25th October, 2023 Approval of Resolution Plan - ENN TEE International Limited [IA No.4313 (PB)-2023 in CP (IBPP) No.01(PB)-2022] (622.39 KB)
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IN THE NATIONAL COMPANY LAW TRIBUNAL PRINCIPAL BENCH, NEW DELHI
IA NO.4313 (PB)/2023 IN CP (IBPP) NO.01(PB)/2022
Section: Under Section 54K, 54L Read with Section 30(6) and 31 of The Insolvency and Bankruptcy Code, 2016, read with Regulation 48 of the Insolvency and Bankruptcy Board of India (Pre-Packaged Insolvency Resolution Process) Regulations, 2021
In the matter of
ENN TEE International Limited ..............Corporate Debtor
Versus
In the matter of
Ritu Rastogi, Resolution Professional of
ENN TEE International Limited. …..…... Applicant
Order pronounced on: 19.10.2023
CORAM:
CHIEF JUSTICE (RETD.) RAMALINGAM SUDHAKAR,
HON’BLE PRESIDENT
SH. AVINASH KUMAR SRIVASTAVA,
HON’BLE MEMBER (TECHNICAL)
Appearances : For the SRA : Ms. Prachi Johri, Advocate along with Mr. Mukesh Kumar, AGM, SBI For the RP : Eshna Kumar, Ms. Prachi Bhatia, Mr. Shubham Jaiswal, Ritu Rastogi, Advs. For RP
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IA No.4313 (PB)/2023,
In CP (IBPP) No.01(PB)2022
In Re: Resolution Plan approval of Enn Tee International Limited.
ORDER 1. Preliminary 1.1. The present interlocutory application bearing IA No.4313 (PB) 2023 was filed on 30.05.2023; however, it was lying in defect which were removed by applicant on 11.08.2023 and thereafter it was registered on 11.08.2023. There was thus a delay of 51 days in removing the defects and only thereafter it could be listed for hearing adjudication. The application was filed by Ms. Ritu Rastogi, Resolution Professional (“RP”) of ENN TEE International Limited (CIN: U18101DL1999PLC098394), under the provisions of Sections 54 K of the Insolvency & Bankruptcy Code,2016 [hereinafter referred to as “the Code” or “IBC”] read with Regulation 44 and 45 of the IBBI ( Pre Packed Insolvency Resolution Process) Regulations, 2021 (“PPIRP Regulations”) for approval of the Resolution Plan submitted by Enn Tee International Limited through its Promoter in respect of Enn Tee International Limited (“Corporate Debtor”) and for seeking the following relief: a) Allow the Present application and approve the Resolution Plan dated 07.02.2023 alongwith its Addendum; b) Pass an order for termination of the Pre Packaged Insolvency Resolution Process upon approval of the Resolution Plan under Section 54L, IBC; c) Pass any other appropriate orders as this Hon’ble Adjudicating Authority may deem fit and proper in the present case.
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1.2. It is stated that the corporate debtor is engaged in the business of
manufacturing and supplying of Polyester and Polypropylene Dope
Dyed Yarn and narrow fabric. The products of Enn Tee International
Limited are sold under the brand name “Minklene” and the unit is
partially operational. Enn Tee International Limited is a registered
MSME.
1.3. The underlying Company Petition CP (IBPP) No.01(PB)2022 filed by
Enn Tee International Limited under Section 54C of the Code for
initiation of Pre Packed Insolvency Resolution Process (“PPIRP”) of
the Corporate Debtor was admitted by this Adjudicating Authority
vide its order dated 10.10.2022 and Ms. Ritu Rastogi (IBBI Reg No.
IBBI/IP-P00204/2017-18/10393) was appointed as RP.
Collation of claims by RP
2.1. The Applicant submits that the public announcement was made on
13.10.2022 in Form P9 for inviting claims from the creditors/
stakeholders. A copy of Public Announcement made by the RP is
annexed as Annexure B of the application.
2.2. The RP submits that the COC was constituted on 18.10.2022
consisting of sole Financial Creditor i.e. State Bank of India (SBI) and
COC has only one voting member with 100% voting right and a total
of five CoC meetings have been held during PPIRP period as follows:
Particulars Date of CoC Meeting 1stCoCMeeting 28.10.2022
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Particulars Date of CoC Meeting 2ndCoC Meeting 17.12.2022 3rdCoC Meeting 06.02.2023 4thCoC Meeting 17.03.2023 5thCoC Meeting 18.05.2023
Evaluation and voting
3.1
The Applicant submits that in the first COC meeting on 28.10.2022,
the RP deliberated about Form-P10 containing the list of all the
creditors and also placed before the COC the claims submitted by
the Creditors of the Corporate Debtor, further the sole financial
creditor State Bank of India filed a claim amount of Rs.
11,95,99,960/-.
3.2
It is further submitted that the 2nd COC meeting was held on
17.12.2022
where
it
was
discussed
that
the
Information
Memorandum had been prepared by the applicant and that the
valuation report had been received from the valuers so appointed,
further a transaction auditor was also appointed to check for
avoidable transactions.
3.3
The applicant submits that the liquidation value of the Corporate
Debtor is Rs. 10.20 Cr. and fair value of the Corporate Debtor is Rs.
14.57 Cr.
3.4
It is further submitted that the 3rd meeting of the COC was held on
06.02.2023 in which COC members suggested some improvements
in the already submitted plan, the CD after making required changes
as negotiated submitted the revised plan. During the 3rd COC
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meeting the revised plan was discussed in detail and the financial
creditors requested further amendments to the resolution plan. The
Directors of the CD agreed to further revise the plan and it was
agreed that the CD would provide performance guarantee to the tune
of Rs. 20 lakhs based on the commercial and other aspects.
3.5
The applicant submits that the revised plan was submitted on
07.02.2023 and the financial creditor took some time to assess the
plan, further at this stage due to certain further discussions with the
COC regarding the interest rate and conversion of cash credit limit,
the Resolution Applicant was asked to submit an addendum to
incorporate the changes.
3.6
The applicant submits that the 4th COC meeting was held on
17.03.2023 in which the Sole Member of COC i.e. SBI approved the
resolution for seeking extension of time from this Adjudicating
Authority. The applicant also submits that the 5th COC meeting was
called in which the Resolution Plan dated 07.02.2023 alongwith
addendum was put to vote and following Resolution was passed:
“RESOLVED THAT pursuant to Section 30(1) and (2) of
Insolvency & Bankruptcy Code, 2016 read with
Regulation 48 of the Pre-Pack Insolvency & Bankruptcy
Board of India (Pre Pack Insolvency Resolution Process
for Corporate Persons) 2016 and in accordance with any
other relevant rules and regulations made thereunder,
approval of the committee of creditors be and is hereby
accorded to the resolution plan submitted by the CD
through its promoter/Directors, a signed copy of which
has been presented before the committee of creditors”.
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The voting Result is as under: -
Particulars Voting Share (Rs. In Crores) Voting Share (in %) Result Votes Cast in favour 11.96 100%
APPROVED BY REQUISITE MAJORITY Votes Cast in Against
Votes Abstained
Total 11.96 100%
Cause of default and provision to meet the cause of default 4.1 It is stated in the resolution Plan as submitted by Mr. Harish Chander, the promoter of ETIL that in the year 2013-14 due to the dumping of yarn from China, the domestic market was disturbed and to match up the prices of China, the CD decreased the sale price of the yarn which also led to big setback to the operations of the CD. Further clause 3.1 (i) and (ii) of the Resolution Plan read as under: “The problem started post demonetization in 2016 which affected both the top line & the bottom line growth of the company. They manage with difficulties, hence, unable to maintain the margins. Again, after the implementation of GST, Since July, 2017 the Company incurred huge losses from the unorganized sector which effects badly on financials of the Company because their majority
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clientele belongs to unorganized sector.
Due to non-availability of sufficient working capital,
company was running on very low capacity and due to
burden of fixed expenses company operation was in loss.
Despite continuing losses during the period from FY 2016
to FY 2022, the company continued in paying the dues
to bank and paid a sum of Rs. 701.35 Lakh as interest
and Rs. 186.93 Lakh as instalments (net of fresh
disbursement) totaling to Rs. 880.61 Lakh.”
4.2
It is further stated that the demand of polypropylene yarn was
declining continuously as the consumers of this type of yarn started
to use other cheaper yarns. The Company has decided to convert
partial capacity of the plant into polyester yarn and accordingly has
installed essential equipment’s with an investment of about Rs. 1.61
Crore. The Company has also upgraded its other machines, the
production capacity of the machines has been increased to double
and is helping to reduce the operational cost. After modification and
upgradation of the plant, now the plant can manufacture various
products catering to various segments of the market demand.
- Details of Resolution Plan/Payment Schedule 5.1. The amount claimed and the amount proposed in the Resolution Plan are tabulated below:
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Sl.
No.
Outstanding
Debt
Claims
Admitted
Payout in the
Resolution Plan
1.
PPIRP Cost
Rs. 6,00,000
(estimated
costs)
To
be
paid
from
the
available cash balance of
the Company and then if
any shortfall, from the
contribution
by
the
promoter of the Company
2.
Unrelated
Financial
Creditor (State
Bank of India)
Rs.
11,96,00,000
Rs. 11,96,00,000 to be
paid
in
the
following
manner:
i. Term Loan of Rs.
5,81,00,000
An
amount
of
Rs.
3,50,00,000 to be paid out
of the sale proceeds of the
non-core
assets
i.e.
surplus land situated at
SIDCUL,
Haridwar.
In
case of a shortfall in
payment from the sale of
non-core
assets,
the
promoters of the Company
undertake to make the
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Sl.
No.
Outstanding
Debt
Claims
Admitted
Payout in the
Resolution Plan
differential payment from
their own funds.
Balance Amount of Rs.
2,31,00,000 shall be paid
as per the terms and
conditions
between
the
Company
and
SBI
as
existing as on the date of
commencement of PPIRP
(Interest on this amount
shall be paid as per the
terms of the Resolution
Plan from the date of
approval
of
Resolution
Plan by this Adjudicating
Authority)
ii. ECLGS Loan under
Covid related Govt.
Scheme of Rs.
2,50,00,000-
Clause
5.3.2
of
the
resolution plan at page 20
provides 100% recovery
against
Guaranteed
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Sl.
No.
Outstanding
Debt
Claims
Admitted
Payout in the
Resolution Plan
Emergency
Credit
Line
(GECL) Term Loan by way
of claim to be made to
National Credit Guarantee
Trustee
Company
(NCGTC), the guarantor
under the scheme of loan.
iii. Cash Credit Loan of
Rs. 3.65 Cr.
In the Plan, it is provided
that
at
present
the
company has cash credit
limit of Rs. 3.65 crores and
as proposed in the plan an
amount of Rs. 2.31 crores
due under the various
head of working capital
term loan(WCTL) as on the
commencement of PPIRP
and the same shall be
converted into cash credit
limit. The total cash credit
limit after the approval of
resolution plan shall be
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Sl.
No.
Outstanding
Debt
Claims
Admitted
Payout in the
Resolution Plan
Rs. 5.96 crores (Rs. 3.65
Cr + Rs. 2.31 Cr). Further
the interest on the cash
credit limit of Rs 5.96 Cr.
shall be paid @ base rate +
0.25% p.a and bank will
renew the limit every year
as per applicable norms of
the Bank.
Operational Creditors Rs. 3,92,68,000 i.Government Dues (Rs. 57,00,000) Full payment is proposed to be made towards government dues as per clause 6.2.1 (ii) of the resolution plan
ii. Employees and Workmen (Rs. 8,74,000) Full payment is proposed to be made towards dues of Employees and Workmen as per clause
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Sl.
No.
Outstanding
Debt
Claims
Admitted
Payout in the
Resolution Plan
6.3 (ii) of the Resolution
Plan.
iii. Other Unrelated
Operational Creditors
(Rs. 3,26,89,000)
Full payment is proposed
to be made as per clause
6.2.1 (ii) of the Resolution
Plan.
4.
Related
Creditors
Nil Payment is provided towards related creditors in the Resolution Plan
5.2. Implementation Schedule of the Plan S.No Activity Timeline (Days) 1 Approval of Resolution Plan by NCLT (Effective Date) T 2 Appointment of Monitoring T+5
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Committee 3 Payment of Unpaid CIRP cost T+30 4 Payment to Operational Creditors (T + 3 Years) 5 Change in Memorandum and Articles of Association etc, if required T + 30 6 Remittance of share application money into settlement account T + 180 7 Payment to Secured Financial Creditors and Operational Creditors (T + 3 Years)
- Compliance of the successful Resolution Plan with various provisions: 6.1. The Applicant has submitted the details of various compliances as envisaged by the Code and the PPIRP Regulations which a Resolution Plan is required to adhere to, as follows:
Section/ Regulation Requirement How dealt with in the Plan Sec 30(2)
(a) Provides for the payment of Insolvency Resolution Process Cost. Clause 5.4 (a) of the Resolution Plan provides that any unpaid CIRP cost will be first met out from the available cash balance of the
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Section/
Regulation
Requirement
Company and then from the
contribution
of
the
Resolution Applicant upto Rs.
6.00 lakh in priority to the
payment of any other debts of
the CD. In case the unpaid
CIRP cost exceeds Rs. 6.00
lakh then it will be borne by
the
company/resolution
applicant.
(b)
Plan must provide
for payment to the
Operational
Creditors;
Clause 5.4(b) of the Resolution
plan
states
that
the
operational
creditors
(including
Government
Claims
&
excluding
the
employees
and
workmen)
shall be paid an aggregate
amount of Rs. 383.94 lakh
(Operational
Creditors
Settlement
Amount).
The
payment
to
Operational
Creditors
shall
be
given
priority
in
payment
over
financial
creditors.
The
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Section/
Regulation
Requirement
amount shall be repaid in 3
years (without any interest)
from the date of approval of
Resolution
Plan
by
this
Adjudicating Authority.
(c)
Management of the
affairs
of
the
Corporate
Debtor
after approval of the
Resolution Plan.
It
is
stated
that
the
management of the Company
in Pre Packaged Insolvency
Resolution
Process
has
remained with the existing
management who works with
the Resolution Professional.
After
plan
approval,
management would vest in the
Company.
(d) Implementation and Supervision of Resolution Plan. Clause 7.1 and 7.2 of the Resolution Plan provides for Implementation and Supervision of the Resolution Plan. It is stated that post approval of Resolution Plan by this
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Section/ Regulation Requirement Adjudicating Authority, the monitoring committee as constituted under this Plan shall supervise the implementation of the Resolution Plan.
(e)
Plan
does
not
contravene any of
the provisions of the
law
for
the
time
being in force.
In terms of Section 54K(3)
read with Section 30(2) (e) of
the
Code,
the
Resolution
Applicant has filed an affidavit
dated 29.08.2023 stating that
the resolution plan is in
compliance in all respects
with the provisions of the code
and does not contravene any
of the provisions of the law for
the time being inforce.
Regulation
45(1)(a)
Affidavit
that
the
Resolution
Applicant is eligible
to submit Resolution
Plan
Affidavit under Section 29A of
the Code has been filed by the
Resolution Applicant as a part
of additional affidavit dated
29.08.2023 filed with this
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Section/ Regulation Requirement Adjudicating Authority. Regulation 45 (1)
(i) Whether the Resolution Applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any resolution plan approved under the Code. (ii) If so, whether the Resolution Applicant has submitted the statement giving details of such non implementation. In Clause 1.3 of the Resolution plan, the resolution Applicant declares that neither the Resolution Applicant nor any of its related parties have failed to implement or contributed to the failure of implementation of any resolution plan approved by the Adjudicating Authority at any time in past.
Not applicable
Regulation 45(3) Whether the Resolution plan
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Section/ Regulation Requirement demonstrates that- (a) It addresses the cause for default;
(b) It is feasible and viable;
(c) It has provisions for its effective implementation
(d) It has provisions
for
approvals
required and the
timeline for the
Clause 3.2 @ page 108 of the
Resolution Plan outlines the
steps already taken by the
existing members in the revival
of the Company.
At Clause 4 (viii) @ page 116 of
the Resolution Plan it is stated
that the Plan is feasible and
viable as per law
Clause 7 @ page 126 of the
Resolution
Plan
includes
details
for
supervision,
implementation
of
the
resolution plan and regulatory
approvals. It is stated that from
the Effective Date and until the
Closing Date, the Monitoring
Committee shall be constituted
which
shall
supervise
the
implementation of the Plan.
Clause 5.2 @ page 117 of the Resolution Plan
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Section/ Regulation Requirement same; (e) The resolution applicant has the capability to implement the resolution plan
Clause 1.2 @ page 103 of the Resolution Plan states that the Resolution Applicant has vast experience of more than 45 years in the Textile industry and has the capability to implement the Resolution Plan.
Regulation 45(4) Whether the resolution plan includes a statement as to how it has dealt with the interests of all stakeholders. Clause 3.4.2 (ii) @ page 112 of the Resolution Plan has included a table dealing with application of funds under the resolution plan for all stakeholders including for payment to CIRP cost, payment to workers, payment to operational creditors, payment to staff, payment to financial creditors, payment for purchase of new machines and funds for working capital.
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Section/ Regulation Requirement Regulation 45(5)(a) Whether the amount due to the Operational creditors under the Resolution Plan has been given priority in payment over financial creditors Clause 6.2.1 (ii) @ page 122 of the Resolution Plan provides that the amount proposed to be paid to Operational Creditors is in priority over the payment to financial creditors
Regulation 45(5)(b) Whether the Amount due to financial creditors, who have a right to vote under sub- section (2) of section 21 and did not vote in favour of the resolution plan, shall be paid in priority over financial creditors who voted in favour of the plan N/A as in the present case only one financial creditor i.e. State Bank of India and base plan has been approved by SBI at the time of giving consent for filing the present application.
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6.2. The Applicant RP submits that the successful resolution applicant has submitted an affidavit in regard to the eligibility under section 29A of the Code, as required under the Code. 6.3. The Applicant RP has filed a Compliance Certificate dated 21.02.2023 in prescribed Form, i.e Form ‘P12’ in compliance with Regulation 49(1) of the PPIRP Regulations. 7. Sources of funds 7.1. The Resolution Plan envisages a total fund requirement of Rs. 10.19 crore over the period of 3 years towards payment of interest bearing loan, working capital term loan, capital expenditure, payment to the operational creditors and working capital. The resolution applicant is proposing to infuse Rs. 0.90 crore by disposing the obsolete machineries etc. The capital expenditure towards overhauling, replacement of machineries and starting up the operations of the closed machines is estimated at Rs. 1.25 Crores. Further the funds proposed in the resolution plan and its utilization is detailed below: Particulars Year- 1 Year- 2 Year- 3 Total (in Crores) Funds to be infused by related parties as unsecured loan 1.00 0.25
1.25 Funds to be infused by RA 0.75 0.00
0.75
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as quasi capital Sale of Old Machines 0.90
0.90 Sale of Surplus Land 3.50
3.50
Cash Accrual
1.0535
1.3693
1.3693
3.7921
Total
7.2035
1.6193
1.3693
10.1921
Application of Funds, Amount in (Lakhs) Particulars Year-1 Year-2 Year-3 Total Payment to CIRP Cost 6.00
6.00 Payment to Workers 4.38 0.00 0.00 4.38 Payment to Operational Creditors 127.98 127.98 127.98 383.94 Payment to Staff 1.45 1.45 1.45 4.36 Payment to Financial Creditors- 350.00
350.00
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SBI Purchase of New Machines 125.00
125.00 Working Capital 105.54 32.50 7.50 145.53 Total 720.35 161.93 136.93 1019.21
7.2. The total value of the Resolution plan is of Rs. 17,19,00,000/-
(Rupees Seventeen Crores Nineteen Lakhs only). The Resolution Plan
defines “Effective Date” as the date on which this Adjudicating
Authority approves the Resolution Plan.
7.3. It is stated that the total plan value is more than total infusion since
some payout is by guarantor under the ECLGS scheme (Rs. 2.50 Cr)
and cash credit limit (Rs. 3.65 Cr.) will be renewed every year on
existing terms and conditions, working capital term loan (Rs. 2.31
Cr) to be continued on same terms and conditions.
8. Monitoring Agency:
Post Effective Date and prior to the Closing Date:
On and from the effective Date, and until the Closing Date, a
monitoring committee shall be constituted for the Company. The
Monitoring Committee shall consist of the Resolution Professional, one
representative of the COC and one representative of the resolution
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applicant/ CD, further the Monitoring committee shall supervise the implementation of the plan.
Term of the Plan
It is stated in the Resolution Plan that the date on which the
implementation of the resolution plan is completed shall be the
“Closing Date” and the term of the Plan shall be from the Effective Date
until fulfilment of the actions set out in this Plan. From the
Implementation schedule at para 5 ibid, it is seen that all payments to
secured financial and operational creditors will be made in 3 years,
hence it is inferred that the term of the plan is 3 years.
-
Details on fraudulent and avoidance transaction
It is stated in the affidavit dated 29.08.2023 as filed by the Resolution Professional that no transactions were found by the RP under Section 43, 45, 50 and 66 of the Code. -
Waivers, Reliefs and Exemptions
The SRA has prayed for the reliefs, waivers and concessions as enumerated under the Resolution Plan approved by the CoC, namely, that from the plan approval date all inquiries, investigations and proceedings, whether civil or criminal, suits, claims, disputes, interests and damages in connection with the Corporate Debtor or the affairs of the Corporate Debtor, pending or threatened, present or future in relation to any period prior to the plan approval date, or arising on account of implementation of this
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Resolution Plan, shall stand withdrawn, satisfied and discharged,
from the date of approval of the ‘Resolution Plan’. In this regard, the
SRA shall be legally authorized to seek appropriate orders from
respective authorities/ courts/ tribunals for renewal of licenses/
withdrawal/ dismissal or abatement of the proceedings as the case
may be, as per law.
12. Findings
12.1. The Pre Package Insolvency Resolution Process (PPIRP) is a time-
bound procedure and all stakeholders have to stick to the timelines.
This case was admitted on 10.10.2022 and the moratorium came
into effect immediately. The CoC took 5 rounds from 28.10.2022 to
18.05.2023 and Section 29A affidavit was filed on 29.08.2023. This
application was registered on 11.08.2023 and we are inclined to
allow this application after verification of compliance as required by
the code.
12.2. We have called upon the counsels representing the corporate debtor
and counsel for the RP as well as the officer of the Bank as to why
there is delay in this matter for which extension was sought and
granted by this Tribunal.
12.3. It was pointed out that immediately on admission, the matter
should have gone to the Stressed Assets Wing of the concerned
Bank, whereas it went to the Branch, and it took some time before
it got transferred to the Stressed Assets Wing of the Bank. The issue
also consumed sometime in the negotiation process, which was held
at the Stressed Assets Branch and with its superior authority which
is situated in Mumbai. The inter-branch discussion on the proposal
consumed a lot of time.
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12.4. Keeping this in mind, we would like to suggest that the moment an
application under Section 54(C) is filed, the Stressed Assets Wing of
the concerned Bank should take over the case for further
negotiation to avoid delay and keep up the timelines.
12.5. We also impress upon the Stressed Assets Wing of the Bank to
ensure speedy negotiations of the proposal so that valuable time is
not lost. We observe above, to enable the MSME, to seek early
resolution of the Stressed Assets under Chapter III-A proposals.
12.6. Subject to the observations made in this Order, the Resolution Plan
in question is hereby approved. The Resolution Plan shall form
part of this Order.
12.7. The Resolution Plan is binding on the Corporate Debtor and other
stakeholders involved so that revival of the Debtor Company shall
come into force with immediate effect.
12.8. The Resolution Professional shall submit the records collected
during the proceedings to the Insolvency & Bankruptcy Board of
India for their record.
12.9. IA (IB) No.4313(PB) 2023 and the main Company Petition, i.e., CP
(IBPP) No.01(PB)/2022 shall stand disposed of accordingly.
12.10. Liberty is hereby granted for moving appropriate application if
required in connection with implementation of this Resolution Plan.
12.11. A copy of this Order shall be filed by the Resolution Professional
with the Registrar of Companies, NCT of Delhi & Haryana.
12.12. The Resolution Professional shall stand discharged from his duties
with effect from the date of this Order, save and except those duties
that are enjoined upon him for implementation of the approved
Resolution Plan.
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12.13. The Resolution Professional is further directed to hand over all
records, premises/ factories/documents available with it to the
Resolution Applicant to finalise the further line of action required
for starting of the operation. The Resolution Applicant shall have
access to all the records and premises through the Resolution
Professional to finalise the further course of action required for
starting of operations of the Corporate Debtor.
12.14. The Registry is directed to send copies of the order to the IBBI and
MCA to take into consideration our observation at paras 12.1, 12.2,
12.3, 12.4,12.5 and ensure that all the Banks comply with this and
may also take appropriate steps in this regard and do the needful
so that the Pre-Pack becomes effective method of resolution.
12.15. The Registry is directed to send copies of the order forthwith to all
the parties and their Ld. Counsel for information and for taking
necessary steps.
12.16. Certified copy of this order may be issued, if applied for, upon
compliance of all requisite formalities.
12.17. File be consigned to the record.
Sd/-
RAMALINGAM SUDHAKAR
PRESIDENT
Sd/-
AVINASH K. SRIVASTAVA MEMBER (TECHNICAL) CO : NV LRA: RS
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