29th May, 2026 Approval of Resolution Plan - Zenith Mining Private Limited [IA(IBI Plan No.2/CB/2026 and IA(IB) No. 109/CB/2026 in CP(IB) No.4/CB/2024] (8.39 MB)

IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH IA (IBl(Planl No. 2lcBl2o26 IN cP (IB) No" 4/CB 120.24 (An Application filed under Section 30(6) read with sectioru 31(1) of tLrc Insoluency ond Bankntptcy Code, 2016 read with Regulation 39ft) of the InsoluencA and Bankruptcy Board of India (Insoluency Resolution Process for Corporate Persons) Regulations, 2016) Iu tnp nrartpR or': NATIONAL AGRICULTURAL CO.OPERATIVE MARKETING FEDERATION OF INDIAN LIMITED (NAFEDI Vs .... Financial Creditor ZENITH MINING PRIVATE LIMITED .... Corporate Debtor And In tnp uampR or': SANJEET KUMAR SHARMA Rpsor,utron PnorpssIoNAL Or. Zplrtn Mrnruc PRIvatp Ll*rttpo Having Registered office address at: BE 149, Street No. 5, Hari Nagar, Delhi-110064 ...Applicant/ Resolution Professional with IA (IBl No. 1o9/CB/2o26 Ir tHp nnampn or.: SYED NAJAM AHMED, Suspplppp DtnpcroR oF Zpyltn Mrurlc kr rrp Shadaad, Biju Patnaik Chowk, P.O"- Tulsipur, District- Cuttack Vs .......Applicant SANJEET KUMAR SHARMA Rpsor,urror PRoppssroNAL Or Zpurtn Mrwruc PRrvatp Lrurrpo I{aving Registered office address at: Btr 149, Street No. 5, Hari Nagar, Delhi-110064 ."....Repondent No.1 National Agricultural Cooperative Marketing Federation of India (NAFED), Office at NAFED House, Siddhartha Enclave, /-\ . S=-l-l

Aashram Chowk, NCLT, Cuttack Bench IA(IBI Plan No.2/CBl2026 and IA(IB) No. 1O9ICB12026 in CP(IB) No.4lCBl2o24 New Delhi - 1 100 14 ,."..Repondent No"2 Derp oF PRoNoUNcEMENTz 28.o,4.2o.26 Conan: VINAY GOEL, Hon'ble MEMBER (JUDICIALI BANWARI LAL MtrENA, Hon'ble MtrMBER (TECIINICAL) ApppaRawcp: Fon ArplIcANT: Mrlat SrwcH Necr, Advocate SHusHaru AceRwel, Advocate Soumya PruyepensHEE, Advocate for Applicant in rA(rBl LoglcBl2026 TegLp oF'CoNtplvts SUMMARY OF CORPORATE INSOLVENCY RESOLUTION PROCESS: 5 o ConnmpNcEMENT op CIRP aro AppoINTMENT or,RP: s o Colr,arroN oF Clarus aup CowsrITUTroN or CoC: 6 o AppoTwTMENT or TWo IBBI RpcrsrpRpp Ver,upRs: 7 o ExrplsroN oF CIRP ny 9O DAys up ro O4,O8.2O25 8 o ExrplsroN oF CIRP sy 60 DAys up ro 08.1L,2O25, 8 o conauuNrcATroN or IM euo RFRP ro PRAs AND Punr,rcerroN oF pRA Lrsr: o Rpcprpr or VeluATroN RepoRrs euo Plar FRoM rnp SRA:. 9 -) Valuation of the assets of CD as per the two registered valuers: g t Average Fair Value and Average Liquidation Value of CD: 10 o Exrplsrol oF CIRP PpRrop upro 07.02.2o.26 By vTRTUE oF Exclusron or' 91 DAYs: 11 ColvsrppRarloN oF Pr,ams awp Votrlc ny CoC: Page 2 of 52 11 9

SALIENT FEATURES OT THE PROPOSALS MADE IN PLAN: o SunnnnaRY oF Flreuclal PRoposal: NCLT, Cuttack Bench IA(IB) Plan No.2/CB12026 and IA(IB) No. 1O9/CB12026 ln CP(IB) No.4lCBl2o24 Financial Proposal for Claims of Creditors: Payment of CIRP Cost: Financial proposal for Financial Creditors: Guarantee and Security Provided by Third Party: L6 Payment proposal for Operational Creditors - Govt" 12 13 13 15 15 ) t +

) Dues/Regulatory Dues: . Lz ') Payment proposal for Operational Creditors- Workmen and Employees: 18 FnavrpwoRK oF llrplpnnpurATroN oF THE Flrawcral PRoposal: 18 + Acquisition and Restructurisation Proposal of the Corporate Debtor Proposed in the Plan: 18 Errpcr oF AppRovAL oF rHp PLau ou Clarnas: 18 -t Treatment of Sub-Judice claims Judge me nts/ Awards / Decrees: + Treatment of Liabilities: and Claims from + Other liabilities as per IM o MoulroRING, SuppnvtsloN, AND luplptuprrATloN oF THE pleu: SUBMISSIONS MADE IN IA(IB) No.1O9lCBl2O26 ASSESSMENT AND OBSERVATIONS: o Scopp oF ASSESSMENT oF THIs Ap.luolcerlNc AurHoRITy: o Colrnpuercn oF Spcuox 30(1)ano 3O(2) or ruu Copp: Section 3O(1): Section 3O(2f(a): a. b. c. 18 20 20 20 2l 23 23 27 27 27 Section 30(2Xbl read with Regulation 38(1)(a) and Regulation 38(1f(bf: 2Z d. Section 30(2f(c) read with Regulation 38(2f(b): 2g e. Section 3O(2Xdl read with Regulation 38(2)(af & (c): f" Compliance u/s 3O(2)(ff: o Rpltprs, WAlvnRS AND CotcpssloNs soucHT IN tHp Pler: 35 2A 2a Page 3 of52 e4

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CB12026 ln CP(IB) No. 4/CB/2024 Sue.JuoICE APPLIcATIoNS Bpronr THTs An;upTcR,tING AUTHoRITY F.IIpo By On Acarusr THE Conponarp DEBToR: 5O FINAL ORDER: 50 ORDER PBn: VrNey GopL. MBnnsBn(J) eNo BaNwanl Ler, MBBrve. MBr[sBn(T] 1. The present application i^e. IA(IB) Plan No. 2/CB 12o26 has treen lile d by Sanjeet Kumar Sharma , 1-he Resolution Professional ("ApplicantlRP") of Zenith Mining Private Limited the Corporate Debtor ("CD") on O9"O2.2026 under the provisions of Section 30(6) of the Insolvency & Bankruptcy Code,2O16 ("The Code/IBC") read with Regulation 39(4) of the IBBI (lnsolvency Resolution Process lbr Corporate Persons) Regulations, 20l6 ("CIRP Regulations") for approval of the Resolution Plan u/s 3L(L) of the code submitted by ApvanrpcH Tpcnuolocv' PRlvarp Llmlron, Successful Resolution Applicant ("hereinafter SRA"I and approved by the Committee of Creditors u/s 3O(4) 2. Ld. Advocate Milan Singh Negi appeared along with Subham Agarwal, for the Applicant in IA(IB) Plan No. 2/CB 12026" Ld Advocate Soumya Priyadarshee appeared on behalf of Syed Najam Ahmed, ('Suspended Director') in IA(IB) No. 109 lCE3l2026, 3. Wc have heard the Ld. counsels and have perused the contents of the plan and documents brought on record. Before we assess the requisite compliances of the plan with the applicable laws to make it binding as per the code, it is imperative to skim through the whole corporate insolvency process of the corporate debtor commencing from the insolvency commencement date till the filing of the present application. Since IA(IB) No. I 19 I CB 12026 is filed challenging the plan approved by the CoC both the applications were heard together and reserved for orders. q Page 4 of 52 C4

rA(rB) pran No.2/ c,,t2o26",d rAil;)tfr:St)*H;l ln CP(IB) No" 4lCBl2o24 SUMMARY OF CORPORATE INSOLVENCY RESOLUTION PROCESS: 4. The Corporate Debtor was incorporated on 31 .12.1996 having its registered office at TULSIPUR, CUT'IACK, Odisha -753008. The authorized capital is Rs. i0,00,000/- (Rupees Ten Lakhs Only) and Paid-up capital is Rs,1,00,000/-(Rupees one Lakh only), It is involved in the business of mining of iron and manganese ore in the state of Odisha. . CowruprcEMENT oF CIRP AND AppoTNTMENT oF Rp: 5. National Agricultural Co-Operative Marketing Federation Of Indian Limited, (NAFED) ("Financial creditor") filed a petition i.e. cp (IBl NO. 4lCBl2O24 :under section 7 of The Code r/w rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for seeking initiation of clRP against cD and this adjudicating authority admitted cD into corporate Insolvency Resolution Process ("CIRP") vide order dated 07.L1.2O24 (hereinafter "Insolvency commencement Date/ICT") and accordingly the Applicant was appointed as Interim Resolution professional ("IRp") in terms of section 16 of the code" The applicant was confirmed as Rp in the 2nd meeting of the coc held on 1s.o2 ,2o2s with 100% vote share. o lNvrrarroN or CLallrs sy Pust,rcerrou oF.FoRilr-A: 6. The applicant after being appointed as IRp issued a public announcement in Form-A in terms of Regulation 6(1) of the CIRP Regulations, 2016 intimating the public about the commencement of CIRP against the CD and inviting the creditors to submit their claims. The announcement in Form-A was published on 1o.11.2024 in two newspapers i.e. orissa Post (English) and utkal Mait oriya (odia) specifying the last date for submission of claims as 21. Lr.2o24. e4 Page 5 of52 q

q NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CB12026 in CP(IB) No. 4lCBl2o24 . COT,IaITON OF CIeuuS AND CONSTITUTION OF COC: 7. The applicant, in terms of Section 18(b) read with Regulation 13(1) of CIRP Regulations, 2016, verified the claims of the creditors based on the documents and information submitted by creditors and after verifying the same prepared the list of creditors. List of creditors, whose claims were received within the stipulated timeline, was filed before this Adjudicating Authority in compliance of Regulation 13(2)(d) of CIRP Regulation,2016 and the applicant in term of Regulation 17(1) of CIRP Regulation, 2O16 constituted Committee of Creditors ("CoC") and filed its report certifying the constitution of COC with only One Creditor uide rcport dated 3O.11.2o.24 and the same was taken on record. It is pertinent to mention that the change List of Creditors and change in CoC was duly informed by the applicant time to time to the Adjudicating Authority and the updated list of Creditors as on O3,O2,2O25 is also filed along with the plan approval application. 8. The applicant convened the 1"t CoC meeting on 2O,L2.2O24 wherein it brought on record the list of admitted claims for the perusal of the CoC and the proposal to confirm the IRP as RP was put to vote but the same was deferred. Claim of EPFO 9. In the 2"d CoC meeting convened on 15.02.2o25 the CoC was informed regarding the admission of a claim in full of an Operational Creditor i.e. Employee Provident Fund Organisation (EPF.O| to the tune of Rs.66,4991-. The IRP/Applicant herein was confirmed as RP with 100%o vote and the same was taken on record by this Adjudicating Authority vide order dated O8.O4.2O25 in IA(IBI No. 77lCBl2O25 s required Section 22l3llal of the Code '-'= Page 6 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/CB12026 and IA(IB) No" 1O9/CB|2O26 in CP(IB) No. 4/CB/2024 o ApporrvrMENT oF Two IBBI RpclsrpRoD VALUERS: 10. The CoC in its 2nd Meeting in terms of Regulation 27 of the CIRP Regulations, 2OL6 appointed Two Registered valuers i.e. (i) Sunil Dhingra having registration no. IBBI/RVlo.2l2OL9lLL126 and (ii) Yatendra Paliwal having registration no, IBBI/RV lO2l2O2OlL32EL, The appointment of a Transaction Auditor was discussed but the same was deferred. o PusLrceTIoN oF FoRM.G 11. The CoC in this meeting also resolved to issue Form-G to invite Eligible PRAs and in compliance with Regulation 36A (1) of CIRP Regulations published Form-G on L4.O3,2O25 in newspaper namely Orissa Post (English) and Utkal Mail Oriya (Odia) seeking Expression of Interest ("EOI") wherein the last date to receive EOI from interested Prospective Resolution Applicant (PRAI was 29"O3.20125 and to issue Provisional List of PRAs and Final List of PRAs was 07"O4.2O25 and 22.04.2025 respectively. The last date to submit a resolution plan was 27.o,5.2o25. o AppRover, oF Ever,uettol Mernrx AND REeuEsr FoR Rpsor,uuoN PLAN By CoC L2. The 3rd CoC meeting was convened on O1.O5 "20125 wherein the applicant apprised the CoC that although the last date for receiving EoIs was 29.03.2025 but it was extended to 05.04.2025 on the basis of requests received in that regard. However, the applicant also apprised the CoC that he had received preliminary interest from multiple PRAs but only two PRAs i.e. GD Mining Private Limited and Nalwa Steel & Power Limited had submitted EoI Documents and made payment of EMD amount. The CoC also approved the extension of the deadline for filing of Resolution Plan and in accordance with such the deadline for submission of resolution plan was revised to 08.07.2025 which was Page 7 of 52 e4

NCLT, Cuttack Bench IA(IB) Plan No.2/cBl2026 and IA(IB) No. 1O9/CB|2O26 in CP(IB) No.4lCBl2o24 subsequently extended to I5.O7.2025 and further got extended to 18 07.2025. o ExrpwsroN oF CIRP By 90 DAys up ro O4.O8.2O25 13. The CoC in the 3rd meeting also resolved to file a necessary application before the Adjudicating Authority to seek extension of 90 days to complete the CIRP process as 180 days was set to expire on 06.05.2025. Accordingly, a necessary application was Iiled and this Adjudicating Authority uide order dated 27.O5.2O25 in IA(IBI No.1LGlCBl2O25 extended the CIRP period by 90 days. o Exrpr.rsroN oF CIRP By 60 DAys up ro 08" 1L.2025. L4. The 4th CoC meeting was convened on 28.07.2025 wherein the applicant informed the CoC that although multiple extensions were granted to the PRAs to file Resolution Plans but none of the PRAs has submitted any plan due to uncertainty in regard to the renewal of the mining lease of the CD and the extended CIRP period was set to expire on 04.08 .2025 hence the COC resolved to seek another extension of 90 days from this Adjudicating Authority. Accordingly, an IA(IB) No.239l CB 12025 was flled by the applicant wherein this Adjudicating Authority ui.de order dated 09.O9.2025 extended the CIRP period by 60 days and excluded the time from the expiry of the CiRP period i.e. 04.O8.2O25 till date of the order i.e. 09.09 "2025. 15" The applicant alter receiving approval from the sole CoC member through E-Mail on 11.09.2025 re-published Form-G on 12.O9.2025 wherein the last date to receive EOI from interested Prospective Resolution Applicant (PRA) was 27.O9.2025 and to issue Provisional List of PRAs and Final List of PRAs was 28.09.2025 and 30.09.2025 respectively. The last date to submit a resolution plan was 2a.LO.2O25, The last date for submitting Resolution Plan was subsequently extended to O1. 1 L.2O25. q nS-\ ----..=, I _- Page 8 of52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1O9/CB|2026 in CP(IB) No.4lCBl2o24 o CounnuuIcATIoN oF IM AND RFRP To PRAs AIrTp Purr,rcerroN or PRA Lrsr: 16. The applicant convened the Sth CoC Meeting on 06.1 1 .2025 wherein it was informed that in response to the second Form-G he had received 3 (Threef EoIs and in accordance with Regulation 36A (10) of CIRP the provisional PRA list was issued on 3O.09.2025 and the PRAs has been issued the IM and RFRPon 08.10.2025 and the Final PRA list, without any change, was issued on O8. LO.2O25. The Finat PRA List is as follows: Advantech Technologr Private Limited Caviare Business Solution Private Limited United Air Express o RecrIpT oF VALUATIoN Reponrs AND PLAN FRoM Tnr SRA: L7, In the sth CoC Meeting the applicant also apprised the CoC regarding the receipt of Three (3) Resolution plans from the PRAs and that one another interested entity i.e. CP Arora Pvt Ltd who was not part of the PRA list had filed a resolution plan on 04"1I"2025 i"e. after the expiry of the deadline, The coc decided not to consider the plan filed by CP Arora Pvt Ltd as it was received belatedly. The Applicant also placed on record the valuation reports received from the two appointed valuers"

• Valuation of the assets of CD as per the two registered valuers:

SI N o Neuo oF VALUER (IBBI Rpcrsrnarrou Io| (Darn or Reronr) Cerpconv Farn Velup (rn INR| Lrquroarrou Var,up (Iw INR| Ca- Page 9 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1O9/CBl2026 in P(IB) No. 4lcBl2o24

• Assumlng that the Minlns Lease aalld tlll2O47 ** Assumlnq that Lca.se Deed.ls Dxplred.

• Average Fair Value and Average Liquidation Value of CD:

18. The average Fair value and average Liquidation value of different category of assets and of the cD as per Regulation 35(1)(c) of CIRP Regulations is as follows: sl No, Category Average Fair Value (In INR) Average Liquidation Value (In INR) q

Sunil Dhingra rBBr/RV/02l2Ot9lt t126 (06.11.20251 Land & Building 2 ,62,7 O ,OO , 000* 1,93,99,00, 000* NILN NII-** Plant & Machinery NIL NIL Financial Assets NIL NIL 2 Yatendra Paliwal rBBr/RV/02l2O2Ol L 3281 (05.11.2025) Land & Building 2,92,46,OO, 000 r,69,47,60, ooo* NIL"* NIL** Plant & Machinery NIL NIL Financial Assets NIL NIL Page 10 of52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. IO9/CB|2026 ln CP(IB) No" 4lCBl2024 x Assuming that Lease Deed is Expired o Exrrrusrolu oF CIRP Prnloo upro 07.02.2026 By vlRruE oF Excr-usroN oF 91 DAYS: L9, The CoC in the 5th CoC meeting also resolved to seek extension ol CIRP Period by liling necessary application as the CIRP period was scheduled to expire on 08. 11.2025 and this Adjudicating Authority vide order dated 16.01 .2026 in IA(IB) No. 37OlCB l2o25 excluded a period ol91 days and the CIRP period was extended up to 07.O2.2026. o CorusIornATIoN oF PLANs AND VoTING BY CoC: 20" The Plans received by the CoC member were considered and suggestions were made to bring necessary revision to the plan. Two of the PRAs i.e. Advantech Technology Private Limited and Caviare Business Solution Private Limited Iiled their revised plans on 71"72.2025 whereas United Air trxpress (3rd PRA) decided not to revise 1 Land & Building 2,72,58,O0,000 r,76,68,30,000n NIL** NII-" 2 Plant & Machinery NIL NIL 3 Financial Assets NIL NIL Average Valuation of CD 2,72,58,OO,OOO L17616gr3O,OOO*

• Assuminq that the Minins Lease aalid till2047 Page 11 of52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CB|2O26 in CP(IB) No. 4lCBl2o24 the plan. The two PRAs and the CoC again entered into discussion and deliberations and the PRAs further submitted an improvised plan on 3i.01.2026 and the same was given to the CoC member on the same day. 21. The 6th CoC Meeting was held on 02.02.2026 wherein the Resolution plans were put to vote and the plan of the SRA i.e. Advantech Technology Private Limited was approved by lOO% vote and the plan of Caviare Business Solution Private Limited was rejected with 100%o votes. 22, The plan after getting duly approved by the CoC u/s 3O(4f has been brought before us for approval. lVe have gone through the entire plan. The salient features of the plan and a summary of proposal made in the plan is as follows: SALIENT FEATURES OF THE PROPOSALS MADE IN PLAN: 23, The CoC approved plan is submitted by Advantech Technology Private Limited (cIN- v722oowB2ol1PTc163443), is a Private Company incorporated on 22.12.1985 bearing PAN - AANCAl767A. lt is classified as Indian Non-govt. Company and is registered at Registrar of Companies, Delhi. It is involved in its Buisness Process Outsourcing. 24. The Successful Resolution Applicant has proposed to pay an amount of Rs. 159.70 crores (approxf as Total Plan Amount (including CIRP cost). It is however noted that at Page 14 of the application and in Section 4 of the Plan the total Resolution Amount is mentioned as Rs. 1607o.66 Lakhs (Rs.160.70 Crores) but upon perusal of the entire plan document and Form-H it is noted that it is a typographical error and the total resolution amount is Rs.159.70 Crores. The plan proposes a Resolution Amount of Rs. 159r4Or39rS4Ol- against the total admitted claim of Rs. Lgg,48,47,1661- and the total

Page 12 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1o9/CB12026 in CP(IB) No.4lCBl2o24 amount claimed of Rs" 254,10,95,237 leading to a haircut in respect of amount admitted by the RP and leading to a recovery of 82"33o/o tt respect of the 'claimed amount' and leading to a recovery of 62"73ok in respect of 'admitted amount'. O SUNNMNNY OF FIIVRIVCIAL PROPOSAL: 25. The plan proposes a total financial proposal of Rs. 159"40 Crores (approximately) which includes the following: , Financial Proposal for Claims of Creditors: S1 No. Purpose Amount Proposed (rNR) 1. Settlement for Financial Creditors 158,39,73,041 2. Settlement for Operational Creditors (including Outstanding penalty payable under MMDR Act,1957 l,oo,66,499 Total Financial Proposal 159,40,39,540 st NO PaRrrculeRs AMoUNT Cr,ernapp (rNR) AMoUNT Aourtrpo (rNR) Anrouur PRoPoSED IN PI,AN (rNR) Payuprr Scnppur,e C-l ----) Page 13 of 52

1" CIRP Cost NA NA 30,00,00 O 3O days from the Effective Date" 2. Secured Financial Creditor 2r9,O2,2 1,r12 158,39,7 3,041 159,39,7 3,O41 60 days from the Eff'ective date. -J. Operational Creditors- Suppliers of Goods and Senrices NIL NIL NIL NA Operational Creditors- Govt. Dues/Regu latory Dues 66,499 66,499 66,499 30 days from the Effective Date 35,08,07, 626 35,08,07, 626 1,00,00,0 o0 15 days of commenceme nt of mining by the SRA at the mines alotted to CD Operational Creditors- Workmen and Employees NIL NIL NIL NA Totar, Paynnpnr ro CREDTToRS 159,40,39,54O + 3O,OO,OOO(CIRP Cosr) NCtT, Cuttack Bench IA(IB) Plan No.2/cBl2026 and IA(IB) No. 1O9/CB12026 in CP(IB) No. 4lCBl2o24 Page 14 of 52

NCLT. Cuttack Bench IA(IBI Plan No.2/CBl2A26 and IA(IB) No. 1O9/CB|2026 in CP(IB) No.4/CBl2o24

• Payment of CIRP Cost:

26. As per Section 5 of the Plan, Resolution Applicant proposes to pay an amount of Rs 30.00 Lakhs towards the CIRP cost in top priority before any other payments to any financial creditor, Operational Creditors, or settlement of any other creditor's claims within 3Odays of the Effective date^ It has been further clarified in the plan that any CIRF cost greater than Rs 30"00 Lakhs shall be borne by the Financial Creditors and in case the CIRP cost (paid/unpaid) is less than Rs 30 Lakhs then the difference shall be transl'erred t-o the Secured Financial Creditors" , Financial proposal for Financial Creditors:
27. As per Section 6 of the Plan Rs 158,39,73,041 will be paid to the sole financial creditor of the CD and this amount shall be paid in 60 days from the effective date as under: - a. Rs 39,73 ,O4L I - by bank transfer within 30 days of the effective date b. By issue of I"58O SECURED Convertible Debentures (SCD) of face value Rs loLakhs with a coupon rate of 60/o redeemable within a period of 7 years as under (SCD to be issued within 60 days of the effective date) i. 50% within 6 months of the commencement of the commercial mining/production at the Ganua Mines of the CD (uthich ls posslble only after reuiual of Miruirug Lease) ii. Balance SOok within 15 Months of the commencement 158,39,73,041 of the commercial mining/production at the Ganua Mines of the CD.(tuhi.ch. is possible only after reuiual of Minirug Lease) g
    <---- Page 15 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2lCBl2A26 and IA(IB) [ilo. LO9/CBl2026 in CP(IB) No.4lCBl2a24 iii. In a situation where the mining lease is not revived within 7 years of the effective date then 100% of the Convertible Debentures shall be automatically converted rnto 25ok of the paid-up equity capital of the corporate debtor as on the date of end of 7 years from effective date. 28. In Section 6 of the plan, it is proposed that all proceeds out of any Avoidance Transactions shall be received by the Financial Creditor only. 29" It is proposed in the plan that upon receipt of the upliont resolution amount and issue of StrCURED Convertible Debenture (Secured against the asset of the Company) by the SRA the Financial Creditor shall immediately relinquish and release their entire charge/rights on all the assets of the Corporate Debtor held by them" 30. The resolution plan shall be deemed to be implemented on payment of the upfront resolution amount and issue of the SCD to the linancial creditors 3L" The resolution applicant is free to approach any other Financial Institution (like NBFCs/ ARCs/AIFs/PB Funds) to raise the resolution fund, and upon full and final payments of the resolution amount as per the te rms of this resolution plan the Financial Creditor shall release/ transfer all their charge on all the assets of the corporate debtor against the claims due against the corporate debtor in favor of the new lending financial institution on the request/advise of the Resolution Applicant / SPV t Guarantee and Security Provided by Third Party: 32. It is proposed in the plan that the plan thus submitted shall not in any manner, limit or restrict the right of the Financial Creditors in rclal.ion to any of the Guarantees or any collateral security created by q 3_ Page 16 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1O9/CB|2O26 in CP(IB) No.4lCBl2024 third party (whether over immovable, movable assets, fixed deposits, margin money, cash collateral or any other rights) for recovering or realising the unpaid debt from the Guarantors or from third parties. The Guarantors or third-party security provider shall continue to be liable to the Financial Creditors for the Unpaid Debt under the Guarantees. 33. The Guarantors shall not be entitled to exercise any right of subrogation in respect of such amounts against the Corporate Debtor andf or the Resolution Applicant and they shall have no rights or claims against Corporate Debtor and.l or its assets and"l or the Resolution Applicant andf or any other security available to the Financial Creditors.

• Payment proposal for Operational Creditors - Govt. Dues/Regulatory Dues:

34. As per Section 7 of the plan the SRA states that it is estimated that the liquidation value of the CD shall not be more than the admitted claims of the financial creditors and therefore as per the provisions of the IBC code the operational creditors will actually not be entitled for any resolution amount whatsoever, however this resolution plan proposes an aggregate upfront settlement against all the claims I outstanding of the operational creditors. It is stated that the entire outstanding EPFO dues to the tune of Rs.66 1499 will be paid in priority within 30 days from the effective date and the outstanding fine levied on the CD for alleged violations of MMDR Act, 1957 shall be shall be deemed to be settled at Rs 1,OO,OO,OOOl - and shall be payable within 15 days of the commencement of the commercial mining/production at the Ganua mines of the CD. In Form-H the RP has however clarified that No claims were received in respect to the Penalty imposed under MMDR Act.1957 --------:7 Page 17 of 52 SJ I

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CB|2026 in CP(IB) No.4lCBl2o24 and the provision for payment by the SRA has been made based on the records of the CD. , Payment proposal for Operational Creditors- Workmen and Employees: 35. As per Section 7 of the plan shall be deemed to be settled at NIL as there are no claims filed/admitted of employees, workmen etc. In case there are any claims filed by the workers/employees before the effective date then the same shall be paid LOOo/o out of the contingency provisions of this resolution plan" o FnavrpwoRK oF IuplpnnENTATIoN oF THE Ftuaucw PRoposel:

• Acquisition and Restructurisation Proposal of the Corporate Debtor Proposed in the Plan:

36. The Resolution Applicant proposes the re-organization of the capital structure of the Corporate Debtor by Cancellation of 100% of the Existing equity shares of the corporate debtor outstanding on the Effective date and simultaneous subscription of 1,00,000 fresh equity shares of face value Re 10/- each by infusion of funds by an SPV (newly incorporated) wherein the Resolution applicant or I and the holding/affiliate company of the resolution applicant/ Strategic Investor shall be 100% owners o Errpct oF APPRovAL oF THE PIeu oN CLAIMS3

• Treatment of Sub-Judice claims and Claims from Judgements / Awards / Decrees : 37 " It is proposed in the plan all inquiries, investigations, notices, causes of action, suits, claims, disputes, litigation, arbitration 'or other q Page 18 of52

NCLT, Cuttack Bench IA(IBI Plan No.2/CBl2026 and IA(IB) No" LO9/CB|2026 in CP(IB) No" 4lCB/2o24 judicial, regulatory or administrative proceedings against the Corporate Debtor till the effective date , shall be settled at NIL value as against any amount, determined to be paid by the Corporate Debtor and accordingly. all such proceedings, inquiries, investigations, etc. shall stand disposed off and all liabilities or obligations in relation thereto shall be written off in full against a NIL value. 38. It is further proposed in the plan that all new inquiries, investigations, notices, suits, claims, disputes, litigation, arbitration or other judicial, regulatory, or administrative proceedings in relation to any period on or before the Effective Date shall be settled at NIL value as against any amount, determined to be paid by the Corporate Debrtor and accordingly, shall not be initiated or admitted against the Corporate Debtor, its future directors, shareholders, employees, officers of the Corporate Debtor" 39. All proceedings against the Companlr blr an:y operatiorral creditor in anlr court of law / forum / panel of arbitrators or anv other adjudicatins authoritv in India or elsewhere shall be got extinguished/dismissed by the Resolution Applicant by filing relevant appiications with effect from the effective date and any fresh / further proceedings / suits instituted against the Company for any cause of action occurring on or before the date of approval of the Resolution Plan shall be treated as void ab-initio 40. Anly award / order / iudgment / decree in any court of law / forum / panel of arbitrators or any other adjudicating authoritlr in India as well as outside India against the Company shall stand discharged and shall be settled at NIL on the effective date and permanently extinguished and deemed to be null and void and permanently written off. C-t -1 ---'-- Page 79 of 52

NCIT, Cuttack Bench IA(IB) Plan No.2/cB12026 and IA(IB) No. 1O9/CB|2O26 in CP(IB) No" 4/CB/2024

• Treatment of Liabilities:
• Treatment of Statutory liabilities: 4L. It. is proposed in the plan that all Claims or demands made by, or liabilitres or obligations owed or payable to or assessed by, any Gove rnme ntal Authority, in relation to any dues, direct Taxes (including for any previous or current assessment year(s)), indirect Taxes (including trntry Taxes, GST, vAT, Service Tax etc.), duties (including stamp duties),penalties, fees, interest, fines, levies, cesses, assessments or additions or any other charges or payments whatsoever on the Corporate Debtor or in relation to the Corporate Debtor, whether or not such Claims or demands are admitted, due or contingent, asserted or unasserted, crystallized or non crystallized, assessed or un-assessed", knou,n or unknown, secured or unsecured, disputed or undisputed, present or future , for the period before the effective date shall be settled (t, NIL on the effective date. 42" Any liabilities arising out of non-deposit/late deposit of TDS/TCS/GST by the CD anytime before the Effective date shall be deemed to be settled at NIL on approval of the resolution plan by the adjudicating authority and shall be deemed to be permanently dismissed and extinguished"
• Other liabilities as per IM

43. It is proposed that any and all claims of such a person, whether linal or contingent and all outstanding disputes or legal proceedings in respect of such claims are settled at NIL value as on the trffective Date. . MOTVIIORTIvc, SuppRvrSIoN, AND Ivrpr,pnnpNTATIoN oF THE Plaw:
44. At Page 29 of the plan it has been stated that a supervisory Committee shall be formed on the trffective date for the monitoring of the implementation of the resolution plan. The Supervisory committee /*1I Page 20 of 52 C4

NCLT, Cuttack Beneh IA(IB) Plan No.2/ CB12026 and IA(IB) No. IO9/CB|2026 in CP(IB) No" a/CB/2024 will consist of three (3) representatives, one of them shali be of resolution applicant, one shall be nominated lappointed by the financial creditors and the third shall be the Resolution Prof'essional (or an!/ exterrLal qualified person appointed by the Fi.nancial Creditors in case the Resolu.ti.on Professi.onal declines to be part of the superuisory committee) " 'l'he lrinancial Creditors are free to replace their nominees anytime during the lifetime of the Supervisory Committee, similarly the Resolution Professional may also relinquish his appointment in the Supervisory committee anytime during the lifetime of the supervisory committee. SUBMISSIONS MADE IN IA(IBI No.LO9/CB/2O26 45. Learned Counsel Soumya Priyadarshee for the Applicant in IA 109 while challenging the Resolution Plan submits that serious illegality has surfaced in the resolution plans considered in the 6th meeting of the Committee of Creditors held on 02.O2.2026, wherein the plans submitted by Advantech Technology Private Limited was approved for being placed before this Tribunal" It is further pointed out that IA(lB)(Plan) No. 2lCBl2026 has already been filed by the successful Resolution Applicant seeking approval of the plan and the same is presently pending adjudication. 46" The principal grievance of the Applicant is that both resolution plans are founded upon material suppression and gross understatement of the statutory and government dues payable by the Corporate Debtor, thereby presenting a misleading picture of its liabilities" It is contended that in the plan of Advantech Technolog-v Private Limited. liability under the MMDR Act has been reflected as only Rs.1 crore. whereas in the plan of Caviare Business Solution Private Limited, qovernment dues have been shown as merellr Rs.0.0066 crore. Contrary thereto, it is submitted that by commllnication dated gJ..-.-: Page 27 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/ CB12026 and IA(IB) No. LO9ICB|2O26 in cP(IBl No. 4lCBl2O24 13.O7.2Atr7, the Deputy Director of Mines, Koira Circle, Sundargarh imposed revised compensation of Rs.30,07,43,986.76 upon the Corporate Debtor, which subsequently led to initiation of Certificate

Case No.09 l2OI8 under the Orissa Public Demand Recovery Act, 1962^

It is further urged that by subsequent order dated 27.11.2025 passed by the Collector-cum-Certificate Officer, Sundargarh, the outstarrding Iiability has been reflected at Rs.69,7O,42,643.40. According to the Applicant, these liabilities have not been correctly disclosed or factored into the plans" 47. It is next contended that the sole and substantive asset of the Corporate Debtor is its mining business together with mining-related rights. Therefore, &try viable resolution plan necessarily ought to account for ail mining dues, royalties, levies, penalties and statutory liabilities attached to such operations. Learned counsel submits that if these liabilities remain unpaid, mining operationS Cannot recommence, and consequently the repayment structure proposed in the plans would becomq unworkable and illusory. 48. The Applicant further alleges that the Resolution Professional had access, or in any event ought to have had access, to the complete records relating to such liabilities, but failed to make fair and transparent disclosure before the Committee of Creditors. It is argued that though the commercial wisdom of the CoC ordinarily deserves deference, such wisdom must be exercised upon full and correct disclosure of all material facts, and any approval based on suppressed or misstated facts stands vitiated. +9. Another limb of challenge raised by the Applicant is that, despite beinq a suspended director and participant in the CIRP process, he was never furnished copies of the resolution plans and was thereby denied an opportunity to point out the actual liabilities of the Corporate Debtor Reliance has been placed upon the judgment of the Hon'ble Supreme Court in Vijay Kumar Jain u. Standard Chartered Bank & Ors., -.- a-
=d,-- ga Page 22 of 52

NCLT, Cuttack Bench IA{IB) Plan No.2/CBl2o26 and IA(IB) No" 1O9/CB12026 in CP(IB) No. a/CB/2024 (2019) 20 SCC 455, to contend that members of the erstwhile Board of Directors are entitled to notice of CoC meetings together with relevant documents, including resolution plans. 50. It is also urged that the minutes of the CoC meetinq merelv record mpliance with Secti f the Code an CIRP particulars or basis of such satisfaction. According to the Applicant, a re solution plan premised on suppression or non-recognition of subsL 51. It has further been submitted that the issue of admission of the Hon'ble Supreme Court in a pending Civil Appeal. wherein notice is stated to have been issued on 16.02.2026" In view of the pendency ol' the said proceedings and the possible bearing of the outcome thereof ori the present CIRP, it is prayed that further consideration of the impugned plans be deferred and no precipitative steps be taken until adjudication by the Hon'ble Supreme Court" 52. On the aforesaid premises, the Applicant has prayed for setting aside the rcsolution plans submitted by Advantech Technology Private Limited and Caviare Business Solution Private Limited; setting aside the minutes/resolutions of the 5th CoC meeting dated O2.O2.2026; dismissal of IA(lBC)(Plan) l2lCB 12026 filed for approval of the resolution plan; and for such further orders as this Tribunal may deem fit in the facts and circumstances of the case " ASSESSMENT AND OBSERVATIONS: . Scopp oF AssEssMENT oF THIS Ap.luorcATING AutuoRmv: 53. The plan consists of two parts- one is the commercial aspect and the other is the statutorily required compliance aspect. The commercial qr---.:- 3a Reeulations i nd mechanical dues cannot liant with Secti especiallv when i CD into CIRP is iect matter of challe Page 23 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CBl2026 in CP(IB) No" 4/CB/2a24 aspect of t-he plan such as its feasibility and viability, the manner of distribution proposed, the order of priority amongst creditors, priority and value of the security interest of a secured creditor has been approved by the CoC by requisite no. of votes as required uls 30(4) of the code . 54. I-{ence the assessment of this Adjudicating Authority is iimited only to the statutory compliance as required under the code and applicable regulations and the scope of the assessment has been clearly demarcated by the Hon'brle Apex Court in a plethora of juclgements. Hence, this Adjudicating Authority is bound by the judgement of the l-lon'ble Supreme Court of'lndia in K. Sashidha,r us" Indian Ouerseas Bank and Ors" reported in (2019) t2 SCC 15O: MANU/SClOL89/2OL9, wherein it is held that: "35, [,,.] Reuerting to Sectioru 30(2) the eruquiry to be done ls in respect of uhether the resolution plan prouides: (t) the pagment of insolaenq r process costs in a speclfied manner in prlorltg to the repaument of other debts of the corporate operational creditors in prescribed manner" (iii) the management of the affairs of the corporate debtor, (iuLthe implementation and supervision of the resolution plan, (al does not contrauene anlt of law the time force. (vil conforms to such other requirements as mau be specified bu the Board, t,,,1, To wit, the feasibilitA and uiabilitA o-f the proposed resolution plan and including their perceptiorus about the general capabilitA of the resolution applicant to translate the into a realitu. The resoluti maA haue giuen projections backed bU normatiue data but still in the opinion of the disseruting financial creditors, it would ruot be free from being speculatiue. These aspects are completelA utithin the domain of the called to uote on 9^ €d resolution plan Under Section 30(4) of the I & B Code." Page 24 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/cBl2O26 and IA(IB) No. 1O9/CBl2026 in CP(IB) No.4lCBl2o2+ (Emphasis Added) 55" Further, the Hon'ble Apex Court in Jagpee Kensington Bouleuard Apartments Welfare Associqtion qnd Ors, us. NBCC (India) Ltd. qnd Ors. reported in (2ol22l. 1 SCC 4OLz MANU/SC|O2O6|2O2L at Para 216, has laid down that: "The Adiudicating Authorltg hos llmited Jurlsdiction in the matter of approual of a resolution plan. whlch is well-defined and circumscribed bu Sectlons 3O(2) and 37 of the Code, Iruthe adjudicatory process concerning a resolutioru plaru under IBC, there is no scope for interference with the commercial aspects of the decision of the CoC: and there ls no scoPe for substitutlna ana commercial term of the resolution plan approued bg Committee of Credltors. ... ." (Emphasis Added) 56. Further, in Committee of Creditors of Essar Steel Indlo. Limited us. Satish Kumar Gupta reported at l2O2Ol 8 SCC 531: MANU/SCILS77l2OL9, the Hon'ble Apex Court has propounded that: "38. This Regulation -fleshes'out Section 30(4) of the Code, making it clearthatultimatelu itis the commerclal wlsdom of the Committee of Creditors which operates to approue what is deemed bu amajoritA of suchcreditors to be tlrc best resolutionplan, whichis finallA accepted after negotiation of its terms bA such Committee uith prospectiue resolution applicants." (Emphasis Added) 57. Reinforcing the above, the Hon'ble Apex Court in Vallal RCK us. Siaa Industries qnd Holdings Limlted reported in MANU/ SC I o7531 2022, has held that: "27" This Court has corusisterutlu held that the commercial wisdom of the CoC has been qiuen paramount status Page 25 of 52 gd

dicial inte NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1o9/CBl2026 ln CP(IB) No. 4/CB/2024 the stated processes tuithin the timelines prescnbed bA the IBC. It has been Lrcld that there is aru inkinsic assump that financial cre dit or s are _fullu info rme d ab out the uiabilita resolution plan. TheA act on the basis of thorough examination of tLLe proposed resolutiort plarl artd assessment made by their team of experts." "27. This Court has, time and again, emphaslzed the need for minimal iudiclal interference bg the NCLAT and NCLT ln the framework of IBC, We may refer to the recent obseruatioru of this Court made in the case of Arun Kumar Jagatramka u. Jirudal Steel and Pouer Limited and Arun (2021) 7 SCC 474: 95. Howeuer, u)e do take this opportunity to offer a note of caution fo, NCLT and NCLAT, functionirug as the adjudicatory authority arud appellate authority under the IBC respectiuely, from judicially interfering in the framework eruuisaged under the IBC. As u)e haue noted earlier in the judgment, the IBC was introduced in order to ouerhaul the lnsoluency and bankntptcg reglme in Indlq. As such, it is a carefullg consldered and utell thought out piece of legtslation uthlch sought to shed duau the practlces of the past. The legislature hq.s also been utorking hard to ensure that the eflicacg of this legtslation rernains robust bg constantlg atnendlng it ,- I
3rd -<? Page 26 of52 g.(

NCLT, Cuttack Bench IA(IB) Plan No.2/cBl2026 and IA(IB) No. 1o9/CBl2026 in CP(IB) No.4lCBl2024 based on its experlence" Conseguentlu, the need for judicial lnteraention or innouqtion from NCLT and NCLAT should be kept at its bare minlmum and should not disturb the foundational princtples of the IBC" ...." (Emphasis Added) o Cowrpr,reNcE oF Spctlou 30(1)ero 3O(2) oF THE Copp: 58. The compliance of Section 30(1) and 3O(2) of the Code is given in Para-No. 9 of Form H" The same is being further examined as under: a. Section 30(1): The SRA has Submitted an Affidavit dated LL.L2.2O25 declaring eligibility uls 29 A of the code is filed by Rajesh Jain , the Director of the SRA" In addition to the Affidavit, the RP has also submitted a Due Diligence report affirming the eligibility of ther SRA uls 29A of the Code" b. Section 3O(2)(af: As per Section 4 of the Plan the Resolution Applicant undertakes to make payment of the CIRP cost incurred and approved by the COC in priority over payments to any other Creditors" c. Section 3O(2)(b) read with Regulation 38(1)(a) and Regulation 38(1)(b): The Resolution plan at Section 4 and 7 of the Plan states that the due s of the Operational Creditors will be paid in priority over 1-he financial creditors in compliance with Regulation 38(1)(a). There are no Dissenting Financial Creditors, hence there is no requirement of complying with Regulation 38(1)(b). 5A.- Page 27 of 52 9a

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2o26 and IA(IB) No. 1o9/CBl2O26 in CP(IB) No.4lCB|2O24 d. Section 3O(2)(c) read with Regulation 38(2)(b): The plan at Section 11 of the Plan elucidates that on and from the Effective Date till the constitution of the new tsoard of Directors of the Corporate Debtor, the operations of the Corporate Debtor will be monitored by the Supervisory Committee; however the basic role of the Supervisory Committee shall be supervision of the implementation of the resolution plan. It may perform the functions required for supervision/ management of the CD during Monitoring period, however there shall be no liability arising on accot-lnt of such actions on the Supervisory Committee or its members under the Companies Act, 2013 e. Section 3O(2)(d) read with Regulation 38(2Xa) & (c): The Resolution Plan in Section lL and L2 has given elaborate provisions to ensure proper implementation and supervision of implementation of the plan along with a detailed timeline for such implementation. f. Compliance u/s 3O(2)(0: i. Compliance u/s 29A: SRA has Submitted an Affidavit dated LL.L2"2O25 declaring eligibility uls 29 A of the code is filed by Rajesh Jain , the Director of the SRA. ii. Compliance under Regulation 37- (a) to (m): In regard to Clause (a) and (b) of Regulation 37 it is stated that the Resolution Plan does not immediately envisage transfer or sale of any of the assets of the Corporate Debtor barring possible sale of the NON-Core assets of the CD 6A zt--- Page 28 of 52 g"l

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1O9/CBl2026 cP(rB) *'I or"r, 2a24 The plan proposes a complete capital restructuring of the company but as specified under Regulation 37(ba) there is no proposal for any amalgamation lmerger f demerger which forms an integral/necessary part of the plan proposed by the SRA In regard to Regulation 37lcl, the plan al Section 10 enumerated the detailed capital restructurisation of the CD upon approval of the plan In regard to Regulation 37(ca) , the plan does not propose any cancellation and delisting proposed under the Resolution Plan. The Resolution Plan in regard to Regulation 37(df proposes that upon full payment of the resolution amount as proposed in the plan, the entire charge on the assets of the corporate debtor would be deemed to be satisfied and vacated by the financial creditors therein" In compliance with Regulation 37lel it is proposed in plan that the debts of various parties due from the Corporate Debtor are proposed to be settled / restructured / waived as provided separately under this Resolution Plan as required Regulation 37(ef" The resolution amount proposed by the RA will result in complete recovery of the creditors as detailed in the financial plan as per Regulation 37(f). The Resolution Plan Proposes assignment of the entire Debt to RA. Hence there are no changes proposed at this stage in the terms of the Debt due from the Corporate Debtor as per Regulation 37(g| . 3a Page 29 of 52

gA- NCLT, Cuttack Bench IA(IB) Plan No.2/C.B/2O26 and IA(IB) No. 1O9/CB|2026 in CP(IB) No.4/CBl2024 In regards to Regulation 37(h) it is stated in the plan taht no amendment of the constitutional documents of the Corporate Debtor is proposed under the Resolution Plan The resolution plan in consonance wrth Regulation 37(i) states that Fresh equity shares would be issued as part of the Resolution Plan, as per section 1 1 of this resolution plan No proposition has been in respect with Regulation 37fi)" No proposition has been made in the plan with respect to Regulation 37(k). In regard to obtaining necessary approvals from concerned governmenl authorities s specified in Regulation 37(l| the SRA in the plan has undertaken to obtain necessary approvals as and when required. In regard to Regulation 37(m) this plan is submitted by a single resolution applicant hence there is no proposition of sale of assets of the CD to different resolution applicants and furthermore the resolution plan proposes to take over the entire corporate debtor as going concern. iii. Compliance under Regulation 38(7A): Section 5, 6,7 and 8 of the Plan has addressed the interests of various stakeholders their outstanding claims and the impact the plan will have on their interests/relationship with the corporate debtor" ia. Compliance under Regulation 38(78/: The SRA atPage 13 of the Plan has made declarations that it or its related parties have never failed to implement or contribute to the failure of implementation of any other gd / Page 30 of52

NCLT, Cuttack Bench IA(IB! Plan No.2/CBl2A26 and IA(IB) No. 1O9/CBl2026 in CP(IB) No. 4/CB/2024 rcsolution plan approved by the Adjudicating Authority at any time in the past under the code. v. Compliance under Regulation 38(3)- (a) to (e): The Plan at Section 3 of the Plan in compliance with Regulation 38(3)(a) analyses the weakness of the cornpany and the reason for the default and also elaborates on the strength and opportunities to turn around the economic & financial prospects of the corporate debtor^ Regarding the feasibility and viabilitv of the plan, the RP has stated that the plan is feasible and viable and even the CoC in its minutes has recorded their satisfaction about the feasibility and viability of the plan. The planhas elaborated on the modalitv and timeline of the implementation of the plan in compliance with Regulation 38(3)(c)" In respect to Regulation 38(3[dl, the Plan has enumerated that the SRA will seek all necessary approvals in a time bound manner and as on the date of filing of the plan it did not require any specific approval from anyone to submit this plan. The aspect regarding waiver sought by the SRA is dealt separatellr in the later part of this order In compliance with Regulation 38(3)(e) the SRA in the plan has given a detailed overview regarding its financial worthiness, its experience in turning around stressed assets and provided information about SRA's Key managerial personnel to demonstrate their deep experience in managing different kinds of businesses other than just
.:?c^ --)age 3I of 52 SA

NCLT, Cuttack Bench IA(IB) Plan No.2lCBl2o26 and IA(IB) No" 109/CB12026 in CP(IB) No.4lCBl2o24 the SRA. The SRA has also provided a detailed financial and business plan which it seeks to undertake to turnaround the health of the corporate debtor" g. Compliance under Regulation 39(1)(c): As per the requirement of Regulation 39(1)(c) the SRA has undertaken that that every information and records provided in connection with or in the Resolution Plan rs true and correct and discovery of any false information and record at any time will render the applicant ineligible, forfeit the Earnest Money, and attract penal action under the IBC" A separate undertaking to that effect is also attached with the plan document . h. Compliance under Regulation 38(4): As per the requirement of Regulation 39(4) of the CIRP Regulations for submission performance security as required under regulation 368, it is stated in Form- H by the RP that the SRA has provided a Performance Bank Guarantee to the tune of Rs.25,00,000/-" 59. The Suspended Director has raised objection to the plan by filing IA(IB) lO9 ICB 12026 mainly on three grounds: a" Incomplete disclosure to the CoC regarding the liabilities of the CD especially the penal liability under MMDR Act,1957. b. RP has not supplied a copy of the Resolution Plan to the Suspended Director. c" CoC has not recorded in detail as to how it ascertained that the plan is in compliance with the applicable provisions under IBC. d. Pendency of Appeal before the Hon'ble Supreme Court against the order of Admission of the CD into CIRP. GA =: Page 32 of s2 sA

NCLT, Cuttack Bench IA(IB) Plan No"2/CB|2O26 and IA(IB) No" 1O9/CB|2026 in CP(IB! No" 4/CBl2o24 60. No reply was filed by the RP ^ The Counsel of the RP made oral submissions to rebut the averments made in the application. In regard to the pendency of proceedings before the Hon'ble Supreme Court, it has been clearly recorded in the daily order dated 27.A3.2026 that there is no stay on the CIRP proceedings and the same has beeri confirmed by the Counsel of the Suspended Director" Hence in absence o[ any stay, the mere pendency of proceedings does not create legai bar for this Adjudicating Authority from considering the approval of plan" 6L" We have already stated above that while approving a resolution plan the scope of adjudication by this Adjudicating Authority is circumscribed by Sections 30 and 31 of the code and the Adjudicating Authorit-y would examine that the resolution plan does not contravene any statutory provisions and it conforms to such other requirements as may be specified by the Board. The suspended director has alleged that thc CoC has not recorded detailed reasons as to how the CoC ascertained the compliance under section 30(2) but as enumerated above, the pian is found to be in compliance with all the applicable provisions under IBC and has been approved by 100% votes of the CoC. 62. The Authorised Representative of the Suspended board of Directors/CD in CoC , who is also one of the directors of the CD, Syed Nawid Ahmed was present in person on 27.03.'2026 in court and has addressed the court in person along with the counsel" The authorised representative upon being asked regarding his participation in the CoC Meetings had accepted that he has attended all the CoC meetings^ In regard to lhe issue of non-supply of copy of Resolution Plan, the suspended director has categorically admitted that he had not made any specific request to the RP to supply him with the copy of the Plan prior to its approval in the 6th CoC Meeting and the Applicant in IA(IB) No, 1 09 IC[3 12026 has also not attached any proof of communication, if any, made by the Authorised representative or any other Director of 5J 9J'-...--- Page 33 of52

NCLT, Cuttack Bench IA(IB) Plan No.2lCBl2026 and IA(IB) No. 1O9/CB|2026 in CP(IB) No" 4lCBl2o24 the CD to the RP seeking a copy of the Re solution Plans received. Hence such allegations by the suspended director of the CD are not sustainable under law, being devoid of merit. It is also observed that the issue of locu.s of the promotersf shareholders ol CD challe nging a re solution plan, the law is well settled that erstwhile management or shareholders of the CD have no right to challenge a resolution plan in light of the judgement by Hon'ble NCLAT in Raui Srnr;;nkar Vedam us" Tiffins Bargtes Asbestos q.nd Paints Limited and Other 2o23 (SCC Online NCLAT 2741which was also upheld by the Hon'ble Supreme Court in CA No. 551612023. The relevant paras are reproduced hereinbelow: "27. F-rom the aforeruoted obseruations, i.t is clear that once the affairs of the Corporate Debtor tuas handed ouer to the IRP, any action taken by Shareholder, eueru if a Majority shareholder, would ruot be mairutairuable. 28. Keeping iru uiew, the scope and interfi of the Legislature, arud that l.h.e 'I & B Code, 2016' is a distinct shift from 'Debtor in Possesslon,' to 'Creditor in Control' Insoluerucy System, where the Shareholders haue a limited role arud are oruly confined to ca- operate tuith the Resolutiort Professiorual as specified uruder Section. 19 of the Code, are entitled ta receiue the Liquidation ualue of its equity, if any, in accordance with Sectioru 53 of the Code, u)e are of the considered opiruioru that a 'Shareholder' has 'no locus starudi'to challenge the Resolution. Plen." 63" It is also alleged that- the statutory penal liability of the CD is incorrect. The applicant at Para 3 (b) and (c) of the application has made the following averment. (b) A bare pentsal of the Financial Proposal o.f the Resolutiott Plans shou.t that these proposed plans are based on ma.terialu Page 34 of 52

NCLT, Cuttack Bench IA(IB) Plan No"2/cBl2O26 and IA(IB) No" 1O9/CB|2O26 in CP(IB) No.4lCBl2o24 suppression of gouemment dues of tLrc Corporate Debtor and such are premised on underualuation of the liabilities of Corporate Debtor. (c) Specifically, in the Financial Proposal of Aduantech Technology, tLrc perLqltA urLder MMDR Act has beera shown as only Rs" -l Crore" Similarlg, i.n the Financial Proposal of Cauiare Buslness, the Gouernment Dues haue been. shpwrt as 00.0066 Crores only. It is amusing to note that the applicant has alleged that it was not in receipt of the plans submitted to RP but has referred to the contents of the plan in support of its allegation. Furthermore, in issues concerning the payment of penalty to be paid to the government, the suspended directors have no locus to raise any grievance in that regard as they are not affected by it. Furthermore, the RP in Form-H at para 7 at Fage 1i34 of the Petition has declared that no claims were received from the concerned department with respect to the unpaid penalty but the SRA has made provisions for settlement of the penalty amount on suo moto basis based on the records of the CD. Hence all the allegations raised by the suspended director are found frivolous and baseless and accordingly IA(IB) LOg I CB 12026 is REJECTED. o Rpuprs, WAtvuRs AND ColcpssloNs soucHT IN THE Pr,eu: 64. We have perused the reliefs, waivers and concessions as sought in thc Resolution Plan in Section 13 of the Plan. This Adjudicating Authority has the power to grant only such reliefs, waivers and concessions that are directly in tune with the I&B Code and the Companies Act (within the powers of the NCLT). The reliefs, waivers and concessions that pertain to other governmental authorities/departments may be dealt with by the respective competent gA-- Page 35 of52 gJ

NCLT, Cuttack Bench IA(IB) Plan No"2/CBl2026 and IA(IB) No. 1O91CB(2O26 in CP(IB) No" 4lCBl2o24 authorities/forums/offices, Government or Semi-Government of the State or Central Government concerning the respective reliefs, waivers and concessions, whenever sought for. The competent authorities including the Appellate authorities may consider granting such reliefs, waivers and concessions keeping in view the spirit of the I&B Code, 2O16 and the Companies Act, 201,3. 65. The Resolution plan seeks certain reliefs, waivers, and concessions for implementation of the resolution plan" It is stated in the plan the denial of the reliefs, waiver or concession sought in the plan shall not affect the implementation of the plan, whatsoever. In the interest of brevity, the reliefs, waivers, and concessions sought in Section L3 of the Plan and the direction of the Adjudicating Authority in respect of such are enu.merated hereinbelow: SI No" Reliefs, Waivers and Concessions Sought in Chapter XIII of the Plan Directions thereto 1" CD and the RA shall be granted exemption from all taxes (including income tax and Minimum Alternate Tax (MAT) liability or consequences, including interest, fine, penalty, etc., due and payable by the CD for the period up to the Effective Date on account of various steps as proposed in the Resolution Plan, including but not limited to liabilities, if any {under section 41 (1), Section 56, Section 50CA, Section 43, Section 43 B, Section 28, Section 115 JB (since in case of restructuring of debt of RA with the CD, the write off of the book value of the debt of FCs and OCs in books of CD Not Granted This is for CBDT and concerned Income Tax Department to decide in accordance with Income Tax Act,1961 and by keeping in mind the : Page 36 of 52 s4

NCIT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1o9/CBl2026 ln CP(IB) No" 4lCBl2024 is in excess of the settlement/ restructured amount: MAT provisions may get triggered. The MAT liability (if arises) shall bre unviable for the implemerrtation of this Resolution Plan and thus the CD shall be exempt from MAT Liability u1s 115J8 of the Income Tax Act, 1961) and Section 79 of the Income Tax Act, 1.961or due to write back/write off of liabilities in the books of accounts of CD, levies, fees, transfer. charges, transfer premiums, and surcharges that arise from or related to implementation of resolution plan without any impact on brought forward tax and book loss / depreciation, since payment/ ler.y on these charges may make the Resolution Plan unviable" objectives IBC,2016" of 2. No income tax will be attracted I payable on account of capital gain arising out of the transfer of sharesfAssets as envisaged in this Resolution Plan by lto Resolution Applicant, if any; Not Granted This is for CBDT and the concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the 6A Page 37 of 52 gd

NCLT, Cuttack Bench IA(IB) Plan No.2/CB12026 and IA(IB) No. 1O9/CBl2026 1n CP(IB) No. 4/CB 12024 objectives of IBC,2076, 3. Credit in respect of minimum alternate tax paid by the Corporate Debtor before the effective Date shall continue with the Corporate Debtor on a going concern basis and shall not be revoked on accotLnt of change of management and control on the completion of the Transaction. Not Granted This is for CBDT and concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the objectives of rBC,20t6 " 4. Waiver/Bxemption from requirement of No Objection Certificate under Sec 281 of the Income Tax Act, 196l by the Selling Shareholders and provision of taking over predecessor's tax liability under Sec 17O of the Income Tax Act, 196L and Specific Order for treating: such Transactions as VOID under Sec 28 1 of the Income Tax Act, 1961 for any claims in respect of tax or any other sum payable by Selling Shareholders. Not Granted This is for CBDT and concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the

Page 38 of 52 9a

objectives of IBC,2016" c. In case there is any obligation on the Corporate Debtor I Resolution Applicant to deduct or withhold any Tax out of any payment proposed to be made under the terms of - this Resolution Plan (including payment proposed to be made within the Deferred Payment Period), then the Corporate Debtor / Resolution Applicant shall deduct or withhold such Tax as per the then Applicable Law on the Effective Date including on the payment to be made within the Deferred Payment Period Not Granted This is for CBDT and concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the objectives of IBC,20T6. 6. Upon approval of the Resolution Plan by the NCLT, all taxes, cess, levies, and interest/ penalties thereon; which are due or payabie for the period upto the Effective Date as well as taxes/ interest/ penalties lor non-compliances. breaches and defaults of CD for the period prior to the trffective Date (including but not limited to those relating to tax authorities including Property Tax, GST, VAT, Service Tax, Excise Duty, Custom Duty or any other tax as applicable to the CD or due to the acquisition of control of the CD by the Not Granted This is for CBEC and the concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1O9/CBl2026 In CP(IB) No.4lCBl2o24 3A .-: Page 39 of 52 sd

RP/ SPV/ OP), FEMA , DGF*| , PF, ESI), shail be deerned to Lre waived by the concerned Governrnental Authorities other than those specifically stated to be paid under this resolution plan. objectives of IBC,2016. 7. Immunity shall be granted to Cp from all proceedings and penalties under all Applicable laws for any non- compliances for the period prior to the Effective Date and no interest/panel implications shall arise due to such non-comphance f default/ breach in relation to any period prior to Effective Date. This includes, without limitation, wanverf extinguishment of any penalties / interests / charges by whatsoever narned called in relation to any period up to trffective Date" Granted to the extent permissible by Section 32A of IBC and the judgement of AJag Kumar Radhesgam Goenkq. us Tourlsm Finance Corporation of India ltd (Cri Appeal no, 172/2023) 8. 'lwelve(1 2) months grace period (from the date of NCLT approval) to be provided to the Corporate Debtor to comply with the provisions of the various Acts I Regulations, to enable Corporate Debtor to ascertain the status of various compliances and take necessary steps to regulanze th.e same, During grace period, no additional charges/ fees etc to be charged including on account of Interest, Penal Interest, Not Granted NCLT, Cuttack Bench IA(IB) Plan No.2/CB|2O26 and IA(IB) No. 1O9lCBl2O26 ln CP(IB) No" 4lCBl2o24 S.t -., gA__ Page 40 of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/cB12026 and IA(IB) No. 1O9/CBl2026 ln CP(IB) No.4lCBl2024 Penalty, Interest on Penalty, any kind of I.ate Iree or Damages. 9. In terms of the third proviso to Sec. 79 of the Income Tax Act, 1961, the RAs are not required to comply with the provisions of Sec" 79 for carry forward and set off of loss of the CDs. Reasonable opportunity of L,eing heard may be provided to the .Iurisdictional Principal Commissioner or Commissioner of Income Tax as required under the extant provisions of the IT Act by the Resolution Professional/ NCLT Not Granted This is for CBDT and concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the objectives of IBC,2016. 10" Exemption from any tax liability arising due to implementation of the Resolution Plan both in computing total income under the normal provisions of the IT Act and in the computation of book profit u/s 115J8 of the IT Act; Not Granted This is for CBDT and concerned Income Tax Department to decide in accordance with Income Tax Act, 1961 and by keeping in mind the gJ 3A >z Page 4l of 52

NCLT, Cuttack Bench IA(IB) Plan No.2/CE|2O26 and IA(IB) No.1O9/CB|2O26 ln CP(IB) No.4lCB|2O24 objectives of IBC,2016" 11. Any onerous contract made by the Corporate Debtor subsisting before the approval of Resolution Plan shall be duly extinguished and be ineffective. Not Granted Any action shail be taken in accordance with the terms of the contract and other applicable laws. L2" As on the insolvency commencement date, all outstanding negotiable instruments, issued by Corporate Debtor or any other person on behalf of Corporate Debtor shall stand terminated and no liability shall arise on the same. Not Granted 13. A11 the power of attorneys provided to any person by the Corporate Debtor lE,x- promoters/ Exdirectors at any point of time before the effective date stands revoked with effect from the date of NCLT approval t4. Approval of the Resolution Plan will be trcated as Specific Order and Approval by NCLT that any contract subsisting with respect to Workmen f contractual labor before the approval of Resolution PIan shall be duly extinguished and be ineffective. Not Granted To be governed by the relevant laws !)A Page 42 of 52 I d

NCLT, Cuttack Bench IA(IB) Plan No"2/CB|2O26 and IA(IB) No. 1O9/CB|2O26 in CP(IB) No.4lCBl2024 15. Approval of the Resolution Plan will be treated as Waiver Approval by NCLT for any past iiabilities, penalties and any form of payment by way of Late Fees, Damages / proceedings / penalties / recovery etc which occurred or become due because of any non-compliances related to the below stated Acts from Commencement of Insolvency Process tlll 12 months from the Date of the NCLT Approval of Proposed Resolution Plan as it will provide Resolution Applicant, the time period to review the current compliance status of the Corporate Debtor under these Acts, Rules and regulations in terms of Compliances and action to be taken in this regard. The stated list is inclusive but not exhaustive of The Companies Act, 1956 (the Act) and the Rules made there under; The Companies Act, 20i3 (the Act) and the Rules made there under, Foreign Exchange Management Act, 1999 and the Rules and Regulations made there under to the extent of Overseas Direct Investment Granted to the extent as permissible under the Code and as per Ghansgam Mishra u Edelutelss ARC Ltmtted. L6. Approval of the Resolution Plan will be treated as Waiver / Approval from past Liabilities, Payments of Fees and all Dues including any Penalties as well as any form Granted to the extent as permissible under the Code gA z-> Page 43 of 52 Sd a

of payment by way of Interest, Late Fees, Damages etc, related to all Government Authorities with regard to norr-compliances of various Statutes to be adhered related to Corisent, F ees, Certification etc. by the Corporate Debtor prior to the Effective Date which is inclusive but not exhaustive of - o Factories Act, 1948 o Industrial Disputes Act, L947 o Payment of Wages Act, 1936 o The trmployees State Insurance Act, 7948 o The Employees Provident Fund and Miscellaneous Provisions Act, 1952 o The Bonus Act, 1965 o The Payment of Gratuity Act, 1972 o Negotiable trnstruments Act, 1881 o Environment (Protection) Act, 1986 o Water (Prevention and Control of Pollution) Act, 1981 o Air (Prevention and Control of Pollution) Act, 1974 t Hazardous Waste (Management and handling) Rules, l9B9 o State Fire Safety Act o The MSME Act r Electricity Act, 2003 o Trademarks Act, 1999 r The F oreign Trade (Development and Regulation) Act, 1992 and as per Ghansgam Mishra u Edelutelss ARC Ltmited" gA NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. lO9/CBl2026 1n CP(IB) No.4lCBl2024

Page 44 of 52 Sd

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. IO9ICBl2026 1n CP(IB) No.4lCBl2o24 r PMLA, 2OO2 The Waiver also includes any dues relating to Interest, Penal Interest, Penalty, Interest on Penalty, any kind of Late Fee as well as Damage s. L7" Resolution Applicant prays to the Adiudicating Authority to pass necessary orders I gle appropriate directions to give effect to the reorgantzation of capital structure of the Corporate Debtor as contemplated in this resolution plan Plan to be implemented in terms of the plan approved herein. 18. Approval of Resolution Plan by NCLT will be treated as waiver of the requirements of the Valuation of Pricing of Shares by Registered Valuer to be computed for Issuance of trquity Shares through Preferential Ailotment / Warrants / Preference Shares / Convertible Debentures to RA as well as Investors for a period of 24 Months. The request for such waiver is due to the fact that current vaiuation of the Company on the basis of Book Value or Net Assets Value Basis / Realizable Valuation of Assets adjusted to Current Liabilities or Discounted Cash Flow of the Business will be "Negative", whereas the RA is paying revised F ace Value considering the Future Potential of the Business Not Granted 6A Page 45 of 52 gd

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1o9/CBl2026 in , CP(IB) No. 4lcBl2o24 19" The Company andlor the Resolution Applicant and the promoter / promoter group of the Resolution Applicant, persons acting in concert with Resolution Applicant and promoterlpromoter of such persons, holding companies, subsidiary companies, associate companies, group companies andf or their respectrve Affiliates/associates shall not in any manner be implicated in, or in any manner adversely affected by, or have any liability in relation to, any investigations/ proceedings/ orders or any matters relating to the existing promoter gror-lp, holding companies, subsidiary cornpanies, Not Granted 20. 'lhe competent authorities (central, state and local government) may be directed to restore the mining lease of Iron/ Manganese mines of the CD at Ganua with immediate e ffect Not Granted 2L, A11 the dues and penalties imposed by the authorities under various provisions of the MMDR Act 1957 may be waived off immediately on approval of the resolution plan Granted to the extent as permissible under the Code and as per Ghansgam Mlshra a Edelweiss .ARC Limited. gA gA Page 46 of 52

22" All the dues and penalties imposed by District Mining Office (DMS), Director of Geology & Mining (DGM), Indian Bureau of Mines (lBM), Directorate General of Mining Safety (DGMS), NMtrT (National Mineral Exploration Trust) may be waived off immediately on approval of the resolution plan and relevant clearance and NOCs from these departments may be issued within a week of submission of application to the department. Granted to the extent as permissible under the Code and as per Ghansgam Mishra u Edelweiss ARC Llmlted, 23" Al1 the dues and penalties imposed by state government in the head of "Dead Rent" may be waived off immediately on approval of the resolution plan Granted to the extent as permissible under the Code and as per Ghansgam Mishrq. v Edeluteiss ARC Limited. 24. A1l the bank guarantees and security deposits as deposited by the CD anytime belore the effective date be deemed to reinstated and considered to be valid immediately on approval of the resolution plan by the relevant department. Should be governed by Applicable Laws 25. The competent authorities (central , state and local government) may be directed to issue the necessary Not Granted The SRA to approach the NCLT, Cuttack Bench IA(IB) Plan No"2/CB|2O26 and IA(IB) No. 1O9/CBl2026 1n CP(IB) No" 4lCBl2a24 Page 47 of 52 gd

NCLT, Cuttack Bench IA(IB) Plan No.2/C.Bl2026 and IA(IB) No. IO9/CB{2026 ln CP(IB) No. 4/CB/2024 :learances/NOCs/permissions needed to start the commercial mining operations at [he mines of the CD (including :nvironmental, forest, bio-diversity :learances) immediately within 15 days of the submission of the formal application to [hat effect. Appropriate Authorities" 26" IBM (lndian Bureau of Mine) be directed to approve the mining plan as submitted by thc CD anytime before the effective date Not Granted The SRA to approach the Appropriate Authorities" 27. 'lhe pollution department of Orissa and Central Govt Bnvironment Centre be directed to issue the relevant CTO/CTE permissions and all the dues and penalties imposed by these departrnent for any period before the effective date be waived off immediately on approval of the resolution plan Not Granted The SRA to approach the Appropriate Authorities" 28" The applicable stamp duty on transfer f approval of the mining license be waived off completely Not Granted 29, Except as otherwise provided in this Plan, in relation to any contracts entered into with the Corporate Debtor, which are expired or to be expired within a period of 1 year from the Effective Date, to the extent Not Granted 6A __ Page 48 of 52 .gd

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CB12026 in CP(IB) No.4lCBl2o24 such contracts, deeds or arrangements which are necessary for or incidental to continuing or carrying on the operations and business of the Corporate Debtor, such contracts, agreements or arrangements shall remain in existence for smooth management transition of Corporate Debtor and implementation of Resolution Plan and shall continue for a period of at least I year from the Effective Date, notwithstanding the fact that such contracts are lapsed or expired due to any Non-Compliance or efflux of time" 30. A11 relevant Person shall provide a cure period of 12 months after the Effective Date to the Corporate Debtor for curing any Non- Compliances of the Corporate Debtor under the Applicable Law, Permits or any contract, agreement or arrangement to which the Company is party which was existing on the Effective Date and accordingly, shall provide for a continuing period of 12 months from the trffective Date or till the term of Permits, consents, licenses, approvals, rights, entitlements, benefits and privileges granted in favour of the Company or to which the Company is entitled or accustomed to, whichever is late r, without any disruption, notwithstanding such licenses, Permits, Not Granted To be governed by relevant terms of Contracts/Agre ements & the relevant of applicable laws" CA <-)u\ Pa ge 49 of 52 9a

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. 1O9/CBl2026 ln CP(IB) No.4lCBl2024 consents, approvals, rights, entitlements, benefits and privileges are lapsed or expired due to any Non - Compliance or eiflux of time. Sug-Juprcp AppLrcatIoNs Bprong THrs Ap.ruorcetrNc Autrronrrv Frr,po Bv OR AcerNsr THp Conponetp Dpston: 66, During preparation of this order, it was observed that multiple interlocutory applications either filed against the Corporate Debtor or by the Corporate Debtor (through the RP i.e. the present Applicant) are pending before this Adjudicating Authority in relation to the main petition i.e. CP(IB| No.4/CBl2024. The list of pending interlocutory applications are as follows: FINAL ORDER: 67. The plan proposes that the SRA or its affiliates/nominees/ assignees IAIFISPV can make necessary payments as proposed in the plan and it will be ensured that the entity is compliant u/ s 29A of the Code. It is directed to the applicant that as the Chairperson of the monitoring committee, the applicant shall ensure that, if any other entity, other than the SRA makes any payment in terms of the plan, the entity shall be compliant uls 29A of the Code and the concerned entitlr/entities (other than SRAI shall submit an affidavit declaring that it is not ineligible u s 29A of the code and the applicant shall also verify the same and issue a certificate certifyine their elieibility. 68. All reliefs, waivers or concessions sought in the plan which are not expressllr granted/allowed in this order shall be deemed to be NOT-GRANTED. sA -.? Page 5O of52 3d

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No. LO9/CBl2026 in CP(IB) No" 4/CB/2024 69. In the light of the enumerations, observations and directions made in this Order supra and subject to the compliance of the directions given thereto we hereby APPROVE and FINALLY SANCTION the Resolution Plan submitted by ADVANTECH TECHNOLOGY PRMTE LIMITED, the Successful Resolution Applicant, subject to the conditions and directions given above" 70, The Resolution Plan shall form part of this Order and shall be read along with this order for implementation. The Resolution Flan thus approved shall be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State (iovernment, or any local authority in terms of Section 31 of the I&B Code, so that the revival of the Corporate Debtor Company shall come into force with immediate effect without any delay. 7L. The Moratorium imposed under section 14 of the Code by virtue of the order initiating the CIR Process, shall cease to have effect from the date of this order. 72. The Resolution Professional shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record and also return them to the Resoluticrn Applicant or New Promoters. 73. Liberty is hereby granted for moving any application, if required, in connection with the successful implementation of this Resolution Plan. 74. A copy of this Order is Companies (RoC) with whom Resolution Professional " to be submitted to the Registrar of the company is registered, by the Sd gc_ Page 51 of52

NCLT, Cuttack Bench IA(IB) Plan No.2/CBl2026 and IA(IB) No" 1O9/CBl2026 in CP(IB) No.4lCBl2o24 75. A copy of this Crder be served r;pon the Insolvency and Bankruptcy Board of India (IBBI) by the RP" 76, The Resolution Professional is further directed to hand over ali records, premises f factorres/ documents to the Resolution Applicant to finalise the further line of action required for starting the operation" The Resolution Applicant shall have access to all the recordsl premises/ fact-ories/ documents through the Resolution Professional to finalise the further line of action required for starting the operation" 77. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order" 78. The Registry is directed to forthwith to all the parties and their and for taking necessary steps. 79. In terms of the view above, DISMISSED and I.A.(IB)(Planf No. stands Dlsposop on accordingly. send e-mail copies of the order Learned Counsels for information the IA(IBI No. 2lcBl2026 tog lcB 12o26 is is ALLOWED and 80. Certified copy of the orders, if applied supplied to the parties upon compliance with for with the Registry, be all requisite formalities. 5A Bdlntvanr Lai Mpplva 3d Vnsay Gopl MpilrspR (Juorcw) Mpnnspn (TecHuIcAL) This Order is signed on 28th Day of April 2o26 Page 52 of 52