​not​ ​wish​​to​​raise​​their​​bid​​further.​​The​ ​other​​Resolution​​Applicant​​namely​​Mr.​​Rohit​​Bindlish,​ ​enhanced​​the​ ​plan​ ​amount​ ​to​ ​Rs​ ​1.60​ ​Cr,​ ​and​ ​finally,​ ​his​ ​Resolution​​Plan​​was​​approved​​by​​CoC​​with​​100%​​in​​its​​8​​th​ ​Meeting​​on​ ​04.10.2023.​ ​(vi)​ ​The​​RP​​has​​filed​​this​​Application​​on​​10.10.2023​​seeking​​approval​ ​of​​the​​Resolution​​Plan.​​The​​prescribed​​period​​of​​180​​days​​of​​the​​CIRP​ ​had​ ​ended​ ​as​ ​on​ ​11.07.2023​ ​and​ ​thereafter,​ ​the​ ​period​ ​had​ ​been​ ​extended​​vide​​Order​​dated​​26.07.2023​​and​​the​​extended​​period​​of​​the​ ​CIRP ended as of 09.10.2023.​ ​(vii)​ ​On​​the​​basis​​of​​the​​Valuation​​Reports,​​the​​average​​fair​​value​​and​ ​average​​liquidation​​value​​of​​the​​Corporate​​Debtor​​have​​been​​arrived​​at​ ​Rs. 1.72 Cr and Rs. 1.47 Cr, respectively.​ ​Page​​4​​of​​27​

​In​ ​(Admitted)​ ​(viii)​ ​The​​Resolution​​Plan​​value​​amounts​​to​​Rs.​​1.60​​Cr​​(Inclusive​​of​ ​regulatory​​fees​​payable​​to​​IBBI​​(Rs.​​35,517/-)​​&​​CIRP​​Cost​​(Rs.​​17.93​ ​Lakhs)),​ ​and​ ​the​ ​SRA​ ​has​ ​proposed​ ​to​ ​pay​ ​the​ ​total​ ​amount​ ​to​ ​the​ ​Stakeholders within 120 days from the NCLT approval date.​ ​(ix)​ ​The​​Resolution​​Plan​​provides​​for​​the​​payment​​towards​​the​​CIRP​ ​cost​ ​at​ ​Rs.​ ​17.93​ ​Lakh​ ​and​ ​Rs.​ ​1,41,71,412/-​ ​to​ ​the​ ​various​ ​Stakeholders as given in the Table below:​ ​Particulars ​ ​Amount​ ​Claimed​ ​Amount​ ​Admitted ​ ​Realizable​ ​amount​ ​under the​ ​plan​ ​Amount​ ​realizable​ ​in plan to​ ​the​ ​admitted​ ​claim in​ ​(%) ​ ​Financial Creditors​ ​(i)​ ​Secured​ ​Financial​ ​Creditors​ ​ ​ ​(a)​ ​Creditors​ ​not​ ​having​ ​a​ ​right​ ​to​ ​vote​ ​under​ ​subsection​ ​(2)​ ​of section 21​ ​(b)​ ​Other​ ​than​ ​(a)​ ​above:​ ​-(i)​ ​who​ ​did​ ​not​ ​vote​ ​in​ ​favour​ ​of​ ​the​ ​Resolution Plan​ ​-(ii)​ ​who​ ​voted​ ​in​ ​favour​ ​of​ ​the​ ​Resolution​ ​Plan​ ​(PNB)​ ​-​ ​-​ ​-​ ​12,05,99,966​ ​-​ ​-​ ​-​ ​12,05,99,966​ ​-​ ​-​ ​-​ ​1,30,47,634​ ​-​ ​-​ ​-​ ​10.81%​.​ ​(ii)​ ​Unsecured​ ​Financial​ ​Creditors​​-​ ​Creditors​​not​​having​​a​ ​right​ ​to​ ​vote​ ​under​ ​subsection​ ​(2)​ ​of​ ​section 21​ ​- Dissenting​ ​- Assenting​ ​-​ ​-​ ​-​ ​-​ ​Page​​5​​of​​27​

​In​ ​(Admitted)​ ​Operational Creditors ​ ​(i) Government​ ​-Employee​ ​State​ ​Insurance​​Corporation​ ​(ESIC)​ ​1,01,805​ ​1,01,805​ ​-​ ​-​ ​-​ ​Excise​ ​&​ ​Taxation​ ​Department​​includes​ ​the following:​ ​(a) PVAT (Secured)​ ​(b) CST​ ​(c) GST dues​ ​52,95,499​ ​38,51,230​ ​8,96,544​ ​5,47,725​ ​52,88,786​ ​38,51,230​ ​8,96,544​ ​5,41,012​ ​4,16,027​ ​4,16,027​ ​-​ ​-​ ​7.86%​ ​-Director​ ​General​ ​of​ ​Foreign Trade (DGFT)​ ​22,86,508​ ​22,86,508​ ​-​ ​-​ ​-Punjab​ ​State​ ​Power​ ​Corporation​ ​Limited​ ​(PSPCL)​ ​3,43,703​ ​3,43,703​ ​-​ ​-​ ​-Regional​ ​PF​ ​Commissioner,​ ​Chandigarh​ ​24,88,639​ ​19,48,665​ ​7,07,751​ ​28.44%​ ​- ITO (TDS), Patiala​ ​7,33,920​ ​7,33,920​ ​-​ ​-​ ​Total of Govt. Dues​ ​1,12,50,073​ ​1,07,03,387​ ​11,23,778​ ​(ii) Workmen​ ​-​ ​PF Dues​ ​-​ ​Other Dues​ ​-​ ​-​ ​-​ ​-​ ​(iii) Employees​ ​-​ ​PF Dues​ ​-​ ​Other Dues​ ​-​ ​-​ ​-​ ​-​ ​(iv)​​Other​ ​Operational​ ​creditors​ ​-​ ​-​ ​-​ ​-​ ​Total​ ​13,18,50,040​ ​13,13,03,353​ ​1,41,71,412​ ​10.75%​ ​As​​per​​Addendum​​to​​the​​modified​​Resolution​​Plan​​dated​​28.07.2023,​​the​​amount​​claimed​​by​​the​ ​Regional PF Commissioner, Chandigarh, has been revised to Rs. 25,10,500.​ ​(x)​ ​The​ ​RP​ ​has​ ​examined​ ​the​ ​Resolution​ ​Plan​ ​and​ ​required​ ​compliances​​thereon.​​For​​ready​​reference,​​the​​compliance​​examined​​by​ ​the RP is reproduced in the Table below:​ ​Page​​6​​of​​27​

​In​ ​(Admitted)​ ​Section​ ​of​ ​the ​ ​Code/​ ​Regulation​ ​No. ​ ​Requirement​ ​with​ ​respect​ ​to the Resolution Plan​ ​Compliance​ ​(Yes/No)​ ​Relevant​​clause/Page​​No.​ ​of Resolution Plan​ ​Section​ ​25(2)(h) ​ ​The​​Resolution​​Applicant​​meets​ ​the​ ​criteria​ ​approved​ ​by​ ​the​ ​CoC​ ​having​ ​regard​ ​to​ ​the​ ​complexity​ ​and​ ​scale​ ​of​ ​operations​ ​of​ ​business​ ​of​ ​the​ ​CD​ ​Yes​ ​Page​ ​No.​ ​301​ ​of​ ​the​ ​main​ ​Application​ ​(APPENDIX l: Evaluation Criteria)​ ​Section 29A​ ​The​ ​Resolution​ ​Applicant​ ​is​ ​eligible​ ​to​ ​submit​ ​a​ ​resolution​ ​plan​ ​as​ ​per​ ​the​ ​final​ ​list​ ​of​ ​Resolution​ ​Professionals​ ​or​​the​ ​Order,​ ​if​ ​any,​ ​of​ ​the​ ​Adjudicating Authority. ​ ​Yes ​ ​Affidavit​ ​submitted​ ​by​ ​SRA​ ​on​ ​Page​ ​nos.​​188​​to​​200​​of​​the​​main​ ​Application.​ ​Further,​ ​the​ ​SRA​ ​fulfills​ ​the​ ​eligibility​ ​criteria;​ ​the​ ​same​ ​is​ ​mentioned​ ​at​ ​Page​ ​No.​ ​186​ ​attached​​as​​Annexure​​A-15​​of​​the​ ​main Application.​ ​Section 30(1) ​ ​The​ ​Resolution​ ​Applicant​ ​has​ ​submitted​ ​an​ ​affidavit​ ​stating​ ​that it is eligible as per Code​ ​Yes​ ​Page​ ​no.​ ​186​ ​of​ ​the​ ​main​ ​Application.​ ​Section 30(2)​ ​The Resolution Plan—​ ​(a)​ ​Provides​ ​for​ ​the​​payment​​of​ ​Insolvency​ ​Resolution​ ​Process​ ​Cost​ ​(b)​ ​Provides​ ​for​​the​​payment​​to​ ​the operational creditors​ ​(c)​ ​Provides​ ​for​ ​the​​payment​​to​ ​the​​Financial​​Creditors​​who​​did​ ​not​ ​vote​ ​in​ ​favour​ ​of​ ​the​ ​resolution plan​ ​(d)​ ​Provides​ ​for​ ​the​ ​management​ ​of​ ​the​ ​affairs​ ​of​ ​the corporate debtor? ​ ​(e)​ ​Provides​ ​for​ ​the​ ​implementation​ ​and​ ​supervision​ ​of​ ​the​ ​Resolution​ ​Plan ​ ​(f)​ ​Contravenes​ ​any​ ​of​ ​the​ ​provisions​ ​of​ ​the​ ​law​ ​for​ ​the​ ​time being in force​ ​Yes​ ​Yes​ ​Yes​ ​Yes​ ​Yes ​ ​No​ ​Annexure​​No.​​A-16​​(relevant​​pages​ ​224​ ​&​ ​225​ ​of​ ​the​ ​main​ ​Application)​ ​Page​ ​No.​ ​257​ ​of​​main​​Application​ ​under​ ​Addendum​ ​to​ ​resolution​ ​plan,​ ​which​ ​is​ ​attached​ ​as​ ​Annexure A-16​ ​Annexure​​No.​​A-16​​(Relevant​​page​ ​no. 230) of the main Application.​ ​Annexure​ ​No.​ ​A-16​ ​(Relevant​ ​page​ ​no.​ ​232)​ ​of​ ​the​ ​main​ ​Application​ ​nos.​ ​232,​​233​​&​​235)​​of​​the​​main​ ​Application​ ​no. 236 of the main Application​ ​Section 30(4)​ ​The Resolution Plan ​ ​Page​​7​​of​​27​

​In​ ​(Admitted)​ ​(a)​ ​is​ ​feasible​ ​and​ ​viable,​ ​according to the CoC​ ​(b)​ ​has​ ​been​ ​approved​ ​by​ ​the​ ​CoC with 66% voting share​ ​Yes​ ​Yes​ ​Annexure​ ​No.​ ​A18​ ​at​ ​Page​ ​No.​ ​331 of the main Application.​ ​Page​ ​No.​ ​175​ ​of​ ​the​ ​main​ ​Application.​ ​Section 31(1)​ ​The​ ​Resolution​ ​Plan​ ​has​ ​provisions​ ​for​ ​its​ ​effective​ ​implementation​​plan,​​according​ ​to the CoC ​ ​Yes​ ​Page​ ​No.​ ​178​ ​of​ ​the​ ​main​ ​Application ​ ​Regulation​ ​38(1) ​ ​The​ ​amount​ ​due​ ​to​ ​the​ ​operational​ ​creditors​​under​​the​ ​resolution​ ​plan​ ​has​ ​been​​given​ ​priority​ ​in​ ​payment​ ​over​ ​financial creditors​ ​Yes​ ​nos.​ ​230​ ​&​ ​236)​ ​of​ ​the​ ​main​ ​Application​ ​Regulation​ ​38(1A) ​ ​The​ ​Resolution​​Plan​​includes​​a​ ​statement​ ​as​ ​to​ ​how​ ​it​ ​has​ ​dealt​ ​with​ ​the​ ​interest​ ​of​ ​all​ ​stakeholders​ ​Yes​ ​no. 231) of the main Application​ ​Regulation​ ​38(1B)​ ​Neither​ ​the​ ​Resolution​ ​Applicant​​nor​​any​​of​​its​​related​ ​parties​ ​has​​failed​​to​​implement​ ​or​ ​contributed​ ​to​ ​the​ ​failure​​of​ ​implementation​ ​of​ ​any​ ​resolution​​plan​​approved​​under​ ​the​ ​Code.​ ​If​ ​applicable,​ ​the​ ​Resolution​ ​Applicant​ ​has​ ​submitted​ ​a​ ​statement​ ​giving​ ​details​ ​of​ ​any​ ​such​ ​non-implementation​ ​No​ ​no. 231) of the main Application.​ ​Regulation​ ​38(2) ​ ​The Resolution Plan provides:​ ​ ​ ​(a)​​the​​term​​of​​the​​plan​​and​​its​ ​implementation schedule​ ​(b)​ ​for​ ​the​ ​management​ ​and​ ​control​ ​of​ ​the​ ​business​ ​of​ ​the​ ​corporate​ ​debtor​ ​during​ ​its​ ​term​ ​(c)​ ​adequate​ ​means​ ​for​ ​supervising its implementation​ ​Yes​ ​nos.​ ​231,​​232​​&​​233)​​of​​the​​main​ ​Application.​ ​Regulation​ ​38(3) ​ ​The​ ​Resolution​ ​Plan​ ​demonstrates 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 of the same​ ​(e)​​the​​resolution​​applicant​​has​ ​the​​capability​​to​​implement​​the​ ​resolution plan​ ​Yes​ ​nos.​ ​234​ ​&​ ​235)​ ​of​ ​the​ ​main​ ​Application.​ ​Page​​8​​of​​27​

​In​ ​(Admitted)​ ​Regulation​ ​39(2)​ ​Whether​ ​the​ ​RP​ ​has​ ​filed​ ​an​ ​Application​ ​in​ ​respect​ ​of​ ​transactions​ ​observed,​ ​found,​ ​or determined by him?​ ​Yes​ ​Yes​ ​RP​ ​has​ ​filed​ ​Application​ ​in​ ​respect​​of​​Preferential​​Transaction​ ​(Section​ ​43)​ ​and​ ​Fraudulent​ ​Transaction​ ​(​ ​Section​ ​-​ ​66).​ ​Both​ ​matters​ ​are​ ​pending​ ​before​ ​the​ ​Adjudicating Authorities.​ ​Regulation​ ​39(4)​ ​Provide​ ​details​ ​of​ ​performance​ ​security​ ​received​ ​as​ ​referred​​to​ ​in​ ​sub-regulation​ ​(4A)​ ​of​ ​Regulation 36B ​ ​Yes​ ​The​ ​SRA​ ​has​ ​deposited​ ​the​ ​amount​ ​of​ ​the​ ​Performance​​Bank​ ​Guarantee​ ​(PBG)​ ​amounting​ ​to​ ​Rs.​ ​0.16​ ​Crore​ ​(10%​​of​​the​​initial​ ​Resolution​​Plan​​Amount,​​i.e.,​​1.60​ ​Cr)​ ​in​​terms​​of​​the​​approved​​PBG​ ​in​ ​the​ ​new​ ​CIRP​ ​account​ ​of​ ​CD​ ​opened​ ​by​ ​the​ ​Resolution​ ​Professional.​ ​Proof​ ​of​ ​the​ ​amount​ ​deposited​ ​towards​​PBG​​is​​already​​placed​​on​ ​record​ ​by​ ​the​ ​Resolution​ ​Professional​ ​by​ ​a​ ​separate​ ​application.​ ​3.​ ​During​ ​the​ ​course​ ​of​ ​hearing,​ ​an​ ​Application​ ​bearing​ ​IA(I.B.C.)2849/(CH)2023​,​​was​​filed​​by​​the​​RP​​to​​place​​on​​record​​the​​revised​ ​Form​​H​​and​​the​​Performance​​Bank​​Guarantee​​submitted​​by​​SRA,​​Mr.​​Rohit​ ​Bindlish,​ ​and​ ​the​ ​same​ ​was​ ​taken​ ​on​ ​record​ ​and​ ​disposed​ ​of​ ​vide​ ​Order​ ​dated​ ​10.07.2024.​ ​Thereafter,​ ​vide​​Order​​dated​​05.09.2024,​​the​​Resolution​ ​Professional​ ​was​ ​directed​ ​to​ ​substantiate​ ​the​ ​EPFO​ ​claims​ ​provided​​in​​the​ ​Resolution​ ​Plan​ ​and​ ​to​ ​place​ ​on​ ​record​ ​the​ ​details​ ​thereof.​ ​It​ ​was​ ​also​ ​brought​​to​​the​​notice​​of​​this​​Adjudicating​​Authority​​that​​one​​asset,​​namely​​a​ ​car​ ​received​ ​from​ ​the​ ​erstwhile​ ​management,​ ​had​ ​not​ ​been​ ​taken​ ​into​ ​consideration​​at​​the​​time​​of​​approval​​of​​the​​Resolution​​Plan.​​Accordingly,​​the​ ​Resolution​ ​Professional​ ​was​ ​directed​ ​to​ ​place​ ​the​ ​said​ ​issue​ ​before​ ​the​ ​Committee​​of​​Creditors​​along​​with​​the​​EPFO​​claims.​​In​​compliance​​thereof,​ ​an​​Application​​bearing​​IA(I.B.C.)/1388(CH)2025​​was​​filed​​to​​place​​on​​record​ ​a​​further​​revised​​Form​​H,​​wherein​​the​​ascertained​​EPFO​​dues​​as​​well​​as​​the​ ​aforesaid​ ​asset​ ​were​ ​duly​ ​incorporated.​ ​It​ ​is​​further​​noted​​that​​the​​belated​ ​claim​​of​​Mercedes-Benz​​Financial​​Services​​India​​Pvt.​​Ltd.​​amounting​​to​​Rs.​ ​Page​​9​​of​​27​

​In​ ​(Admitted)​ ​64.7​ ​lakh​ ​in​ ​respect​ ​of​ ​the​ ​said​ ​vehicle​ ​was​ ​received​ ​and​ ​verified​ ​by​ ​the​ ​Resolution​​Professional,​​and​​Addendum​​II​​dated​​09.10.2024​​to​​the​​modified​ ​Resolution​ ​Plan​ ​dated​ ​28.07.2023​ ​provides​ ​for​ ​payment​ ​of​ ​Rs.​ ​7,99,575/-​ ​towards the said claim in proportion to the secured Financial Creditors.​ ​4.​ ​The​​revised​​Resolution​​Plan​​value​​amounts​​to​​Rs.​​1.90​​Crore​​(Inclusive​ ​of​ ​CIRP​ ​cost​ ​of​ ​Rs.​ ​22.90​ ​Lakhs​ ​and​ ​regulatory​ ​fees​ ​payable​ ​to​ ​IBBI​ ​amounting​ ​to​ ​Rs.​ ​40,000/-).​ ​The​ ​revised​ ​Resolution​ ​Plan​ ​reflects​ ​an​ ​enhancement​​of​​Rs.​​25​​Lakhs​​towards​​the​​claims​​of​​Mercedes-Benz​​Financial​ ​Services​​India​​Pvt.​​Ltd.,​​Punjab​​National​​Bank,​​and​​PF​​Department.​​Further,​ ​the​​revised​​Resolution​​Plan​​records​​the​​average​​Fair​​Value​​at​​Rs.​​2.12​​Crore​ ​and​​the​​Liquidation​​Value​​at​​Rs.​​1.81​​Crore.​​It​​further​​provides​​for​​payment​ ​of​ ​CIRP​ ​cost​ ​of​ ​Rs.​ ​22.90​ ​Lakhs​ ​and​ ​Rs.​ ​1,67,06,930/-​ ​to​ ​various​ ​stakeholders​​(within​​120​​days​​from​​the​​date​​of​​approval​​by​​this​​Adjudicating​ ​Authority) as detailed in the table below:​ ​Page​​10​​of​​27​ ​Particulars ​ ​Amount​ ​Claimed​ ​Amount​ ​Admitted ​ ​Realizable​ ​amount​ ​under the​ ​plan​ ​Amount​ ​realizable in​ ​plan to the​ ​admitted​ ​claim in (%) ​ ​Financial Creditors​ ​(i)​ ​Secured​ ​Financial​ ​Creditors​ ​(a)​ ​Mercedes-Benz​ ​Financial​ ​Services​ ​India​ ​Pvt.​ ​Ltd.​ ​-​ ​The​ ​Claim​ ​was​ ​added​ ​during​ ​the​ ​Pendency​ ​for​ ​approval​ ​of​ ​the​ ​Resolution​ ​Plan​ ​by​ ​way​ ​of​ ​addendum​ ​II​ ​dated​ ​09.10.2024​ ​&​ ​as​ ​such,​ ​the​ ​creditor​ ​could​ ​not​ ​have​ ​participated​ ​in​ ​the​ ​voting​ ​while​ ​Plan​ ​was​ ​considered​ ​by Sole CoC member.​ ​(b)​ ​PNB​ ​-​ ​voted​ ​in​ ​favour​ ​of​ ​the​ ​Resolution​ ​Plan​ ​67,42,643​ ​12,05,99,966​ ​67,42,643​ ​12,05,99,966​ ​7,99,576​ ​1,43,00,583​ ​11.86%​.​ ​11.86%​.​

​In​ ​(Admitted)​ ​5.​ ​Furthermore,​​in​​compliance​​with​​the​​Order​​dated​​27.10.2025,​​the​​SRA​ ​filed​ ​an​ ​Affidavit​​vide​​Diary​​No.​​03306/7​​undertaking​​that,​​over​​and​​above​ ​Page​​11​​of​​27​ ​(ii)​​Unsecured​​Financial​ ​Creditors​​-​​Creditors​​not​ ​having​ ​a​ ​right​ ​to​ ​vote​ ​under​ ​subsection​ ​(2)​ ​of​ ​section 21​ ​- Dissenting​ ​- Assenting​ ​-​ ​-​ ​-​ ​-​ ​Operational Creditors ​ ​(i) Government​ ​-Employee​ ​State​ ​Insurance​ ​Corporation​ ​(ESIC)​ ​1,01,805​ ​1,01,805​ ​-​ ​-​ ​-​ ​Excise​ ​&​ ​Taxation​ ​Department​ ​includes​ ​the following:​ ​(a) PVAT (Secured)​ ​(b) CST​ ​(c) GST dues​ ​52,95,499​ ​38,51,230​ ​8,96,544​ ​5,47,725​ ​52,88,786​ ​38,51,230​ ​8,96,544​ ​5,41,012​ ​4,57,345​ ​4,57,345​ ​-​ ​-​ ​8.64%​ ​-Director​ ​General​ ​of​ ​Foreign Trade (DGFT)​ ​22,86,508​ ​22,86,508​ ​-​ ​-​ ​-Punjab​ ​State​ ​Power​ ​Corporation​ ​Limited​ ​(PSPCL)​ ​3,43,703​ ​3,43,703​ ​-​ ​-​ ​-Regional​ ​PF​ ​Commissioner,​ ​Chandigarh​ ​35,25,798​ ​11,50,982​ ​11,50,982​ ​32.64%​ ​- ITO (TDS), Patiala​ ​7,33,920​ ​7,33,920​ ​-​ ​-​ ​(ii) Workmen​ ​-​ ​PF Dues​ ​-​ ​Other Dues​ ​-​ ​-​ ​-​ ​-​ ​(iii) Employees​ ​-​ ​PF Dues​ ​-​ ​Other Dues​ ​-​ ​-​ ​-​ ​-​ ​(iv)​​Other Operational​ ​creditors​ ​-​ ​-​ ​-​ ​-​ ​Total​ ​13,96,29,842​ ​13,72,48,313​ ​1,67,06,930​ ​11.97%​

​In​ ​(Admitted)​ ​the​ ​amount​ ​of​ ​Rs.​ ​11,50,982/-​ ​provided​ ​in​ ​the​ ​Resolution​ ​Plan​ ​towards​ ​EPFO​​dues,​​any​​additional​​liability​​arising​​on​​that​​account​​shall​​be​​paid​​to​ ​the EPFO Department. The same has been reproduced below:​ ​“4.​ ​That​ ​I​ ​hereby​ ​confirm​ ​and​ ​undertake​​that​​in​​the​​event​​any​​additional​ ​statutory​​dues​​whether​​presently​​identified​​or​​that​​may​​arise​​in​​the​​future,​​are​ ​found​​to​​be​​payable​​to​​the​​EPFO,​​over​​and​​above​​the​​amount​​already​​provided​ ​for​​in​​the​​addendum​​to​​the​​Resolution​​Plan​​submitted​​by​​the​​SRA,​​such​​dues​ ​shall​ ​be​ ​duly​ ​borne​ ​and​ ​discharged​ ​by​ ​the​ ​SRA​ ​in​ ​accordance​ ​with​ ​the​ ​applicable laws.”​ ​It​ ​is​ ​also​ ​noted​ ​that​ ​the​ ​Resolution​ ​Plan​ ​did​ ​not​ ​provide​ ​for​ ​ESIC​ ​dues​ ​amounting​ ​to​ ​Rs.​ ​1,01,805/-,​ ​which​ ​had​ ​been​ ​admitted​ ​by​ ​the​ ​Resolution​ ​Professional;​ ​however,​ ​it​ ​has​​been​​submitted,​​on​​instructions​​that​​the​​SRA​ ​has​​agreed​​to​​pay​​the​​said​​amount​​over​​and​​above​​the​​Resolution​​Plan​​value,​ ​as​ ​affirmed​ ​by​ ​the​ ​Resolution​ ​Professional​​through​​Affidavit​​vide​​Diary​​No.​ ​03306/8. The same has been reproduced below:​ ​“4.​ ​That​ ​in​ ​compliance​ ​to​ ​the​ ​direction​ ​given​ ​by​ ​the​ ​Hon'ble​ ​National​ ​Company​ ​Law​ ​Tribunal​ ​("Hon'ble​ ​NCLT")​ ​vide​ ​its​ ​order​ ​dated​ ​18.11.2025.​ ​I​ ​Rohit​​Bindlish,​​hereby​​proposes​​to​​pay​​Rs.​​1,01,805/-/-​​(Rupees​​One​​Lakh​​One​ ​Thousand​​Eight​​Hundred​​Five​​only)​​towards​​the​​Statutory​​dues​​of​​ESIC,​​over​ ​and​​above​​the​​amount​​already​​proposed​​and​​provided​​in​​the​​addendum​​to​​the​ ​Resolution Plan submitted by the SRA.”Rohit​ ​6.​ ​We​​have​​heard​​the​​submissions​​made​​by​​the​​Learned​​Counsel​​for​​the​ ​RP​​and​​have​​carefully​​pursued​​all​​the​​pleadings​​placed​​on​​the​​records.​​It​​is​ ​noted​ ​that​ ​the​ ​CoC​ ​approved​ ​the​ ​Resolution​ ​Plan​​of​​Mr.​​Rohit​​Bindlish​​by​ ​100%​​of​​the​​votes,​​and​​as​​such,​​it​​is​​not​​necessary​​for​​us​​to​​go​​into​​details​​of​ ​the​​commercial​​wisdom​​of​​the​​CoC.​​We​​proceed​​to​​examine​​the​​plan​​in​​light​ ​of​​provisions​​contained​​in​​sections​​30(2)​​and​​31​​of​​the​​Code​​r.w.​​Regulation​ ​38​ ​of​ ​the​ ​IBBI​ ​(CIRP​ ​of​ ​the​ ​Corporate​ ​Person)​ ​Regulations,​ ​2016.​ ​The​ ​Page​​12​​of​​27​

​In​ ​(Admitted)​ ​Resolution​ ​Professional​ ​has​ ​placed​ ​on​ ​record​ ​the​ ​compliance​ ​certificate​ ​in​ ​Form​​H.​​As​​per​​the​​revised​​Resolution​​Plan,​​it​​shows​​that​​the​​fair​​value​​of​​the​ ​assets​​of​​the​​Corporate​​Debtor​​is​​Rs.​​2,12,87,303/-​​whereas,​​the​​liquidation​ ​value​​of​​the​​Corporate​​Debtor​​is​​Rs.1,81,39,344/-.​​The​​Resolution​​Plan​​value​ ​as proposed by the successful Resolution Applicant is Rs.1,90,00,000/-.​ ​7.​ ​In​ ​order​ ​to​ ​obtain​ ​the​ ​approval​ ​of​ ​the​ ​Adjudicating​ ​Authority,​ ​the​ ​Resolution​​Plan​​should​​adhere​​to​​the​​following​​requirements​​as​​per​​section​ ​30(2) of the Code and Regulation 38 of the CIRP Regulations thereunder:​ ​(i)​ ​The​​Resolution​​Plan​​should​​provide​​for​​the​​payment​​of​​Corporate​ ​Insolvency​ ​Resolution​ ​Process​ ​costs​ ​in​ ​priority​ ​to​ ​the​ ​repayment​ ​of​ ​other debts of the Corporate Debtor.      ​ ​ [Section 30(2)(a)] ​ ​(ii)​ ​The​​repayment​​of​​the​​debts​​of​​Operational​​Creditors​​should​​not​ ​be​ ​less​ ​than​ ​the​ ​amount​ ​to​ ​be​ ​paid​ ​to​​such​​creditors​​in​​the​​event​​of​ ​liquidation​​of​​the​​corporate​​debtor​​under​​section​​53​​of​​the​​Code​​or​​the​ ​amount​​that​​would​​have​​been​​paid​​to​​the​​said​​creditors​​if​​the​​amount​ ​to​ ​be​ ​distributed​ ​under​ ​the​ ​resolution​ ​plan​ ​had​ ​been​ ​distributed​ ​in​ ​accordance with section 53(1) of the Code. ​ ​Moreover,​ ​the​ ​payment​ ​to​ ​the​ ​Operational​ ​Creditor​ ​is​ ​to​ ​be​ ​made​ ​in​ ​priority over the Financial Creditor; ​ ​Further,​ ​the​ ​repayment​ ​of​ ​the​ ​debts​​of​​dissenting​​Financial​​Creditors​ ​should​​not​​be​​less​​than​​the​​amount​​that​​would​​have​​been​​paid​​to​​such​ ​creditors​ ​in​ ​the​ ​event​ ​of​ ​liquidation​ ​of​ ​the​ ​corporate​ ​debtor​ ​under​ ​Page​​13​​of​​27​

​In​ ​(Admitted)​ ​section​ ​53​ ​of​ ​the​ ​Code,​​and​​the​​payment​​to​​said​​dissenting​​Financial​ ​Creditor is to be made in priority to the consenting financial creditors. ​ ​[Section 30(2)(b) read with CIRP Regulation 38(1)(a) & 38(1)(b)]; ​ ​(iii)​ ​Provides​ ​for​ ​the​ ​management​ ​of​ ​the​ ​affairs​ ​of​ ​the​ ​Corporate​ ​Debtor after approval of the Resolution Plan.​ ​                     [Section 30(2)(c) read with CIRP Regulation 38(2)(b)]; ​ ​(iv)​ ​The implementation and supervision of the Resolution Plan. ​ ​[Section 30(2)(d) read with CIRP Regulation 38(2)(c)] ​ ​(v)​ ​The​​Resolution​​Plan​​does​​not​​contravene​​any​​of​​the​​provisions​​of​ ​the law for the time being in force. ​ ​[Section 30(2)(e)]; ​ ​(vi)​ ​The​​Resolution​​Plan​​conforms​​to​​such​​other​​requirements​​as​​may​ ​be specified by the Board.  ​ ​[Section 30(2)(f)] ​ ​Such​ ​other​ ​requirements​ ​of​ ​the​ ​Resolution​ ​Plan​ ​as​ ​detailed​ ​in​ ​IBBI​ ​(Resolution​​Process​​for​​Corporate​​Person)​​Regulations,​​2016​​which​​are​ ​not covered above, are as follows:​ ​(a)​ ​The​​Resolution​​Plan​​should​​include​​a​​statement​​as​​to​​how​ ​it​ ​has​ ​dealt​ ​with​ ​the​ ​interest​ ​of​ ​all​ ​stakeholders,​ ​including​ ​financial​ ​creditors​ ​and​ ​operational​ ​creditors​ ​of​ ​the​ ​corporate​ ​debtor. ​ ​[CIRP Regulation 38 (1A)] ​ ​(b)​ ​The​ ​Resolution​ ​Plan​ ​should​ ​include​ ​a​ ​statement​ ​giving​ ​details​​as​​to​​whether​​the​​Resolution​​Applicant​​or​​any​​of​​its​​related​ ​Page​​14​​of​​27​

​In​ ​(Admitted)​ ​parties​​has​​at​​any​​time​​failed​​to​​implement​​or​​caused​​the​​failure​ ​of​ ​implementation​ ​of​ ​any​ ​other​ ​Resolution​ ​Plan​ ​which​ ​was​ ​approved by the Adjudicating Authority. ​ ​[CIRP Regulation 38 (1B)]​ ​(c)​ ​The​ ​Resolution​ ​Plan​ ​should​ ​contain​ ​the​ ​term​ ​of​ ​the​ ​plan​ ​and its implementation schedule. ​ ​[CIRP Regulation 38(2)(a)]​ ​(d)​ ​The​ ​Resolution​ ​Plan​ ​should​ ​also​ ​demonstrate​ ​that​ ​it​ ​addresses​ ​the​ ​cause​ ​of​ ​default,​ ​is​ ​feasible​ ​and​ ​viable,​ ​has​ ​provisions​​for​​its​​effective​​implementation,​​and​​has​​provisions​​for​ ​approval​ ​required​ ​and​ ​a​ ​timeline​ ​for​ ​the​ ​same.​ ​Further,​ ​the​ ​resolution​ ​applicant​ ​has​ ​the​ ​capability​ ​to​ ​implement​ ​the​ ​Resolution Plan. ​ ​[CIRP Regulation 38(3)]​ ​8.​ ​In​ ​view​ ​of​ ​the​ ​provisions​ ​of​ ​the​ ​Code​ ​as​ ​summarized​ ​hereinabove​​in​ ​Para. 7, the Resolution Plan is examined as follows:​ ​(i)​ ​The​ ​Resolution​ ​Plan​ ​provides​ ​for​ ​payment​ ​of​ ​CIRP​ ​cost​ ​at​ ​Rs.22.90​​Lakh.​​In​​the​​context,​​it​​has​​been​​submitted​​that​​during​​the​ ​process,​​the​​CIRP​​cost​​has​​been​​borne​​by​​and​​large​​by​​the​​Resolution​ ​Applicant.​ ​The​ ​Resolution​ ​Plan​ ​also​ ​provides​ ​that​ ​any​ ​CIRP​ ​cost​ ​incurred​​over​​and​​above​​the​​said​​amount​​till​​the​​date​​of​​approval​​of​​the​ ​Resolution​ ​Plan​ ​shall​ ​be​ ​paid​ ​fully​ ​within​ ​60​ ​days​ ​from​ ​the​​effective​ ​date. Thus, the provisions of Section 30(2)(a) are complied with.​ ​(ii)​ ​There​ ​is​ ​only​ ​one​​CoC​​member,​​namely​​Punjab​​National​​Bank,​ ​Page​​15​​of​​27​

​In​ ​(Admitted)​ ​being​ ​the​ ​secured​ ​Financial​ ​Creditor,​ ​having​ ​a​ ​100%​ ​voting​ ​share,​ ​which​ ​has​ ​voted​ ​in​ ​favor​ ​of​ ​the​ ​Resolution​ ​Plan​ ​with​ ​100%​ ​voting​ ​power.​ ​It​ ​is​ ​noted​ ​that​ ​a​ ​belated​ ​claim​ ​of​ ​Mercedes-Benz​ ​Financial​ ​Services​ ​India​ ​Pvt.​ ​Ltd.,​ ​amounting​ ​to​ ​Rs.​ ​64.70​ ​lakh,​ ​was​ ​included​ ​vide​​Addendum​​II​​dated​​09.10.2024​​during​​the​​pendency​​of​​approval​​of​ ​the​ ​Resolution​ ​Plan​ ​before​ ​this​ ​Adjudicating​ ​Authority,​ ​and​ ​the​ ​Resolution​​Applicant​​has​​proposed​​payment​​of​​Rs.​​7,99,575/-​​towards​ ​the​ ​said​ ​claim​ ​in​ ​proportion​ ​to​ ​the​ ​secured​ ​Financial​ ​Creditors.​ ​Inasmuch​ ​as​ ​the​ ​sole​ ​Financial​ ​Creditor​ ​has​ ​voted​ ​in​ ​favor​ ​of​ ​the​ ​Resolution Plan, there are no dissenting Financial Creditors.​ ​Since​ ​Corporate​ ​debtor​ ​is​ ​a​ ​closed​ ​concern,​ ​no​ ​claims​ ​have​ ​been​ ​received​ ​from​ ​Workmen/Employees,​ ​hence,​ ​no​ ​amount​ ​has​ ​been​ ​proposed​​for​​the​​same.​ ​Further,​​as​​against​​the​​total​​admitted​​dues​​of​ ​Operational​ ​Creditor​ ​(other​ ​than​ ​workmen,​ ​gratuity,​ ​and​​PF​​dues)​​at​ ​Rs.​ ​99,05,704/-,​ ​the​ ​Resolution​ ​Plan​ ​provides​ ​for​ ​payment​ ​of​ ​an​ ​amount​ ​of​​Rs.​​16,08,326/-,​​which​​is​​16.24%​​of​​their​​admitted​​claim.​ ​As​​provided​​under​​Section​​30(2)(b)​​of​​the​​Code,​​the​​repayment​​of​​debts​ ​of​ ​an​​Operational​​Creditor​​should​​not​​be​​less​​than​​the​​amount​​to​​be​ ​paid​​to​​such​​Creditor​​under​​Section​​53​​of​​the​​Code​​or​​the​​amount​​that​ ​would​​have​​been​​paid​​to​​such​​Creditor​​if​​the​​amount​​distributed​​under​ ​the​ ​Resolution​ ​Plan​ ​had​ ​been​​distributed​​in​​accordance​​with​​Section​ ​53(1) of the Code.​ ​In​ ​the​ ​present​ ​case,​ ​the​ ​liquidation​ ​value​ ​of​ ​the​ ​Corporate​​Debtor​​is​ ​Rs.1,81,39,344/-,​ ​whereas​ ​the​ ​Resolution​ ​Plan​ ​value​ ​is​ ​Page​​16​​of​​27​

​In​ ​(Admitted)​ ​Rs.1,90,00,000/-​ ​against​ ​the​ ​total​ ​admitted​ ​claim​ ​of​ ​Rs.13,72,48,313/-,​​including​​a​​debt​​of​​Rs.12​​Crore​​admitted​​in​​favor​​of​ ​the​ ​Secured​ ​Financial​​Creditor​​(Punjab​​National​​Bank)​​alone.​​Even​​if​ ​this​​Liquidation​​Value​​or​​the​​plan​​value​​were​​to​​be​​distributed​​strictly​ ​in​​accordance​​with​​the​​priority​​set​​out​​under​​Section​​53​​of​​the​​Code,​ ​the​ ​entire​ ​amount​ ​would​ ​be​ ​fully​ ​absorbed​ ​by​ ​the​ ​higher-priority​ ​stakeholders,​ ​particularly​​the​​Secured​​Financial​​Creditors,​​leaving​​no​ ​residual​ ​amount​ ​for​ ​the​ ​Operational​ ​Creditors.​ ​Despite​ ​this,​ ​the​ ​Resolution​ ​Plan​ ​provides​ ​for​ ​payment​ ​to​ ​the​ ​Operational​ ​Creditors​ ​(other​ ​than​ ​workmen​ ​dues,​ ​PF​ ​and​ ​gratuity),​ ​though​ ​the​ ​amount​ ​is​ ​quite​ ​nominal​ ​at​ ​Rs.​ ​16,08,326/-,​​which​​is​​16.24%​​of​​their​​admitted​ ​claim.​ ​Thus,​ ​as​ ​regards​ ​the​ ​payment​ ​of​ ​the​ ​Operational​ ​Creditor,​ ​the​ ​Resolution​ ​Plan​ ​is​ ​compliant​ ​with​ ​the​ ​provisions​ ​of​ ​Section​ ​30(2)(b)​ ​read with Regulations 38(1)(a) and 38(1)(b) of the CIRP Regulations.​ ​(iii)​ ​The​ ​plant​ ​of​ ​the​ ​Corporate​ ​Debtor​ ​is​ ​a​ ​closed​ ​unit.​ ​The​ ​Resolution​ ​Plan​ ​provides​ ​for​ ​the​ ​reconstitution​ ​of​ ​the​ ​Board​ ​on​ ​its​ ​approval​ ​by​ ​the​ ​Adjudicating​ ​Authority.​ ​Upon​ ​approval​ ​of​ ​the​ ​Resolution​​Plan,​​the​​Resolution​​Applicant​​proposes​​to​​reconstitute​​the​ ​Board​​of​​Directors​​in​​accordance​​with​​the​​provisions​​of​​the​​Companies​ ​Act.​ ​The​ ​existing​ ​Board​ ​shall​ ​stand​ ​suspended,​ ​and​ ​all​ ​erstwhile​ ​directors​ ​shall​ ​cease​ ​to​ ​hold​ ​office​ ​from​ ​the​ ​Effective​ ​Date,​ ​without​ ​prejudice​ ​to​ ​their​ ​liability​ ​for​ ​past​ ​acts.​ ​The​ ​reconstituted​ ​Board,​ ​including​​Mr.​​Rohit​​Bindlish​​as​​one​​of​​its​​members,​​shall​​be​​appointed​ ​Page​​17​​of​​27​

​In​ ​(Admitted)​ ​within​​60​​days​​from​​the​​effective​​date,​​and​​the​​Corporate​​Debtor​​shall​ ​thereafter​ ​be​ ​managed​ ​by​ ​the​ ​newly​ ​constituted​ ​Board​ ​and​​as​​such,​ ​the​ ​provisions​ ​of​ ​Section​ ​30(2)(c)​ ​of​ ​the​ ​Code​ ​r/w​ ​CIRP​ ​Regulation​ ​38(2)(b) of the CIRP Regulations have been complied with.​ ​(iv)​ ​The​ ​Implementation​ ​and​ ​Supervision​ ​of​ ​the​ ​Resolution​ ​Plan​ ​is​ ​entrusted​​to​​the​​Monitoring​​Committee.​​It​​also​​provides​​that​​within​​10​ ​business​ ​days​ ​of​ ​the​ ​effective​ ​date,​ ​a​ ​three​ ​members​ ​Committee​ ​(“Monitoring​​Committee”)​​shall​​be​​constituted​​of;​​1​​(one)​​Representative​ ​of​ ​Secured​ ​Financial​ ​Creditors​ ​and​ ​1​ ​(one)​ ​Representative​ ​of​ ​the​ ​Resolution​ ​Applicant​ ​and​ ​1​ ​(one)​ ​Resolution/Insolvency​ ​Professional.​ ​Thus,​ ​we​ ​find​ ​that​ ​adequate​ ​provisions​ ​have​ ​been​ ​made​ ​for​ ​the​ ​Implementation​ ​and​ ​Supervision​ ​of​ ​the​ ​Resolution​ ​Plan​ ​after​ ​its​ ​approval.​ ​As​ ​such,​ ​the​ ​provisions​ ​of​ ​Section​ ​30(2)(d)​ ​r/w​ ​Regulation​ ​38(2)(c) are complied with.​ ​(v)​ ​The​ ​RP​ ​has​ ​submitted​ ​that​ ​the​ ​plan​ ​does​ ​not​ ​contravene​ ​any​ ​provisions​​of​​law.​​We​​also​​noted​​that​​the​​plan​​does​​not​​contravene​​any​ ​provisions​ ​of​ ​the​ ​law​ ​for​ ​the​ ​time​ ​being​ ​in​ ​force.​ ​Thereby,​ ​the​ ​provisions of Section 30(2)(e) have been complied with.​ ​(vi)​ ​The​ ​Resolution​​Plan​​also​​confirms​​to​​other​​IBBI​​Regulations​​as​ ​given hereunder:​ ​(a)​ ​The​ ​Resolution​ ​Plan​​adequately​​deals​​with​​the​​interest​​of​ ​all​ ​stakeholders,​ ​including​ ​Financial​ ​Creditors​ ​and​​Operational​ ​Creditors​ ​of​ ​the​ ​Corporate​ ​Debtor.​ ​Thereby,​ ​the​ ​plan​ ​is​ ​in​ ​compliance​​with​​CIRP​​Regulation​​38(1A)​​of​​the​​CIRP​​Regulations.​ ​Page​​18​​of​​27​

​In​ ​(Admitted)​ ​(b)​ ​It​ ​is​ ​submitted​ ​that​ ​neither​ ​the​​Resolution​​Applicant​​nor​ ​any​​of​​its​​related​​parties​​has​​at​​any​​time​​failed​​to​​implement​​or​ ​contributed​ ​to​ ​the​ ​failure​ ​of​ ​the​ ​implementation​ ​of​ ​any​ ​other​ ​Resolution​ ​Plan​ ​which​ ​was​ ​approved​ ​by​ ​the​ ​Adjudicating​ ​Authority.​ ​Thereby,​ ​the​ ​plan​ ​is​ ​in​ ​compliance​ ​with​ ​CIRP​ ​Regulation 38(1B) of the CIRP Regulations.​ ​(c)​ ​The​ ​Resolution​ ​Applicant​ ​proposes​ ​to​ ​implement​ ​this​ ​Resolution​ ​Plan​ ​within​ ​a​ ​period​ ​of​​120​​Days​​from​​the​​Effective​ ​Date​​(date​​of​​Approval​​of​​the​​Resolution​​Plan​​by​​the​​Adjudicating​ ​Authority).​​The​​term​​of​​the​​plan​​and​​its​​implementation​​schedule​ ​have​ ​been​ ​provided​ ​in​ ​Section​ ​IV​ ​clause​ ​VI​ ​of​ ​the​ ​Resolution​ ​Plan, which is as follows:​ ​S.​ ​No.​ ​Action​ ​Timeline​ ​1.​ ​Approval of Resolution Plan by NCLT​ ​X​ ​2.​ ​Registration/Removal​ ​of​ ​existing​ ​directors,​​appointment​​of​​new​​directors​​to​ ​the board of corporate debtor​ ​X+60 days​ ​3.​ ​Extinguishment​​of​​all​​existing​​shares​​and​ ​issue​​of​​fresh​​shares​​in​​favor​​of​​new​​board​ ​of directors​ ​X+60 days​ ​4.​ ​Payment of pending CIRP cost​ ​X+60 days​ ​5.​ ​Upfront​ ​payment​ ​to​ ​Secured​ ​financial​ ​creditors​ ​X+60 days​ ​6.​ ​Deferred​ ​Payment​ ​to​ ​Secured​ ​financial​ ​creditors​ ​X+120 days​ ​(X​ ​=​ ​Effective​ ​date,​ ​i.e.,​ ​date​ ​of​ ​approval​ ​of​​Resolution​​Plan​​by​ ​Adjudicating Authority.)​ ​Page​​19​​of​​27​

​In​ ​(Admitted)​ ​The​ ​Resolution​ ​Applicant​ ​has​ ​proposed​ ​that​ ​any​ ​amount​ ​recovered​​from​​avoidance​​transactions​​shall​​be​​distributed​​in​​the​ ​manner​ ​specified​ ​under​ ​Section​ ​53​ ​of​ ​the​ ​Code.​ ​Thereby,​ ​Regulation​ ​38(2A)​ ​of​ ​the​ ​CIRP​ ​Regulations​ ​has​ ​been​ ​complied​ ​with.​ ​(d)​ ​The​ ​primary​ ​reason​ ​for​ ​default​ ​has​ ​been​ ​identified​ ​as​ ​financial​ ​stress​ ​arising​ ​from​ ​non-recovery​ ​of​ ​receivables​ ​and​ ​non-enhancement​​of​​credit​​limits​​by​​the​​lenders.​​The​​Resolution​ ​Applicant​ ​proposes​ ​to​ ​improve​ ​business​​operations​​through​​the​ ​induction​​of​​an​​experienced​​management​​team​​with​​the​​requisite​ ​professional​ ​expertise​ ​and​ ​network.​ ​It​ ​is​ ​further​ ​proposed​ ​to​ ​adopt​ ​a​ ​calibrated​ ​approach​ ​towards​ ​leveraging​ ​the​ ​Corporate​ ​Debtor,​ ​limited​ ​to​ ​operational​ ​requirements​ ​and​ ​without​ ​adversely​ ​affecting​ ​its​ ​liquidity​ ​and​ ​cash​ ​flows,​ ​keeping​ ​in​​view​ ​the​ ​prevailing​ ​market​ ​conditions.​ ​Thus,​ ​the​ ​Resolution​ ​Plan​ ​addresses​ ​the​ ​cause​ ​of​ ​default,​ ​is​ ​feasible​ ​and​ ​viable,​ ​has​ ​provisions​​for​​its​​effective​​implementation,​​contains​​provisions​​for​ ​approval required, and has a timeline for the same.​ ​Further,​ ​the​ ​Resolution​ ​Applicant​ ​has​ ​the​ ​capability​ ​to​ ​implement​ ​the​ ​Resolution​ ​Plan.​ ​Thus,​ ​Regulation​ ​38(3)​ ​of​ ​the​ ​CIRP Regulations has been complied with. ​ ​9.​ ​It​ ​is​ ​noted​ ​that​ ​the​ ​Resolution​ ​Applicant,​ ​Mr.​ ​Rohit​ ​Bindlish,​ ​is​ ​a​ ​businessman​ ​having​ ​more​ ​than​ ​nine​ ​years​ ​of​ ​experience​ ​in​ ​business​ ​operations​ ​and​ ​holds​ ​a​ ​B.Tech​ ​in​ ​Computer​ ​Science.​ ​He​ ​runs​ ​a​ ​sanitary​ ​Page​​20​​of​​27​

​In​ ​(Admitted)​ ​products​ ​business​ ​under​ ​the​ ​name​ ​Guruji​ ​Tiles​ ​and​ ​Sanitary​ ​Stores,​ ​established​ ​in​​2014,​​with​​an​​established​​customer​​base,​​including​​projects​ ​such​ ​as​ ​Apex​ ​Builcon​ ​and​ ​Ashirwad​ ​Homes,​ ​and​ ​is​ ​also​ ​engaged​ ​in​ ​the​ ​builder​​business.​​The​​Resolution​​Applicant​​has​​a​​reported​​net​​worth​​of​​Rs.​ ​5.62​ ​Crores​ ​and​ ​is​ ​stated​ ​to​ ​be​ ​financially​ ​capable​ ​of​ ​implementing​ ​the​ ​Resolution​ ​Plan​ ​from​ ​their​ ​own​ ​sources,​ ​including​ ​induction​ ​of​ ​capital​ ​expenditure​ ​and​ ​working​ ​capital​ ​for​ ​revival​ ​of​ ​the​ ​Corporate​ ​Debtor.​ ​The​ ​objective​ ​of​ ​the​ ​Resolution​ ​Applicant​ ​is​ ​to​ ​expand​ ​existing​ ​business​ ​operations,​ ​generate​ ​employment,​ ​and​ ​revive​ ​the​ ​Corporate​ ​Debtor.​ ​The​ ​experience​ ​of​ ​the​ ​Resolution​ ​Applicant​ ​in​ ​the​ ​sector,​ ​coupled​ ​with​ ​the​ ​expansion​ ​strategy​ ​envisaged​ ​in​ ​the​ ​Resolution​ ​Plan,​ ​indicates​ ​that​ ​the​ ​Resolution Plan is feasible and viable.​ ​10.​ ​The​​Relief​​and​​Concessions​​are​​sought​​by​​the​​Resolution​​Applicant​​in​ ​Section​​IV​​of​​the​​Resolution​​Plan.​​The​​Resolution​​Applicant​​is​​seeking​​certain​ ​reliefs​ ​and​ ​concessions,​ ​which​ ​are​ ​in​ ​the​ ​nature​ ​of​ ​prayer​ ​and​ ​not​ ​a​ ​condition​​precedent​​for​​the​​implementation​​of​​the​​Resolution​​Plan.​​The​​relief​ ​and concession so sought by the SRA are summarised here as under:​ ​(i)​ ​Upon​ ​receipt​ ​of​ ​payments​ ​in​ ​terms​ ​of​​the​​Resolution​​Plan,​​the​ ​Financial​​Creditors​​shall​​release​​their​​security​​interests​​and​​withdraw​ ​all​ ​recovery​ ​proceedings​ ​or​ ​suits​ ​pending​ ​against​ ​the​ ​Corporate​ ​Debtor​​in​​relation​​to​​pre-CIRP​​claims.​​No​​further​​liability​​shall​​remain​ ​payable​​by​​the​​Corporate​​Debtor​​or​​the​​Resolution​​Applicant​​except​​as​ ​provided​ ​in​​the​​Resolution​​Plan.​​The​​Resolution​​Applicant​​shall​​also​ ​have​ ​the​ ​option​ ​to​ ​prepay​ ​the​ ​dues​ ​of​ ​Financial​ ​Creditors​ ​without​ ​Page​​21​​of​​27​

​In​ ​(Admitted)​ ​additional​​levies,​​and,​​upon​​satisfaction​​of​​the​​obligations​​under​​the​ ​Plan,​ ​the​ ​Financial​ ​Creditors​ ​shall​ ​issue​ ​necessary​ ​No​ ​Objection​ ​Certificates.​ ​All​ ​assets​ ​of​ ​the​ ​Corporate​ ​Debtor​ ​shall​ ​thereafter​ ​vest​ ​exclusively with the Corporate Debtor under the new management.​ ​(ii)​ ​Reliefs​ ​have​ ​been​ ​sought​ ​from​ ​the​ ​Income​ ​Tax​ ​Department,​ ​including​ ​exemption​ ​from​ ​tax​ ​implications​ ​arising​ ​out​ ​of​ ​waiver​ ​or​ ​remission​ ​of​ ​liabilities,​ ​waiver​ ​of​ ​past​ ​tax​ ​demands,​ ​interest,​ ​and​ ​penalties;​ ​closure​ ​of​ ​pending​ ​proceedings​ ​and​ ​assessments​ ​for​ ​the​ ​period​​prior​​to​​the​​effective​​date;​​permission​​to​​carry​​forward​​and​​set​ ​off​ ​accumulated​ ​losses​ ​and​ ​unabsorbed​ ​depreciation;​ ​exemption​ ​under​ ​Section​ ​79​ ​of​ ​the​ ​Income​ ​Tax​ ​Act​ ​in​ ​case​ ​of​ ​change​ ​in​ ​shareholding​​pursuant​​to​​the​​Resolution​​Plan;​​and​​extinguishment​​of​ ​all​ ​income​ ​tax​ ​liabilities​ ​relating​ ​to​ ​the​ ​period​ ​prior​ ​to​ ​the​ ​CIRP​ ​commencement date.​ ​(iii)​ ​Reliefs​​have​​also​​been​​sought​​from​​the​​Central​​Board​​of​​Indirect​ ​Taxes​​and​​Customs​​and​​other​​indirect​​tax​​authorities​​for​​waiver​​and​ ​extinguishment​ ​of​ ​all​ ​indirect​ ​tax​ ​dues,​ ​including​ ​interest​ ​and​ ​penalties;​ ​closure​ ​of​​all​​pending​​proceedings,​​investigations,​​notices,​ ​and​ ​assessments​ ​relating​ ​to​ ​the​ ​period​ ​prior​ ​to​ ​the​ ​effective​ ​date;​ ​protection​ ​from​ ​prosecution​ ​for​ ​past​ ​non-compliances;​ ​and​ ​permission​​to​​carry​​forward​​and​​utilize​​accumulated​​input​​tax​​credit​ ​and other tax benefits available to the Corporate Debtor.​ ​(iv)​ ​The​ ​Resolution​​Applicant​​has​​further​​sought​​a​​waiver​​from​​the​ ​Reserve​ ​Bank​ ​of​ ​India​​and​​other​​regulatory​​authorities​​in​​respect​​of​ ​Page​​22​​of​​27​

​In​ ​(Admitted)​ ​any​ ​past​ ​noncompliances​ ​under​ ​FEMA,​ ​the​ ​RBI​ ​Act,​ ​and​ ​related​ ​regulations for the period prior to the effective date.​ ​(v)​ ​Under​ ​the​ ​Companies​ ​Act,​ ​2013,​ ​the​ ​Resolution​​Applicant​​has​ ​sought​​approval​​for​​the​​write-off​​of​​the​​existing​​equity​​share​​capital;​ ​waiver​ ​of​ ​penalties,​ ​late​ ​fees,​ ​and​ ​liabilities​ ​arising​ ​from​ ​past​ ​non-compliances;​ ​dispensation​ ​with​ ​requirements​ ​relating​ ​to​ ​reconstruction​ ​of​ ​past​ ​records​ ​and​ ​holding​ ​of​ ​past​ ​annual​ ​general​ ​meetings;​ ​and​ ​directions​ ​to​ ​the​ ​Registrar​ ​of​ ​Companies​ ​to​ ​take​ ​the​ ​Resolution Plan on record without insisting on further compliances.​ ​(vi)​ ​Certain​​reliefs​​have​​also​​been​​sought​​from​​the​​State​​Government​ ​and​​other​​authorities,​​including​​permission​​to​​change​​the​​name​​of​​the​ ​Corporate​​Debtor,​​eligibility​​for​​incentives​​available​​to​​sick​​industrial​ ​units,​ ​waiver​ ​of​ ​penalties​ ​and​ ​charges​ ​relating​ ​to​ ​stamp​ ​duty,​ ​registration​ ​or​ ​transfer​ ​of​ ​leasehold​ ​rights,​ ​extinguishment​ ​of​ ​unclaimed​ ​dues​ ​of​ ​Government​ ​authorities​ ​up​ ​to​ ​the​ ​effective​ ​date,​ ​and​ ​grant​ ​of​ ​reasonable​ ​time​ ​to​ ​regularise​ ​past​ ​statutory​ ​non-compliances and business permits.​ ​(vii)​ ​It​ ​has​ ​also​ ​been​ ​prayed​ ​that​ ​upon​ ​approval​ ​of​ ​the​ ​Resolution​ ​Plan,​​all​​claims,​​liabilities,​​guarantees,​​litigations,​​investigations,​​and​ ​proceedings​​relating​​to​​the​​period​​prior​​to​​the​​effective​​date,​​whether​ ​known​ ​or​ ​unknown,​ ​crystallised​ ​or​ ​contingent,​ ​shall​ ​stand​ ​extinguished,​​and​​no​​fresh​​proceedings​​shall​​be​​initiated​​in​​respect​​of​ ​such​​matters.​​The​​Resolution​​Applicant​​shall​​be​​liable​​only​​for​​those​ ​Page​​23​​of​​27​

​In​ ​(Admitted)​ ​obligations​ ​specifically​ ​undertaken​ ​in​ ​the​ ​Resolution​ ​Plan,​ ​and​ ​all​ ​other liabilities of the Corporate Debtor shall stand discharged.​ ​(viii)​ ​The​ ​Resolution​ ​Applicant​ ​has​ ​further​ ​sought​ ​liberty​ ​to​ ​amend​ ​the​ ​constitutional​ ​documents​ ​of​ ​the​ ​Corporate​ ​Debtor,​ ​undertake​ ​operational​ ​restructuring​ ​including​ ​manpower​ ​rationalisation,​ ​and​ ​implement​​other​​measures​​necessary​​for​​the​​revival​​of​​the​​Corporate​ ​Debtor.​ ​(ix)​ ​Any​ ​receipts​ ​or​ ​recoveries​ ​made​ ​after​ ​acquisition,​ ​other​ ​than​ ​those​​arising​​from​​avoidance​​applications,​​shall​​belong​​exclusively​​to​ ​the​ ​Resolution​ ​Applicant,​ ​while​ ​recoveries​ ​from​ ​avoidance​ ​transactions​​shall​​be​​dealt​​with​​in​​accordance​​with​​the​​provisions​​of​ ​the Code.​ ​10.1​ ​We​ ​have​ ​considered​ ​the​ ​prayers​ ​so​ ​made​ ​as​ ​regards​ ​to​ ​Relief​ ​and​ ​Concession.​​As​​regards​​the​​unpaid​​liabilities​​after​​approval​​of​​the​​Resolution​ ​Plan​​and​​the​​claims​​which​​were​​not​​filed​​before​​the​​RP​​during​​the​​CIRP​​or​ ​which​ ​have​ ​not​ ​been​ ​provided​ ​for​​in​​the​​Resolution​​Plan,​​the​​same​​would​ ​stand​ ​extinguished.​ ​In​ ​this​ ​regard,​ ​reference​​may​​be​​made​​to​​the​​law​​laid​ ​down​ ​by​ ​the​ ​Hon’ble​ ​Supreme​ ​Court​ ​in​ ​Ghanshyam​ ​Mishra​ ​and​ ​Sons​ ​Private​ ​Limited​ ​vs.​ ​Edelweiss​ ​Asset​​Reconstruction​​Company​​Limited​ ​and Ors. Reported in MANU/SC/0273/2021​​which reads​​as follows:​ ​86.​​“……..The​​legislative​​intent​​behind​​this​​is​​to​​freeze​​all​​the​​claims​​so​​that​​the​ ​resolution​​applicant​​starts​​on​​a​​clean​​slate​​and​​is​​not​​flung​​with​​any​​surprise​ ​claims.​ ​If​ ​that​ ​is​ ​permitted,​ ​the​ ​very​ ​calculations​ ​on​ ​the​ ​basis​ ​of​ ​which​ ​the​ ​resolution​​applicant​​submits​​its​​plans,​​would​​go​​haywire​​and​​the​​plan​​would​ ​be unworkable.​ ​Page​​24​​of​​27​

​In​ ​(Admitted)​ ​87.​ ​We​​have​​no​​hesitation​​to​​say​​that​​the​​word​​"other​​stakeholders"​​would​ ​squarely​ ​cover​ ​the​ ​Central​ ​Government,​ ​any​ ​State​ ​Government​ ​or​ ​any​ ​local​ ​authorities.​ ​The​ ​legislature,​ ​noticing​ ​that​ ​on​ ​account​ ​of​ ​obvious​ ​omission,​ ​certain​ ​tax​ ​authorities​ ​were​ ​not​ ​abiding​ ​by​ ​the​ ​mandate​ ​of​ ​I&B​ ​Code​ ​and​ ​continuing​​with​​the​​proceedings,​​has​​brought​​out​​the​​2019​​amendment​​so​​as​​to​ ​cure the said mischief…..”​ ​ ​ ​10.2​​After​​the​​Corporate​​Debtor​​is​​taken​​over​​by​​the​​new​​management,​​no​ ​inquiry,​​investigation,​​litigation,​​etc.​​will​​be​​made​​against​​it​​in​​relation​​to​​the​ ​period prior to the CIRP. ​ ​10.3​​As​​regards​​allowing​​carryforward​​losses,​​it​​is​​to​​be​​noted​​that​​following​ ​the​​process​​of​​the​​CIRP​​and​​on​​extinguishment​​of​​the​​unpaid​​liabilities,​​the​ ​financial​ ​accounts​ ​are​ ​to​ ​be​ ​recasted​ ​by​ ​providing​ ​suitable​ ​accounting​ ​entries​ ​whereby​ ​the​​extinguished​​liabilities,​​together​​with​​the​​extinguished​ ​share​ ​capital​ ​of​ ​the​ ​previous​ ​management,​ ​would​ ​get​ ​converted​ ​into​ ​the​ ​Capital/General​​Reserve,​​and​​as​​such,​​the​​accumulated​​losses,​​if​​any,​​will​ ​have​​to​​be​​first​​of​​all​​set​​off​​against​​such​​a​​Reserve.​​For​​the​​balance​​amount,​ ​if any, the SRA can approach the Income Tax Authorities.​ ​10.4​​As​ ​regards​ ​other​ ​reliefs​ ​and​ ​concessions​ ​sought​ ​by​ ​the​ ​resolution​ ​applicant,​​we​​direct​​the​​said​​successful​​resolution​​applicant​​to​​approach​​the​ ​concerned​​statutory​​authorities​​for​​those​​concessions,​​and​​those​​authorities​ ​will​​consider​​the​​same​​as​​per​​the​​provisions​​of​​law​​under​​the​​relevant​​Acts,​ ​keeping in view the intent and object of the IBC.​ ​ ​10.5​​The​​relief,​​which​​is​​not​​specifically​​provided,​​should​​not​​be​​treated​​as​ ​being​​allowed.​​Even​​if​​no​​relief​​or​​concessions​​are​​granted​​by​​the​​authorities​ ​concerned,​ ​then​ ​also​ ​SRA​ ​is​ ​bound​ ​to​ ​implement​ ​the​ ​Resolution​ ​Plan​ ​Page​​25​​of​​27​

​In​ ​(Admitted)​ ​effectively​ ​without​ ​taking​ ​shelter​ ​of​ ​refusal​ ​by​ ​authorities​ ​concerned​ ​by​ ​non-implementation​​of​​the​​plan.​​Nevertheless,​​the​​SRA​​will​​also​​have​​liberty​ ​to​​file​​an​​appropriate​​Application,​​if​​so​​required​​for​​seeking​​any​​specific​​relief​ ​which is not granted hereinabove and/or denied by the concerned authority.​ ​11.​ ​The​ ​proviso​ ​to​​sub-section​​(1)​​of​​Section​​31​​of​​the​​Code,​​2016​​states​ ​that​ ​before​ ​passing​ ​any​ ​Order​ ​for​ ​approval​ ​of​ ​the​ ​Resolution​ ​Plan,​ ​the​ ​Adjudicating​​Authority​​should​​also​​be​​satisfied​​that​​the​​Resolution​​Plan​​has​ ​provisions​ ​for​ ​its​ ​effective​ ​implementation.​ ​In​ ​view​ ​of​ ​the​ ​discussions​​and​ ​findings​​as​​made​​hereinabove,​​we​​are​​satisfied​​that​​the​​Resolution​​Plan​​in​ ​question​​meets​​the​​requirements​​as​​referred​​to​​in​​Sub-Section​​(2)​​of​​Section​ ​30​ ​of​ ​the​ ​IBC​ ​and​ ​the​​Resolution​​Plan​​also​​contains​​the​​provisions​​for​​its​ ​effective​​implementation,​​and​​as​​a​​result,​​we​​hereby​​approve​​the​​Resolution​ ​Plan​ ​submitted​ ​by​ ​Mr.​ ​Rohit​ ​Bindlish​ ​for​ ​the​ ​Corporate​ ​Debtor​ ​with​ ​the​ ​following directions:​ ​(i)​ ​The​ ​Resolution​ ​Plan​ ​shall​​be​​binding​​on​​the​​Corporate​​Debtor;​ ​its​ ​employees,​ ​members,​ ​and​ ​creditors,​ ​including​ ​the​ ​Central​ ​Government,​​any​​State​​Government​​or​​any​​local​​authority​​to​​whom​​a​ ​debt​​in​​respect​​of​​the​​payment​​of​​dues​​arising​​under​​any​​law​​for​​the​ ​time​​being​​in​​force​​is​​due,​​guarantors​​and​​other​​Stakeholders​​involved​ ​in the Resolution Plan. ​ ​(ii)​ ​The​ ​approved​ ​‘Resolution​ ​Plan’​ ​shall​ ​become​ ​effective​​from​​the​ ​date of this Order.​ ​Page​​26​​of​​27​

​In​ ​(Admitted)​ ​(iii)​ ​The​ ​Order​ ​of​ ​moratorium​ ​dated​ ​13.01.2023​ ​passed​ ​by​ ​this​ ​Adjudicating​ ​Authority​ ​under​ ​section​ ​14​ ​of​ ​the​ ​Code​ ​shall​ ​cease​ ​to​ ​have effect from the date of this Order.​ ​(iv)​ ​The​ ​Resolution​ ​Professional​ ​shall​​forthwith​​send​​a​​copy​​of​​this​ ​Order to the participants and the Resolution Applicant(s).​ ​(v)​ ​The​​Resolution​​Professional​​shall​​forward​​all​​records​​relating​​to​ ​the​ ​conduct​ ​of​ ​the​ ​Corporate​ ​Insolvency​ ​Resolution​ ​Process​ ​and​ ​Resolution​ ​Plan​ ​to​​the​​Insolvency​​and​​Bankruptcy​​Board​​of​​India​​to​ ​be recorded in its database.​ ​12.​ ​As​ ​a​ ​result,​ ​the​ ​Application​ ​bearing​ ​IA(IBC)2572(CH)/2023​ ​in​ ​CP(IB)No.144/CHD/PB/2021 stands allowed.​ ​   Sd/- Sd/-​ ​Kaushalendra Kumar Singh​ ​Member (Technical)​ ​Gitesh​ ​Khetrabasi Biswal​ ​Member (Judicial)​ ​Page​​27​​of​​27​