08th April, 2026 Approval of Resolution Plan - Pushp Ratna Realty Private Limited [IA(Plan)/3(MP)2025 in CP(IB)/26(MP)2024] (1.51 MB)
In force — no superseding record on file.
PRONOUNCEMENT OF ORDER Delivered on 09/03/2026
The case is fixed for pronouncement of the order.
The order is pronounced in open Court vide separate sheet.
Sd/- Sd/-
MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI
MEMBER (TECHNICAL) MEMBER(JUDICIAL)
Chandni-LRA
NATIONAL COMPANY LAW TRIBUNAL
INDORE BENCH
COURT NO. 1
ITEM No.202
IA(Plan)/3(MP)2025
in
CP(IB)/26(MP)2024
Order under Section 30(6)
IN THE MATTER OF:
Mr.Hasti Mal Kachhara RP
........Applicant
Coram: Hon’ble Shri Brajendra Mani Tripathi, Member (J) Hon’ble Shri Man Mohan Gupta Member (T)
Page 2 of 66
IN THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH
IA(Plan)/3(MP)2025
in
CP(IB)/26(MP)2024
[This is an application under sections 30(6) and 31 of the Insolvency
and Bankruptcy Code, 2016, read with Regulation 39 of IBBI
Regulations, 2016]
IN THE MATTER OF:
Mr. Hasti Mal Kachhara
Registration
No.
IBBI/IPA-002/IP-
N00342 /2017-2018/ 10992
Resolution Professional of Corporate
Debtor – M/s Pushp Ratna Realty Private
Limited,
having
office
at,
A-602,
Nirman
Apartments, Pump House, Vikas Nagar,
Andheri
(East),
Mumbai
City,
Maharashtra, 400093
…. Applicant/
Resolution Professional
CORAM:
Shri. Brajendra Mani Tripathi, HON’BLE MEMBER (JUDICIAL)
Shri. Man Mohan Gupta, HON’BLE MEMBER (TECHNICAL)
APPEARANCE:
For the Applicant: Mr. Ayush J. Rajani, Adv. (Online)
a.w. Ms. Khushboo Shah Rajani, Adv.
Tripathi, HON’BLE MEMBER (JUDICIAL) Shri. Man Mohan Gupta, HON’BLE MEMBER (TECHNICAL)
APPEARANCE:
For the Applicant: Mr. Ayush J. Rajani, Adv. (Online)
a.w. Ms. Khushboo Shah Rajani, Adv.
Page 3 of 66
JUDGEMENT Delivered on: 09.03.2026 1) The instant Application bearing No. IA (IBC) (Plan) No. 3 of 2025 has been filed on behalf of Mr. Hasti Mal Kachhara, Resolution Professional (“Applicant/Resolution Professional”) of Pushp Ratna Realty Private Limited (“Corporate Debtor”), under Section 30(6) and 31 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), for seeking approval of the Resolution Plan dated 30.06.2025, submitted by Mr. Rajendra Hirnai (“Successful Resolution Applicant/SRA”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter. The Resolution Plan was approved with 100% voting share of the Committee of Creditors in the 8th CoC Meeting held on 03.07.2025, with e-voting concluded on 08.07.2025.
- Brief Background
2.1 The Company Petition CP(IB)/26(MP)2024 filed by Nirmal Kumar Jain & Ors., the Financial Creditor/Home Buyers, was admitted by this Adjudicating Authority U/s 7 of IBC, vide Order dated 16.10.2024, by inter-alia initiating CIRP against the Corporate Debtor by appointing the Applicant as the Interim Resolution Professional etc.
djudicating Authority U/s 7 of IBC, vide Order dated 16.10.2024, by inter-alia initiating CIRP against the Corporate Debtor by appointing the Applicant as the Interim Resolution Professional etc.
Page 4 of 66
2.2
Public Announcement: Accordingly, the Applicant made a
public announcement on 18.10.2024 in newspapers namely
i.e., Freepress Journal (English Newspaper) and Naidunia
(Hindi Newspaper) thereby inviting claims from the creditors of
the Corporate Debtor, in terms of Regulation 6(1) of the
Insolvency and Bankruptcy Board of India (Insolvency
Resolution Process for Corporate Persons) Regulations, 2016
("CIRP Regulations"). The last date for submission of claim was
specified as 01.11.2024.
2.3
Verification of claims and constitution of CoC: Pursuant
to the Public Announcement, the Applicant received claims
from a class of creditors, being homebuyers, in Form CA
wherein they selected and/or nominated their Authorized
Representative, as well as from other Financial Creditors,
including Related Parties. The Applicant duly verified and
collated all claims submitted. The Committee of Creditors
(“CoC”) was constituted on 01.11.2024, comprising the
Unsecured Financial Creditors belonging to a Class of
Creditors. The CoC at this stage comprised solely of
Unsecured Financial Creditors in a class (Homebuyers). The
details of members and voting percentage is as follows:
rs belonging to a Class of Creditors. The CoC at this stage comprised solely of Unsecured Financial Creditors in a class (Homebuyers). The details of members and voting percentage is as follows:
Page 5 of 66
S. No. Name of CoC Member Claims Submitted (₹) Claims Admitted (₹) Voting % 1 Anil Sharma 4,517,926.00 4,517,926.00 12.36% 2 Atul Jhamad 2,032,030.00 2,032,030.00 5.56% 3 Nirmal Kumar Jain 5,197,691.00 5,197,691.00 14.22% 4 Prafull Salecha 66,199.00 66,199.00 0.18% 5 Pramod Bhawsar & Rekha Bhawsar 2,051,312.00 2,051,312.00 5.61% 6 Pratibha Rajvaidya 3,168,534.00 3,168,534.00 8.67% 7 Rekha Chouhan 4,011,606.00 4,011,606.00 10.98% 8 Richard Shreedhar & Pratima Shreedhar 3,238,467.00 3,238,467.00 8.86% 9 Sanjay Jain 5,488,837.00 5,488,837.00 15.02% 10 Sonal Choradia 2,622,954.00 2,622,954.00 7.18% 11 Surendra Kumar Farkya & Vimla Surendra Farkya 1,805,330.00 1,805,330.00 4.94% 12 Vishnu Kumar Joshi 2,343,788.00 2,343,788.00 6.41% Total 36,544,674.00 36,544,674.00 100%
2.4 Further, the Applicant filed IA No. 461 of 2024 on 06.11.2024 under Section 60(5) of the Code for placing on record the report
8.00 2,343,788.00 6.41% Total 36,544,674.00 36,544,674.00 100%
2.4 Further, the Applicant filed IA No. 461 of 2024 on 06.11.2024 under Section 60(5) of the Code for placing on record the report
Page 6 of 66
of constitution of the CoC as on 01.112024. The same was
taken on record vide order dated 13.11.2024.
2.5
Nomination of Authorised representative by Home buyers:
For the class of homebuyers under Section 21(6A)(b) of the
Code read with Regulation 16A of the CIRP Regulations, the
majority of creditors nominated Mr. Vikas Gopichand Khiyani
as the Authorized Representative from amongst the three
proposed professionals. Accordingly, the Applicant filed IA No.
460 of 2024 on 06.11.2024 seeking approval of his
appointment, which was allowed vide order dated 13.112024
passed by this Hon’ble Adjudicating Authority.
2.6
First CoC Meeting and IRP as RP confirmation: The first
CoC meeting was held on 11.11.2024 and the Applicant was
appointed as the Resolution Professional of the Corporate
Debtor.
2.7
Appointment of valuers: In compliance with Regulations 27
and 35 of the CIRP Regulations, the following Registered
Valuers were appointed to determine the Fair Market Value
and Liquidation Value of the Corporate Debtor. The details of
appointed registered valuers is as follows:
tions, the following Registered Valuers were appointed to determine the Fair Market Value and Liquidation Value of the Corporate Debtor. The details of appointed registered valuers is as follows:
Page 7 of 66
A. Valuers – Land & Building / Real Estate
Sr.
No.
Name of
Valuer
Asset Class
IBBI Registration No.
1
Manu
Sekhri
Land &
Building
IBBI/RV/07/2022/15203
2
Pratik
Baldha
Real Estate
(RE)
IBBI/RV/07/2023/15219
B. Valuers – Securities / Financial Assets
Sr.
No.
Name of
Valuer
Asset Class
IBBI Registration No.
1
Ashish
Mandowara
Securities &
Financial
Assets
IBBI/RV/06/2019/11908
2
Gaurav
Kumar
Maheshwari
Securities &
Financial
Assets
IBBI/RV/07/2022/15024
2.8
Third CoC Meeting and Expression of Interest (EOI): The
Applicant submits that in terms of the provisions of section
25(2)(h) of the Code read with regulation 36A(1) of the CIRP
Regulations, 2016, invitations in Form ‘G’ for Expressions of
Interest (“EoI”) from potential resolution applicants were
issued. Form ‘G’ was published on 11.12.2024 for submission
of resolution plans for the Corporate Debtor. The last date for
receipt of EoIs was 26.12.2024. This was published in Free
Press Journal (English Language) (Indore edition) and Nai
Dunia (Regional Language) (Indore edition).
2.9
The Applicant submits that in response to the invitation for
EoI, upto the last date, i.e., 26.12.2024, 3 EoI were received,
ore edition) and Nai
Dunia (Regional Language) (Indore edition).
2.9
The Applicant submits that in response to the invitation for
EoI, upto the last date, i.e., 26.12.2024, 3 EoI were received,
Page 8 of 66
and as per the timelines, the Provisional List was issued on
02.01.2025 and thereafter the final List of Prospective
Resolution Applicant was issued on 13.01.2025 consisting a
total of 3 PRA’s. The details of which are as follows:
S. No.
Name of Prospective Resolution Applicant
1.
Amit Thakkar, Proprietor of Amit Enterprises
2.
M/s Panama Infraprojects Private Limited
3.
Mr. Rajendra M. Hirani
2.10 Further, in the 3rd CoC Meeting held on 15.01.2025,
discussion and deliberation on approval of Evaluation Matrix
and Request for Resolution Plan ("RFRP") was held, post which
the CoC members approved the RFRP and Evaluation Matrix.
2.11 Appeal filed before Hon’ble NCLAT to set aside the CIRP
order and NCLAT orders: In the meantime, one of the
shareholders Ms. Jayashree Agnihotri, had filed two appeals
bearing Company Appeal (AT)(Insolvency) Nos. 2112 and 2113
of 2024 before the Hon'ble National Company Law Appellate
Tribunal (NCLAT), seeking to set aside the impugned orders
dated 16.10.2024, passed by the Adjudicating Authority,
Indore Bench, in CP(IB)-26(MP)/2024 and IA No. 386 of 2024.
A third appeal was also filed by suspended management Mr.
Ashok Kumar Jain bearing no. Company Appeal (AT)
the Adjudicating Authority, Indore Bench, in CP(IB)-26(MP)/2024 and IA No. 386 of 2024. A third appeal was also filed by suspended management Mr. Ashok Kumar Jain bearing no. Company Appeal (AT)
Page 9 of 66
(Insolvency) No. 2335 of 2024 assailing the Order of Admission
in CP(IB)-26(MP)/2024.
2.12 The Applicant submits that in the appeals preferred by the
Shareholders and Suspended Board of Directors ('SBOD')
before the Hon’ble NCLAT, vide its order dated 31 January
2025, an interim stay on further CIRP was ordered that “no
further steps be taken in the CIRP of the Corporate Debtor by the
RP. RP shall also not incur any further expenses in the CIRP of
the Corporate Debtor”.
2.13 The Applicant submits that after completion of pleadings and
hearings all the side, the Hon'ble NCLAT has dismissed the 3
Appeals and hence the stay on the further CIRP was vacated
vide the Final order passed by the Hon’ble NCLAT dated 20
.05.2025. On account of the stay on further CIRP as ordered
by the Hon ble NCLAT, the same resulted in a stay for a period
of 109 days (from 31 January 2025 to 19 May 2025).
2.14 Fourth CoC and Exclusion of period from the CIRP of CD:
The Applicant submits that during the 4th CoC meeting held
on 29.05.2025, a Resolution seeking exclusion of 109 days
between 31.01.2025 (date of stay granted by the Hon'ble
NCLAT) and 20.05.2025 (date of dismissal of appeals/ stay
vacated by the Hon'ble NCLAT) from the CIRP period of
Corporate Debtor was put for consideration. The said
of stay granted by the Hon'ble NCLAT) and 20.05.2025 (date of dismissal of appeals/ stay vacated by the Hon'ble NCLAT) from the CIRP period of Corporate Debtor was put for consideration. The said
Page 10 of 66
resolution was put for vote, and the same was approved with the requisite Majority of more than 66% votes in favour. Accordingly, IA No. 236 of 2025 was filed seeking exclusion of 109 days before this Hon'ble Adjudicating Authority, wherein this Hon'ble Court was pleased to grant the said exclusion vide order 06.06.2025. 2.15 The Applicant submits that pursuant to the order dated 20.05.2025 passed by the Hon’ble NCLAT upholding the CIRP proceedings, the process of consideration of Resolution Plans was continued. 2.16 Reconstitution of CoC: The Applicant further submits that additional claims were received from certain creditors and were duly verified and admitted based on the information and documents furnished by the respective creditors, as well as the financial records of the Corporate Debtor as on 20.05.2025. In view of admission of the said claims, the CoC was reconstituted. Accordingly, the Applicant filed IA No. 233 of 2025 on 03.06.2025 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”), seeking to place on record the report regarding re-constitution of the CoC as on 20.05.2025. The said application was allowed by this Hon’ble Tribunal vide order dated 14.07.2025.
2016 (“Code”), seeking to place on record the report regarding re-constitution of the CoC as on 20.05.2025. The said application was allowed by this Hon’ble Tribunal vide order dated 14.07.2025.
Page 11 of 66
2.17 Sixth CoC and Consideration of claims after issuance of RFRP: The Applicant further submits that after issuance of the Request for Resolution Plan (“RFRP”), certain additional claims were received. The said claims were placed before the CoC in its 6th meeting held on 17 June 2025 for consideration. The details of such creditors are as follows: S. No. Name of Creditor Category Voting Status 1 Mr. Pravin Jain Homebuyer (FC in Class) Voting through AR 2 Mr. Praveen Gadodia Homebuyer (FC in Class) Voting through AR 3 Socrus Pharmaceutical Limited Financial Creditor (Related Party) No Voting Share 4 Socrus Biosciences Limited Financial Creditor (Related Party) No Voting Share 5 Ms. Jayshree Agnihotri Financial Creditor (Related Party) No Voting Share
2.18 The Applicant informed the CoC that the aforesaid claims had been duly verified. Since the claims were received after issuance of the RFRP, the CoC was requested to consider inclusion of the same in terms of Regulations 13(1B) and 13(1C) of the CIRP Regulations. The resolution for inclusion of the said claims was put to vote and approved with more than the requisite threshold of 51% voting share.
of Regulations 13(1B) and 13(1C) of the CIRP Regulations. The resolution for inclusion of the said claims was put to vote and approved with more than the requisite threshold of 51% voting share.
Page 12 of 66
2.19 The Applicant further submits that the additional claims
received as on 26 June 2025, pursuant to Regulation 13(2)(ca)
of the CIRP Regulations, were admitted. Accordingly, IA No.
285 of 2025 seeking condonation of delay in submission of
claims was filed and allowed vide order dated 04.072025.
2.20 Thereafter, IA No. 329 of 2025 was filed on 09.07.2025 under
Section 60(5) read with Section 25(2)(e) of the Code and
Regulation 13(2)(d) of the CIRP Regulations, seeking to place
on record the updated list of creditors as on 26.06.2025. The
same was allowed vide order dated 21.07.2025. The updated
claims were also uploaded on the IBBI portal.
2.21 As per the updated list of creditors as on 26 June 2025, the
claim position of Unsecured Financial Creditors (other than
Homebuyers) is as follows:
S.
No
.
Name of
Creditor
Total Claim
(₹)
Admitted
Claim (₹)
Voting
%
Nature
1
Mr.
Ashok
Jain
(Related
Party)
15,11,82,225
13,99,13,200
No
voting
Unsec-
ured
2
Mrs.
Jayshree
Agnihotri
(Related
Party)
1,39,40,824
66,46,800
No
voting
Unsec-
ured
3
Socrus
Bioscienc
es Ltd.
(Related
Party)
4,97,21,495
49,00,000
No
voting
Unsec-
ured
c-
ured
2
Mrs.
Jayshree
Agnihotri
(Related
Party)
1,39,40,824
66,46,800
No
voting
Unsec-
ured
3
Socrus
Bioscienc
es Ltd.
(Related
Party)
4,97,21,495
49,00,000
No
voting
Unsec-
ured
Page 13 of 66
4
Socrus
Pharmace
uticals
Ltd.
(Related
Party)
11,29,95,905
1,08,53,000
No
voting
Unsec-
ured
5
Barna
Ginning
and
Pressing
Pvt. Ltd.
1,62,30,221
1,30,00,000
16.82%
Unsec-
ured
2.22 In terms of Section 21(2) of the Code, related party Financial Creditors were excluded from voting share. The summary of admitted claims and voting share as on 26.06.2025 is reproduced herein below: Category No. of Cr edi tor s Claimed Amount No. of cla im s Ad mi tte d Admitted Claims (₹) Voting Share Unsecured Financial Creditors (Other than FC in Class)* 5 32,40,70,670 5 17,53,13,000 (Includes 16,23,13,000 claims from related parties who does not have voting rights) 16.82 % Unsecured Financial Creditors in Class (Homebuyer s) 45 11,81,47,145 43 6,42,73,790 83.18 % Total
46,22,17,815
23,95,86,790 100%
parties who does not have voting rights) 16.82 % Unsecured Financial Creditors in Class (Homebuyer s) 45 11,81,47,145 43 6,42,73,790 83.18 % Total
46,22,17,815
23,95,86,790 100%
Page 14 of 66
2.23 It is further submitted that no claims were received from Operational Creditors, Employees, Workmen or Government Authorities despite public announcement. 2.24 Seventh CoC and first discussion on Resolution Plan submitted by PRA’s: The applicant submitted that after Hon'ble NCLAT upheld CIRP Proceedings vide order dated 20.05.2025, a total of three Prospective Resolution Applicants (PRAs) as also mentioned above submitted their Resolution Plans by the due date of 08.06.2025. All plans were received within the stipulated timeline. The Resolution Plans were opened during the 6th CoC meeting held on 17.06.2025 in the presence of the respective PRAs. Thereafter, during the 7th CoC meeting held on 27.06.2025, discussions were held with one PRA, while the other two PRA sought time to join on next day i.e. 28.06.2025. On 28.06.2025 detailed discussions and negotiations were undertaken with the other two PRA, following which the CoC members decided that the revised final resolution plans, after considering the points and concerns of the CoC, shall be submitted by 30.06.2025. 2.25 Eight CoC and second Discussion and Approval of the revised Resolution Plan All three revised Resolution Plans were received within the revised timeline. During the 8th CoC meeting held on 03.07.2025, all three Resolution Plans were
pproval of the revised Resolution Plan All three revised Resolution Plans were received within the revised timeline. During the 8th CoC meeting held on 03.07.2025, all three Resolution Plans were
Page 15 of 66
placed before the Committee of Creditors for consideration and voting along with other relevant agenda items in terms of the provisions of the Code. The CoC evaluated each of the plans. Pursuant thereto, the e-voting window was opened on 04.07.2025 and concluded on 08.07.2025. Upon conclusion of e-voting, the Resolution Plan of Mr. Rajendra Hirani secured 100% voting share of the voting members of the CoC. A copy of minutes along with voting result is placed at Annexure 16 of the application. 2.26 Issuance of Letter of Intent to SRA: Pursuant to approval of the Resolution Plan and declaration of Mr. Rajendra Hirani as the Successful Resolution Applicant (‘SRA’), the Resolution Professional, with the approval of the CoC and on behalf of the Corporate Debtor, issued a Letter of Intent (LoI) on 09.07.2025. The said Letter of Intent was unconditionally accepted by the SRA. A copy of the LoI dated 09.07.2025 is annexed as ‘Annexure 19’ of the main application. 2.27 Compliance u/s 29A: The Applicant submits that the SRA submitted the affidavit under Section 29A of the Code, which is annexed at ‘Annexure 17’ of the main application. The final Resolution Plan dated 30.06.2025, along with all annexures thereto, submitted by Mr. Rajendra Hirani is annexed as ‘Annexure 18 (colly)’ of the main application.
f the main application. The final Resolution Plan dated 30.06.2025, along with all annexures thereto, submitted by Mr. Rajendra Hirani is annexed as ‘Annexure 18 (colly)’ of the main application.
Page 16 of 66
2.28 Performance Security: In terms of Clause 7(iii) of the Request for Resolution Plan (RFRP) dated 18.01.2025, the Successful Resolution Applicant was permitted to convert the Earnest Money Deposit (EMD) into a Performance Bank Guarantee (PBG). Accordingly, upon request of the SRA, the existing EMD of ₹2,50,00,000/- was converted into a Performance Security by way of Fixed Deposit (FD) on 10.07.2025 with IFDC First Bank. The same is in compliance with the RFRP conditions. A copy of the PBG/FD dated 10.07.2025 is annexed as ‘Annexure 20’. A copy of the RFRP dated 18.01.2025 is annexed as ‘Annexure 21’. 2.29 Compliance Certificate: The Applicant submits that upon conclusion of e-voting, a Compliance Certificate in Form H under Regulation 39(4) of the CIRP Regulations, 2016 was duly prepared. A copy of Form H is annexed as ‘Annexure 22’. 2.30 Meetings of CoC: The Applicant submits that a total of eight (8) CoC meetings were conducted during the CIRP period, as detailed below:
S.
No.
Particulars
Date
Major decisions
taken
1
1st CoC
Meeting
11.11.2024
Appointment of
IRP as RP
tal of eight (8) CoC meetings were conducted during the CIRP period, as detailed below:
S.
No.
Particulars
Date
Major decisions
taken
1
1st CoC
Meeting
11.11.2024
Appointment of
IRP as RP
Page 17 of 66
2 2nd CoC Meeting 03.12.2024
3 3rd CoC Meeting 15.01.2025 Publication of ‘Form G’ 4 4th CoC Meeting 29.05.2025 Exclusion of period of 109 days from CIRP period of Corporate Debtor, pursuant to the interim stay and pendency of the matter before the Hon’ble NCLAT 5 5th CoC Meeting 09.06.2025
6 6th CoC Meeting 17.06.2025 Consideration of claims after issuance of RFRP by CoC 7 7th CoC Meeting 27.06.2025 (Adjourned & continued on 28.06.2025) Discussion and deliberation on resolution plans of PRA 8 8th CoC Meeting 03.07.2025 Discussion and deliberation on the revised resolution plans submitted by the
Page 18 of 66
PRA and voting on the same thereof 2.31 Reports of valuers: The Registered Valuers submitted their valuation reports determining the Fair Market Value and Liquidation Value as follows: (A) Land & Building Name of Valuer Fair Market Value (₹) Liquidation Value (₹) Manu Sekhri 26,72,00,000 22,71,00,000 Pratik Baldha 23,11,00,000 19,64,00,000 Average 24,91,50,000 21,17,50,000
(B) Securities & Financial Assets Name of Valuer Fair Market Value (₹) Liquidation Value (₹) Ashish Mandowara 26,900 — Gaurav Kumar Maheshwari 26,900 — Average 26,900 2.32 The applicant has confirmed that based on the accounting records of the corporate debtor, there was a potential
(₹)
Ashish Mandowara
26,900
—
Gaurav Kumar
Maheshwari
26,900
—
Average
26,900
2.32 The applicant has confirmed that based on the accounting
records of the corporate debtor, there was a potential
transaction falling u/s 43 of the code. The RP took steps to and
necessary efforts, upon which he was able to recover the entire
amount of 9.59 lacs in to the CIRP. A perusal of Form - H also
confirms the same.
2.33 The Corporate Insolvency Resolution Process (CIRP) was
initiated against Pushp Ratna Realty Private Limited
Page 19 of 66
(Corporate Debtor) on 16 October 2024, being the insolvency commencement date and the date of appointment of the Interim Resolution Professional. The original period of 180 days from the insolvency commencement date was due to expire on 14 April 2025. During the pendency of the CIRP, the Hon’ble NCLAT granted a stay on 31.01.2025, which remained in operation until 20.05.2025, when the appeals were dismissed and the stay was vacated. Consequently, a period of 109 days stood excluded from the CIRP timeline. The said exclusion of 109 days has already been allowed by the Hon’ble Adjudicating Authority. 2.34 Upon giving effect to the aforesaid exclusion, the revised 180th day of the CIRP falls on 01.08.2025. No extension beyond 180 days (as revised) was required. In view of the above, the present application has been filed within the revised CIRP period and is well within the timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code, 2016.
In view of the above, the present application has been filed within the revised CIRP period and is well within the timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code, 2016. Accordingly, the application is within limitation and is maintainable in law. 2.35 The Applicant submits details of various compliances as envisaged within the Code and the CIRP Regulations which requires a Resolution Plan to adhere to, which is reproduced hereunder:
Page 20 of 66
I.
SUBMISSION OF RESOLUTION PLAN IN TERMS OF SUB-
SECTION (2) OF SECTION 30 OF THE CODE (AS AMENDED
VIDE AMENDMENT DATED 16 AUGUST 2019):
Clau
se of
Secti
on
30(2)
Requirem
ent
How Dealt With in the Plan
(a)
The
Resolution
Plan
provides
for
payment of
CIRP costs
in priority
to
the
repayment
of
other
debts
of
the
Corporate
Debtor, in
the
manner
specified
by
the
Board.
Page 30, Exhibit 3.3
“Exhibit 3.3. Provision for payment of Insolvency Resolution Process Cost Amount Payable: Amount payable towards CIRP Cost is a tentative amount of Rs. 1,00,00,000/- as on the date of the submission of the resolution plan, as informed by the Resolution Professional, subject to all such costs being duly ratified by the CoC and the Resolution professional is required to provide the necessary reconciliations / ledger account and bank statements of the corporate debtor. The said amount shall form part of the overall total consideration proposed under this Resolution Plan.
e necessary reconciliations / ledger account and bank statements of the corporate debtor. The said amount shall form part of the overall total consideration proposed under this Resolution Plan.
Proposed Payment Terms: The Insolvency Resolution Process Costs will be paid out in priority over payments to any other Creditors within 60 days from the date of approval of the Resolution Plan by the Adjudicating Authority i.e. effective date out of the total fund allocated and shall form part of the overall total consideration proposed under this Resolution Plan.
It is clarified that no claims, liabilities, fines, costs, expenses or any other payment of such nature or otherwise over and above, which are not part of the
Page 21 of 66
Resolution Plan amount, shall not be payable by the Resolution Applicants and/or the Corporate Debtor.” Secti on 30(2)( b)
Resolution Plan provides for the payment of debts of operationa l 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 Exhibit 3.6.
ditors
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
Exhibit 3.6. Proposal or payment to
Operational Creditors: Page 34 and 35
of the resolution plan
Name of
Operati
onal
Creditor
s
Claims
Submit
ted
Claim
s
Admit
ted
Propose
d
Payment
Other
Creditors
(Other
than
financial
creditors
and
operatio
nal
creditors)
NIL
NIL
These
relate to
certain
creditors
(not being
statutory
dues).
Consideri
ng
the
provision
s
of
Section
30 of the
Code
read with
Section
53 of the
Code and
Regulatio
n 38 of
the CIRP
Regulatio
ns,
the
Resolutio
n
Applicant
proposes
to
pay
the total
amount
of NIL.
Operatio
nal
Creditors
NIL
NIL
These
relate to
certain
Page 22 of 66
distributed under the resolution plan had been distributed in accordanc e with the order of priority in sub- section (1) of section 53 whichever is higher; and (other than Workme n and Employe es and Governm ent Dues) operation al creditors (not being statutory dues). Consideri ng the provision s of Section 30 of the Code read with Section 53 of the Code and Regulatio n 38 of the CIRP Regulatio ns, the Resolutio n Applicant proposes to pay the total amount of NIL. Operatio nal Creditors (Govern ment Dues) NIL NIL No claims received by the Resolutio n Professio nal and not included in the Informati on Memoran dum and
the total amount of NIL. Operatio nal Creditors (Govern ment Dues) NIL NIL No claims received by the Resolutio n Professio nal and not included in the Informati on Memoran dum and
Page 23 of 66
hence
there is
no
amount
due. The
proposed
amount
is NIL.
(b)(iii)
The
Resolution
Plan
provides
for
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.
There are no Financial Creditors who did
not vote in favour. The claims are only
with respect to unsecured financial
creditors
other
than
class
and
homebuyers.
Page 23, Section 3(d)(iii) (c) The Resolution Plan provides for the manageme nt of the affairs of the Corporate Debtor after approval of the Resolution Plan. Exhibit 3.8.2: Mechanism Regarding Management, Control & Supervision of the affairs of the Corporate Debtor: Pages 42 and 43
The resolution applicant has provided a detailed mechanism for management control and supervision. The same is briefly as under:
Phase1: During the period from approval by the Committee of Creditors till approval by the Adjudicating Authority, the Resolution Professional shall continue to manage the affairs of the Corporate
: During the period from approval by the Committee of Creditors till approval by the Adjudicating Authority, the Resolution Professional shall continue to manage the affairs of the Corporate
Page 24 of 66
Debtor in accordance with the Code and
ensure statutory compliances, without
transferring or alienating any assets.
Phase
II:
Upon
approval
by
the
Adjudicating Authority, management and
control of the Corporate Debtor shall vest
in the Resolution Applicant. A new Board
of Directors shall be constituted, existing
shareholding shall stand extinguished,
and fresh equity shall be infused by the
Resolution Applicant. An Implementation
and Monitoring Committee shall oversee
the implementation of the Resolution
Plan.
Accordingly,
the
Resolution
Plan
adequately provides for the management
of the affairs of the Corporate Debtor after
its approval, in compliance with Section
30(2)(c) of the Code.
(d)
The
Resolution
Plan
provides
for
implement
ation and
supervisio
n
of
the
Resolution
Plan.
f the Corporate Debtor after
its approval, in compliance with Section
30(2)(c) of the Code.
(d)
The
Resolution
Plan
provides
for
implement
ation and
supervisio
n
of
the
Resolution
Plan.
Same as above in Exhibit 3.8.2 and
further in exhibit4.6 at page 73 as
follows:
Constitution
of
Committee
for
implementation and monitoring of
resolution plan:
Upon the NCLT Approval Date, we
propose
an
Implementation
and
Monitoring Committee comprising of 3
(three) persons of which 1 (one) will be
a person nominated by the Resolution
Applicants, 1 (one) will be nominated
by the Secured financial creditor, I
(one) will be any other professional as
may
be
decided
by
Resolution
Applicant and 2 (one) will be the
representative of home buyers as may
be decided by them amongst themselves,
will be constituted without any further
action required from the Corporate Debtor
or
the
Resolution
Applicants
("Implementation
and
Monitoring
Committee")
subject
to
approval
of
committee of creditors. Any cost that
further action required from the Corporate Debtor or the Resolution Applicants ("Implementation and Monitoring Committee") subject to approval of committee of creditors. Any cost that
Page 25 of 66
needs to be paid to the professional so appointed by the Resolution Applicant will be solely decided and bome by the Resolution Applicant. The Professional so appointed by the Resolution Applicant shall have the casting vote.
The said constituted Monitoring Committee shall stand automatically dissolved once the construction permission is received and the construction work restarts under the new management or as may be decided by the Monitoring Committee in accordance to law.
The monitoring committee constituted,
shall have inter alia the following
responsibilities:
4.6.1.
To supervise the implementation of the
Resolution Plan and ensure that the
Resolution
Plan
is
implemented
as
approved without any deviations;
4.6.2.
To ensure timely disbursement of funds
to the financial and operational creditors,
as per the payment terms set out above;
4.6.3.
To ensure that approvals, to the extent
required
for
implementation
of
the
Resolution Plan, are applied for and
obtained in a timely manner.
4.6.4.
To bring to the notice of NCLT, any
deviations/violations, of the Resolution
Plan, by any person;
4.6.5.
To provide regular updates to the NCLT,
as and when required
4.6.6.
y manner.
4.6.4.
To bring to the notice of NCLT, any
deviations/violations, of the Resolution
Plan, by any person;
4.6.5.
To provide regular updates to the NCLT,
as and when required
4.6.6.
To
assist
the
successful
resolution
applicant in case any difficulties are
faced during the implementation period
and file appropriate application before
Page 26 of 66
Hon'ble Adjudicating Authority as the case may be.
It is clarified that the role of the
monitoring committee is restricted and
only as "supervisory" and "non-invasive"
and they shall not have any rights to be
involved in the operations, management
and absolute control of the Corporate
Debtor which shall be the sole role of the
successful resolution applicant without
having the need to seek any specific
approvals from the monitoring committee
in so far as it relates to the operation,
management and absolute control of the
Corporate Debtor.
(e)
The
Resolution
Plan does
not
contravene
any of the
provisions
of the law
for the
time being
in force.
Page 24
To the best of the knowledge and
diligence undertaken by the Resolution
Applicant, the Resolution Plan does not
contravene any of the provisions of the
law as applicable for the time being in
force. The Resolution Applicant shall
comply with all the relevant laws as
applicable, if required, from time to time.
The Resolution Applicant would seek
specific reliefs from respective statutory
authorities and compliances, amongst
others, would include:
i.
aws as
applicable, if required, from time to time.
The Resolution Applicant would seek
specific reliefs from respective statutory
authorities and compliances, amongst
others, would include:
i. Section 66 of Companies Act, 2013
for reduction / extinction of the
existing share capital of Corporate
Debtor.
ii. Section 42 and Section 62 of
Companies Act, 2013 for issuance of
fresh capital subject to open offer
exemption for stressed companies
The above list is non exhaustive.
(f)
The
Resolution
Plan
conforms
to such
other
Exhibit B as set out hereafter, pertains to
the compliance of the provisions of
Regulation
38
of
Insolvency
and
Bankruptcy Board of India (Insolvency
Process
for
Corporate
Persons
Regulations, 2016)
Page 27 of 66
requireme nts as may be specified by the Board.
II. MEASURES REQUIRED FOR IMPLEMENTATION OF THE RESOLUTION PLAN IN TERMS OF REGULATION 37 OF CIRP REGULATIONS: Regulation Requirement Provision in the Resolution Plan 37(a) Transfer of all or part of the assets of the Corporate Debtor as a going concern Section 3 – Acquisition of Corporate Debtor as a Going Concern 37(b) Measures for sale of all or part of the assets, whether subject to any security interest or not Section 2.6 – Treatment of Security Interest and On- going Litigations 37(ba) Restructuring by merger, amalgamation, demerger Not Applicable 37(c) Substantial acquisition of shares or merger/consolidation Not Applicable 37(ca) Cancellation or delisting of shares Cancellation of existing equity share
on, demerger Not Applicable 37(c) Substantial acquisition of shares or merger/consolidation Not Applicable 37(ca) Cancellation or delisting of shares Cancellation of existing equity share capital and issue of fresh shares to Resolution Applicant 37(d) Satisfaction or modification of any security interest Section 2.6 – Treatment of Security Interest and On- going Litigations 37(e) Curing or waiving of any breach of debt terms Section 2.10 37(f) Reduction in the amount payable to creditors Section 2 – Treatment of Stakeholders 37(g) Extension of maturity date or change in Financial debts proposed to be paid
Page 28 of 66
interest rate or terms of debt over 1825 days with early payment via discounted value method 37(h) Amendment of constitutional documents Cancellation of existing equity shares and fresh issue; no change in Memorandum or Articles of Association 37(i) Issuance of securities for cash, property, exchange for claims, or other purpose Only cancellation of existing shares and fresh issue of matching nominal equity shares 37(j) Change in portfolio of goods or services Schedule (Business Plan) – No change proposed 37(k) Change in technology used Schedule 1 (Business Plan) – No change required 37(l) Obtaining necessary approvals from Central/State authorities Section 8 – Regulatory Approval and Implementation of the Resolution Plan III.
(Business Plan) – No change required 37(l) Obtaining necessary approvals from Central/State authorities Section 8 – Regulatory Approval and Implementation of the Resolution Plan III. MANDATORY CONTENTS OF RESOLUTION PLAN IN TERMS OF REGULATION 38 OF CIRP REGULATIONS: Regulation Requirement Provision in the Resolution Plan 38(1)(a) Payment to Operational Creditors Operational Creditors to be paid in priority over Financial Creditors 38(1)(b) Payment to dissenting Financial Creditors Paid in priority to other Financial Creditors, in
Page 29 of 66
accordance with liquidation value 38(1A) Statement on how interests of all stakeholders are dealt with All stakeholders’ interests addressed in the Resolution Plan 38(1B) Statement on past implementation of other resolution plans RA or related parties have not contributed to failure of any past plan 38(2)(a) Term and implementation schedule of the plan Detailed in the Resolution Plan 38(2)(b) Management and control of business during plan term Vested in Resolution Applicant 38(2)(c) Adequate means for supervising implementation Monitoring Committee to supervise implementation (Clause 3.8.2 Phase II(b)) 38(2)(d) Manner of pursuing avoidance proceedings Proceeds from such proceedings proposed for benefit of CoC 38(3)(a) Addresses cause of default Cause of default addressed (Exhibit 3.1) 38(3)(b) Feasible and viable Resolution Plan demonstrated as feasible and viable 38(3)(c) Effective implementation Effective implementation
fault Cause of default addressed (Exhibit 3.1) 38(3)(b) Feasible and viable Resolution Plan demonstrated as feasible and viable 38(3)(c) Effective implementation Effective implementation detailed in Exhibit 3.8
Page 30 of 66
38(3)(e) Resolution Applicant’s capability to implement RA has capability; net worth certificate provided in Exhibit 2.1.1 / 2.1.2. The net worth certificate was also provided with regards to clarification as sought during the course of the hearing held on 07.01.2026
- Taking into account the above provisions of the Code, the resolution plan submitted before us has been examined.
- Salient Features of the Resolution Plan Approved by the CoC: 4.1 Key Features of the Resolution Plan: The revised Resolution Plan, submitted by Mr. Rajendra M Hirani on 30.06.2025 and approved by the Committee of Creditors (CoC) with 100% voting share on 08.07.2025 is designed to ensure the revival of Pushp Ratna Realty Private Limited as a going concern, in alignment with the objectives of Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC). 4.2 Acquisition as a Going Concern: The Plan prioritizes on the acquisition of corporate debtor as going concern.
the objectives of Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC). 4.2 Acquisition as a Going Concern: The Plan prioritizes on the acquisition of corporate debtor as going concern.
Page 31 of 66
4.3 Proposed Strategy of Resolution Applicant: The strategy of the Resolution Applicant, as reflected in the approved Resolution Plan, is to assume control and possession of all assets of the Corporate Debtor upon approval of the Plan, including immovable properties, movable assets, inventories, receivables and investments. The Resolution Applicant proposes to monetise identified non-core assets and investments and utilise the proceeds, along with infusion of requisite working capital, for payment to creditors and revival of the Corporate Debtor. The Plan contemplates completion of the pending real estate project by leveraging the existing land parcel and securing all necessary statutory approvals, including those from planning authorities, RERA and the Municipal Corporation, which are estimated to be obtained within 10–12 month. 4.4 The Resolution Applicant, having substantial experience in the real estate sector, proposes to recommence construction post regulatory approvals and complete the semi-constructed as well as remaining towers in accordance with the timelines stipulated in the Resolution
e sector, proposes to recommence construction post regulatory approvals and complete the semi-constructed as well as remaining towers in accordance with the timelines stipulated in the Resolution
Page 32 of 66
Plan. An estimated amount of approximately ₹35 Crores has been factored towards approvals, construction costs, marketing, finance costs, administrative expenses and structural rectification, and the Resolution Applicant has undertaken to infuse additional working capital, as and when required, to ensure timely completion of the project and fulfilment of commitments to homebuyers and other stakeholders. 4.5 CoC’s Commercial Wisdom: The 100% voting approval reflects the CoC’s collective business judgment, which is paramount under the IBC, as held in K. Sashidhar v. Indian Overseas Bank [(2019) 12 SCC 150, Para 62]. The CoC’s resolution balances the interests of stakeholders, prioritizing financial creditors’ recovery while preserving the Corporate Debtor’s economic value, in line with Section 30(4)(a). 4.6 Regulatory Compliance: The CoC ensured that the Plan complies with Section 30(2) requirements, including priority payment of CIRP costs, settlement of creditor dues, and provisions for management and implementation.
Page 33 of 66
4.7 Details of Resolution Plan/Payment Schedule: The Applicant submits the relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the Resolution Applicant, i.e., Rajendra Hirnai under the said Resolution Plan is tabulated as under:
tion with regard to the amount claimed, amount admitted and the amount proposed to be paid by the Resolution Applicant, i.e., Rajendra Hirnai under the said Resolution Plan is tabulated as under:
Page 34 of 66
Page 35 of 66
Page 36 of 66
4.8 What is inferred from the above-mentioned table is as follows:
Part
icul
ars
No.
of
Cla
im
s
Su
bm
itt
ed
Claim
Submitted
(₹)
No.
of
Cla
im
s
Ad
mi
tte
d
Claim
Admitted (₹)
% of
Adm
itte
d
Clai
m
Amounts
Payable
under
Resolution
Plan (₹)
Payme
nt
Terms
CIRP
Cost
N.A
.
1,00,00,000*
N.A
.
1,00,00,000*
100
%
Up
to
1,00,00,000
(actuals
including
interim
finance
&
interest)
To
be
paid in
priority
within
60
days
from
NCLT
approv
al
Secu
red
Fina
NIL
NIL
NIL
NIL
N.A.
NIL
No
claims
receive
Page 37 of 66
ncial Cred itors (othe r than class credi tors) d under this categor y Uns ecur ed Fina ncial Cred itors (othe r than class credi tors) 5 34,40,70,670 5 17,53,13,000 100 % 17,53,13,000 10% within Effectiv e Date + 60 days; Balanc e 90% within Effectiv e Date
- 1825 days Uns ecur ed Fina ncial Cred itors – Hom e Buy ers (Clas s of Cred itors ) 45 11,81,47,145 43 6,42,73,790 100 % 6,42,73,790 Constr uction & handov er within Effectiv e Date
60 month s (includ ing 12- month grace). Refund option within 90 days; refund (2× amoun t paid as per books at CIRP comme nceme nt) within 15 days Oper atio nal Cred NIL NIL NIL NIL N.A. NIL No claims receive d; no
Refund option within 90 days; refund (2× amoun t paid as per books at CIRP comme nceme nt) within 15 days Oper atio nal Cred NIL NIL NIL NIL N.A. NIL No claims receive d; no
Page 38 of 66
itors
–
Emp
loyee
s /
Wor
kme
n
allocati
on
made
Oper
atio
nal
Cred
itors
–
Othe
r
than
Wor
kme
n &
Emp
loyee
s
NIL
NIL
NIL
NIL
N.A.
NIL
No
claims
receive
d;
no
allocati
on
made
Gove
rnm
ent
/
Stat
utor
y
Due
s
NIL
NIL
NIL
NIL
N.A.
NIL
No
statuto
ry dues
admitt
ed; no
allocati
on
provide
d
Othe
r
Cred
itors
(if
any)
NIL
NIL
NIL
NIL
N.A.
NIL
No
claims
receive
d;
no
allocati
on
provide
d
Cont
inge
ncie
s
Provi
sion
N.A
.
N.A.
N.A
.
N.A.
N.A.
5,00,000
Provisi
on
reserve
d
to
meet
any
unkno
wn
or
conting
ent
liability
at sole
discreti
on
of
Resolu
tion
Applica
nt
Total
25,00,86,790
Page 39 of 66
4.9 Effective date:
The Resolution Plan defines “Effective Date” as – Effective Date
/NCLT Approval Date/ "E" shall refer to the date of approval by NCL
T and final order is available to the Resolution Professional in case
of any appeal being preferred before higher authorities in which case
the Effective Date shall be the date on which the Hon'ble
NCLAT/High Court/ Supreme Court of India passes appropriate
order. This has been referred to as "E" at relevant places in this
Resolution Plan.
fective Date shall be the date on which the Hon'ble
NCLAT/High Court/ Supreme Court of India passes appropriate
order. This has been referred to as "E" at relevant places in this
Resolution Plan.
4.10 Sources of Funds and Implementation Schedule:
Details provided at Exhibit 3.2.:
“Infusion of funds for payment of dues towards resolution process
costs/ financial creditors/ operational creditors/ government dues
etc.
The initial capital is proposed to be infused through fresh cash equity
against the existing Rs. 23,05,000/- which shall stand cancelled. The
funds would be infused as combination of equity shares and through
debt instrument as deemed fit by the Resolution Applicant for
discharging all the payments as proposed under the resolution plan.
The additional amount to be funded as Debt or owned funds (as may
be deem fit and proper by the Resolution Applicants) by the Resolution
Applicant towards working capital in order to implement the
The additional amount to be funded as Debt or owned funds (as may be deem fit and proper by the Resolution Applicants) by the Resolution Applicant towards working capital in order to implement the
Page 40 of 66
Resolution Plan share bear appropriate interest, and is expected to be
repaid over the forthcoming years.
Sr.
No.
Infusion of Funds
Amount (in Rs.)
1.
Infusion of funds in the Corporate Debtor
by way of subscription of equity share
capital and debt within 30 days from
approval of Resolution Plan which will be
used to pay the CIRP Cost and other
upfront committed payments.
1,00,000/-
2.
From
other
internal
accruals
and/or
owned funds as and when infused.
18,53,13,000/-
Total
18,54,13,000/-
4.11 WAIVERS / RELIEFS / CONCESSIONS SOUGHT UNDER CLAUSE:
Sr.
No.
Clauses
of plan
Waiver / Relief / Concession Sought by
Resolution Applicant (Detailed as per Plan)
1
3.9.1
Capital Reduction
Approval
for
reduction,
consolidation
and
restructuring of the existing issued, subscribed
and paid-up share capital of the Corporate Debtor,
including cancellation of existing equity shares,
reclassification and issuance of fresh equity shares
to the Resolution Applicant as contemplated under
the Resolution Plan, without following separate
procedures under the Companies Act, 2013 other
than those forming part of the approved Resolution
Plan.
Capital restructuring forms integral part of the
approved Resolution Plan. Upon approval under
Section 31(1), the same shall be binding. Statutory
compliances, wherever mandatorily required, shall
be undertaken.
uring forms integral part of the approved Resolution Plan. Upon approval under Section 31(1), the same shall be binding. Statutory compliances, wherever mandatorily required, shall be undertaken. 2 3.9.2 Capital Infusion & Stamp Duty – Permission for substitution of equity shares through consolidation, cancellation and fresh issuance; confirmation that stamp duty already paid on existing share capital shall be adjusted and no additional stamp duty shall be payable on issuance of new equity shares pursuant to implementation of the Plan; clarification that the Resolution Applicant shall not be liable for any financial or
Page 41 of 66
non-financial liabilities attributable to period prior
to approval date. | Implementation of share capital
restructuring stands approved under Section 31.
Any exemption from stamp duty is subject to
applicable law and determination by competent
authority. In terms of Section 32A, the Corporate
Debtor shall not be liable for offences committed
prior to commencement of CIRP, subject to
statutory conditions.
3
3.9.3
Personal Guarantees – Confirmation that personal
guarantees
furnished
by
erstwhile
promoters/directors/guarantors shall continue to
remain valid and enforceable and Financial
Creditors shall be entitled to invoke and proceed
against
such
guarantors;
persons
providing
guarantees/security
shall
not
exercise
any
subrogation rights against the Corporate Debtor
after payment.
hall be entitled to invoke and proceed
against
such
guarantors;
persons
providing
guarantees/security
shall
not
exercise
any
subrogation rights against the Corporate Debtor
after payment.
4
3.9.4
Transactional Audit / Avoidance Applications –
All applications filed or to be filed under Sections
43, 45, 50 and 66 of the Code shall be pursued and
proceeds, if any, shall be dealt with in accordance
with the Resolution Plan; Resolution Applicant
shall not be personally liable for any pre-CIRP
transactions
or
wrongful
acts
of
previous
management. | Avoidance proceedings shall
continue as per law. In terms of Section 32A(1),
Corporate Debtor shall not be liable for prior
offences after approval, subject to satisfaction of
statutory conditions. |
5
3.9.5
Release of Charge –
Upon payment in terms of the Resolution Plan,
Financial Creditors shall file necessary satisfaction
of charge with Registrar of Companies and issue No
Due Certificates; all encumbrances shall stand
released; margin money, fixed deposits and other
security deposits shall remain assets of Corporate
Debtor.
6
3.9.6
Right to Access –
Resolution Applicant shall be entitled to full access
to books, records, statutory registers, portals,
passwords, premises, assets and documents of
Corporate Debtor.
7
3.9.7
Handover by RP –
–
Resolution Applicant shall be entitled to full access
to books, records, statutory registers, portals,
passwords, premises, assets and documents of
Corporate Debtor.
7
3.9.7
Handover by RP –
Page 42 of 66
Upon approval, Resolution Professional shall demit
office and hand over management, records and
control to Resolution Applicant; new Board to be co
8
3.9.8
Foreclosure/Prepayment Rights –
Right of Resolution Applicant to foreclose or prepay
outstanding amounts without levy of foreclosure
charges or penalties as contemplated under the
Plan.
9
3.9.9(1)
Waiver of the Statutory Liabilities/ Contingent
Liabilities incurred and accrued to statutory
authorities viz. VAT, RERA, GST, EPCG, Sales Tax,
Income Tax, Excise, Customs, FEMA, Export
Obligations, or any such taxes and liabilities levied
under either State or Central Acts. etc., including
but not limited to those listed in Exhibit 1.7 and
1.8 of this document.
10
3.9.9(2)
Waivers of MAT liability arising on account of write
off of loans: including interest, penalties and
consequential demands relating to the pre-CIRP
period
11
3.9.9(3)
Waiver of the dues of the Operational Creditors and other
current liabilities as listed in Exhibit 1.8 and any other
operational liability accrued and incurred before Insolvency
(CIRP) commencement date:
Extinguishment of operational creditor dues
including trade creditors, vendors and service
providers not admitted or provided for under the
Resolution Plan.
Insolvency
(CIRP) commencement date:
Extinguishment of operational creditor dues
including trade creditors, vendors and service
providers not admitted or provided for under the
Resolution Plan.
12
3.9.9(4)
Waiver of any contingent liability as listed in
Exhibit 1.7 on account of pending/ongoing
litigation as well as any unforeseen claims before
Insolvency (CIRP) commencement date .
13
3.9.9(5)
Other rights available with the Corporate Debtor:
Waiver of penalties, fines, prosecutions and
criminal complaints initiated for acts or omissions
of
the
previous
management
prior
to
commencement of CIRP.
14
3.9.9(6)
Revalidation of approvals earlier granted by local
municipal authorities, town planning, Indore
Municipal
Corporation,
State
and
Central
authorities for the project including for any
change/modification in existing plans in order to
improve financial viability of such projects.
Waiver of dues payable to Indore Municipal
Corporation including property tax, development
or any
change/modification in existing plans in order to
improve financial viability of such projects.
Waiver of dues payable to Indore Municipal
Corporation including property tax, development
Page 43 of 66
charges, penalties and interest relating to the pre- CIRP period. 15 3.9.9(7) Dealing with the pending amounts due from home buyers and those who are respondents to the PUFE application filed by the Resolution Professional, as the case may be: Any claimants who have filed their claims before the Resolution Professional upto the approval of resolution plan by the CoC and which has been included in the information memorandum and even if such claim is admined by the Resolution Professional, the admission of such claims shall not under any circumstances have any impact on the overall financial offer as proposed by the successful resolution applicant under this resolution plan and any amount payable towards such class of creditors / category of creditors would be proportionately distributed in terms of section 53 of the Code.
olution applicant under this resolution plan and any amount payable towards such class of creditors / category of creditors would be proportionately distributed in terms of section 53 of the Code. It is also clarified that in case any of the claimants including but not limited to home buyers or any such other financial or other creditors (whether secured or unsecured as the case may be) are "respondents" in any of the application filed for avoidance of transaction by the Resolution Professional or based on subsequent findings by the Resolution Applicant that such creditors ought to have been included/ treated as "respondents" the CoC is eligible to take such legal action as they may deem fit at their costs and efforts and any recoveries will be for the benefit of the CoC members.
16
3.9.9(8)
Any and all financial liabilities/ claims:
Extinguishment of demands arising from pending
tax assessments, reassessments or proceedings
relating to the pre-CIRP period.
17
3.9.9(9)
Other Government Authorities and Miscellaneous
Claims: Waiver of electricity, water and other utility
dues relating to the pre-CIRP period.
18
3.9.9(10)
Waiver of any Tax Liability arising on account of
Write off of the Operational Creditors as listed in
Exhibit 1.8
19
3.9.9(11)
Waiver of any/all liability incurred and accrued
before Insolvency (CIRP) commencement date
because of services of workmen and Employees
rendered:
editors as listed in
Exhibit 1.8
19
3.9.9(11)
Waiver of any/all liability incurred and accrued
before Insolvency (CIRP) commencement date
because of services of workmen and Employees
rendered:
Page 44 of 66
20
3.9.9(12)
Waiver of any liability incurred and accrued before
Insolvency (CIRP) commencement date on account
of Financial Debt owed to Unsecured Creditors
21
3.9.9(13)
Waiver of all the Contingent Liability arising out of
any acts or actions of the company done before the
Insolvency (CIRP) commencement date:
22
3.9.9(14)
Waiver of unclaimed dues if any, and any other
operational liability which are not reflected before
the CIRP commencement date
23
3.9.9(15)
No recourse on corporate debtor against any
amount recovered from corporate guarantors
24
3.9.9(16)
Waivers
for
any/all
liabilities
arising
with
Companies
Act
2013/
Companies
Act
1956/Labour Laws such other laws either State or
Central, as may be applicable:
25
3.9.9(17)
For
unknown
liabilities/off
balance
sheet
transactions:
26
3.9.9(18)
Payments to Creditors submitting claims after
approval of the Proposal Plan
27
3.9.9(19)
Adjudicating Authority is requested
19.1. All governmental authorities shall grant any
relief, concession or dispensation as may be
required for implementation of the transactions
contemplated under the Resolution Plan in
accordance with its terms and conditions including
any stamp duty payable in respect of any
documents
executed
in
relation
to
such
transactions.
19.2.
mplated under the Resolution Plan in accordance with its terms and conditions including any stamp duty payable in respect of any documents executed in relation to such transactions.
19.2. To direct the respective authority to continue the benefit / incentives if any available to the Corporate Debtor including all permits, licenses and benefits under various schemes
19.3. To issue suitable directions for all the recovery proceedings against the company under DRT, SARFESI and any other law to be withdrawn as on the date of approval of Resolution Plan.
19.4. To issue suitable directions so that all the civil / criminal/ penal action / investigations pending or disposed in any court of India, or with any investigating agencies, should be waived and not be applicable to New
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Promoters/Management/Company. All the demand/liabilities to be waived off completely.
19.5. Our offer is inclusive of payment if any that may be required against pending litigations. 19.6. To direct Electricity Board to provide new connection without any repayment of the previous dues in name of Corporate Debtor or renew the same to run the industry smoothly.
19.7. To direct any other board/department to provide connections in the name of the corporate debtor or renew the existing one to run the industry smoothly without any repayment of the previous dues and also to provide NOC whenever required by such departments like Fire, Safety.
19.8.
debtor or renew the existing one to run the industry smoothly without any repayment of the previous dues and also to provide NOC whenever required by such departments like Fire, Safety.
19.8. Relevant authorities to give requisite approval to expedite the completion of Projects including any clearance from RERA authorities or otherwise.
19.9. Resolution Professional/Existing Promoters/Existing Board of Directors to handover the possession of all the records and books of accounts of corporate debtor to the New Promoters and Management.
19.10. To give directions to Revenue Department to grant exemption to the Corporate Debtor from payment of Stamp duty which may arise on account of transfer of equity/issuance of equity as part of Resolution Plan.
19.11. To provide time of 12 months for obtaining /renewal of all regulatory approvals, licenses, certificates, registrations, regulatory filings, statutory compliances, RoC filings/removal of non- compliance status etc. Further, no fines/penalties to be levied for such period and the same should not be treated as non-compliance.
19.12. To allow the Resolution Applicant to file complaint with police department if required in order to protect themselves from any expected
the same should not be treated as non-compliance.
19.12. To allow the Resolution Applicant to file complaint with police department if required in order to protect themselves from any expected
Page 46 of 66
harm to arise in the process of taking over the business of Corporate Debtor and that the order of Adjudicating Authority will prevail.
19.13. To allow the Resolution Applicant to re-write the entire financial statements as per the approved Resolution Plan.
19.14. To allow the Resolution Applicant to use the name, copyrights, logo and other intellectual property rights being used by the Corporate Debtor, whether owned by the Corporate Debtor or otherwise without any costs/expenses /royalty.
19.15. To allow the Resolution Applicant to have option to acquire the Corporate Debtor either directly or through any of its affiliates/SPV (whether existing or newly formed) related to whether directly or indirectly, the Resolution Applicant's Group Companies/its shareholders(s) or their relative(s). Decision in this regard and also with regard to mode of acquisition (merger/transfer or otherwise) will be taken by the Resolution Applicant and would intimate the Monitoring Committee after being declared as successful Resolution Applicant.
19.16. Any contingent liability disputed or otherwise, reflected in the balance sheet or not, submitted by the Resolution Professional or not, shall be extinguished/ waived and there shall be no liability arising out of such contingent liabilities at any time in the future.
19.17.
not, submitted by the Resolution Professional or not, shall be extinguished/ waived and there shall be no liability arising out of such contingent liabilities at any time in the future.
19.17. If there is any pending claim/ demand against the Corporate Debtor which forms the subject matter of any proceeding, arbitral reference, suit, etc. pending/filed prior to /during the CIRP process, and such proceeding results in an award/order/decree, after the submission of the resolution plan, then such decree / award holder shall be paid a sum equivalent to 0.20% of the adjudicated claim subject to total payment to all the creditors will not exceed Rs 05 lakhs which have been earmarked towards "contingent
Page 47 of 66
liabilities". To clarify further, this shall form part of the provision made as aforesaid to deal with the contingent liabilities.
19.18. All new claims/litigations/dues for the period before and during CIRP will be waived off.
19.19. Lenders forming part of CoC shall provide its full support to the New Management, which may include but not limited to providing credit opinion, providing NOC for raising additional funds from lender(s) against any new security and allow creation of charge on net current assets for raising working capital loan from lender(s).
- ANALYSIS AND FINDINGS: 5.1 We have heard the submissions advanced by the Learned Counsel for the Resolution Professional and perused the entire material available on record, including the Resolution Plan submitted by Mr.
1 We have heard the submissions advanced by the Learned Counsel for the Resolution Professional and perused the entire material available on record, including the Resolution Plan submitted by Mr. Rajendra Hirani, the minutes of the Committee of Creditors meetings, voting results, Form-H, valuation reports, performance security documents, affidavits filed under Section 29A of the Insolvency and Bankruptcy Code, 2016, and the Additional Affidavit filed pursuant to directions of this Adjudicating Authority. 5.2 The Resolution Plan was placed before the Committee of Creditors in its 8th CoC Meeting held on 03.07.2025. Upon conclusion of the e-voting process on 08.07.2025, the Resolution Plan submitted by Mr. Rajendra Hirani was
Page 48 of 66
approved with 100% voting share of the voting members of the Committee of Creditors. The minutes reflect that the CoC deliberated upon the financial proposal, project completion mechanism, feasibility, implementation schedule and funding structure before approving the Plan. 5.3 It is settled law that this Adjudicating Authority does not sit in appeal over the commercial wisdom of the Committee of Creditors. The scope of judicial review under Section 31 of the Code is confined to examining whether the Resolution Plan satisfies the requirements laid down under Section 30(2) of the Code and the applicable Regulations. The commercial decision of the CoC, taken after due deliberation and with requisite majority, is not to be interfered with unless it contravenes any provision of law.
d the applicable Regulations. The commercial decision of the CoC, taken after due deliberation and with requisite majority, is not to be interfered with unless it contravenes any provision of law. 5.4 Upon examination of the Resolution Plan and the compliance affidavit filed by the Resolution Professional, we are satisfied as under:
- CIRP Costs: The Plan provides for payment of Insolvency Resolution Process Costs in priority to all other debts, in accordance with Section 30(2)(a) of the Code at actuals
- Operational Creditors: It is recorded that no claims were received from Operational Creditors, employees, workmen,
Page 49 of 66
or statutory authorities pursuant to the public announcement. Accordingly, no distribution arises under this category. 3. Financial Creditors: There are no dissenting Financial Creditors. The Resolution Plan has been approved by the CoC with 100% voting comprising of 16.82% voting share of Unsecured financial creditors and 83.18% voting share of Unsecured financial creditors belonging to class of creditors (Homebuyer’s). The distribution to them has been structured in accordance with the commercial decision of the CoC. The CoC considered the valuation reports (Fair Value and Liquidation Value) before approving the Plan. The approval with 100% voting share reflects satisfaction regarding feasibility and viability. 4.
oC considered the valuation reports (Fair Value and Liquidation Value) before approving the Plan. The approval with 100% voting share reflects satisfaction regarding feasibility and viability. 4. Management and Control: The Plan provides for transfer of management and control of the Corporate Debtor to the Successful Resolution Applicant upon approval of the Plan and constitution of the Monitoring Committee. 5. Implementation & Supervision: The Plan contains a detailed implementation schedule and monitoring mechanism. Performance Security equivalent to 10% of the Plan Value has been furnished and converted into Fixed Deposit in compliance with the RFRP.
Page 50 of 66
- No Contravention of Law: Nothing has been brought on record to suggest that the Resolution Plan contravenes any provision of law for the time being in force.
- Value Offered: The Resolution Plan provides for payment to the stakeholders of the Corporate Debtor in accordance with the terms approved by the Committee of Creditors. It is noted that the value offered under the Resolution Plan amounting to INR 25,00,86,790 is higher than the liquidation value of the Corporate Debtor, which has been determined at INR 21,17,50,000/- as per the details provided in the application. Accordingly, the Resolution Plan ensures value maximization and has been approved by the Committee of Creditors with the requisite voting share.
- The Resolution Plan also conforms to other IBBI
Regulations as given hereunder:
a.
res value maximization and has been approved
by the Committee of Creditors with the requisite voting
share.
8. The Resolution Plan also conforms to other IBBI
Regulations as given hereunder:
a. The resolution plan adequately deals with the interest
of all stakeholders of the corporate debtor. Thereby, the
Resolution Plan is in compliance with Regulation 38(1A)
of the CIRP Regulations.
b. It is submitted that neither the Resolution Applicant
nor any of its related parties have at any time failed
Page 51 of 66
to implement or contributed to the failure of
implementation of any other resolution plan which
was approved by the Adjudicating Authority. Thereby,
the Resolution Plan is in compliance with Regulation
38(1B) of the CIRP Regulations.
c. The
term
of
the
Resolution
Plan
and
its
implementation schedule is given in Exhibit 3.8 at
page 36-37 of the Resolution Plan. It provides for
proposed payment to the various Stakeholders within
60 days from the approval of the Resolution Plan by
the Adjudicating Authority. For ready reference the
implementation
schedule
is
reproduced
herein
below:-
Sr.
No.
Activity
Timeline (days)
PHASE I – APPROVAL PROCESS OF THE PROPOSED PLAN
1 Presentation of Proposed Plan to the CoC X 2 Approval of Proposed Plan by CoC X + 7 3 Application to NCLT X + 15 4 Approval by NCLT (‘NCLT Approval Date’ or ‘Effective Date’) E 5 Notice on the Company’s Website
6 Intimation to the IBBI, SEBI, RBI, Tax authorities and various other statutory authorities (as applicable)
Approval Date’ or ‘Effective Date’) E 5 Notice on the Company’s Website
6 Intimation to the IBBI, SEBI, RBI, Tax authorities and various other statutory authorities (as applicable)
Page 52 of 66
7 Extinguishing of existing shares and issuing of fresh equity shares E + 15 8 Intimation to all Creditors, existing shareholders and other stakeholders of the Company
PHASE II – SETTLEMENT OF CREDITORS
9 Payment of CIRP Costs as approved by CoC E + 60 days 10 Payment to Operational Creditors E + 60 days 11 Payment to Secured Financial Creditors E + 1,825 days while the first tranche of 10% will be paid in E
- 60 days
Balance shall be paid as under: within E + 1,825 days 12 Payment to Unsecured Financial Creditors (other than home buyers) 10% of the proposed amount within E + 60 days
Balance within E
- 1,825 days 13 Dissolution of monitoring committee The said constituted Monitoring Committee shall stand automatically dissolved once the construction permission is received and the construction work restarts under the new management or as may be decided by the Monitoring Committee in accordance to law
ed once the construction permission is received and the construction work restarts under the new management or as may be decided by the Monitoring Committee in accordance to law
Page 53 of 66
14 Allotments to home buyers based on their respective allotment letters E + 60 months including 12 months grace period. For sake of clarity it is stated that the allotments to the respective home buyers will be phase wise and upon complete payment of the balance agreement value without any escalation on originally agreed consideration by the respective home buyers, and any delay on the part of the home buyers to complete the balance total as consideration and pay the balance dues, shall not be attributed as a delay on the part of the Resolution Applicant. For sake of clarity it is stated that the respective home buyers will have to make the total payments towards balance amount receivable as per the agreement minus the amount already paid (i.e. principal amount).
ted that the respective home buyers will have to make the total payments towards balance amount receivable as per the agreement minus the amount already paid (i.e. principal amount).
Page 54 of 66
PHASE III – IMPLEMENTATION OF PROPOSED PLAN
15 Change in Memorandum and Articles of Association and other documentation as required under the proposed plan E + 15 days 16 Management of Company:
(i) Constitution of new Board E + 15 days
(ii) Appointment of key managerial personnel; and E + 15 days
(iii) Resolution Applicant shall
appoint statutory auditors of
their
choice,
subject
to
applicable regulations
E + 15 days
The above timeline is based on the assumption that all the
relevant and necessary approvals will be obtained in timely
manner while Regulation 31(4) read with Regulation 38 of
the CIRP regulations provides for a period of one year for
the Resolution Applicant from the date of the approval of the
Resolution Plan by the Adjudicating Authority. In view of
the same any delay in obtaining the same and delay in
effective disposal of all legal matters shall not be a reason
for encashing the performance guarantees as provided by
the Resolution Applicant.
Thus, Regulation 38(2)(a) of the CIRP Regulation has
been duly complied with.
d. The Resolution Plan addresses the cause of default; is
feasible and viable; has provisions for its effective
implementation; contains provisions for approval
ion has
been duly complied with.
d. The Resolution Plan addresses the cause of default; is
feasible and viable; has provisions for its effective
implementation; contains provisions for approval
Page 55 of 66
required and the timeline for the same. Further, that
the resolution applicant has the capability to
implement the Resolution Plan. Thus, Regulation
38(3) of the CIRP Regulations has been complied with.
5.5
Accordingly, the Plan satisfies the mandatory requirements of
Section 30(2) of the Code read with Regulations 38 and 39 of
the CIRP Regulations
5.6
It is pertinent to record that IA (Plan) No. 3 of 2025 was last
listed on 07.01.2026, when this Adjudicating Authority
directed the Applicant to place on record:
Net Worth Certificate of the Resolution Applicant; and
Documents
evidencing
the
Resolution
Applicant’s
experience in the real estate sector.
In compliance with the aforesaid direction, the Resolution
Professional filed an Additional Affidavit placing on record:
(b) Net Worth Certificate duly issued by a Chartered
Accountant certifying the net worth of the Resolution
Applicant of INR 41,96,53,138 as on 31.03.2024
(Annexure–1 of the Affidavit).
(c) Experience Certificate and documentary evidence
demonstrating the Successful Resolution Applicant’s
experience in the real estate sector. It is stated that Mr.
(Annexure–1 of the Affidavit). (c) Experience Certificate and documentary evidence demonstrating the Successful Resolution Applicant’s experience in the real estate sector. It is stated that Mr.
Page 56 of 66
Rajendra Hirani has been associated as a Partner with
various real estate entities including Darshan Properties,
Darshan Legacy and Darshan Group, under which
multiple real estate projects such as Promesa Fremont,
Promesa Midtown, Darshan Inara and Promesa Castor
have been launched. Relevant project brochures have
been annexed (Annexure–2 Colly.);
(d) Project Completion Timelines, With regard to the same,
the Successful Resolution Applicant has intimated that
the existing project of the Corporate Debtor as envisaged
under the approved Resolution Plan is proposed to be
completed as under:
“With respect to the three semi-constructed towers, civil
works are proposed to be completed within two years
from the Effective Date, followed by an additional six
months for finishing. Construction of the remaining six
towers, where work has not yet commenced, shall be
undertaken and completed strictly in accordance with
the timelines stipulated in the resolution plan”
5.7
The Net Worth Certificate evidences the financial capability of
the Resolution Applicant to implement the Resolution Plan. The
experience documents demonstrate technical expertise and
plan” 5.7 The Net Worth Certificate evidences the financial capability of the Resolution Applicant to implement the Resolution Plan. The experience documents demonstrate technical expertise and
Page 57 of 66
sectoral experience in the development and execution of real estate projects. 5.8 The Additional Affidavit has been filed only in compliance with the specific direction of this Bench and does not alter the commercial terms already approved by the Committee of Creditors with 100% voting share. We are satisfied that the Successful Resolution Applicant possesses adequate financial strength, technical capability and domain experience to implement the Resolution Plan effectively. 5.9 In Exhibit 3 (as also mentioned in para 4.11 of this order), Exhibit 4 and Exhibit 5 of the Resolution Plan, the SRA has sought the reliefs and concessions. The stated effect of the Resolution Plan and reliefs & concessions as prayed for shall be available in accordance with the principle laid down by Hon’ble Supreme Court in case of Ghanshyam Mishra and Sons Private Limited v/s. Edelweiss Asset Reconstruction Company Limited {(2021) 13 S.C.R 737} & Municipal Corporation of Greater Mumbai vs. Abhilash Lal and Ors. (2019) ibclaaw.in 480 NCLAT. Further, it is clarified and ordered that -
Reconstruction Company Limited {(2021) 13 S.C.R 737} & Municipal Corporation of Greater Mumbai vs. Abhilash Lal and Ors. (2019) ibclaaw.in 480 NCLAT. Further, it is clarified and ordered that -
Page 58 of 66
a. The
Plan
seeks
waivers
from
procedural
requirements under the Companies Act, 2013, such
as those under Section 66 for future capital
reduction, and extinguishment of all liabilities not
covered by the proposed payments. These reliefs are
consistent with the IBC’s clean slate principle, as
upheld in Committee of Creditors of Essar Steel
India Limited v. Satish Kumar Gupta [(2020) 8
SCC 531].
b. The Income Tax Department shall be at liberty to
examine the tax implications arising from the
proposals contained in the plan, in terms of Section
2(24), Section 28 and Section 56 of the Income Tax
Act, 1961 read with GAAR provisions thereunder.
c. The Applicant shall file necessary forms and pay
prescribed fees, if any, in terms of provisions of the
Companies Act, 2013 in relation to reduction in
capital and issuance of fresh capital, however, the
Registrar of Companies shall waive the additional
fees, if any, payable on such filing.
of the Companies Act, 2013 in relation to reduction in capital and issuance of fresh capital, however, the Registrar of Companies shall waive the additional fees, if any, payable on such filing.
Page 59 of 66
d. The SRA may approach prescribed authorities for waiver/reduction in fees, charges, stamp duty, and registration fees, if any arising from actions contemplated under the Resolution Plan and such request shall be subject to the relevant law/statute and adherence to the procedure prescribed thereunder. e. The SRA may file appropriate application, if required, for renewal of all Business Permits, rights, entitlements, benefits, subsidies and privileges whether under applicable Law, contract, lease or license granted in favour of the Corporate Debtor or to which the Corporate Debtor is entitled to or accustomed to, which have expired on the Effective Date, and follow the dues procedure prescribed for the purpose upon payment of prescribed fees. The contract with third parties shall be subject to consent of such parties. It is clarified that continuance of approvals shall not be refused on account of extinguishment of any dues under Code and extension or renewal thereof shall not be denied on
nt of such parties. It is clarified that continuance of approvals shall not be refused on account of extinguishment of any dues under Code and extension or renewal thereof shall not be denied on
Page 60 of 66
account of past insolvency of the Corporate Debtor. No action shall lie against the Corporate Debtor for any non-compliances arising prior to the date of approval of Resolution Plan, however, such non-compliances shall be cured, if necessitated to keep the approval in force, after approval of the plan within period stipulated in the Resolution Plan. The Compliances under the applicable law for all the statutory appointments by the Corporate Debtor shall be completed within 12 months, where after, the necessary consequence under respective law may follow. f. No orders levying any tax, demand of penalty from the Corporate Debtor in relation to period up to approval of the Resolution Plan shall be passed by any authority and such demand, if created, shall not be enforceable as having extinguished in terms of approved Resolution Plan. g. The carry forward of losses and unabsorbed depreciation shall be available in accordance with
if created, shall not be enforceable as having extinguished in terms of approved Resolution Plan. g. The carry forward of losses and unabsorbed depreciation shall be available in accordance with
Page 61 of 66
the provisions of Income Tax Act, and the Income Tax
Department shall be at liberty to examine the same.
h. An application for compounding/condoning shall be
filed in accordance with the procedure specified in
respective law or concerned authority, however, no
fine or penalty shall be imposed for non-compliances
till the date of approval of this Plan or such further
period as is permitted in terms of this Order.
i. ROC shall update the records and reflect the
Corporate Debtor as ‘Active’ upon filing of pending
returns/forms after payment of normal fees (not
additional fee). In case such filing is not permitted
by the e-filing portal, the ROC shall accept such
forms/returns in physical format and manage to
upload the same by back-end without requiring
payment of additional filing fees leviable for the
period upto approval of Resolution Plan. The
Corporate Debtor shall be exempted from using the
words “and reduced”.
j. The Resolution Applicant, the Corporate Debtor and
the assets of the Corporate Debtor forming part of
olution Plan. The
Corporate Debtor shall be exempted from using the
words “and reduced”.
j. The Resolution Applicant, the Corporate Debtor and
the assets of the Corporate Debtor forming part of
Page 62 of 66
Resolution plan shall have immunity, privileges and protection as is available in the form and manner stated in Section 32A of the Insolvency and Bankruptcy Code, 2016. k. The relief, concession or waiver contemplated in the approved Resolution Plan under any of its part shall be available to the Corporate Debtor only to the extent as enumerated above and such relief, concession or waiver shall not extend to its subsidiaries, joint-ventures or associates/affiliates, who have not been subjected to resolution in the present CIRP process of Corporate Debtor. However, it is clarified that no claim or action shall lie against the Corporate Debtor in relation to any financial or any kind of obligation of subsidiaries, joint-ventures or associates/affiliates, whether past or arising in future. 6) Conclusion and Order: 6.1 The proviso to Sub-Section (1) of Section 31 of the Code, 2016 states that before passing any order for approval of the resolution plan, the Adjudicating Authority
- Conclusion and Order: 6.1 The proviso to Sub-Section (1) of Section 31 of the Code, 2016 states that before passing any order for approval of the resolution plan, the Adjudicating Authority
Page 63 of 66
should also satisfy that the resolution plan has
provisions for its effective implementation. In view of the
discussions and findings as made hereinabove, we are
satisfied that Resolution Plan in question meets the
requirements as referred to in Sub-Section (2) of Section
30 of the IBC and the Resolution Plan also contains the
provisions for its effective implementation, and in the
result.
6.2
It is clarified and observed that any relief, concession or
waiver sought in the Resolution Plan, which has not
been specifically dealt with in sub-paras (a) to (k) of para
5.9 hereinabove, or which is not permissible in terms of
the law laid down by the Hon’ble Supreme Court in
Ghanshyam Mishra and Sons Private Limited v.
Edelweiss Asset Reconstruction Company Limited
and the decision in Municipal Corporation of
Greater Mumbai v. Abhilash Lal & Ors., or is
otherwise contrary to the provisions of the Insolvency
and Bankruptcy Code, 2016 read with the applicable
Regulations, shall be deemed to have been rejected.
Mumbai v. Abhilash Lal & Ors., or is otherwise contrary to the provisions of the Insolvency and Bankruptcy Code, 2016 read with the applicable Regulations, shall be deemed to have been rejected.
Page 64 of 66
6.3
Further,
The
Resolution
Applicant
to
give
an
undertaking that the submission of the Resolution Plan
is unconditional, and the granting or refusal of the
relief/concessions will not affect the implementation of
the Plan.
6.4
It is pertinent to observe that the Resolution Plan
provides for payment of 100% of the admitted claims
of the creditors, as placed on record.
6.5
Hence, IA (Plan) 03 (MP) of 2025 is allowed, and the
Resolution Plan is approved under Section 31(1) of the
IBC, subject to the following consequential directions: -
6.6
The SRA shall implement the Plan within 60 days from
the date of this order and in timelines as detailed in
plan, subject to no stay in pending appeals before the
NCLAT or the Supreme Court.
6.7
In the event of a stay by the NCLAT or Supreme Court,
the RP shall inform this Tribunal within 7 days, and the
implementation timeline shall be extended by the
duration of the stay, subject to further orders from this
Tribunal or the appellate authority.
P shall inform this Tribunal within 7 days, and the implementation timeline shall be extended by the duration of the stay, subject to further orders from this Tribunal or the appellate authority.
Page 65 of 66
6.8
The SRA shall obtain the necessary approval from
statutory authorities within a period of 12 months as
required under the provisions of law.
6.9
The RP shall constitute the Implementation and
Monitoring Committee and the reconstituted Board as
per the Plan, ensuring a seamless transition of
management control within in period or as agreed.
6.10 All liabilities not covered by the Plan’s payments are
extinguished on the Effective Date, i.e., on approval of
the
Plan,
and
all
securities,
guarantees,
and
encumbrances are transferred to the SRA or his
nominee, as per the Plan’s terms.
6.11 The SRA shall comply with all statutory filings and
approvals required post-implementation, including
filings with the Registrar of Companies and other
authorities.
6.12 The moratorium under Section 14 of the Code shall
cease to have effect from this date.
6.13 The Applicant shall supervise the implementation of the
Resolution Plan and file status of its implementation
atorium under Section 14 of the Code shall
cease to have effect from this date.
6.13 The Applicant shall supervise the implementation of the
Resolution Plan and file status of its implementation
Page 66 of 66
before this Authority from time to time, preferably every
quarter.
6.14 The Applicant shall forward all records relating to the
conduct of the CIRP and the Resolution Plan to the IBBI
along with copy of this Order for information.
6.15 As
a
result,
the
Application
bearing
IA(IBC)(PLAN)3/2025 stands allowed & disposed of.
Sd/- Sd/-
MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI MEMBER (TECHNICAL) MEMBER(JUDICIAL)
Chandni-LRA
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