30th June, 2025 Approval of Resolution Plan - Servel India Private Limited [I.A/2810/ND/2021 in CP IB-2728/ND/2019] (13.41 MB)

i=REE OF Cosr ~oP;j IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH-V I.A/2810/ND/2021 IN CP IB-2728/ND/2019 [Under Section 30 (6) read with Sections 31 and 60(5) of the Insolvency and Bankruptcy Code, 2016 also read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016} IN THE MATTER OF: OM LOGISTICS LIMITED ... APPLICANT/ FINANCIAL CREDITOR Versus SERVEL INDIA PRIVATE LIMITED AND IN THE MATTER OF I.A. 2810/ND/2021: Reetesh Kumar Agarwal Resolution Professional Servel India Private Limited Unit No. 531, Fifth Floor, Plot No. 8, S.G. Shopping Mall, Community Center, ... CORPORATE DEBTOR D.C. Chowk, Sector 9, Rohini, New Delhi, 110085 ... APPLICANT Order Delivered on: 03.06.2025 CORAM: SHRI MAHENDRA KHANDELWAL, HON'BLE MEMBER (JUDICIAL) SHRI SUBRATA KUMAR DASH, HON'BLE MEMBER (TECHNICAL) APPEARANCES: Fort e ARplicant I.A/2810 /ND /2021 IN CPIB-2728/ND/2019 Mr. l~eetesh Kumar Agarwal, RP with_ M_r_. ---'------ Prabhakar Kumar, PCS Page 1of30

ORDER PER: SUBRATA KUMAR DASH, MEMBER (TECHNICAL) t<t. ~.,;\The Present Application i.e., I.A/ 2810 /ND/ 2021 has been filed under Section 30(6) [!]~,.._.......,-a .. read with sections 31 and 60( 5) of the Insolvency and Bankruptcy Code, 2016 ('the Code') also read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations') on behalf of Mr. Reetesh Kumar Agarwal, Resolution Professional ('Applicant') of M/s Servel India Private Limited CCorporate Debtor'), seeking approval of the Resolution Plan submitted by M/ s Pooja Marbles ('Successful Resolution Applicant') and approved by the Committee of Creditor ('CoC') in its 12th meeting dated 04.06.2021 through e-voting on 19.06.2021. 2. FACTS AS AVER~ED BY THE APPLICANT IN I.A./2810/ND/2021 2.1. The Applicant submits that the Corporate Insolvency Resolution Process was initiated against M/s Servel India Private Limited ('Corporate Debtor') by this Adjudicating Authority vide order dated 08.06.2020 in C.P IB- 2728/ND /2019, an application filed by Om Logistics Limited under Section 7 of the Code and Mr. Reetesh Kumar Agarwal was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor. Mr. Reetesh Kumar Agarwal having IBBI registration no. IBBI/IPA-001/IP-P00878/2017- 2018/ 11475 was later appointed as Resolution Professional by the CoC in its ]st Meeting dated 09.07.2020 and the same was later sanctioned by this Adjudicating Authority vide order dated 18.09.2020. 2.2. In the meantime, the Applicant has issued a public notice on 11.06.2020 which was published in Business Standard in English & in Business Standard in Hindi - Delhi NCR edition. Pursuant to the same the Applicant received various claims from the Financial Creditors as well as Operational Creditors. The claims submitted by the Deposits Holders wa$ later co nsiaerea pursuant -to Oraer atea I.A/2810 /ND /2021 IN CPIB- 2728/ND/2019 Order Delivered on: 03 .06.2025 Page 2 of 30

29.01.2021 in the Company Appeal (AT) (Insolvency) No. 502 of 2020. The list of claims received by the Resolution Professional is extracted below: summarv of Claims• Servel liiilfa Pvt Ltd s.No. Type of cr.dttor Amount Claimed Amount admitted 1 Secured Financial Creditor 475,208,873 4 75,208,873 2 Unsecure.d Financial Creditor {other than relate·d party) 79,603,632 79,603,632 3 Unsecured Financial Creditor {related party) 44,084,095 44,084,095 3 Operational Creditor 87,063,753 65,053,054 4 Claimed Statutory Due.s 116,466,65 7 116,466,65 7 5 Contingent Liability towards Statutory Dues 7,933,315 6 Employees 48,129,825 24,677,823 7 Workers 6,082,.623 4,438,832 TOtal 856,639,458 817466,282 2.3. The Applicant called and convened 2nd CoC Meeting on 21.08.2020, the Applicant has apprised the appointments made by the Applicant as per the Code, 2016 for the assistance in the CIRP Process. The Applicant has appointed Mr. Prabhakar Kumar as for support and assistance during the CIRP Process, Statutory Auditor, Registered Valuer, Transaction Auditor, Company Secretary, accountants, advocates and legal professional, GST Consultants, labour law consultants or other professionals as and when required as per section 20(2) of the IBC, 2016. The Applicant also sought approval from the CoC Member pertaining to the shifting of the registered office of the Corporate Debtor from S 15, Okhla Phase-II, South Delhi, New Delhi 110020 to Rohini. The Applicant also shifted all the relevant records from the old registered office which is already in possession of (erstwhile Andhra Bank) Union Bank of India to operate the business of corporate debtor smooth as a going concern 2.4. The Applicant proceeded to publish Form-G for inviting Expression of Interest for submission of the Resolution Plans after the approval of the CoC in the 3rd Meeting held on 29.10.2020. Thereon, the FORM G was published on 14.11.2020 in the Business Standard (English) and Business Standard (Hindi). However, the CoC Members in its 4th Meeting suggested neeessary eha-nges-and-=extended-the-date of-i-nviting-ex-pression-of=rn-teresc I.A/2810 /ND/202 1 IN CPIB-2728/ND/2019 Page 3 of 30

by 15 days, thus, the FORM G was re-issued on 05.01.2021. 2.5. Pursuant to FORM G, the Applicant has received Expression of Interest from 10 PRAs. However, after verification, only Nine (9) EOI were found eligible and included in the final list of Prospective Resolution Applicant ("PRAs") issued on 27.01.2021. The last date for submission of Resolution Plans was 20.01.2021. Accordingly, the RFRP and Information Memorandum were shared with all the Resolution Applicants on 21. 02 .2021. 2.6. On Request raised by one of the Prospective Resolution Applicant Mr. Shobhit Sharma, the CoC in its 6th Meeting held on 26.02.2021 has extended the date for submission of resolution plan by 15 days i.e, on or before 19.03.2021. till the extended date, the Applicant has received only two resolution plans i.e., from M/ s Pooja Marbles ("Resolution Applicant No. 1 / RA 1 ") and Mr. Giriraj Prasad Gupta & Mrs. Kamla Gupta jointly ("Resolution Applicant No. 2/ RA 2"). 2.7. In the 7th Committee of Creditors (CoC) meeting held on 25.03.2021, the Resolution Professional presented the Resolution Plans submitted by two Prospective Resolution Applicants (PRAs) before the CoC members. Further, during the 8th CoC meeting on 08.04.2021, resolution applicants presented their resolution plans before the CoC and were advised by the CoC Members to increase the plan value and also to consider other factors affecting the resolution plan and also to submit the same by way of addendum within 4 days. 2.8. Further, due to Covid-19, the secured financial creditors were unable to process the evaluation of resolution plan and have also advised for making application seeking extension of CIRP enable them to consider the revised "'--------Rlan u on recei2t and further evaluation. Thus, as resolved in the 9th CoC . Meeting held on 26.04.2021, the Applicant Resolution Professional has I:A/2810/ND/2021 IN CPIB-2728/ND/2019 Page 4 of 30

sought extension of CIRP Period by 60 days beyond 330 days vide I.A. No. 2161 of 2021. However, this Adjudicating Authority vide its order dated 11.05.2021 allowed the exclusion of 16 days i.e., from 19.04.2021- 04.05.2021, resulting extension of 16 days beyond 330 days. 2.9. During the 10th Meeting of the CoC, the CoC has discussed with both the Resolution Applicants about the required amendments. Wherein, the RA 2 had briefed about the amendments made but it was told by the CoC Members to enhance their proposal. However, the RA 1 sought more time to submit their amendments which was granted by the CoC Members for 3 days. CoC again in 11th CoC Meeting held on 27.05.2021 advised the Resolution Applicants to enhance their proposal in 3 days. 2.10. The RA 2 further sought extension upto 01.06.2021 for submission of addendum, on which the Applicant has granted third and final extension for submission to both the Resolution Applicants. Despite that, the RA 2 again requested extension for 15 days, which was denied by the Applicant/RP in view of order dated 11.05.2021 of this Adjudicating Authority. However, in the 12th CoC Meeting held on 04.06.202 1, the Applicant has discussed the request made by the RA 2, but the said request was rejected by the CoC Members. Applicant also·intimated the RA 2 about the discrepancy and non-compliance with the RFRP, but no response was received from the RA 2 on the mail seeking clarification about the discrepancies and deviation in the Resolution Plan. 2.11. The CoC has discussed the financial bid received from both the Resolution Applicants in its 12th Meeting on 04.06.2021. The CoC further intimate the Resolution Applicants that the assets of the Corporate Debtor shall be available to the successful Resolution Applicant on 'as it as' and 'where it ------.is' basis-only: .-----""------------='-------~~---~---=--- I.A/2810 /ND /2021 IN CPIB-2728/ND/2019 Page 5 of 30

2.12. The Applicant/RP has received the updated Resolution Plan from the M/s Pooja Marbles along with the other documents and undertakings as per the RFRP, further, the Applicant put this plan for the voting. The RA 2 has submitted its Resolution Plan on 18.02.2021 without any amendments suggested by the CoC in their 11th Meeting. The Applicant proposed to put the aforesaid plan as received on 21.05.2021 and discussed on 27.05.2021. However, on objection raised by the Canara Bank and on discussion amongst the CoC Members that the plan does not meet the criteria specified in the RFRP, the plan submitted by the RA 2 was decided not to move for voting. 2.13. The Applicant put the Resolution proposed in the 12th Meeting fore-voting and on 19.06.2021, the Resolution Plan submitted by the M/ s Pooja Marbles was approved by the CoC with 85.65216%. The Applicant also stated that the present Application is filed well within the CIRP Period considering the Extensions of 90 and 60 days granted by this Adjudicating Authority vide order dated 22.01.2021 & 23.03.2021 respectively and Exclusion of 16 days vide order dated 11.05.2021, making effective date of expiry of CIRP as 22.06.2021._ 3. We have heard the submissions made by the Ld. Counsel for the Applicant and have carefully gone through the documents produced on record in conjunction with the averments tendered therein. 4. In view of Section 31 of the Code, this Adjudicating Authority before approving the Resolution Plan is required to examine whether the Resolution Plan which is approved by the CoC under Section 30 (4) of the Code meets the requirements as referred to under Section 30 (2) of the Code. Section 30 (2) is quoted below: - "(2) The resolution professional shall examine each Resolution Plan received by him to confirm that each Resolution Plan - I.A/2810/ND /2021 IN CPIB- 2728/ND/2019

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(a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the payment of other debts of the corporate debtor; (b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than- (i) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the Resolution Plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the Resolution Plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation 1. - For removal of doubts, it is hereby clarified that a distribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanation 2. - For the purpose of this clause, it is hereby declared that on and from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the provisions of this clause shall also apply to the corporate insolvency resolution process of a corporate debtor- (i) where a Resolution Plan has not be.en approved or rejected by the Adjudicating Authority; (ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or (iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a Resolution Plan,} {.s;}_J2_rovides J_or the anag£ll]._enL of-tll_e_afjair of-the__Carporate dehto .,.__ajter. ____ _ approval of the Resolution Plan; I.A/2810/ND /2021 IN CPIB-2728/ND/2019 Page 7 of 30

(d) The implementation and supervision of the Resolution Plan; (e) does not contravene any of the provisions of the law for the time being in force (j) conforms to such other requirements as may be specified by the Board. Explanation. - For the purposes of clause (e), if any approval of shareholders is required under the Companies Act, 2013 ( 18 of 2013) or any other law for the time being in force for the implementation of actions under the Resolution Plan, such approval shall be deemed to have been given and it shall not be a contravention of that Act or law.]" SCOPE OF JUDICIAL REVIEW ON COMMERCIAL WISDOM OF COMMITTEE OF CREDITORS IN RESPECT OF APPROVAL OF RESOLUTION PLAN 5. Hon'ble Supreme Court, in many judgments, has considered the scope of the judicial review by this Adjudicating Authority while considering the resolution plan which has been approved by the Committee of Creditors. 6. In so far as the approval of the resolution plan is concerned, this Adjudicating Authority is not sitting on an appeal against the decision of the Committee of Creditors and this Adjudicating Authority is duty bound to follow the judgment of the Hon'ble Supreme Court in the matter of K. Sashidhar v. Indian Overseas Bank (2019) 12 CC 150, wherein the scope and interference of the Adjudicating Authority in the process of the approval of the Resolution Plan is elaborated as follows: "35. Whereas, the discretion of the adjudicating authority (NCLT) is circumscribed by Section 31 limited to scrutiny of the resolution plan "as approved" by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the adjudicating authority can reject the resolution plan is in reference to matters specified in Section 30(2), when the resolution plan does not conform to the stated requirements. Reverting to Section 30(2), the enquiry to be done is in respect of whether the resolution plan provides : (i) the p_ayment- of. insolvency_ rnsolution p

O_:S__t in_ a sp~fi"" . """-------- manner in priority to the repayment of other debts of the corporate I.A/2810/ND/2021 IN CPIB- 2728/ND/2019 Order Delivered on: 03.06 .202 5 Page 8 of 30

debtor, (ii) the repayment of the debts of operational creditors in prescribed manner, (iii) the management of the affairs of the corporate debtor, (iv) the implementation and supervision of the resolution plan, (v) does not contravene any of the provisions of the law for the time being in force, (vi) conforms to such other requirements as may be specified by the Board. The Board referred to is established under Section 188 of the I&B Code. The powers and functions of the Board have been delineated in Section 196 of the I&B Code. None of the specified functions of the Board, directly or indirectly, pertain to regulating the manner in which the financial creditors ought to or ought not to exercise their commercial wisdom during the voting on the resolution plan under Section 30(4) of the I&B Code. The subjective satisfaction of the financial creditors at the time of voting is bound to be a mixed baggage of variety of factors . To wit, the feasibility and viability of the proposed resolution plan and including their perceptions about the general capability of the resolution applicant to translate the projected plan into a reality. The resolution applicant may have given projections backed by normative data but still in the opinion of the dissenting financial creditors, it would not be free from being speculative. These aspects are completely within the domain of the financial creditors who are called upon to vote on the resolution plan under Section 30(4) of the I&B Code." 7. Further, the Hon'ble Supreme Court of India m the matter of Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta & Ors., Civil Appeal No. 8766-67 of 2019, vide its judgment dated 15.11.2019 has observed as follows: "38. This Regulation fleshes out Section 30(4) of the Code, making it clear that ultimately it is the commercial wisdom of the Committee of Creditors which operates to approve what is deemed by a majority of such creditors to be the best resolution p lan, which is finally accepted after negotiation of its terms by such Committee with prospective resolution applicants." 8 . Further, the Honble Supreme Court in the matter of Jaypee Kensington Boulevard Apartments Welfare Association v. NBCC (India) Limited, (2022) 1 sec 401 has held as under: I.A/2810 /ND/2021 IN CPIB- 2728/ND/2019 Page 9 of 30

"107.1. Such limitations on judicial review have been duly underscored by this Court in the decisions above-referred, where it has been laid down in explicit terms that the powers of the Adjudicating Authority dealing with the resolution plan. do not extend to examine the correctness or otherwise of the commercial wisdom exercised by the CoC. The limited judicial review available to adjudicating authority lies within the four corners of Section 30(2) of the Code, which would essentially be to examine that the resolution plan does not contravene any of the provisions of law." (emphasis supplied) The above view of the Hon 'ble Supreme Court in Jaypee Kensington Boulevard Apartments Welfare Association v NBCC {India) Limited (Supra) is reaffirmed by the Hon'ble Supreme Court in its recent decision dated 21.11.2023 in the case of Ramkrishna Forgings Limited Vs Ravindra Loonkar, Resolution Professional of ACIL Limited & Anr., 2022 SCC OnLine SC 2142. 9. Additionally, Hon'ble Supreme Court, in their judgment dated 01.04.2024 passed in Piramal Capital and Housing Finance Limited (Formerly known as Dewan Housing Finance Corporation Limited) Vs 63 Moons Technologies Limited & Ors., Civil Appeal Nos. 1632-1634 Of 2022 has examined the issue of scope of Judicial Review in the matter of approval of Resolution Plan. After analysing all the aforementioned judgments and other judgments, Hon'ble Supreme Court has stated as under: "42. In view of the above legal position settled by this Court in the fleet of judgments, it is no more res integra that the legislature has given paramount importance to the "commercial wisdom" of CoC, and that the scope of the judicial review by the Adjudicating Authority (NCLT) is limited to the extent provided under Section 31, and that of the Appellate Authority (NCLAT) is limited to the extent provided under sub-section (3) of Section 61 of the IB Code ... I.A/2810/ND /2021 IN CPIB-2728/ND/2019 Page 10 of 30

43. While considering the feasibility and viability of the Prospective Resolution Plans, the CoC can always suggest a modification therein and exercise its commercial wisdom. However, once the RP is approved by the requisite majority of CoC, and when such RP is placed before the Adjudicating Authority for its approval under Section 31, the Adjudicating Authority has to only see whether such RP as approved by the CoC meets the requirements as referred to in Section 30(2). It is only where the Adjudicating Authority is satisfied that the RP does not confirm to the requirements of sub-section (1) of Section 31, it may by an order reject the RP. It is true that the NCLT has to decide all the questions on law or fact arising out of or in relation to the insolvency resolution or liquidation under the residuary jurisdiction vested in NCLT under Section 60(5), however as held in Essar Steel (supra), such residual jurisdiction does not in any manner impact Section 30(2) of the Code, which circumscribes the jurisdiction of the Adjudicating Authority, when it comes to the confirmation of RP, as has been mandated by Section 31(1) of the Code."
44. Thus, from the judgments cited supra, it is amply clear that only limited judicial review is available to the Adjudicating Authority under Section 30(2) read with Section 31 of the Code, 2016 and this Adjudicating Authority cannot venture into the commercial aspects of the decisions taken by the committee of the creditors.
45. In light of the abovementioned law laid down by the Hon 'ble Supreme Court, we now examine the resolution plan proposed in the instant application.
46. The salient features of the resolution plan submitted by M/ s Pooja Marbles (hereinafter referred to as 'SRA/ Successful Resolution Applicant') and approved by the Committee of Creditor ('CoC') in its 12th meeting held on 19.06.2021, are as follows: 12.1 . The Composition of the CoC at the time of approval of Resolution Plan is as follows : I.A/2810 /ND/2021 IN CPIB- 2728/ND/ 2019 Order Delivered on: 03.06. 2 025 · Page 11 of 30

S.No. l. 2. 3 . Nam.e of the Financial Creditor Canara Bank Union Bank of India Unsecured Financial Creditors - Depositors Am.ount .Amount Claimed Admitted Rs. Rs. 37 ,25,43 ,61 37, 25,43 ,61 9/- 9 /- Rs . Rs. 10,26,65,25 10 ,26,65 ,25 4/- 4/- Rs . Rs . 7 ,96,03,632 7 ,96,03,632 / - I- Percent~ge of Voting Share 67. 15'% 18. 15'% Voting for Resolution Plan (Voted for/ Dissented I Abstained) Voted in favor of Pla n Voted in favoF of Pla n Vot ed against Plan However, The Composition of the CoC is changed and re-constituted upon ·reduction of claim of Union Bank of India. The issue of re-constitution of the CoC is also placed before the CoC Members and in terms of order dated 28.01.2025, this Adjudicating authority vide I.A. No. 3184 of 2024 has taken on record such re-constitution. The Composition of CoC pursuant to such re-constitution is as below: S.No. 1. 2. 3. Na:m.·e of t.he Financial Creditor C anara Bank Union Bank of India Un.secured Fina ncial Creditors - Depositors Amount Amount Claimed Admitted Rs. Rs. 37,25,43,6 37,2.5,43 ,6 1 19/- 9/ - Rs. Rs. 3 ,58 ,09,57 3 ,5 8,09,57( 0/- / - .Rs . Rs. 7,96,03,63 7 ,96,03,632 2/- I- Percentage ofVoti~g Share 7 6 .35% 7.34~/r, 1 6 .3 1 •:y,, Voting for Resolution Plan (Voted for/ Dissented I Abstained) Voted in fa vor of Plan Voted in favor of Plan Vot.ed against Plan 12.2. The Applicant has appointed Six Registered Valuers for different class of assets. The average fair and the liquidation value of the Corporate Debtor calculated on the basis of valuation reports submitted by the respective I.A/2810 /ND/2021 IN CPIB-2728/ND/2019 Page 12 of 30

valuers IS IF ACR rvt!A.R.KET 'V AJLU E S 'I . ., N o . As:s:etts . Typ.e 1 L and & . Elu iildin,g :2. P·la,nt .& l.'1.ac:hirie 1r~• 3 $1FA. -.Stoc.k .2..-1d Eioo1k. iDl.:J!bt: ·41 .SIFA Oil:h•E! I" tt:ha ·1 $ &. BO T OT.A L iFM ! V A LUE lU Q IU'l lCltATlON 'VAILUE 1 u 211nd & Bui lding. .2 P la ,rtt & 1'>w•i .act11i '!?It''.,.. .3 •O'tho!'?<I" A.Ssets - SiFA. T OT.AL LI Q _ "VAILU E stated 2 ·•:Ill '7, '7 ().4 , ,A::'>· 3 '.IL .2 .B -... 36::J..h,8 ... 33 1 ·~'ll,4 .1 . 7 ,:£5,Jl 3 2~608,. 7:19 1.9 3 . :2 50 ·'°'°° .2 1~4. 26,058 .5,522,.7 1 6 below: 12.3. The SRA has proposed Rs. 24,55,85,963 / - for Resolution of the Corporate Debtor. The Resolution Applicant further demonstrates that in terms of Section 30(2){b), the amount offered in the Resolution Plan to the Operational Creditor is higher than the amount they may have received in the Liquidation proceedings of the Corporate Debtor. The aforesaid Resolution Plan also provides that the amount payable to the Operational Creditors shall be paid in priority over the Financial Creditors. 12.4. Pursuant to Issuance of FORM G, there are Eight PRAs, However, the Resolution Plan submitted by the M/s Pooja Marbles was put for voting. M/s Pooja Marbles is a Partnership Firm with two-partners formed in the year 1993 and having its registered address at D-3 / 3469, Vasant Kunj, New Delhi

12.5. The Applicant Resolution Professional states that the Corporate Debtor is a going concern within the meaning of Section 5 (26) of the Code, 2016 and the Resolution Plan so approved by the CoC maintains the Corporate Debtor as a going concern. 12.6. In compliance with the order dated 08.12.2023, the Resolution Plan has undergone revision only once which has been placed on record through LA No .. 4&139-of 2024. Subsequen i:-to-.r:ev:is.ion GLthe-Resolution Plan, the Amoun proposed by the Resolution Applicant will become Rs. 24,55,85,963 / -. I.A/ 28 10/ND/202 l IN CPIB-2728/ND/ 201 9 Page 13 of 30

Further, the Resolution Applicant has also submitted revised annexure to the Resolution Plan as amended in compliance of order dated 08.12.2023 pertaining to admission of claim of EPFO. 12.7. In compliance of order dated 15.05.2025, the Applicant Resolution Professional has filed Fresh FORM-H dated 19.05.2025 vide its affidavit dated 24.05.2025. 12.8. The Resolution Applicant provides for a total corpus of Rs.24,55,85,963 / - plus actuals for the resolution of Corporate Debtor. The said payout consisted of payment of CIRP Cost, payment to Secured Financial Creditors, Unsecured Financial Creditors, Workmen & Employees, Operational Creditors and The Statutory Dues. The RA proposed Rs.22,00,00,000 / - for the admitted claim of Rs.40,83,53, 189 / - to the secured financial Creditor and Rs.2,00,000 / -for the admitted claim of Rs. 7,96,03,632 / - for unsecured financial Creditor, for Operational Creditors RA proposed Rs. 5,00,000 / - for admitted claim of Rs . 6,75,01,326/ - and Rs . 1,44,09,806/- for admitted claim of Rs. 2,91,16,655/- of Workmen and Employees, out of which the RA ' proposed Rs.1,04,76,157 / -for the admitted claim of Rs.13,23,58,237 / -for the government dues. Details of the realisable amount as summarised in FORM-H dated 19.05.2025, is as under: I.A/2810 /ND /2021 IN CPIB-2728/ND/2019 Page 14 of 30

SI. Stakeholder No Type 1 Secured Financial Creditm·s (a) Creditors not having a right to vote under sub~ section (2) of section 21 (b) Other than (a) above: {Amow1t in Rs,) Amo11nt( s) Amount Claimed NIL Amount ndmitted Nil RealisaMe amount under the phm -6 Nil Amount realizable in plan to anrnunt daimed (%) ,.,

• { NIL Payment Schedule Upfront amount oCRs. (i) who did not NIL NIL NIL NIL 5.50i00l000/- vote in favour will be paid within 30 of the resolution days of the order and Rs. Phm l-------+-----1---------+----+-------' 16,50,00,000/~ (ii) who voted 40~83,5JJ89 40,83i53, 189 53.87% will be paid in . in favour of 22.,00,00,000

1 · ·equa the resolution instalLment l.Jian within 9 months from !he date of ---- 1--1------1------1-----1----- ----1-iari'.leF LA/2810/ ND/2021 IN CPIB-2728/ ND/ 2019 Page 15 of 30

[!] ...... 2 T1])tll1Uft) ,~'b)I U111Si'tetn-ed l;-IJ1i:tnci:!•l Creditors ti!!)t hmvi:u:g •ll rtghn to votie under sub~ sea::t.'ian ,:2) of se.'l:nion .21 fb) 0£het' tb1!!r'i (11!) above: (t) wfao did not t,61,85,,752 t,<:iJ,85,752 vote in favou11 <:tf 1he 1:ewh1r1<:tu Plan (ii} who vuted rtli fovout 1} f tBte ruSioliut£.m! ptian aJD:;421u fro:ri:1 'Oting TohdH11) (blJ :3 Opemdietrud cr,ed.itors: Party of Corpcrtare Debtor {b) Otbet d1:flin {a) above: (i)tJovieirmnent R 3,23.58..237 U3,2J.5;8.237 {Adtttitq,ed rm::lLL<ltng conn i1\g,er1t taab!!itiies) (} cu:s1i.11:i P':afol :vathtn 10 days ftr:Jirtt tthe date of mder. 7. 92 1 ~><;1 P<1id vvithhn 30 days from £he date <>f order. , __ l_,J ... :u..,.'1 ..... ·~---fJ= 'tt='k=ttl= ' .ert ='.· '=-' - 1--=u...(L=-8=2=· .,UL =' ?=J'- ·· ·1--_4.=] ___ · ...8 = .L=-9-..l .4 . 1--=..ll=-...)t..• L""'·-="49 """·'- ·· -l--"5'--,4'-"_94 '-.. -"-'-- ". %1 Paid \Jci.th.ltra.JJL I.A/2810/ND/202 1 IN CPIB-2728/ND/2019 Order Delivered on: 03.06. 2 025 day:; frurn til'.le daJe uf otdit:~r. Page 16 of 30

(lv)Odter :S,.70.'63.753 6.7 5JJ L.326 5JJ(IJJO(} 011etatio.itillti Cred.lto:ts Goods .and S e:r.viict.~ iii~ day to d.a~l busines:S: Tonm.tt (a) (b}) -f· 80.56 ,7'5,J 54 76. LO. ~7. 1.3 4 24.55,:85.963 13. COMPLIANCES WITH THE PROVISIONS OF THE CODE: 13.00''l-0 Paid within 30 d0ys from n:be dare of ot<l.er. 0.57'~·'.li Paid •.vithin 30 da;»s fro1;:1 th.::· diiitte of OJ\Cler. 30.48o/n 13.1. That the final Resolution Plan and its addendum submitted by M/ s Pooja Marbles meets the requirements of Section 30(2) of the Code as under: - Section 30(2)(a) 30(2)(b) I.A/ 2810/ND/202 l Provisions under Section 30(2) of the Compliance as per the Code Resolution Plan (paras, pg. no. etc.) provides for the payment of insolvency YES resolution process costs in a manner PART III, Clause 4 at specified by the Board in priority to the Page No. 26 payment of other debts of the corporate debtor; provides for the payment of debts of YES operational creditors in such manner as PART II, Clause 2 at may be specified by the Board which Page No. 22 shall not be less than- (i) PART III, Clause 5 at the amount to be paid to such Page No. 27 creditors m the event of a Page 17 of 30 IN CPIB-2728/ND/ 2019 .Order Delivered on: 03 .06.2025

30(2)(c) 30(2)(d) 30(2)(e) 30(2)(e) I.A/2810/ND/202 l liquidation of the corporate debtor under section 53; or (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the resolution plan had been distributed ID accordance with the order of priority in sub-section ( 1) of section 53 provides for the payment to the YES Financial Creditors who did not vote in PART II, Clause 3 at favour of the resolution plan Page No. 22 provides for the management of the YES affairs of the Corporate Debtor after PART II, Clause 5.1 at approval of the resolution plan; Page No. 22-24 the implementation and supervision of YES the resolution plan; PART II, Clause 4 at Page No. 22, Clause 5.2 at 24 PART I, Clause 11 at Page No. 19 does not contravene any of the YES provisions of the law for the time being PART II, Clause 7 at in force Page No. 25 Page 18 of 30 IN CPIB-2728/ND/2019

13.2. Mandatory Contents as specified under Regulations of IBBI CIRP Regulations 2016 are as under: - Regulation 38(1) 38(1A) 38(1B) 38(2)(a) 38(2)(b) I.A/2810 /ND /2021 IN CPIB-2728/ND/2019 Provisions under Regulations of IBBI Regulations 2016. said CIRP Compliance as per the Resolution Plan (paras, pg. no. etc.) Whether the amount due to the YES operational creditors under the PART II, Clause 2 at resolution plan has been given priority in payment over financial Page No. 22 creditors A resolution plan shall include a statement as to how it has dealt with the interests of all stakeholders, including financial creditors and operational creditors, of the corporate debtor. YES PART II, Clause 6 at Page No. 24 A resolution plan shall include a YES statement giving details if the PART 10 at II, Clause resolution applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any other resolution plan approved by the Adjudicating Authority at any time in the past. Page No. 25 A resolution plan shall provide the YES term of the plan and its PART II, Clause 4 at implementation schedule; Page No. 22, Clause 5.2 at 24 PART I, Clause 11 at Page No. 19 A resolution plan shall provide the YE_S __ management and control of the Page 19 of 30

38(2)(c) 38(2)(d) 38(3)(a) 38(3)(b) 38(3)(c) 38(3)(d) business of the corporate debtor PART II, Clause 5.1 at during its term; and Page No. 22-24 A resolution plan shall provide YES · adequate means for supervising its PART II, Clause 5.2 at im plemen ta ti on 24 provides for the manner in which Two Applications filed proceedings in respect of avoidance transactions, if any, under Chapter III or fraudulent or wrongful trading under Chapter VI of Part II of the Code, will be pursued after the under Section 43. Ref. Clause 13.26 at Page No . 34 and Clause approval of the resolution plan and 2.13 at Page No. 65. the manner in which the proceeds, if any, from such proceedings shall be distributed. A resolution plan shall demonstrate YES that- it addresses the cause of default; PART II, Clause 11.1 at Page No. 25 A resolution plan shall demonstrate YES that- it is feasible and viable; PART II, Clause 11.2 at Page No. 25 A resolution plan shall demonstrate YES that- PART II, Clause 11.3 at it has provisions for its effective implementation; Page No. 25 A resolution plan shall demonstrate YES that- PART I, Clause 11 at it has provisions for approvals Page No. 19-20 required and the timeline for the ---''------1-------1- game;- and------------1·---- I.A/2810 /ND /2021 IN CPIB- 2728/ND/ 2019 Page 20 of 30

38(3)(e) 39(4) A resolution plan shall demonstrate YES that- PART I, Clause 5, 6.1, The resolution applicant has the 6.2,6.3 and 6.4 at Page capability to implement the No. l l-l6 resolution plan. The details for Performance Security received, as referred to sub- regulation (4A) of Regulation 36B YES · Performance Bank Guarantee of Rs. 2.00 Cr. issued by the IDFC Bank 1s attached at Page No. 509. 13.3. The Applicant stated that the Resolution Applicant is not a promoter or in the management qr control of the Corporate Debtor or a related party of such a person. Thus, the SRA is eligible to avail relief under Section 32A of the Code, 2016. 13.4. The Applicant along with the present application has attached a copy of affidavit under Section 29A of the Insolvency and Bankruptcy Code, 2016 as Annexure A20. 13.5. The Resolution Applicant undertake vide its additional affidavit dated 24.05.2025 that the provident and gratuity payments of workmen and employees in terms of Section 36(4)(b)(iii) and payment of dues of workmen for a period of 24 months as per Section 53(1)(b) r/w Section 30(2)(b), will be paid over and above the provisions of Resolution Plan in compliance of order of the Hon'ble NCLAT in the Case of M/s Jet Airways India Ltd.; upheld by the Hon'ble Supreme Court in Civil Appeal No 407 of 2023 with Civil Appeal Nos 465-469 of 2023. I.A/2810/ND/202 l IN CPIB-2728/ND/2019 Page 21of30

14. IMPLEMENTATION OF PLAN The Resolution Applicant categorically states that for the resolution of the Corporate Debtor, the Resolution Applicant will infuse funds from its own sources. The Net-worth Certificate of the Resolution Applicant is also placed on record as Anne:xure-3 to the affidavit filed in compliance of order dated 29.04.2025. 14.2. The Details of the Implementation Schedule as per the Compliance Certificate, FORM-H lS extracted below: SI N \·l- . • o. Particuta rs Desctiptio n

Amount of Perfonnance Guarantee furnished by Performance Bank SRA. (in Rs.) and its validity (atttac.h document) Guarnnte'e by \vay ol Bank Gua.nmtee issued by IDFC First Bank Limited 2. Source of funds (in brieO I.A/2810/ND /202 1 IN CPIB- 2728/ND/2019 duly a1nended on 3IJ2.2024 of Rs. 2 ,00 ~00~000/~ (Rupees Two Crom Only with date of ex pirv of 3f106 .2025. SRA cmnmilted to infose own fund as per para 6J,2 of Resolution Plan (page no. 447 of Volume 3 of application) To ensure the committed fandi SRA has suhn1itted its net worth certificate ol Rs. 7 l .91 Crores~ which has been enclosed as A.nnexu:re 3 of the Page 22 of 30

CctpitaJ re:i.trm:t!lJiri 1:ig .and !i'WJldf!.•Citlt."nt or CD post approval of r.es:olurtioa1 plan (.i1r.11 brief 1 lll cl ,.1d ~ng s:harel1.i-.ldiug, IH"O\tU'.lrS;ed lt!J 'b ;c trar1:S-fe rrcd i n ~·av·mrur oil:" SUA) Cornplta1:K-e aflfi£lavit filed on 14Jlt5.2J)25 vide diary tl:O. 07 l OW2:042:44?02l Po:n app1tovaJ o~ Resoin1tfon Phut, 1 01'.~% s.hareholt1ikng n.o be lrfttL-SJ'e.ti:.Cd ht tfi't e :t'Lit:Ei'.1.C of SRA •:atoag with it ~• norttli[llees:i O ther prov:is.iorL':> dea[t aij S.dtedule 2 (Trnif.Jlct1nentatior11 of Ph1:n) 111 lKL 4 77 to 480, '()~LUirie -3 -Df die apphc0_fo:m. Specifrc.r1H!• ' ~t'.lerttfone.d at iP.nira ! <lrnJ 3 of the conflrmatioo obtann<.xt frortt'I SRA has be..: rt enclosed aS; pe1 }\ ;nnexure 2 of [BJe Con:i~".llianee .FiHng d.011c on E 4UD5.2U25 vide daary [}(). 071 ()102041442021. S .1t.'1C i:ficall;:r· dealt u.L P'rura 4 4. l, 4.2 & 4.3 uf &cJJeduJc 2: [rn;plen·u:·;i,tat•oo IP1rm··isions of Rcs;vh~ti or IP Jan. al pa~e no. 4 79 cd v-0lrn:m:: 3 of [A 28 11Jt2021 De11d.t mt fHlirfl [~o. :5.1.] ( P.arn -ll of Re:sl1ihJboti iPbLn) at 11age ,10. 457 of volume J of Resoh;ition Pd~·tn arrptlc.aliun. beioig reprodtrct~d as belo•iv: A CO!fliji tilltiee ('' M:i::mitortni_g C""- "" ···r-"'') Att• .13].~h ~t_~ coml>ds~ng of (a) (om::) R eso3uti_i.'.\ti Prtofes.s·ifnttl!l ~: lb) I { o ri,e·) desilgnated rep:resenti!!tvive of IC>tt<l .rs .( Leflder' s . Rq:Jr.esie-11tativi::' ) imnd --------"----1--F~e-}-;- f ilt1H::t:;} tlle~~~i:mted--- 1---- LA/2810/ND/202 1 IN CP IB~ 2728 /ND/ 2 01 9 Order Delivered on: 03 .06 .2025 Page 23 of 30

Etliecc.1.ve dat e ii:nple:m ent ation 1tepn'.~e t1cM·vuv e of Resohihon1 A ppEcm1t-s ( ea ~ hi an "'"R.A" .il!Hd U01l!dhe1- RA J'tt."'j'.n~~sentiM. i v e} .shat! l'r<>e- co;n~(:i tl!Eal \vitthi:r:i 3 days ()f ~he NCLT rJ'r• t.~.- ·nirtd «:hal"I h :1 .,,,., ~l:ie p.ower of (he B •(J<illitd of D irecror--s .of th~ Coni'.tparl) • VC$t ed in ut. TJ1e C l:rairman of th·e n:io!litQ1'ln g. Co11rut1.it1.ei.:: ~.l'.Ullil he R./\ ltt'.j.lrt~se-rttntL v e .. fo oo.diti.on t.:.-\ SIR:A has su bn.1iitte d. cou:fir.m oLi•D:n fou:cr ·t'onfrnnniai£i it aij Plliril n c) . 2 o::o:f' d~ e ns. e n.dosed. as I ·-r Ann.cxure 2 of the Cornp liam:.e Fiihng do ne ow1 14 .iJS.2025- v idt· d 1::ir::,.· n .<.) 07 c 0 U (~2C>424420'.!'. I p l.an Effocnive date i:s the dwt;e o:n xv hi ch H.es0h.1;t iicHh Pfrm 1.s aa'.lf''I'C!·Veid hy Hrn1'hle NCLT. as p1.::il"' defmlt:i:ortt clau:;,·e mt pag~ a'.!<:_ 4 7 1 of vohune J _ 15. The Applicant Resolution Professional has informed the SRA about the Claim submitted by the EPFO calculated in terms of Section 7, 7A, 7Q and 14B of the Employees Provident Fund & Miscellaneous Provisions Act, 1952. The SRA vide its affidavit dated 28.12.2023 undertaken to make payments under Section 7A and 7Q of the EPF Act and also reserved its right to approach competent authority as the said claim was adjudicated during the moratorium period. Pertaining to Section 14B, the SRA sought for 100% waiver as per Hon'ble NCLAT judgment in the matter of Regional Provident Fund Commissioner, Vatwa vs. Manish Kumar Bhagat & Anr. bearing Company Appeal (AT) (Ins.) No. 808 of 2022. In this connection, we are of the view that determination of liability under the Employees Provident Fund & Miscellaneous Provisions Act, 1952 stands outside the remit of the BC, 2016 and the S I.A/2810/ND/2021 IN CPIB-2728/ND/2019 Order Delivered on: 03 .06.20 2 5 ·s_aLl~- y_ Page 24 of 30

laid down under the EPF Act in case of any dispute regarding payment towards liability under section 7, 7 A, 7 Q and 14 B of the said act. On perusal of documents provided with the Application and the facts asserted by the Resolution Professional, it is noted that the Resolution Plan approved by the Committee of Creditors (CoC) with a 85.65216% majority_ vote as submitted by M/s Pooja Marbles. Specifically, the Liquidation Value of the Corporate Debtor (CD) stands at Rs.22,01,98,774 .00/-, while the Resolution Plan amounts to Rs.24,55,85, 963 /-.The CoC, exercising its commercial wisdom, approved the plan after considering all relevant facts and circumstances of the case. 17. The Hon'ble Supreme Court in the matter of State Bank of India and Ors. v. Consortium of Murari Lal Jalan and Mr. Florian Fritsch and Anr., Civil Appeal No. 5023-5024/2024, opined that the timely implementation of the Resolution Plan is crucial to achieve the IBC's objective of protecting assets dissipation and interest of stakeholders. In Compliance of the same, The Applicant Resolution Professional vide its affidavit dated 24.05.2024, categorically mentioned the steps to be taken by the SRA for timely implementation of Resolution Plan and the same has been reproduced as below: "a. Constitution of Monitoring Committee within 3-days from the receipt of order of the NCLT approving the resolution plan. b. Change in the management and directorship including shareholding to the new management and reporting thereof with RoC within 30- days from the date of plan approval order of NCLT. c. Settlement of claims as proposed in the Plan shall be made within the proposed timelines under the plan. d. Electricity load extension for proposed expansion. e. Machines overhauling and required repair & maintenance shall be completed within three month time. f All licenses, registration shall be renewed within a period of six months.

g. New technical staff will be recruited within a period of 3 to 6 months. 
I.A/2810/ND/202 l 
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h. Production shall be full-fledged within 3 months. · 
i. Communication to customers and vendors within one month." 
. The Resolution Applicant sought relief from the Income Tax Department on the 
issue of carry forward of accumulated tax losses incurred by the Corporate Debtor 
vide I.A. No. 4056/ND/2022. In terms of Kerala State GST Department v 
National Company Law Tribunal & Anr., W.P.(C) No.: 39185 of 2022, this 
adjudicating authority vide its order dated 23.05.2025 has observed that it has no 
power or authority under the Code, 2016 to decide on legality of any assessment 
order passed by the Income Tax Department. Thus, any issue of carrying forward 
of losses will have to be decided by the Income Tax Authorities only in terms of 
provisions of the Income Tax Act, 1961. For any relief regarding the quantum of 
losses to be carried forward under the relevant provisions of the Income Tax Act, 
1961, SRA is at liberty to approach Income Tax Authorities on approval of the 
Resolution Plan. 
19. The Applicant has prayed for a number of waivers, reliefs and concessions in the 
Resolution Plan as mentioned in Part I, Clause 6.5, Page 16-18 of the Resolution 
Plan. As to the relief and concessions sought in the resolution plan, by taking into 
consideration the decision of the Hon'ble Supreme Court in the matter of Embassy 
Property Development Private Limited v. State of Karnataka & Ors. in Civil 
Appeal No. 9170 of 2019, we direct the Successful Resolution Applicant to file 
necessary application before the necessary forum/ authority in order to avail the 
necessary relief and concessions, in accordance with respective laws. The relevant 
part of the judgement is reproduced herein below: 
"39. Another important aspect is that under Section 25 (2) (b) of IBC, 
2016, the resolution professional is obliged to represent and act on 
behalf of the corporate debtor with third parties and exercise rights 
for the benefit of the corporate debtor in judicial, quasi-judicial and 
arbitration proceedings. Section 25(1) and 25(2)(b) reads as follows: 
"25. D uties oJ resolution projesshnal-=-
--------
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( 1) It shall be the duty of the resolution professional to preserve 
and protect the assets of the corporate debtor, including the 
continued business operations of the corporate debtor. 
(2) For the purposes of sub-section (1), the resolution professional 
shall undertake the following actions: 
(a) .......... . .. 
(b) represent and act on behalf of the corporate debtor with 
third parties, exercise rights for the benefit of the corporate 
debtor 
m 
judicial, quasi-judicial and arbitration 
proceedings." 
This shows that wherever the corporate debtor has to exercise 
rights in judicial, quasi-judicial proceedings, the resolution 
professional cannot short-circuit the same and bring a claim 
before NCLT taking advantage of Section 60(5). 
40. Therefore in the light of the statutory scheme as culled out from 
various provisions of the !BC, 2016 it is clear that wherever the 
corporate debtor has to exercise a right that falls outside the purview 
of the I.BC, 2016 especially in the realm of the 
public 
law, they 
cannot, through the resolution professional, take a bypass and 
go before NCLT for the enforcement of such a right." 
In the light of the decision of the Hon 'ble Supreme Court in the Embassy Property 
Development Private Limited (Supra), as to the relief and concessions sought 
in Clause 6.5 of the Resolution Plan, it is clarified that this Adjudicating Authority 
is not inclined towards granting any such relief prayed for except for what is 
provided in the Code itself. However, the Successful Resolution Applicant may 
approach and file the necessary application before the necessary forum / authority 
in order to avail the necessary relief and concessions, in accordance with 
respective laws. 
20. In view of the Final Resolution Plan and its addendum submitted by the Successful 
Resolution Applicant along with the mandatory compliances filed by the Applicant 
herein, we are of the view that the mandatory requirements as laid down under 
Section 30(2) of the Code are complied with. 
I.A/2810/ND /2021 
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Order Delivered on: 03 .06. 2025 
Page 27 of 30

21. In respect of compliance regarding Regulation 39(4) of the CIRP Regulations, the 
Applicant has filed a fresh compliance certificate in Form-H annexed as Annexure 
-3 at Page 29-46 of the affidavit dated 24.05.2025, certifying that the Resolution 
Plan submitted by the Successful Resolution Applicant meets the requirements as 
laid down in various sections of the Code and the CIRP Regulations and there are 
sufficient provisions in the Plan for its effective implementation as required under 
the Code. Further, an affidavit has been obtained from the Successful Resolution 
Applicant stating that he is eligible under the provisions of Section 29A of the 
Code, 2016. 
22. In view of the above discussion, this Adjudicating Authority is satisfied that the 
Resolution Plan as filed and explained by the SRA meets the requirement of 
Section 30(2) of IBC. 
23. In the Resolution Plan, it is mentioned that the powers concerning the control of 
the Corporate Debtor vests with the Resolution Professional which will be then 
transferred to the alleged new Board of Directors comprising of Mr. Prakash 
Chandra Rathi and Mr. Manju Rathi once the said Resolution Plan is approved by 
this Adjudicating Authority. Thereafter, the Resolution Applicant shall be in 
control and management of affairs of the Corporate Debtor. 
24. Further, the correct implementation of the said Resolution Plan shall be performed 
by the Monitoring Committee from the date the said Resolution Plan gets 
approved. Pursuant to the aforementioned approval, the Monitoring Committee 
shall comprise of Resolution Professional, one designated representative of the 
lenders and three designated representative of the Resolution Applicant and the 
said Committee shall be formed within three days from the communication of the 
order approving the said Resolution Plan. 
25. The Monitoring Committee shall oversee the implementation of the Resolution Plan. 
It shall assist to maintain Corporate Debtor as a going concern with business in 
ood health, in trust, · 
the.rance_ o sale- of- th 
Cor-poratg 
€BtEH·- te- f'l1P-----
Resolution Applicant and no other Person or stakeholder. 
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i=REE OF COST C~PY I 
and properties of the corporate debtor to the Successful 
l!l ensure a smooth implementation of the resolution plan. 
eso u 10n 
pp 1cant to 
The approved Resolution Plan shall become effective from the date of passing of 
this order. The Approved Resolution Plan shall be a part of this order, subject to 
our observations regarding concessions, reliefs and waivers sought therein. 
32. The Monitoring Committee is directed to file the monthly status report with regard 
to the implementation of the approved plan before this Adjudicating Authority. 
In view of the above, the I.A./2810/ND/2021 stands approved in terms of the 
aforesaid discussion and is accordingly disposed of. 
Let the copy of the order be served to the parties. 
Sd/-
(SUBRATA KUMAR DASH) 
MEMBER (TECHNICAL) 
I.A/2810/ND /2021 
IN 
CPIB-2728/ND/2019 
Order. Delivered on: 03.06.2025 
Sd/-
(MAHENDRA KHANDELWAL) 
MEMBER (JUDICIAL) 
~a...~ 
~ oP'' 
.. 
~ ~~;.~ -u:>"W 
Deputy Registrar 
National C-0mpany Law Tribunal 
COO Complex. New Delhl-110003 
Page 30 of 30