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23rd April, 2025 Approval of Resolution Plan - Parivartan Buildcon Private Limited [IA-6/2025 in IB 127/ND/2024] (4.7 MB)

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IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH (COURT – II) Item No. 219 IB-127/ND/2024 IA-6/2025 IN THE MATTER OF: Savitur Infrastructure Private Limited … Petitioner/ Financial Creditor Versus

Parivartan Buildcon Private Limited … Respondent/ Corporate Debtor AND IN THE MATTER OF IA-6/2025: Parivartan Buildcon Pvt. Ltd. (In Cirp) Through Resolution Professional
Shamsher Bahadur Singh
48, Sidhartha Apartment, Behind Inder Enclave, Rohtak Road, Opp. Jwala Puri No. 5, New Delhi - 110087

Communication Address: D-54, First Floor, Defence Colony, New Delhi - 110024
E-Mail: asian.cirp@gmail.com
Versus Gateway Investment Management Services Limited Successful Resolution Applicant
L 21-01, ICD Brookfield Place,
Dubai International Financial Centre,
Dubai, UAE

… Applicant/RP

... Respondent Under Section: Section 30(6) of IBC, 2016

Order delivered on 17.03.2025 CORAM: SH. ASHOK KUMAR BHARDWAJ, HON’BLE MEMBER (J) MS. REENA SINHA PURI, HON’BLE MEMBER (T)

PRESENT:

For the Applicant :

For the Respondent :

For the RP : Adv. Vishwajeet Singh a/w Mr. S. Bahadur Singh

Page 1 of 58 IA-6/2025 in IB-127/ND/2024 Savitur Infrastructure Pvt. Ltd. vs. Parivartan Buildcon Pvt. Ltd.

Hearing Through: VC and Physical (Hybrid) Mode

ORAL ORDER

IA-6/2025: The prayer made in the captioned application preferred under Section 30(6) of IBC, 2016 reads thus:- “a) Allow the present Application; b) Approve and accept the Resolution Plan dated 08.10.2024 submitted by Gateway Investment Management Services (DIFC) Limited, as approved by CoC with 100% voting share during its 9th meeting; c) Declare that upon approval of Resolution Plan by this Hon'ble Tribunal, the provisions of the Resolution Plan shall be binding on the Company, its Creditors, Guarantors, Members, Employees and other stakeholders in accordance with Section 31 of the Code, and shall be given effect to and implemented pursuant to the order of this Hon'ble Adjudicating Authority; d) Approve the Appointment of the Monitoring Committee as approved by the CoC; e) Approve and grant reliefs and directions sought under the Resolution Plan by the Resolution Applicant; f) Pass any such order(s) as this Hon'ble Tribunal may deem fit.” 2. The factual position has been delineated in para 4 to 40 of the application which reads thus:- “4. That this Hon'ble Adjudicating Authority, vide Order dated 01.04.2024, was pleased to admit the present Company Petition (IB) 127/ND/2024, filed by Savitur Infrastructure Private Limited being the Page 2 of 58

Financial Creditor against Parivartan Buildcon Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process ("CIRP") under the provisions of Section 7 of the Code. Copy of order dated 01.04.2024 passed by this Hon'ble Adjudicating Authority is annexed herewith and marked as ANNEXURE A-2. 5. That vide order dated 01.04.2024, this Hon'ble Adjudicating Authority whilst admitting the Application declared and declaring moratorium, inter-alia, appointed the Applicant, i.e., Mr. Shamsher Bahadur Singh as the Interim Resolution Professional. 6. That in pursuance of CIRP order dated 01.04.2024, the Applicant issued Public Announcement on 07.04.2024 in FORM A and the same was published on 07.04.2024 in newspapers namely, Financial Express (English) and Jansatta (Hindi) New Delhi Edition, thereby inviting claims from the creditors of the Corporate Debtor, in terms of Regulation 6(1) of the CIRP Regulations. It is submitted that in terms of Regulations 6(2)(c) of the CIRP Regulations, the last date for submission of claim was specified as 20.04.2024. Copy of the FORM A dated 07.04.2024 is annexed and marked as ANNEXURE A-3. 7. In pursuance of the above, the Applicant duly verified the claims of the creditors. That in terms of Regulation 17(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Applicant constituted the Committee of Creditors. 8. That subsequent to the Constitution of Committee of Creditors ('COC') the Applicant convened the 1ª COC meeting 04.05.2024 at 12:00 PM at D-54, 1st Floor, Defence Colony, New Delhi-110024 through Hybrid Mode (Video Conferencing/Physical) and during the said meeting, the members of the committee resolved to confirm the Applicant as the Resolution Professional of the Corporate Debtor. It is submitted that the Page 3 of 58

Applicant had filed an application bearing IA No. 2697/2024 for confirmation of the Applicant as Resolution Professional of the Corporate Debtor and the same was allowed by this Hon'ble Tribunal on 06.06.2024. Copy of the minutes of 1ª CoC meeting convened on 05.04.2024 and copy of the order dated 06.06.2024 passed by the Hon'ble Tribunal is annexed herewith and marked as ANNEXURE A-4(COLLY). 9. That on 28.05.2024, the Applicant convened the 2nd meeting of the COC wherein, the Applicant put forth the draft eligibility criteria for invitation of Expression of Interest ('EOI') in Form G before the COC members for its approval. Copy of the minutes of 2nd COC meeting is annexed herewith and marked as ANNEXURE A-5. 10. That following the approval of draft of Form G during the 2nd meeting of CoC held on 28.05.2024, the Applicant published the same under Regulation 36A(1) of the CIRP Regulations on 31.05.2024 in newspapers namely, Financial Express Delhi NCR Edition (English) and Jansatta Delhi NCR Region, thereby, inviting Expression of Interest ("EOI") on 31.05.2024. Copy of FORM-G dated 31.05.2024 is annexed herewith and marked as ANNEXURE A-6. 11. That on 09.07.2024 the Applicant convened 3rd meeting of the CoC wherein, the Applicant apprised the members of the CoC that the Applicant is in receipt of 4 EOI's as on last date of submission of EOI viz. 15.06.2024 The list of Prospective Resolution Bahade Applicant ('PRA's') from whom the EOI's have received by the Applicant as as under

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Copy of the minutes of the 3rd COC meeting and Copy of the list of PRAs issued on 25.06.2024 is annexed herewith and marked as ANNEXURE A-7 (COLLY). 12. That it is submitted that after due discussion and deliberations, the COC in its commercial wisdom decided that in order to maximize the value of the assets of the Corporate Debtor, it would be in the interest of the stakeholders to republish the Form-G and seek more prospective resolution applicants for the resolution of the Corporate Debtor. The Applicant took the note of the same and republished the Form G under Regulation 36A(1) of the CIRP Regulations on 11.07.2024 in newspapers namely, Financial Express Delhi NCR Edition (English) and Jansatta Delhi NCR Region, thereby, inviting Expression of Interest ("EOI") on 11.07.2024. Copy of the republished Form G dated 11.07.2024 is annexed herewith and marked as ANNEXURE A-8. 13. That on 24.07.2024 the Applicant convened the 4th meeting of COC wherein the Applicant apprised the members of the COC that for the smooth functioning of the CIRP process the Applicant had raised interim finance in terms of the resolution passed in the third COC meeting in which the Applicant had received a proposal for an amount of Rs. 20,00,000/- with maximum interest @ 24% p.a. to fund the CIRP cost/ expenses. It is submitted that after deliberation the members of COC unanimously approved the said proposal for interim finance which shall be part of the CIRP Cost. Copy of the minutes of the 4th COC meeting is annexed herewith and marked as ANNEXURE A-9. Page 5 of 58

That on 28.08.2024 the Applicant convened 5th meeting of the CoC wherein, the Applicant apprised the members of the CoC that the Applicant is in receipt of 6 new EOI's as on last date of submission of EOI i.e., 26.07.2024. It is important to note that 4 EOIs received in the first publication of the Form G on 15.06.2024 were also included in the newly drafted provisional list of prospective resolution applicants. The list of Prospective Resolution Applicant ('PRA's') from whom the EOI's have received by the Applicant is as under:
That the Applicant further apprised the COC members that post scrutiny of the documents submitted by the PRAs on the basis of eligibility criteria, Section 29A verification, and after receiving all the requisite document the Applicant has prepared the final list of PRAs on 20.08.2024. The final list of PRAs is reproduced as under: Page 6 of 58

Copy of the final list of PRAs issued on 20.08.2024 is annexed herewith and marked as ANNEXURE A-10. 16. Further, the Applicant apprised the COC member that as per Regulation 36B of the CIRP Regulation, 2016, the Applicant had prepared an Evaluation Matrix and Request for Resolution Plan ("RFRP") for sharing with the Prospective Resolution Applicant(s) for evaluation of Resolution Plan(s) as may be submitted by them. The said RFRP and Evaluation Matrix had been prepared in terms of Regulation 36B and Regulation 2(1)(ha) of the CIRP Regulations, 2016 respectively. Upon deliberation and discussion, the members resolved that: "RESOLVED THAT in accordance with the provisions of Regulation 36 B of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 Page 7 of 58

("CIRP Regulations, 2016"), the approval of the CoC members is hereby accorded for the Request for resolution plan ("RFRP") and Bid Evaluation Matrix ("BEM") in the matter of Parivartan Buildcon Private Limited for submission of resolution plan by the prospective resolution applicants. FURTHER RESOLVED THAT in accordance with the provisions of Regulation 36B (3) of CIRP Regulations, 2016, the request for resolution plan (RFRP) shall allow prospective resolution applicants a minimum of thirty days to submit the resolution plan(s) be and is hereby approved by the CoC members." Copy of the minutes of the 5th COC meeting is annexed herewith and marked as ANNEXURE A-11. 17. That on 23.09.2024 the Applicant convened the 5th COC meeting wherein the Applicant Apprised the COC members that pursuance with the provisions of Regulation 35B of CIRP Regulations, 2016 the Applicant had issued the Information Memorandum, Request for Resolution Plan (RFRP) and Evaluation Matrix to Prospective Resolution Applicants (via data room/ google drive) for the submission of the Resolution Plans. 18. That the member of the COC enquired about the status of the Resolution Plan to which the Applicant apprised that the last date for receipt of Resolution Plan is 24.09.2024 and till date no Resolution Plan has been received from the PRAs. It is submitted that consequently the COC members directed that the Applicant to extend the last of submission of the Resolution Plan by 15 days. It is further submitted that in accordance with the provisions of Regulation 36B (6) of the CIRP Regulations 2016 the resolution was placed before the COC member and was unanimously passed in the 6th COC meeting. Resultantly, the last date for submission of the Resolution Plan was
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extended by 15 days i.e. from 24.09.2024 to 09.10.2024. 19. That since the date of submission of Resolution plan was extended by 15 days i.e. 09.10.2024 and the 180 days of the CIRP period is going to end on 28.09.2024, and the submission of the Resolution Plan by the PRA's is still awaited Further on receipt of Resolution Plans in the instant matter, the Resolution Professional/Applicant shall be Evaluating the revised Resolution Plans and check the Compliance of each Resolution Plan in accordance with the provisions of the Code & the underlying Regulations as well as the Compliance in accordance with the Request for Resolution Plan (RFRP) issued to the PRAs and shall be seeking clarifications from the PRAs as and when required. Furthermore, on receipt of Resolution Plans and scrutinizing the compliance of the same in terms of the Code, the same will be required to be put up for voting before the members of COC for approval. 20. Pursuantly, the sole member of the COC discussed and deliberated upon the same and unanimously passed the following resolution; "RESOLVED THAT in terms of Section 12(2) of the Insolvency & Bankruptcy Code, 2016, the approval of the committee members be and is hereby accorded to file an application before Hon'ble NCLT for extension of Corporate Insolvency Resolution Process beyond 180 days, i.e., 90 days in the case of M/s Parivartan Buildcon Private Limited. RESOLVED FURTHER THAT Resolution Professional be and is hereby authorized to do all such acts, deeds and things as may be required necessary or incidental thereto." Copy of the minutes of the 6th COC meeting is annexed herewith and marked as ANNEXURE A-12. 21. Pursuant thereto, the Applicant herein filed an application bearing
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I.A. No. 4876 of 2024 before this Hon'ble Adjudicating Authority in terms of Section 12(2) of the Code to seek an extension for a period of 90 days beyond 180 days in resolution process of the Corporate Debtor. That this Hon'ble Adjudicating Authority vide order dated 14.10.2024 in the aforementioned application was pleased to extend the CIRP of the Corporate Debtor for a period of 90 days w.e.f. 28.09.2024. Copy of the order dated 14.10.2024 is annexed herewith and marked as ANNEXURE A-13. 22. That the Applicant herein convened the 7th meeting of CoC on 19.10.2024, wherein the Applicant apprised the member of the CoC that the Applicant has requested the interim finance provider to disburse an amount of Rs. 5 Lakhs in the CIRP Bank Account of the Corporate Debtor for the smooth functioning of the resolution process. Further, the Applicant also apprised the members of the CoC that on the last date of submission of Resolution Plan, the Applicant has received Resolution Plans from 2(two) PRAs viz. Gateway Investment Management Services (DIFC) Limited & Subhlaxmi Investment Advisory Pvt.. Ltd. That the Applicant further apprised the members of the CoC that one of the Resolution Applicant i.e. Subhlaxmi Investment Advisory Pvt.. Ltd. did not submit the EMD amounting to Rs. 10 Lakhs. Therefore, the members of the CoC decided to oust Subhlaxmi Investment Advisory Pvt.. Ltd from the resolution process of the Corporate Debtor. Copy of the minutes of the 7th meeting of the CoC held on 19.10.2024 is annexed herewith and marked as ANNEXURE A-14. 23. That on 21.11.2024, the Applicant convened the 8th meeting of CoC, wherein the members of the CoC deliberated on the Resolution Plans received from the Resolution Applicants. Since, one of the Resolution Applicant was eliminated from the process of the resolution of the Corporate Debtor on account of failure to submit an EMD of Rs. Page 10 of 58

10 Lakhs, the members of the CoC decided to give an additional time of 15 days to the only RA to submit an enhanced proposal. Further, on request of the Applicant the member of the CoC approved the resolution to raise an additional interim finance of Rs. 5 Lakhs. Copy of the minutes of the 5th CoC meeting convened on 21.11.2024 is annexed herewith and marked as ANNEXURE A-15. 24. That the Applicant convened the 9th meeting of CoC on 12.12.2024, the member of the CoC in the presence of the Resolution Applicant viz. Gateway Investment Management Services (DIFC) Limited deliberated on the Resolution Plan submitted by the Resolution Applicant. That the member of the CoC requested the Resolution Applicant to enhance the financial proposal of the Resolution Plan. However, the Resolution Applicant submitted that they cannot improvise the Resolution Plan and have submitted the best proposal. The member of the CoC opined that they would require time to discuss the financial proposal with their management before way forward. The Applicant further requested the Resolution Applicant to modify/improve the financial proposal provided in the Resolution Plan. 25. Since, the member of the CoC sought time to discuss on the financial proposal provided by the Resolution Applicant with their management. The Applicant put an agenda to extend the period of the CIRP for a period of 60 days since the same is going to end on 27.12.2024. Pursuantly, the sole member of the CoC discussed and deliberated on the following agenda and unanimously approved the same: "RESOLVED THAT in terms of Section 12(3) of the Insolvency & Bankruptcy Code, 2016, the approval of the committee members be and is hereby accorded to file an application before Hon'ble NCLT for extension of Corporate Insolvency Resolution Process Page 11 of 58

beyond 270 days, i.e., 60 days in the case of M/s Parivartan Buildcon Private Limited. RESOLVED FURTHER THAT Resolution Professional be and is hereby authorized to do all such acts, deeds and things as may be required necessary or incidental thereto." Copy of the minutes of the 9th meeting of CoC convened on 12.12.2024 is annexed herewith and marked as ANNEXURE A-16. 26. That the Applicant herein convened the 10th Meeting of the CoC on 18.01.2025 wherein, the Applicant apprised the members of the CoC that in terms of the bidding process during the 9th meeting of the CoC, the SRA viz. Gateway Investment Management Services (DIFC) Limited was declared as a successful bidder. That the Applicant during the 10th Meeting further apprised the members of the CoC that on request of the Applicant, the SRA has improved/ modified its resolution plan. The Applicant further apprised the members of the CoC that the Resolution Plan proposes to pay the CIRP cost in actual and in addition Rs.25,00,000/- (Rupees Twenty-Five Lakhs Only) is to be paid to the Creditors of the Corporate Debtor. That the SRA proposes to implement the Resolution Plan within a period of 45 days from the date of approval by the Hon'ble NCLT. 27. That the Applicant during the aforesaid meeting submitted before the members of the CoC that the Resolution Plan is compliant of all the necessary provisions of the Code read with relevant rules and regulations made there under, specifically, Section 30(2) of the Code read with Regulations 37, 38 & 39 of the CIRP Regulations. Upon discussion and deliberations, the members of the CoC requested the Applicant to put the Resolution Plan submitted by viz. Gateway Investment Management Services (DIFC) Limited, for voting. Accordingly, the following Resolution was put for voting before the
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members of the CoC: "RESOLVED THAT, pursuant to Section 30(3)&(4) of Insolvency Bankruptcy Code, 2016, and Regulations 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and other applicable provisions, of the Insolvency and Bankruptcy Code, 2016 and in accordance with rules and regulations made thereunder, the Resolution Plan submitted by Resolution Applicant, M/s Gateway Investment Management Services (DIFC) Limited, be and is hereby approved by the CoC." "RESOLVED FURTHER THAT pursuant to Section 30(6) of Insolvency Bankruptcy Code, 2016, the Resolution Professional shall submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority." "RESOLVED FURTHER THAT Resolution Professional be and is hereby authorized to do all such acts, deeds and things as may be required necessary or incidental thereto." That the Resolution for approval of Resolution Plan submitted by Gateway Investment Management Services (DIFC) Limited, was approved by the members of CoC with 100% voting share. 28. Thereafter, the Applicant in compliance of Regulation 39B of the CIRP Regulation place the Agenda to make a best estimate of the Liquidation Cost in the event an order for the Liquidation is passed under Section 33 of the Code. Upon deliberations and discussions, the members of the CoC approved the Resolution Plan to contribute towards the Liquidation Cost with a voting share of 100%. That in compliance of Regulation 39BA of the CIRP Regulations, the Applicant placed an agenda before the Members of the CoC to explore Page 13 of 58

compromise and arrangement till Liquidation process is initiated by the Hon'ble NCLT. That the members of the CoC after deliberations and discussions rejected the aforesaid agenda with a voting share of 100% and further, requested a Applicant herein to file an application before this Hon'ble Tribunal Seeking approval of the Resolution Plan submitted by the SRA. 29. That the Applicant compliance with Regulation 39C of the CIRP Regulation, place the agenda for sale of Corporate Debtor as a going concern in case an order for Liquidation is passed against the Corporate Debtor. Upon deliberations and discussions, the members of CoC approved the Resolution to sell the business of the Corporate Debtor as a going concern if an order for Liquidation of the Corporate Debtor is passed by this Hon'ble Tribunal, with a voting share of 100%. Subsequently, the Applicant placed an agenda to fix the fee payable in accordance with Regulation 39D of the CIRP Regulation before the members of the CoC. Upon discussions and deliberations, the members of the CoC approved the Resolution to fix the fee of the Liquidator with 100% voting share. 30. That the brief contours of the Resolution Plan submitted by Gateway Investment Management Services (DIFC) Limited, as approved by the Committee of Creditors with 100% voting shares is
detailed herein under:

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Copy of the Resolution Plan dated 08.10.2024 as approved by the CoC is annexed herewith and marked as ANNEXURE A-17. 31. That the Resolution Applicant has submitted an undertaking an affidavits stating that the Resolution Applicant is eligible under Section 29A of the Code. A copy of the undertaking and Affidavits dated 09.10.2024, submitted by the Resolution Applicant under Section 29A of the Code and Regulation 39(1) of the CIRP Regulation 2016, are annexed herewith and marked as ANNEXURE A-18 (COLLY). 32. The Committee of Creditors of the Corporate Debtor constitutes of the following Financial Creditor and details of the claim summary is provided herewith: Page 15 of 58

That Section 30(6) of the Code mandates the Applicant as a Resolution Professional to submit the Resolution Plan as approved by the CoC to the Adjudicating Authority for approval under Section 31(1) of the Code. Accordingly, as the Resolution Plan submitted by the SRA has been duly approved by the members of the CoC by a voting share of 100% which is more than the requisite voting share required i.e. 66%, the Applicant is filing the present Application for approval of the Resolution Plan before this Hon'ble Adjudicating Authority.
That in terms of Regulation 39(4) of the CIRP Regulation, the Applicant is required to submit a compliance certificate in prescribed format i.e. Form H, stating that the Resolution Plan is compliant with the provisions of the Code. Copy of the Form H duly signed by the Applicant is annexed herewith and marked as ANNEXURE A-19.
That pursuant to the approval of the Resolution Plan by the CoC, the applicant issued a letter of intent dated 21.01.2025, to the Resolution Applicant and the Resolution Applicant was requested to convey their unconditional acceptance. The Resolution Applicant duly Page 16 of 58

submitted their unconditional acceptance on 21.01.2025 and submitted a performance security in the form of NEFT dated 30.01.2025 for total sum of Rs. 20,00,000/- (Rupees Twenty Lakhs Only), besides the EMD amount submitted earlier of Rs.10,00,000/-(Rupees Ten Lakhs Only). Copy of Letter of Intent dated 21.01.2025, signed and acknowledge as unconditional acceptance by the Resolution Applicant and NEFT acknowledged dated 30.01.2025 are annexed herewith and marked as ANNEXURE A-20 (COLLY). 36. That the Resolution Plan submitted by the Resolution Applicant is in compliance of the provisions of the Insolvency & Bankruptcy Code, 2016 and the Regulations as detailed below:

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That Section 32A has been brought into the Code by way of an amendment which is provided as under: Section 32 A. Liability for prior offences, etc. [32A. Liability for prior offences, etc.--(1) Notwithstanding anything to the contrary 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 the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Adjudicating Authority under section 31, if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not-- (a) a promoter or in the management or control of the corporate debtor or a related party of such a person; or
(b) a person with regard to whom the relevant investigating authority has, on the basis of material in its possession, reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court: Provided that if a prosecution had been instituted during the corporate insolvency resolution process against such corporate debtor, it shall stand discharged from the date of approval of the resolution plan subject to requirements of this sub-section having been fulfilled: Provided further that every person who was a designated partner as defined in clause (j) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), or an officer who is in Page 19 of 58

default, as defined in clause (60) of section 2 of the Companies Act, 2013 (18 of 2013), or was in any manner incharge of, or responsible to the corporate debtor for the conduct of its business or associated with the corporate debtor in any manner and who was directly or indirectly involved in the commission of such offence as per the report submitted or complaint filed by the investigating authority, shall continue to be liable to be prosecuted and punished for such an offence committed by the corporate debtor notwithstanding that the corporate debtor's liability has ceased under this sub-section. (2) No action shall be taken against the property of the corporate debtor in relation to an offence committed prior to the commencement of the corporate insolvency resolution process of the corporate debtor, where such property is covered under a resolution plan approved by the Adjudicating Authority under section 31, which results in the change in control of the corporate debtor to a person, or sale of liquidation assets under the provisions of Chapter II of Part II of this Code to a person, who was not-- (i) a promoter or in the management or control of the corporate debtor or a related party of such a person; or (ii) a person with regard to whom the relevant investigating authority has, on the basis of material in its possession reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court. Explanation.-For the purposes of this sub-section, it is hereby clarified that,- Page 20 of 58

(1) an action against the property of the corporate debtor in relation to an offence shall include the attachment, seizure, retention or confiscation of such property under such law as may be applicable to the corporate debtor; (ii) nothing in this sub-section shall be construed to bar an action against the property of any person, other than the corporate debtor or a person who has acquired such property through corporate insolvency resolution process or liquidation process under this Code and fulfils the requirements specified in this section, against whom such an action may be taken under such law as may be applicable. (3) Subject to the provisions contained in sub-sections (1) and (2), and notwithstanding the immunity given in this section, the corporate debtor and any person who may be required to provide assistance under such law as may be applicable to such corporate debtor or person, shall extend all assistance and co-operation to any authority investigating an offence committed prior to the commencement of the corporate insolvency resolution process.] 38. As in the Resolution Plan submitted by the SRA, there is change in management and control of the Corporate Debtor and as such change satisfies the condition stipulated under Section 32A of the Code, therefore, the benefit of the immunity under section 32A of the code will be applicable to the Resolution Applicant. 39. That in the fact and circumstances as detailed above, the Resolution Professional under CoC member have taken guidance from the judgment passed by the Hon'ble Supreme Court in the matter of Arcellor Mittal India Pvt. Ltd. Vs. Satish Kumar Gupta (Civil Appeal Nos.9402-9405 OF 2018), wherein, it has been held that the Page 21 of 58

only reasonable construction of the code is the balance to be maintain between timely completion of the CIRP and the Corporate Debtor otherwise being put into the Liquidation and if there is a Resolution Applicant who can continue to run the Corporate Debtor as a going concern, every effort must be made to try and see that this is made possible. In fact and circumstances of the case the Applicant has examined the Resolution Plan and have certified Resolution Plan as being compliant of IBC 2016. The Applicant is filing the present Application under Section 30(6) & 31 of the Code read with Regulation 39 of the CIRP Regulation for approval of Resolution Plan by this Adjudicating Authority. 40. That the Registered valuers as appointed and subsequently ratified by the CoC had submitted their reports providing the fair and Liquidation Value of the Assets of the Corporate Debtor. The summary of the valuation report is as under:

Copy of the Valuation Reports are annexed herewith and marked as ANNEXURE A-21(COLLY).” 3. The Resolution Plan has been enclosed as Annexure-17 to the
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application. As can be seen from the plan, it contains the provisions regarding payment of CIRP cost on priority. The relevant excerpt of the plan reads thus:-

4. Ld. Counsel for the applicant submitted that the corporate debtor had no operational creditors. According to him, the RP received no claim from any workman also. The averments in this regard have been in clause 6.4 of the plan which reads thus:-

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5. It is also the submission made on behalf of the applicant that the corporate debtor had no dissenting financial creditor. The stand in this regard has been taken in Clause 6.3 of the plan which is reproduced herein below:- “6.3 PROPOSAL FOR DISSENTING FINANCIAL CREDITORS The Dissenting Financial Creditors who do not vote in favour of this Resolution Plan, shall be duly paid the amount as per the section 30(2)(b) read with section 53 of the Code and as per Sub Section (2) of Section 21 of the Code, shall be paid in priority over Financial Creditors who voted in Favor of the Plan. In this regard, the financial creditors who abstains from voting shall also be considered as "Dissenting FC." The payments to be made to Dissenting Secured Financial Creditors will be made as per Page 24 of 58

the payment schedule given in the Resolution Plan in preference to the payment to the assenting Financial Creditors.” 6. It is also the case of the applicant that the plan contain sufficient provision regarding its implementation. Ld. Counsel for the RP could draw our attention to clause 6.13 of the plan to espouse that the SRA is capable to implement the plan. The clause 6.13 including notes 1 & 2 thereunder reads thus:-

“Notes:

Subject to change based on payment amount towards Gratuity, ESI, other Regulatory Fee and more than estimated retrenchment compensation as per legal obligation. Page 25 of 58
Funds shall be brought in by the RA or its nominees by way of their internal sources. It is stated that overall responsibility of arranging funds and to pay the Resolution Amount lies with the Resolution Applicant. In the event, any assignee is introduced by the RA, then RA ensure that such assignee shall be 29A compliant. 29A compliance may be checked by MC/lenders as well. The Resolution Applicant manages assets totalling USD 622.93 million (approximately INR 5,229 crore), as detailed in point 18 of the Notes to the Financial Statements for the year ending December 31,
In addition to this, the Resolution Applicant has access to additional committed funds from clients that can be drawn upon as needed. Currently, the company holds USD 15 million (about INR 126 crore) in cash from clients available for investment. Furthermore, the Resolution Applicant generates annual fee income from its existing AUM, which contributes additional funding capacity. For the year 2023, the company reported a profit of nearly USD 7 million (around INR 58 crore).” 7. Clauses 8.9 & 8.10 of the Resolution Plan specifically provides for steps in the direction of implementation of plan. The clauses reads thus:- “8.9 MANAGEMENT OF CD POST TRANSFER DATE 8.9.1 Within 45 days from the NCLT Approval date all the existing Directors of the CD shall be deemed to have demitted office and shall stand removed as Directors of the CD and the Resolution Applicant shall appoint two directors on the Board of Directors of CD ("Reconstituted Board of Directors of CD" or "Reconstituted BoD") which would consist of two nominees of RA and accordingly, the business of CD shall be carried on by the new management. It is further clarified that Monitoring Page 26 of 58

Committee which will be formed on the NCLT Approval Date will supervise the operations of the CD from the NCLT Approval Date till its Dissolution as per clause 8.8 above. 8.9.2 SFC continue to have charge over assets of the CD till the
payment of Resolution Amount as specified in the Resolution Plan. 8.9.3 The Registrar of the Companies will remove the names of the existing Directors of the CD on presentation of the order of the Hon'ble NCLT approving this Resolution Plan without any further act or deed on behalf of the existing Directors and permit the authorised Representative of the Reconstituted Board of Directors to file / upload the documents relating to their appointment as Directors. 8.9.4 On dissolution of monitoring committee, as mentioned in earlier chapters, the Reconstituted BoD shall assume their powers as per the provisions of the Companies Act, 2013. 8.10 INDICATIVE TIMELINE AND IMPLEMENTATION SCHEDULE The Resolution Plan shall be implemented in the following manner, as per the timelines stated below or as per applicable laws:

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8. The provision by the Monitoring Committee is provided in clause 8.2 of the plan which reads thus:-
8.2 SUPERVISION BY MONITORING COMMITTEE (MC) Monitoring Committee will come into force on the date of approval of Resolution Plan by Hon'ble NCLT. Monitoring Committee will comprise Two members: An Insolvency Professional (IP) appointed by the Resolution Applicant (RA) who meets the qualifications of Section 29A of the IBC and One representative from the RA. 8.3 The MC shall supervise the implementation of the Resolution Plan and shall be required and entitled to do all such acts, deeds, matters and things as may be necessary, desirable, or expedient to implement and give effect to this Resolution Plan in accordance with its terms, and shall act under the supervision of NCLT. 8.4 The MC shall be vested with the powers of the Board of Directors as prescribed under the Companies Act, 2013 till the control and management of the CD is handed over to the RA on or before Transfer Date. 8.5 The MC shall endeavour to take all decisions by simple
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majority. 8.6 The MC shall be entitled to make an application to the NCLT directing local law enforcement authorities and local district administration authorities to assist in the implementation of the Resolution Plan, if required. The FCs, MC, erstwhile management, employees, shareholders and other creditors or stakeholders shall, to the extent within their reasonable control, provide all the necessary cooperation as shall be required for obtaining the necessary regulatory approvals for implementation of this Resolution Plan. The existing promoter group and the current management team of the CD will undertake to do all such acts, deeds and things required by the MC including executing all documents as may be required for the purpose of implementation of the Resolution Plan. 8.7 The Cost of the Monitoring Committee would be paid by the RA on actual basis as may be negotiated / settled by mutual consent.” 9. The Ld. Counsel for the RP could draw our attention to the affidavit under Section 29A of the IBC, 2016 filed on behalf of SRA. The affidavit is filed by Mr. Mukesh, on behalf of the SRA to declare that the SRA is not ineligible or disqualified to submit the plan in terms of the aforementioned provisions of the Code. The text of affidavit reads thus:-

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10. Ld. Counsel for the RP as also RP who is present virtually could draw our attention to deposits made by the SRA with the Kotak Mahindra Bank as performance security to implement the Resolution Plan. The relevant excerpt from entries from banker’s book (Kotak Mahindra Bank) which reads thus:-

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11. The SRA accepted unconditionally, the terms and conditions of the Letter of Intent. The declaration made to the effect reads thus:-

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12. Ld. Counsel for the RP as also RP submitted that the corporate debtor does not owe any debt to any public or private bank. It is also their stand that no claim was submitted before RP by any Government Department including GST and Income Tax. According to them the plan is approved by the members Page 36 of 58

of CoC with 100% vote shares. The financial outlay and sources of funds mentioned in clause 6.13 of the plan has already been reproduced hereinabove. As per clause 7 of certificate given by the RP in Form-H the amount provided for the stakeholder is Rs. 25 Lakhs. The clause 7 reads thus:-

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13. The certificate also indicate that the Resolution Plan was approved by the CoC with 100% vote shares. Clause 5 of the certificate given by the RP in Form-H reads thus:-

14. As far as the amount provided for stakeholders under the Resolution Plan is concerned, it is stare decisis that it is the domain of commercial wisdom of the CoC to accept such distribution. It is made clear that we have not granted any relief and concession to the SRA/corporate debtor either in the Page 38 of 58

process of implementation of plan thereafter. In clause 9 of the certificate given by RP in Form-H he has certified that the Resolution Plan is in compliance of the provisions of Regulation 25(2)(h) Section 29A, Section 30(1), Section 30(2), Section 30(4), Section 31 and Regulation 38 of the IBBI (CIRP), Regulations, 2016. The relevant excerpt of the Plan reads thus:-

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15. As can be seen from clause 7.3 of the Resolution Plan, the SRA has stated that the plan is not in contravention of any law. Clause 7.3 of the plan reads thus: -

16. It is pertinent to note that in Part 10 of the Resolution Plan, the SRA has sought a number of reliefs and concessions from this Tribunal. However the SRA has also declared that irrespective of grant relief and concession, it would implement the plan. Clause 10 of the plan reads thus:-

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17. Besides, we note that in terms of the judgment of Hon’ble Supreme Court in the case of Committee of Creditors of Essar Steel India Limited Through Authorised Signatory vs. Satish Kumar Gupta & Ors. [Civil Appeal No. 8766-67 of 2019], it is the subject matter of commercial wisdom of CoC to take decision regarding the amount of bid offered by SRA and the scope for this Tribunal to interfere on such issues is negligible. The above view was also reiterated by Hon’ble Supreme Court in Ebix Singapore Private Limited vs. Committee of Creditors of Educomp Solutions Limited & Anr. (Civil Appeal No. 3224 of 2020) wherein the Hon’ble Court ruled that the scope of Page 45 of 58

examination of the application for approval of Resolution Plan by this Tribunal is confined to the provisions of Section 30(2) of IBC, 2016. Para 153 of the Judgment reads thus: - “153. Regulation 38(3) mandates that a Resolution Plan be feasible, viable and implementable with specific timelines. A Resolution Plan whose implementation can be withdrawn at the behest of the successful Resolution Applicant, is inherently unviable, since open-ended clauses on modifications/withdrawal would mean that the Plan could fail at an undefined stage, be uncertain, including after approval by the Adjudicating Authority. It is inconsistent to postulate, on the one hand, that no withdrawal or modification is permitted after the approval by the Adjudicating Authority under Section 31, irrespective of the terms of the Resolution Plan; and on the other hand, to argue that the terms of the Resolution Plan relating to withdrawal or modification must be respected, in spite of the CoC’s approval, but prior to the approval by the Adjudicating Authority. The former position follows from the intent, object and purpose of the IBC and from Section 31, and the latter is disavowed by the IBC’s structure and objective. The IBC does not envisage a dichotomy in the binding character of the Resolution Plan in relation to a Resolution Applicant between the stage of approval by the CoC and the approval of the Adjudicating Authority. The binding nature of a Resolution Plan on a Resolution Applicant, who is the proponent of the Plan which has been accepted by the CoC cannot remain indeterminate at the discretion of the Resolution Applicant. The negotiations between the Resolution Applicant and the CoC are brought to an end after the CoC’s approval. The only conditionality that remains is the approval of the Adjudicating Authority, which has a limited Page 46 of 58

jurisdiction to confirm or deny the legal validity of the Resolution Plan in terms of Section 30 (2) of the IBC. If the requirements of Section 30(2) are satisfied, the Adjudicating Authority shall confirm the Plan approved by the CoC under Section 31(1) of the IBC.” 18. As far as the issue of reliefs and concessions which fall in the jurisdiction of different Government Authorities, and/ or are subjected to the provisions of different laws for the time being in force are concerned, it is made clear that the amount payable by the SRA in terms of the plan to different creditors, stakeholders, and to keep the Corporate Debtor as a going concern cannot be subject to any condition, assumptions, relief/ concessions and/ or qualification. It also needs to be underlined that the provisions of Section 31(4) of IBC, 2016 mandates the Resolution Applicant to obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under Section 31 of the IBC, 2016. In terms of the provisions of Section 14 of the Code even during the period of CIRP, no default in payment of current dues is a precondition for continuation of the License, Permit, Registration and similar rights. Thus, even during the moratorium period, some of the facilities forming part of the reliefs and concessions sought are made available to the CD only when there is no default in payment of the current dues. On approval of the Resolution Plan, the SRA/CD cannot be put on a better footing by exempting it from paying its legitimate dues under the law. For the sake of convenience, the explanation below Section 14 of the code is extracted below: Page 47 of 58

“14. Moratorium. – (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: - (a) ….. (b) ….. (c) ….. (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. Explanation.- For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;” (Emphasis Supplied) 19. In any case, in terms of the provisions of Sections 13 and 15 of the IBC 2016 read with Regulations 6, 6A, 7, 8, 8A, 9 and 9A of IBBI (Insolvency Page 48 of 58

Resolution Process for Corporate Persons) Regulations 2016, all the claimants such as Operational Creditors, Financial Creditors, Creditors in Class, Workmen and Employees and other Creditors can raise their claims before the IRP/RP. The claims are dealt with by IRP in terms of the provisions of Section 18(1)(b) of the IBC, 2016 and by RP in terms of the provisions of Section 25(1)(b) thereof read with Regulations 12A, 13 and 14 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Thereafter, the RP prepares an Information Memorandum in terms of the provisions of Regulation 36(2) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Memorandum contains inter alia a list of creditors containing the range of creditors, the amounts claimed by them, the amount of their claim admitted and the security interest if any in respect of such claims. As has been provided in Regulation 36(1) of the Regulations (ibid), the Information Memorandum is required to be submitted in electronic form to each member of CoC, on or before 95th day from the Insolvency commencement date. As has been provided in Regulation 36A of the Regulations the RP publish brief particulars of the invitation for Expression of Interest in Form G of Schedule I to the Regulations at the earliest i.e. not later than 60th day from the Insolvency commencement date, from interested and eligible Prospective Resolution Applicants to submit Resolution Plans. As can be seen from Regulation 36B of the Regulations, the RP shall issue Information Memorandum Evaluation Matrix (IMEM) and request for Resolution Plans, within 5 days of the date of issue of provisional list of eligible Prospective Resolution Applicants (required to be issued under Page 49 of 58

Regulation 36A(10) of the Regulations). It is with reference to such Information Memorandum Evaluation Matrix that the RP issues request for Resolution Plan. The request for Resolution Plan details each step in the process and the manner and purposes of interaction between the Resolution Professional and the Prospective Resolution Applicant. The Resolution Plan submitted after consideration of the IMEM and RFRP is then examined by the Committee of Creditors. Nevertheless, it needs to satisfy the requirements of Regulation 37 and 38 of the extant Regulations. Once the plan is approved by the CoC, in terms of the provisions of Regulations 39 of the aforementioned Regulations, it virtually becomes a contract entered into between the CD represented through RP, SRA and the Creditors of the CD. On being approved by this Adjudicating Authority, by operation of Section 31(1) of the Code, the plan becomes binding on the Corporate Debtor and its employees, members, 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 enforced such as authorities to whom statutory dues are owed, guarantors and other stakeholders involved in the Resolution Plan. Thus, Section 31(1) of IBC, 2016, takes care of most of the relief/concession/waiver solicited by the Resolution Applicant. 20. Besides, in terms of the provisions of Section 32A, for an offence committed prior to the commencement of the Corporate Insolvency Resolution Process, the liability of the CD ceases and the CD is not liable to be prosecuted from the date of approval of Resolution Plan by this Adjudicating Authority, if Page 50 of 58

the Resolution Plan results in change of management or control of the CD to a person who was not promotor or in the management or control of the CD or a related party of such a person or a person with regard to whom the concerned Investigating Agency has reason to believe that he had abated or conspired for the commission of the offence and has submitted or filed a report or a complaint to the relevant statutory authority or Court. In such cases, where the prosecution is instituted against the CD, during CIRP, the CD stands discharged qua the same from the date of approval of the Resolution Plan. Nevertheless, every person who was a designated partner as defined in clause (j) of Section 2 of the Limited Liability Partnership Act, 2008, “an officer who is in default” as defined in Clause (60) of Section 2 of Companies Act, 2013 or was in any manner in charge of, or responsible to the CD for the conduct of his business or associated with the CD in any manner and was directly or indirectly involved in the commission of an offence as per the report submitted or complaint filed by Investigating Agency shall continue to be liable to be prosecuted and punished for such an offence committed by the Corporate Debtor notwithstanding the Corporate Debtors’ liability ceases after approval of the plan. 21. In the wake of the provisions of Section 32A(2), no action is taken against the property of the Corporate Debtor in relation to an offence committed prior to the commencement of the Corporate Insolvency Resolution Process of the CD, where such property is covered under Resolution Plan approved by this Authority under Section 31, which result in the change in the control of the CD to a person who was not a promotor or in the management or control of the Page 51 of 58

Corporate Debtor or related party of such person or a person with regard to whom the Investigating Agency has reason to believe that he had abated or conspired for commission of the offence and has submitted or filed a report or complaint to the relevant statutory authority or Court.
22. The action against the property of the Corporate Debtor as referred to in Section 32A of the Code includes the attachment, seizure, retention or confiscation under such law as may be applicable to the Corporate Debtor. One may also be not oblivious of the fact that in the backdrop of provisions of Section 31(3)(a) of the IBC, 2016, the moratorium order passed by the Adjudicating Authority under Section 14 ceases to have effect. In sum and substance, the SRA/CD would be entitled to no other relief/concession/waiver except those, which are available to it as per the provisions of Section 31(1) and 32A of IBC, 2016. 23. In clause 10 of the certificate,the RP has indicated the timeline for implementation of the plan. The Clause 10 reads thus:-

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24. In clause 6.12 & 6.13 the plan, the SRA has given capital restructuring qua the corporate debtor and has provided that how the share capital would be dealt with the clause 6.13.1 and 6.13.2 of the plan reads thus:-

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25. As per Regulation 38(2)(d) of the CIRP Regulations, 2016, a resolution plan shall provide the manner in which the proceedings with respect to avoidance transactions and fraudulent/ wrongful trading is to be pursued and the manner in which the proceeds, if any, from such proceedings shall be distributed. In this regard, it is appropriate to note that as per Form – H given by the Applicant/ RP, no application filed under Sections 43, 45, 50 and 66 of the Code is pending. The relevant excerpt of Form- H reads thus:

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26.

Para 5.1 of the plan indicate that what was the cause of default. The

para 5.1 of the of the plan reads thus:-

27. Further, in compliance of Regulation 38(3)(b) of CIRP Regulations, 2016, the Resolution Plan under clause 5.4 also demonstrates as how the plan will be feasible and viable. The said clause reads thus: -
“5.4 FEASIBILITY AND VIABILITY OF THE PLAN The plan proposed by Resolution Applicant is in compliance with Insolvency and Bankruptcy Code, 2016 (IBC) and its regulations. Resolution Applicant has proposed the payment to the stakeholders which has been discussed in Financial Proposal Part. The resolution applicant and its technical team, to be introduced for the management of the affairs of the company, are quite experienced and technically capable to revive and turnaround the CD in the best interest of all the stakeholders. The plan also states the process of its implementation and management to make it feasible and Viable.” 28. Regulation 38(1B) of CIRP Regulations, 2016 provides that a Resolution Plan shall include a statement giving details as to whether the SRA or any of its related parties have failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Page 55 of 58

Authority at any time in the past. In this regard, a declaration has been given by the SRA in clause 7.4 of the plan, which reads thus: - “7.4 OTHER INFORMATION AS REQUIRED IN TERMS OF THE CIRP REGULATIONS The Resolution Applicant confirms that neither the Resolution Applicant nor any of its related parties have failed to implement or contributed to the failure of implementation of any other resolution plan approved by the NCLT at any time in the past.” 29. In any case, the SRA has also stated in the Resolution Plan that the plan is unconditional. Relevant excerpt of the same reads thus: -
“10.16 That the Resolution Applicant shall unconditionally and irrevocably implement the Resolution Plan and shall not back out at any time from implementation of Resolution plan during its tenures if any relief or concession as asked for in the resolution plan is not granted by the Hon'ble National Company Law Tribunal in pursuant to the provision of the Insolvency and Bankruptcy Code, 2016.” 30. It is further directed that the SRA shall implement the plan as per the timelines indicated in the Resolution Plan. 31. In the backdrop of aforementioned factual position, discussion, analysis and findings, the IA-6/2025 filed by the Applicant/ RP for approval of the Resolution Plan is allowed. The Plan submitted by the SRA, certified by the RP by issuing a certificate in prescribed form viz. Form “H”, is approved. 32. As a sequel, we issue the following directions: -
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i. The approved Resolution Plan shall become effective from the date of passing of this Order and shall be implemented strictly as per the term of the plan and implementation schedule given in the Plan;
ii. The SRA/CD would be entitled to no other reliefs/ concessions/waivers except those are available/permissible to it as per the provisions of Section 31(1) and 32A of IBC, 2016. The SRA is at liberty to approach the relevant authorities who would consider these claims as per the provisions of the relevant law in an expeditious manner; iii. Following steps would be taken in terms of the resolution plan: -

iv. The order of the moratorium in respect to the corporate debtor passed by this Adjudicating Authority under Section 14 of the IBC, 2016 shall cease to have effect from the date of passing of this Order; v. The SRA shall act in terms of the provisions of Section 31(4) of IBC 2016; vi. The Monitoring Committee shall file progress report regarding
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implementation of the Plan before this Tribunal, every month; vii. The RP shall forward all the records relating to the conduct of the CIRP and the Resolution Plan to the IBBI for its record and database; viii. The RP shall also forthwith send a copy of this order to the participants and the Resolution Applicant. He would also send a copy of this order to the ROC concerned within 15 days of this order; ix. The RP shall intimate each claimant about the principle or formulae, as the case may be, for payment of debts under the Plan; x. The SRA would file the specific affidavit regarding the breakup of the funds. In the affidavit the SRA would also mention its latest financial condition. The affidavit would be supported by the latest statutory balance-sheets/documents. 33. The Court Officer and Resolution Professional (RP) shall forthwith make available/send a copy of this Order to the CoC and the Successful Resolution Applicant (SRA) for immediate necessary compliance.
34. A copy of this order shall also be sent by the Court Officer and Applicant to the IBBI and RoC for their record.

        Sd/-                                                               Sd/-

(REENA SINHA PURI) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J) Ashima/Hetash Page 58 of 58

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