IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH (COURT-H) 1.4.-09/2024 IN C.P.(1B)-686(ND)/2019 IN THE MATTER OF: M/s. India Factoring & Finance Solutions Private Limited ... Financial Creditor Versus M/s. Altech Infrastructure Private Limited न Corporate Debtor AND IN THE MATTER OF 1.A.-09/2024: Anand Sonbhadra Resolution Professional M/s Altech Infrastructure Private Limited E-10A, Kailash Colony, New Delhi ~ 110048. ... Applicant/RP Order Delivered on: 14.06.2024 UNDER SECTION: 30(6) of IBC, 2016 CORAM: SH. ASHOK KUMAR BHARDWAJ, HON’BLE MEMBER (J) SH. SUBRATA KUMAR DASH HON’BLE MEMBER (T) PRESENT: For the RP: Adv. Amar Vivek, Adv. Aditya Gauri and Adv. Akhand Pratap Singh Gaur १ gure Ne a) TA. No. 09/2024 in (18}-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. हे Page 1 of 38

2 हे ORDER The present LA. 09 of 2024 has been preferred by Mr. Anand Sonbhadra, Resolution Professional of M/s Altech Infrastructure Private Limited (hereinafter referred to as, the ‘Applicant/RP’) under Section 30(6) of IBC, 2016, seeking the following reliefs: “aj Allow the present Application; 9 Pass an Order for the approval of the Resolution Plan submitted by M/ s Sunrise Industries as approved by the members of the CoC; c) Pass any such other order(s) as this Hon'ble Tribunal may » deem fit in the interest of justice. 2. Stating succinctly, the underlying main Petition CP (IB)- 686/(ND)/2019 was filed by M/s. India Factoring & Finance Solution Private Limited against the Corporate Debtor, namely, M/s.

of justice. 2. Stating succinctly, the underlying main Petition CP (IB)- 686/(ND)/2019 was filed by M/s. India Factoring & Finance Solution Private Limited against the Corporate Debtor, namely, M/s. Altech Infrastructure Private Limited under Section 7 of the IBC, 2016, which was admitted vide Order dated 16.09.2022 passed by this Adjudicating Authority and the Corporate Insolvency Resolution Process (CIRP) in respect of the Corporate Debtor was initiated. This Tribunal appointed Mr. Anand Sonbhadra as the IRP of the Corporate Debtor. Subsequently, the CoC resolved to appoint the IRP as RP in the Ist CoC meeting dated 15.10.2022. 3. It is stated by the Applicant that in terms of Regulation 6(1) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, the Applicant made a Public Announcement in Form-A on_18.09.2022 to invite claims, a copy of which was also uploaded 6 Insolvency and Bankruptcy Board of India (IBBJ). 1A. No. 09/2024 in (1B)-686(ND)/2019
India Factoring किT Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Lin: Page 2 of 38

uploaded 6 Insolvency and Bankruptcy Board of India (IBBJ). 1A. No. 09/2024 in (1B)-686(ND)/2019
India Factoring किT Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Lin: Page 2 of 38

4, The RP has got the assets of the Corporate Debtor valued as per the relevant IBBI (Insolvency Resolution Process for Corporate Persons} Regulations, 2016 and the Fair Value and Liquidation Value are as under: Sr. No. Name of Valuer Fair value Liquidation Value 1 Adrait Rs. 12,38,50,802 | Rs. 9,62,76,501 हिW 2 RITE Rs. 12,21,63,000 | its. 8,56,79,000 5. There are 3 Financial Creditors constituting the CoC viz. State Bank of India, India Factoring and Finance Solutions Private Limited and Oxyzo Financial Services Private Limited having a total of 100% voting share. Their respective voting shares are as under: S.No. | Name of Creditor Voting Voting for Resolution Plan Share (%) | (Voted for / Dissented/ Abstained} 1. State Bank of India 86.30% Voted for 2. India Factoring and 11.20% Not Voted Finance Solutiong Private Limited 3. Oxygo Financial 2.50 Not Voted Services Private Limited 18. No. 09/2024 in (IB)-686{(ND)/2019 ces india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 3 of 38

go Financial 2.50 Not Voted Services Private Limited 18. No. 09/2024 in (IB)-686{(ND)/2019 ces india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 3 of 38

The details of the meetings of CoC as stated in the Application read Important Decision as under: Particulars | Date of Main Agenda From : CoC Discussion A | Meeting fst COC है. 10/205%8 |» To take note of the claims | * Meeting received by the Interim IA. No, 09/2024 in ([B)-686(ND)/2019 Resolution Professional. To take note of the Committee of Creditors constituted by the Interim Resolution Professional. To take note of the actions taken by Interim Resolution Professional. To appoint the services of India Juris for handling all the litigations of the Corporate Debtor. To appoint the services of Varma Anil and Associates for the purpose of GST and INC-28 Compliance. To discuss on the appointment of the Valuers. To discuss on the appointment of Transection Auditor in the matter. Discussion on Interim Finance and appointment and of Operation Manarement Agency. . To appoint Interim Resolution Professional as Resolution Professional. To ratify and spprove the remuneration of the Interim Resolution Professional (IRF), the Resohation Professional (RP} and the Insolvency Professional Entity to which IRP/RP is a partner. To ratify and approve the cost incurred on Corporate Insolvency Resolution Process during the period of IRP, To Approve Delegation of the Authority of Resolution Professional to any Other Person. To approve the appointment

cost incurred on Corporate Insolvency Resolution Process during the period of IRP, To Approve Delegation of the Authority of Resolution Professional to any Other Person. To approve the appointment of M/s India Juris for the purpose of handling litigation during CIRP in the matter of tech infrastructure Private Limited. To approve the appointment of Varma Anil and Associates for the purpose of handling the accountancy and cormmpliance as required under the Insolvency and GBantruptey Code, 2016 during the CIRP in the matter of Altech Infrastructure Private Limited. Te approve the fee the Valuers the CIRP of pertaining to appointed im Altech Infrastructure Private Limited Ta approve the feo Pertaining ta the Transaction Auditor in the CIRP of Altech Infrastructure Private Limited Page 4 of 38

| coc Meeting 14/11/4622 To take nate = reconstitution of COC and claims received by the Resolution Profeasional iter 1t COC mecting. so update on — the appointment af Valuers in the matter of Altech Infrastructure Private Limited. +To update on the appointmerit of Transaction Auditor in the matter of Altech Infrastructure Private Limited. ‘To discuss on the publication of Expression

• of Interest (Form G} and ta approve the — eligibility criteria for the PRA.

• To discuss on filing of 19{2) apalication against the Corparale Debtor.

• Contribution towards CIRP cost by the Financial Creditors and Opening of Bank Account, «To appoint AAA Insolvency Professional as IPE for proving support services in the matter of

e Debtor.

• Contribution towards CIRP cost by the Financial Creditors and Opening of Bank Account, «To appoint AAA Insolvency Professional as IPE for proving support services in the matter of Altech Infrastructure Private Limited and to approve the fees of such IPE. «To approve the publication of the Expression of Interest (FORM-G] and Eligibility Criteria for the Prospective | Resolution Applicant. «To revoke the resolution no2 passed in tie} isiMeeting of Committee of Creditors, Facts & Explanatory.
• To approve the appointment of Insolveney Professional Entity (IPE) is the matter of Altech Infrastructure Private Limited.
• To approve the Opening of a Bank Account during CIRP | of Altech Infrastructure | Private Limited, *To reduce the notice period for convening Meeting af Committes of Creditors. IA, No, 09/2024 in (1B}-686(ND)/2019 india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 5 of 38

tice period for convening Meeting af Committes of Creditors. IA, No, 09/2024 in (1B}-686(ND)/2019 india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 5 of 38

Meeting Process. «To approve the Revocation of To update eon the the part in Resolution no. 2 Transaction Auditing | passed in the ist Meeting of Process. Conumittce of Crediter. न To update on the |« To approve the Expression of Interest remuncration of the received ti date im the resolution Professional after matter of Altech the revocation of the part of Infrastructure Private resolution No. 2 passed in Limited. the Ist Meeting of COC. Application filed against of Insolvency Professional the Suspended | Entity (IPE) in the matter of Management Altech Infrastructure «To discuss or the Private Limited. Operation Management |* To approve the Operation Agreement. and Management «To discuss on the Agreement and Interim and revocation of the resolution Finance Agreement in the no.2 passed in the 2nd matter of Altech Meeting of Committes of | Infrastructure Private Creditors. Limited. «To approve the appointment of Insolvency Professional Entity (TPE) in ihe miatter of Altech infrastruchare Private Limited. qk COG ३8/12/2526 =To update on the fe ‘To approve the Request for Meeting हु Expression of Interest] Resohition Plan and Bid- received till date im the Evaluation Matrix in the matter of Altech matter of Altech Infrastructure Private Infrastructure private Limited.

ion of Interest] Resohition Plan and Bid- received till date im the Evaluation Matrix in the matter of Altech matter of Altech Infrastructure Private Infrastructure private Limited. limited. «To Discuss on the Bid | To approve the Revocation of Evahiation Matrix (BEM) the Resolution no. 4 passed ard the Requcst for in the Grd Mecting of Resolution Plan (RPRP) in} Committee of Creditor. the matter oF Altech i»* To approve the Operation Infrastructure Private and management Limited. Agremment after revocation «The Resolution ef the Resolution ma. 4 professional discussed the passed in the Grd Coc claims received iL meeting. 15.12.2022, « Revocatior: of the Resolution No.4 passed in the 3rd Meeting of the Committee of creditors. कफ COCi 24/01/2023

• ‘fo update on the Valuation Process, «To update on the ‘Transaction audit. = To update on the Resolution Plans received ti] 16.01.2023 against BOT and discussion thercon *To update on the 19{2) Application filed against the Suspended Management,
• To update on the Operation Management Agreement, *To ratify and approve the cost incurred on Corporate Insolvency Resolution Process during the period No resalavion ratified IA, No, 09/2024 in (IB)-686(ND}/2019 India Factoring & Finance Sohutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 6 of 38

Resolution Process during the period No resalavion ratified IA, No, 09/2024 in (IB)-686(ND}/2019 India Factoring & Finance Sohutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 6 of 38

| coc Meeting ‘BT/O2/2028 «To up 72023 Process «To update on Transaction audit «To update en the Expression of Interests received till 15.02.2023 the against Form G published on 31st January 2023. «To update om the 19(2} Application filed against the Suspended Management.

• 10 ratify and approve the cost incurred on Corporate Insolvency Resolution Process during the period of CIRP. «To discuss and approve extension of 90 days CIRP period beyond 180 days. «To Update an O & M contract. »To appreve extension of 90 days CIRP periad beyond 180 days- » To approve the cost incurred on Corporate Insolvency Resolution Process during the period of CIRP, PF COC Meetingl « To update on the Valuation Process. «To update on — the Transactions audit. *To update on the Resolution Plans received till 01.04.2023 against EOI aul discussian thereon. *To update on the 19(2} Application and Application of contempt filed against the Suspended Management. *To update

the Operations and | Management Contract. «To ratify and approve the cost incurred on Corporate Insolvency Process during the period of CIRP, «To discuss on liquidation of the Corporate Debtor, if required Resolution the on Corporate Insolvency Resolution Process during the period of CIRP. IA. No. 09/2024 in (1B)-686(ND)/2019 Page 7 of 38

discuss on liquidation of the Corporate Debtor, if required Resolution the on Corporate Insolvency Resolution Process during the period of CIRP. IA. No. 09/2024 in (1B)-686(ND)/2019 Page 7 of 38

coc है

• To update on the Valuation }« To approve and ratify the Meeting Process. appointment of the third To update on the | Registered Valuer Facts and Transaction Auditor. Explanatory Statement. 2To update on the | « ‘To approve the cost incurred Resolution Plans received | during the process. by the Resolution Plan. «To approve the Resolution «To discuss or the} Plan submitted by Sunrise liquidation of the Corporate | Industries Private Limited. Debtor. «To Approve the Resolution «To update on the extension | Plan submitted by Rustagi of CIRP period. Impex Private Limited «To discuss and appoint|* To Approve the Resohition Chartered Accountants for| Plan submitted by Sunrise the purpose of Preparation | Industries Private Limited of books of the Accounts of | * To ratify and approve the the Corporate Debtor. appointment and fee «To discuss and approve the | pertaining to the Chartered appointment of Statutory | Accountants for the purpose Auditer for the Corporate| of preparation of books of Debtor. accounts of the Corporate *To ratify and approve the | Debtor. cost incurred on Corporate |« To ratify and approve the Inselvency Resolution appointment and fee Process during the perlod | peilaining t the Statutory of CIRP.

ratify and approve the | Debtor. cost incurred on Corporate |« To ratify and approve the Inselvency Resolution appointment and fee Process during the perlod | peilaining t the Statutory of CIRP. Auditors for the Corporate Debtor. « To approve the liquidation of ote Ne | the Corporate Debtor. Pesos PS/O6/2023 1STo approve and Sn obeys cane period bepone allo approve extension of 60 ) Meeting shorter netice periad. days CIRP period beyorid : To discuss and approve the |} 270 days. j exterision of CIRF period; » To approve the extension of beyond 270 days. veting period of the &th *To update ora the mecting of the COC for an proceedings before the extended Guration of 25 EPRO Department. days. _ coc aa

• To discuss and apprave the ‘+ To approve ensian of | Meeting extension of CIRP period CIRP period beyond 330 i bevond 3390 days days . T1* GSC [G6/09/786233 [+ Discussion on Negotiation ; RESGLUTIGNS PROPSSED 7 Meeting with the Praspective |} IN THE 1ith coc Resolution Applicants | MEETING OF ALTECH through apen challenge | INFRASTRUCTURE mechanism process om the Resohition Plans received in the matier to further enhance the Resolution value. 18, No, 09/2024 in (IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs PRIVATE LIMITED The relevant resolution for the approval of the decision ta opt for an Open Challenge Mechanism and the Process consent document after duc discussion and deliberation were put to vote curing the meeting of the COC and passed with a majority of 97.5%.

ision ta opt for an Open Challenge Mechanism and the Process consent document after duc discussion and deliberation were put to vote curing the meeting of the COC and passed with a majority of 97.5%. State Gank of India (86.3%) and India Factering and Finance Solutians 129६. Ltd. (11.29%) have provided their approval by the show of hands. The representatives of 43:४5 ४४८0 Financia) Services Private Limited (2.5%) were mat present im, the meetin, . Altech Infrastructure Private Limited. Page 8 of 38

To Cr eae | the Resolution i COC | 12/09/2023; «To conduct negotiations Meeting with the Prospective | Plan submitted by Sunrise Resohation Applicants | Industries + thru c voting through open challenge;e« To approve the Resolution mechanism process on the गा submitted by Rustagi Resoiution Plans received | Impew Private Limited thra- in the matter. e-voting «vo approve the application | | Rs extension of the Corporate Insolvency Resohition Process for a period of 36 days. P| SSesisce Coc | 23/16/2023 | « To discuss and approve the | * To approve the extension of Meeting extension of CIRP period) CiIRP pericd beyond 405 beyond 405 days. days. +Toa discuss the | « fa appoint. Chartered appointment of Chartered | Accountant for the Accountant for the completion of books of completion of books of | accounts. accounts..

• Ta appoint statulory auditor
• To discuss the! for auditing the books of appointment of Statutery; accounts, : Auditor.

pletion of books of completion of books of | accounts. accounts..

• Ta appoint statulory auditor
• To discuss the! for auditing the books of appointment of Statutery; accounts, : Auditor. *To approve the expenses i «To ratify and approve the | incurred by reselu lire cast ineurred an Corporate | professianal. ea Reselution Process during the periad of CIRP. «To update on O & M Contractor,
• To update on Insurance.
• To update on Litigation. कफ COC | 22/11/2023 | « To discuss and = the |« To approve the extension of Meeting extension of CIRP period|/ CIRP periad beyond 435 beyond 435 days. days. ex peel ratify and approve the |* To approve the expenses cost incurred on Corporate | imeurred by resolution Insolvency Resolution | professional (CIRP Cost). Process during the period of CIRP. 1S COC | 04/03/2024 | « To discuss the | "1० appreve the expenses: Meeting amendments in CIRP | incurred by resolution Regulations vide | professional.(CIRP Cast] notification dated 15-02-

To update on the litigation.

»To ratify and approve the cost incurred on Corporate Insolvency Resohition ee eee during the period af CIRP. IA. No, 09/2024 in (1B)-686(ND)/2019 Page 9 of 38

The ‘Form-G’ was published on 17.11.2022, 31.01.2023 to invite Expressions of Interest (EOI) from the Prospective Resolution Applicants (PRAs). It is added that as per the latest Form-G dated 31.01.2023, the last date for submission of EOI was 15.02.2023. According to the Applicant, he had received Eols from 04 PRAs: motive: Minsualaationn Aqaplicamtial (PRAc] Sr. | TY cere es: Moa. Trclustries Pri. ४7. 5 करवट, Parad Sserbverreaer-f ier Peives tie 8. In the 12 CoC meeting held on 12.09.2023, the Resolution Plans received from the Prospective Resolution Applicants were considered and put to vote before the CoC by the Applicant. Further, the CoC approved the Resolution Plan submitted by Sunrise Industries Private Limited with 86.30% voting share. 9. The CIRP period was extended beyond the stipulated period of 180 days vide an Order dated 29.03.2023, 28.07.2023, 22.08.2023, 15.05.2024 and finally by our Order dated 28.05.2024 for a period of 30 days beyond 435 days which is 24.12.2023 passed by the Adjudicating Authority. The Resolution Plan was approved by the CoC on 16°1272023 i.e., within the period extended by this Bench. IA. No. 09/2024 in (IB)-686{(ND)}/2019 India Factoring & Finance Solutions Pvt Ltd. Vs, Altech Infrastructure Private Limited. Page 10 of 38

6°1272023 i.e., within the period extended by this Bench. IA. No. 09/2024 in (IB)-686{(ND)}/2019 India Factoring & Finance Solutions Pvt Ltd. Vs, Altech Infrastructure Private Limited. Page 10 of 38

The “Summary of the Resolution Plan” submitted by the Applicant reads thus: “That the approved Resolution Plan provides for the following payments to the creditors of the Corporate Debtor: | Particulars Amount Resolution Pian Value: 16,00,06,000 CIRP Cost { company is a Going 0 Concern and CIRP cost being met from Operational Incarne} Payment to Secured financial 9,04,00,000 Creditors: Worlinen’s & Employees priority 108,753 dues: Unsecured financial creditors 400,000 Operational Creditors 10,000 Operational Creditors (Statutory 19,43,000 Dues } EPFO Ducs 21,38,247 Working Capital & Contingencies 50,00,000 13. That in addition to the aforesaid, the Resolution Applicant has also proposed to infuse an amount of INR 50,00,000 in the form of Working Capital, as and when the need arises. Furthermore, the Regulatory Fee under Regulation 31A of the CIRP Regulations has also been proposed to be borne by the Resolution Applicant over and above the amounts proposed under the Resolution Plan.” IA. No. 09/2024 in (IB)-686(ND)/2019 De india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Privates Lidited: Page 11 of 38

above the amounts proposed under the Resolution Plan.” IA. No. 09/2024 in (IB)-686(ND)/2019 De india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Privates Lidited: Page 11 of 38

The amounts provided to various stakeholders under the Resolution Plan is as under: {Amount in INR} ama: Category Sob-Categary of | Amount Amount Amount Amou No. of Stakeholder Claimed Adniiticd Provided ne Stakeholde under ty | Provid rr Planit ed to the Amou nt Claime d (%) a) 2} (3) (4) a (6) 17) 1 Secured ors nat having | NA RA NA NA Financial a night to vole under Creditors. i of than (4) BA NA NA NA | | who did not vote in favour of ike resolution Plan Plas 30,51,33,955 20,51,33.955 9.04 00,060 44.06% Cit} who voted in favour i af the resolution plan Totalf{a) = (b)] 20,51,33,955 20,51.33 ,955 9,04,00,000 44.06% 2 Unsecured (a) Creditors sot having | NA wA NA Financial to vele under Creditors ction {2) of ion 3h (bo) Other than (a) above: GQ) who vate in faveur | Nea NA NA NA of the resolution Plan 3.25,99,681 $00,000 1.22% i} whe NOT voted in | 325,99,681 Totaliie) > Gay 3.25,99,6681 374 22% 1A. No. 09/2024 in (IB}-686{ND)/ 2019 India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private’Limited. Page 12 of 38

oted in | 325,99,681 Totaliie) > Gay 3.25,99,6681 374 22% 1A. No. 09/2024 in (IB}-686{ND)/ 2019 India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private’Limited. Page 12 of 38

3 Operational | (4) Relaied Parry of | NA NA NA NA Creditors Corporate Debtor {b) Other than {a} above: 1,14,94,920 1,11,94,920 40,841,247 @)Government GiyWorkmen 20,20,584 19,54,110 1.08,753 53% GIDEmployees av) Other shan

. oe हे (Employees 380 | 602,538,296 3,63,68,591 19,600 3.01% Werkinen, and Government dugs} Tatal{(a} = (जो 7,34,73,800 4,95,17,621 43,00,000 SFM 4 oa debts | NA NA NA NA NA and dues Grand Total 31,12,07,436 28,72,51,257 9,56,00,000 30.52% 12. The details of compliances under Section 30(1), Section 30(2), Regulation 37(1}, Regulation 38(1), Regulation 38(2), Regulation 38(3) of IBC, 2016, and IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 are extracted below: =: 03 Resolution Plag 4 of | Campliance Code i Resolation (Yess Nad Regulation No. Plea ZS(2 IU) Whether the Reaclution Applicant meuis the cntela approved | Chapter No, | Ves nig regard to the complexity avd or} iv

ee ee eee BEN Whether te Resohitien igant is cligible उठा nubmit | Chapter Na. | Vex resolution plan as per final list of Resolution Professional or | XIX Order, $f apy.

e complexity avd or} iv

ee ee eee BEN Whether te Resohitien igant is cligible उठा nubmit | Chapter Na. | Vex resolution plan as per final list of Resolution Professional or | XIX Order, $f apy. of th indicating Authority? हु BUETS Whether the Re ‘Applicant has submiced an atnidavil | Undertaking | Ves stating daar 13s eli as per Repeterion | icn 39४१) ars ऊपर 29 Whether diy Resohuidon को गाज (a) provides for the payment of insolvency resalucian process | Chapter 1} Wes costs? (AD (b> provides. for the payment 1७ the operational crectitars? Chapter WI | ves (Part A. 11) 6c) Provides far Gle payment te the financial crediiers who did . not vote ous of the resolution pla? wT Ves Vous. (व) peovides fue the management of the affates of she camporete | on yer x elebtar? पु fi : हिW _ Chapler (०) provides for the implemeniacon and supervisian of whe wn resolution plaa? uvenes any Of the provisions of the taw far the tine force?) (0 ८०; IA. No. 09/2024 in (IB)-686{ND)/2019
India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limite M4 Page 13 ०

ny Of the provisions of the taw far the tine force?) (0 ८०; IA. No. 09/2024 in (IB)-686{ND)/2019
India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limite M4 Page 13 ०

ee, STE) af Insolvency amd Bankruptcy Board af India (ineoclvercoy Resale tion Precess for Corporate Persone) Regulatioms, 2016 Com pliarce urder Resolwtios Pia “has Bes dhe te? die substarctial acquisition af shares af | This hag been fhe corporate clebtor or thie merger or provided in this consolidation af the cornranete debtor with Resolution Plan at Chapter WII { Plan pape 38) at page 3298 of Application Vols Org Or wLore? Perascasts, fem) cancellation or delisting of ary sheres This has been ofthe corporate debtor, if Applicable provided tr this Resolution Plan at Chapter V1. [0] satisfaction or modification of any Any and all security intercst on any of the assets of the CD shall stand satisfies upon the payrrierit of security ingerest; the Resolution Suma ta tie Scoured Financial {Creditor as per the jarnount proposed in the plan. Page 411 of Application Wold fe) curving or woalving af any breach af the The RA propescs ftermas ofany debt due from the corporate that all such breach ‘debtor: हु of terms of any debt efthe CD shall stand cured oom and all penaltics, fines, breaches, ete., shail Stand waived upon \eirceessfeal itriplementatior of iis Resohution Pian. IA. No. 09/2024 in (IB)-686(ND}/2019 oe India Factoring & Finance Solutions Pvt Ltd. Vs"Alteth Infrastructure Private Limited. Page 14 of 38

\eirceessfeal itriplementatior of iis Resohution Pian. IA. No. 09/2024 in (IB)-686(ND}/2019 oe India Factoring & Finance Solutions Pvt Ltd. Vs"Alteth Infrastructure Private Limited. Page 14 of 38

Page 421 af Application Volt tO reduetion in the amount payable to the creditors; The RA hes praposcd reduction im the ort payalbic to the erecditars af the CO in the Financial Proposal ofthis Resolution Plan. Page 411 of Application Wola {oe extension of a maturity date or a chenge tr interest rafie aor offer farms af a debt due from the corporate debtor: The RA declares thet the presext provisiors is not applicable to this Resolution Plan. fh) amendment of the constitutional docusierntis af tur corporate debtar jname of the Co ¥ In order to give effect to this Resolution Flan, the RA shall be at liberty to amend or change ary constinitional dacumernt of thie Corporate Debtor, including the Mow, fot ete. for amy purpose including baat rot limited to changing the TPT ete Debtor, chiaripimg the amount of authorized | share capital of the Corporarce Delatur etc, This has been provided in Chapter Vil.

y purpose including baat rot limited to changing the TPT ete Debtor, chiaripimg the amount of authorized | share capital of the Corporarce Delatur etc, This has been provided in Chapter Vil. Page 411-412 of Application Wols दिš issuance of securities of Hie corporate debtor, for cash, praperty, secerttles, ar exchange for claims or interests or other Qpproprinta primase The GUY declares that the present pravisiaon in net applicable to this Resahaition Pian. Of) change in portfofia af goods or services Ea as iy Produced or rendered by the corporate adebtar The RA dectares that} the present provision ts mot applicable to this Resolution Phan till the implementation af the IA. No. 09/2024 in (IB)-686(ND}/2019 Page 15 of 38

fy change ign techimafoguy used corporate debtor ariugt by the The BY deelarcs that the present provision is mot applicable to this Resohitian Plan. ff obtaining mecessary approvals fram the has been Central aid Siate Goweniments and other provided ind Chapter SITES. Peg $12 oF authombies; Application. vols | रण orinae [Yur ari esuion Fant | Regulation 3811॥ of Insolvency and Bankruptey Board of India {Insolvency Resolation Process This has been provided in Chapter Vi(Part Aj} of the Resolution Plan at page 385 of Application ७013 | for a Regulations, 2016 Reguiation aB8(1}{a}- The amount due te the aperatianal creditors under ८९ resolution plant shall be given priority in.

the Resolution Plan at page 385 of Application ७013 | for a Regulations, 2016 Reguiation aB8(1}{a}- The amount due te the aperatianal creditors under ८९ resolution plant shall be given priority in. payment over fmnanctal creditors Corporate Regulation 38(1)(b)- The aiount payable under a resolution pian toe the financial oreciters, who heave a right to pote under sub-sector (2) of section 22 and dia not vole in favour af the resolution plan, shalt be paid in priority over financial crecdi=tors who voted in faveur of tie plas This has been provided in Chapt Wi(Part A} of the Resolution Plan at page 385 of Application ¥Vol3 Repulation 38(1A}- ak resolution plan shell include a statement as te hew tt has dealt with —— @uerests of all stakeholders, including financial creditars @rut operational crecitors af ike corporate debtor The RA deoleres that it has endeavoured to take into accownt all claims, including the claims of statutory authorities while propasing the present Resolution Plan and has dealt with the interesis of all stakeholders, including Financial Creditors, amd Operational Creditors and Other Creditors of the CD. This has been provided in Chapter AI af the Resolution Plan at page 407 of Application Vola 18. No. 09/2024 in (13}-686(ND}/2019 Page 16 of 38

md Operational Creditors and Other Creditors of the CD. This has been provided in Chapter AI af the Resolution Plan at page 407 of Application Vola 18. No. 09/2024 in (13}-686(ND}/2019 Page 16 of 38

5 38(1B}- “A resolution pian shell inctude a statement giving detatis if the resolution applicant of ari of its reftated parties has falled to implanent or contibuted to the feilure of implementation of any other resolution es approved By the Adjfudicating Aninority at any fre tr tre past The RA declares that rieither the RA nor any of its related partics have failed to implement or contributed to the faihire of irmplementation of any other resofution plan approved by the Adjudicating ‘uihority atany time in the past. This has been provided in Chapter M1] of the Resehation Plan at page 408-409 of Application Vols Rogulation 38(2} of Inscivency and Bankruptcy Board of India {insolvency Resolution Process for Corporate Persons} Kepulations, 2016 CompHance under Resolution Plan i a} The tenn of the pian and its EEE tien schedule; This has been pr wwided in this Resolution Plan at Chapter X of the Resalution Plan at page 405-407 of gaan | Sear | Vold fb} The management and control af the business of the corporate debtor duying tts term; This has been provided in this Resolution Plan at Chapter & of the Resolution Plan at page 405-407 of 5 Application 40 5] ‘k art ia | Adequate means for supervising its fupleomentation,; This has heen provided a this Resolution Plan at Chepter X of the Resolution Plan at page 405-407 of Application Vols

cation 40 5] ‘k art ia | Adequate means for supervising its fupleomentation,; This has heen provided a this Resolution Plan at Chepter X of the Resolution Plan at page 405-407 of Application Vols It provides for the constitution of the Monitoring Canimittec z Prowdas for the muanner in whi proceedings tr respect of aveidertce litigation transactions, if any, under Chapter ff or fraudulent or wrongful trading under Chapter VF of Part if af the Cede, shait will be pursued aster the approve? of Final resolution plan and the manner fn which the proceeds, uf from such proceedings shail be distributed: Provided that this clause shell not apply ta any reseludion plan that has Seen submitted to the eldfucicating Authority under sub-section (6) af section 30 an or before the date af taken commencement af fre insotvency and Banknuiptey Gaard af india {insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2022 ary, ‘This has been provided in this Resolution Plan at Chapter Vi {Part Aj}; of the Resolution Plan at page 383 of “pplication Vols Regulation 38(9}) of Insolvency and Bankruptcy Board of India (insolvency Resolution Procese for Corporate Persans} Regulations, 2017 Compliance under Resolution Pian IA. No. 09/2024 in (1B)-686(ND)/2019 India Factoring & Finance Sofutions Pvt Ltd. Vs. Altech Infrastructure Private Page 17 of 38

orporate Persans} Regulations, 2017 Compliance under Resolution Pian IA. No. 09/2024 in (1B)-686(ND)/2019 India Factoring & Finance Sofutions Pvt Ltd. Vs. Altech Infrastructure Private Page 17 of 38

_ it addresses the cause of default This has been provided in this Resolution Plan at Chapter VU of the Resolution Plan at page 402-404 of Application Vols fb} i is feasible and wieble The RA confirms that the present Flan is feasible and viable, considering the payments being made to each category of creditors of the CD. This has been provided in this Resolution Flan at Chapter VU of the Resolution Plan at page 402-404 of Application Vala fo? Jt hes provisions for tts effective implementation This has been provided in this oom sear Plan at Chapter VIE of the Resolution Plan at page 402-404 of Application Vola {dj It has provisions for approvals required and the timeline for the same This has been provided in this Resohation Flan at Chapter VII of the Resolution Plan at page 402-404 of Application Vol3 | ेŸ ad. pom Ra The resolution applicant has the capubility ta implement the resolution This has been provided in this Resolution Plan at Chapter VIII of the plan Resolution Plan at page 402-404 of Application Val 13. The Resolution Professional has placed on record an Affidavit dated 23.11.2022 required in terms of the provisions of Section 29A of IBC, 2016. The Affidavits reads thus:. 1A. No. 09/2024 in (1B)-686(ND)/2019 india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure PrivateN.

terms of the provisions of Section 29A of IBC, 2016. The Affidavits reads thus:. 1A. No. 09/2024 in (1B)-686(ND)/2019 india Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure PrivateN.

ANNENURE न NUOXLOALR GUPIAEO Skt Rina Renin Gupte; aged 3001 व years, currently pecs LD Bch Poschien Wither, Meio धारक... परम hisacine: ehshthe co bebalf of SUNRISE INDUSTRIES having reyishroed off bain Mine Dele footy pordaent ta authucialios of tbe dated neomocg fas Bower of Attorney Enclosed Heavwith? sa sefeonsts nlfirm ond stabs to comnilater af creditors (a) of Altech Infrastructure rivet Lisdeed (“Corporate Debtor} acd the zesclution professional ef the Carperats 40७7 Pull") wa Ted loves & That 3 Bawaes Kumar Gupta didy oulAbeised und competens व Enotang acticin for ह0॥ asa फैट सर od the Suncion bindusl fies के। bert Gabrd 1157 vera be trim, "री aed wunuis kearrledige, हरी The Apphicant ar any to] fin) Barhivpley Gade, gaab (Ode), खा keeedi as Ainemane 8 19 Da pouadetited Gia Ma मे कक Soe sda AVruspecion Revoluthod Aguile wi sak be ws (Sey patie acting सि¨शिª।/ए og ley canteert aith ber flee fab agg’ Jeeolwents ateordance with the guidelines of the Resutes Bak ol Ihansing Regsilation tt, 194 Soo is a weal lefotres fadta dest ander th 4.

tie acting सि¨शिª।/ए og ley canteert aith ber flee fab agg’ Jeeolwents ateordance with the guidelines of the Resutes Bak ol Ihansing Regsilation tt, 194 Soo is a weal lefotres fadta dest ander th 4. ot the tire: of submission of the resobutlan pls Nas wep acre, ar as ae cacit rote व (एक urier Lhe management a connral ag au auch person ts a promoter, classifhal os won-puréecimiig 3 : ४0 win die guletines af the Reserye Ran of bila dswaed एप toe Barking Tegulation Act, L049 0४ che piehde oF Misartcial seu wed aeder any other law bor tne chime being in derce, and ac one gearhag lapel from the atele at euch fhesptocen told Pasay at Gussie pend efit बंद मर एव्स iasalwary 408 [एक फट एक of dung obser: aif’ a. & wham Provides! Ghat the passin shall be elipble to sctinsit 4 जे्डाशिªताकाहा gon वो 5 — A makes gopyment of ail overdue aneoumin witht eAcerest Ect ८ charges rehulng $0 reamieperlerming suset accounts bedurg poten tusoludian glam et farther chat swehing din ehis clause shall apply io जे eieabticn ch applicans is a financial andy and Is met a related party “peta guty githow न Far chu purpases oPibls poise, det ४. 18 81६11 के Farad cutily, pegutabind byt a Gf PS 5 4315 1A. No. 09/2024 in (IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Lid. Vs. Altech Infrastructure Private Li Page

ls poise, det ४. 18 81६11 के Farad cutily, pegutabind byt a Gf PS 5 4315 1A. No. 09/2024 in (IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Lid. Vs. Altech Infrastructure Private Li Page

oN =F. eS i 5 ~ NEO IA. No. 09/2024 in (1B)-686(ND}/2019 ARE Psyc 12280 MS ay )oy: admikted wider this Cade ond auch pyoraicted tsi denn are, mit aquily shaves <tr instoumems coseercdale inn aeyiny 9 Inanivency conLinencesent date. ४, PRL Se ttre Explanation Woes For the purposed ef this clause. where a rexGhttosi epyite ool hag an aecoant, eran gecouns of a carpanare debts जात the in एड cangrabal such purvan oe एक wham such person किT 3 praia, fund aa Ped perfurming asaec asd tick aecaunl aps acquired pursuant bo df Ran approved ander the Cede. then. che provi apply is कपए] tesalugiun applicant for a perted af three years fine Sop alata of opprval of seach cesolution plan ty the रतलाम Aas under ashe Codes Serena. He अप] oat thay Lhe 4.0 has been convicied for any olfeied paniebuhte with, bapreasncient ५ 1... faery pears का ane user apy AGE spoglie मास the Tee lett कर वि¼षअरशिªक दा 110 Corte; or हा. | fi seven pears tr nen gear ange dae Gor the gong Beeps वी digas Provided! char Lis clause shall छा apply bo 9 tegen Offer te espa nt a fertod nf bya years fron the dade od hes seteane (ren dutprrpegnii ees Peavided Turtiige that this tlause xhall noc appdy की rebasion ba a पते: person relerred ba in chause [वी] of Explanation |. ही...

rtod nf bya years fron the dade od hes seteane (ren dutprrpegnii ees Peavided Turtiige that this tlause xhall noc appdy की rebasion ba a पते: person relerred ba in chause [वी] of Explanation |. ही... 15 deg iahihed vo acts दा, शत एक umes Cea giacns Ast, asl, esl 5 Provide! ual this dlauxe shalk iat apply i eeiavine to अ Cire maherned to tn chase (unk laqptanaion |: ही... Ja prvhilsiged ty the Securities Exchange Heand of denfen frit tex 2° securities or accessing ihe securities market 9. hae heen a giramsuyter or in the management oe coped al” the ऐसा svhich छे prelercnriadl brareacticn, ७४10101591॥1॥ iresisaction, estore transaction. ae Pravalwlest Lramsaction bins taken |: am एप has been made by Une adpud kathy Auaborisy ai nist and en ap dere Pats 11 कक ले ts coda leat Provided what ahis clause shall net agole df a prefered godievatued tParsactien, matiartienagi Crh जाट (एपा tracacthon has taken place prior to Tie argquisician of the corporate debt ar ty the renulation ageiicant puamucnt tp व resahetiin, phan appre ros एड! दा puareuaait 10 वा eetiimy die plan apgiremwess ley | tiriangt at» af ब COLT, and such reseducien dgypslicant bas mak vaberadse randy prufeteniel transac uadervilund transactKin, tanh: Av CCin oF Frau पौदया। सफर Ate kA Mabad an 200 ab वी Gad pled कवव का eure noather किT teat di gba ct RS zecuted & puervben ici वि¼श of a creditor Ware | Se 3 awhich an soclicution.

sactKin, tanh: Av CCin oF Frau पौदया। सफर Ate kA Mabad an 200 ab वी Gad pled कवव का eure noather किT teat di gba ct RS zecuted & puervben ici वि¼श of a creditor Ware | Se 3 awhich an soclicution. fer ingobvency 7 hea 1 हएएड im tnt feraabnis inpald is lallor port Breit POT, Ata हूं एक BY 11200, z nw A 4 (हिWत to any diahiliny, corres [वा F wie ह1 ty furisdictivant cuitgtcle fralsa; ei

14, daovernment may, था consulission with the दिšशा sector reguds “hp any enti negulated by a forcan cendzsl an or w has a canneries period nat elighbte uncer clauses dat oe (i) phisuciog [os Far tivase, the anproasicn “cs Perso * छाएखाकका Purposes al klk @ any person wing ds che promoter ov 41 Lhe mienapersernt, ur ६ ताकतों ab Ue resolutlog applica, ore tg any persen who shall be the pecanater or कह ananapenwent पद ave ake bewingss of the corporate debtor during ihe inplernentasion it mesbuckis plan or ale too 11111 ea nisna ty, © eae Re) Rae > as fate enenysiye cer Mi pearty ed’ a person referred to in chases (1) and [हुए 7 a Peowiived, chat goalsbiogg te chown (ER a Explanagiar | hall apply ts ob Pesghadgee applitant where such applicant is a financial entity and ts mut arelated porte af the cargicane debtors Provided farther that the expre a “related party” whan an Hal aensdig. cegualibed dy a Findical secbar segalakor. वी pf ay a थी. creditor af tae cosporam debror and ts a related party of the स्व [का ७0835 goleby on acewunt of conversion ar substinaliua af debt tsa audi, है.

libed dy a Findical secbar segalakor. वी pf ay a थी. creditor af tae cosporam debror and ts a related party of the स्व [का ७0835 goleby on acewunt of conversion ar substinaliua af debt tsa audi, है. kehbe de myuins shaves, prigr bo ter anlyeuiey iesatrnasmve fammencomens date; 2 purposes af this sect. Taaacial antsy tell nes ai Ali desstral पर शशिª: Kl वा 16293 a aj क axltelaledd toa; 11 ६ 21:11 किT 1114९ 03 अप wanes है]. any reggisturpel foreseen prortés ® . a ahall bave.che 01621 assigned व viens la 1 फिÌय 2 at the Foruign Exeliasqie Manageineat (Transter ar bese * Persan Resident Outside bndia) Begulationsy, G07 modu + Borelga Lachange Manggenvent Acy 1904 [45 एव 1908: Baseres Seetk of दिšये 8). anasset recurstruction cans पडता seetion Soot thor Secantitinelidie aid Dine वॉक Agsets aad Eatorcement ol ४ (iA oe कं कई Paeatd 5. awed Lae st i, by nie tent IA. No. 09/2024 in (IB)-686{ND}/2019

254 Uralectaking fas te bein the foci af an aida: ais a stanton wapae if appropriate aciaunt as jie Cee stamp ack applicalle ts the agate ad ei? OLE AFTTUIMID AT Mew आती One THES TEN wae Heth, oa thls the agth November soos VERIFICNITORE: TL Pawan Kuscar Gupta authorized Person of Suniel: Imbeateles Applicast, auto be 1० General fewer of Attorney for giving wach olfsbacil, the depeavet shone taresd, on जिÑक्र et Sanrke frilusteos, having regletered offiew at d-u3, BBE Enclave, ts by weedy ond state Wear the 2: A mething tubecta hes becw eeaceslnd cher. athien Vihar Paw | ६ ८० hoes lel ateeteol toeabyer alflavit ar wie te पाए bei:

ng regletered offiew at d-u3, BBE Enclave, ts by weedy ond state Wear the 2: A mething tubecta hes becw eeaceslnd cher. athien Vihar Paw | ६ ८० hoes lel ateeteol toeabyer alflavit ar wie te पाए bei: Werdind at Bow Delld, on Gris the sath Morcinber suas

une ae : 14. It can be seen from the above as regards the compliance of Section 30(2) of the Code, as reflected in the Form H, the liquidation value payable to the Operational Creditors {other than workmen and employees) is NIL as the amount of the admitted claim of the Secured Creditors is more than the value of the Corporate Debtor and are paid in priority to the Financial Creditors. 15. Vide Afiidavit dated 10.06.2024, it is clarified that the total amount of EPFO dues of Rs. 21,38,247/- has been paid in full. 16. In the Affidavit dated 10.06.2024, it has been clarified that the Statutory Dues of Rs. 43,52,240/- has been treated as secured and paid in the same proportion as that to the Secured Financial Creditor. However, as reflected in Form H, a total of Rs. 42,00,000/- has been paid to the Operational Creditors. 17. It is also clarified in the Affidavit dated 10.06.2024 filed by the Resolution Professional that the Resolution Plan does not provide for any CIRP Costs as the same has been met from the income of the CD during CIRP i.e., monthly rental of Rs. 5,00,000/- from the factory sheds and available machinery leased to third party. 18. It is also clarified in the same Affidavit that no application for Avoidance Transactions has been filed by the Resolution Professional. 19.

sheds and available machinery leased to third party. 18. It is also clarified in the same Affidavit that no application for Avoidance Transactions has been filed by the Resolution Professional. 19. The Resolution Plan envisages 150 days for payment to all the ditors from the date of approval of order by this Adjudicating Authority. 2 No. 09/2024 in (IB}-686(ND)/2019 dia Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 23 of 38

The details of the implementation schedule of the plan reads as under: Sep Approval of the Resolution Plan by the Adjudicating | है Authority or the receipt of the Approval Order, whichever | Step? Tntimation to all the Creditors, existing shareholders and | Other Stakeholder of the CD | गया)... Appointment of the monitoring committee Sepe Change in Management of the Corporate Debtor, by. appointment of Directors nominated by RA on the Board | |। _ of the Corporate Debtor, : tn ncte /।/]$/]$/]/]/ | Step Infusion of funds by way of equity and debt for making | tne payment as proposed in tis Resoluuon Plea in, compliance [0 G2} for payment of the Operat Creditors. “Restructuring of share capital as proposed under the. | Resolution Plan and infusion of the fund in the form ए | | Debt & equity, | Step | Step? | Infusion of funds for payment of the financial cred rransfer of al the Assets to the CD and Receipt of NOC -olher documents from the Financial Creditors for satislaction/modification of charges. IA. No.

funds for payment of the financial cred rransfer of al the Assets to the CD and Receipt of NOC -olher documents from the Financial Creditors for satislaction/modification of charges. IA. No. 09/2024 in (IB)-686(ND}/2019 India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limite Page 24 of 38

The Resolution Applicant has proposed the following for monitoring of the Resolution Plan: a. Constitution of Committee for monitoring and supervision of resolution plan; This is envisaged in the Resolution Plan to constitute a monitoring commitice co of a representative of the CoC, Resolution Applicant along with she professional Mr. Anand Sonbhadra for supervision and monitoring of implementatio of the Resolution Plan for the term of the Resolution Plan. The monitoring committee‘entity, constituted, shall have inter alia the following responsibilities: i, To supervise the implementation of the Resolution Plan and ensure that the Reselunon Plan is implemented as approved without any deviations; i, To ensure timely disbursement of funds to the financial out abave: payment terms msure that approvals, to the extent required for implementation of the Resoiuuon plied for and obtained in a timely manner. iv. To bring to the notice of NCLT, any deviations‘Violations, of the Resolutio any person ४, To provide regular updates to the NCLT, as and when required b. Remuneration to the members of the monitoring committee The resolution plan envisages for payment of fee 10 the chairperson be Rs. 100. 0 month + applicable taxes (if any).

, as and when required b. Remuneration to the members of the monitoring committee The resolution plan envisages for payment of fee 10 the chairperson be Rs. 100. 0 month + applicable taxes (if any). All incidentalfout ef pocket expenses shall be paid and will be reimbursed as per actual’s, No other fee shall be borne by Resolution applicant. c. Management and Control of the CD after approval of the Resolution plan The resolution applicant shall take over the management of Company on approval of tt Resolution Plan by the Adjudicating Authority and Resolution Professionai shall be discharged from his duties. The Resolution Applicant proposes to appoint the following directors of the Corporate Debtor after the approval of the Resalution Plan: 1. Mr. Pawan Kumar Gupta or any person as may be nominated by the ! A Mr. Parveen Kumar Gupla or any person as may be nominated by the licant. 1० AppHeant. 1A. No. 09/2024 in (IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited, Page 25 of 8:

any person as may be nominated by the licant. 1० AppHeant. 1A. No. 09/2024 in (IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited, Page 25 of 8:

The Applicant has sought various reliefs and concessions stipulated under the Resolution Plan, which reads thus:- हे ७. 1.. Any and all Gabilities, apart-trom specifically proposed under this plan, shall stand eemancniy cxtinguished asd anaulled_ 2 ‘The share cardial of the Corporate Debtor shalt be [ssued'stand transfer to the Resulucig applicant or aay of its nominee as decided by them. and who ere See 294 comp है Resolution Applicant skid] be exempt fro any prosedural requicement under any Low for the tune being in foree by virtue of the onder passed by the Han'We NCLT, 3. Any and all financial liabilities’ clair: ) ansing out of the tegal procecdings initisted before any foram by er an behalt of हिW the Creditors, to eatbyse any rights or claims against the Company or enforces 05 invoke any security interest over the assets of the Compeny {ar any guarantees! underlaking! surety by the Company); ही)... 90 eecount of any violation or breach of any agreement of the Company.

05 invoke any security interest over the assets of the Compeny {ar any guarantees! underlaking! surety by the Company); ही)... 90 eecount of any violation or breach of any agreement of the Company. prior 10 the approval Dates Gif} on eecount of ail the outstanding negociable instraments issued by the Company firehiding demand promissory notes, post-dated chagues und letters of credit, ate (iv) on account of any corporate guarantees (vhether contingent or crysishined), Jadkemmitizs and all other fons of credit support provided by the Cama to the Approved Date; {v) ba acct ofany शिªया of securily provided by any person (including the Existing Fromoter Group) for aod on behalf of, and or in order 10 secure any oblipations of the Company (whether by way of hypothesation, pledge, morigags, gparadced ee हु (vi) arising out of termination of all ageeements executed with shy person! ény and all Persons associated with the Existing Promoter Geonp in घर Company by the Monitoring Agenew aad Ast hereby fully end finally settled and discherged against payment of NIL consideration. any and all financial Jiebilitics’ claims vith respect to such claims shall stand xtinguished and annulled. हिW re Wok ऋ MA IA. No. 09/2024 in (1B}-686(ND)/2019 YY India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limite: Page 26 of 38

shall stand xtinguished and annulled. हिW re Wok ऋ MA IA. No. 09/2024 in (1B}-686(ND)/2019 YY India Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limite: Page 26 of 38

हु ty this Plan from being subjected tp tex एप the poovisions of the lycomesiex Ant, 1961, un All contractual arrigemeats of the Corporate Debtor shall continue to be applicatic, far i the benelit of the Comorate Debter, although the Resolutlon Applicant reserved the : to modiisterrainate such contracmal serangements, All government schames. subsidies, benglits, polices as applicable to ihe Corporate Dedtor chall continue to bo applicable to the Cororate Debtor, unless otherwise peavided in tis Plan, a a All Jease, Hoenses, Intellectua) property rights {in the form of Trademarks, wordmurks, Copyright or ia any ogher form) and any epprovals of the govemmment & Industrial Development Authority beld by the company, witch if had expired prior to the effective j daig oc whieh will expise within a period af one-year (12 montis) hereafter, eal] be rnewedended by the celevant Governmental Authorities without penalties and inazest by Vinue of the Resolution Plan order passed by the Hon'ble Adjudicating Avubovity ad the company shall be pennitied 10 continus 19 opepale its business end of suck licenses and approvals.

nd inazest by Vinue of the Resolution Plan order passed by the Hon'ble Adjudicating Avubovity ad the company shall be pennitied 10 continus 19 opepale its business end of suck licenses and approvals. Purther, the celevant Govemunental Awthorides will provide a minimum pericd of one Year of tine alter the effective date ja oriles for the Applicant i0 assess the sietus of the fisenses and governonial Approvals requiced by ike company end io procure of rene the same. alow ae §, Industria’ Developmsat Authority है Department’ Authocities! bedigg, ct, wil change in management end shareholding of the AIPL-Coeporae Debtor without ay Po, freicharaosfcose'penalty and aller making necessary chongss in their resords witl issuc NOC aad other required permissions for the same on the basis of resolution Pan eprrored by Hon'ble Adjudicating Authevity. 9 ४ oim or demands of any Industrial Development Authority Compan! Dopartunent egaurst he Resoletion = lowards aoy dues and demands (12 Lease, Prerium, interest, compensation and any एप charges) ponding for the gerlad prior we i क्‍ the insolvency commencement date shail 18680 felly and finally 88 दिšए and discharged H avainst payment of N{L consideration, 10... The Developracnt AuhorityCorporation Departmient’gther autherities “bodies wil] allow moditicaidns‘aterniomadditioas in the project plan 65 per Ue current gyplicable gadieies VA te IA. No. 09/2024 in (IB)-686(ND}/2019 iN India Factoring & Finance Solutions Pvt Ltd. VSs ure Private Limited. Page 27 of 38

dditioas in the project plan 65 per Ue current gyplicable gadieies VA te IA. No. 09/2024 in (IB)-686(ND}/2019 iN India Factoring & Finance Solutions Pvt Ltd. VSs ure Private Limited. Page 27 of 38

without any addiienal cosufee/charges, All MAT esedit of the Company will continue with the Company (on 2 going cance basis} and will be available fer the benefft of the Resslotion Applic The Corporate Deblar or the Resolution Appllcent shall nat, at any point of time, be held financially liable under provisions in elation ta the dlabiliny of the Comore Debior as per provisions of Section 170 of de Incesne-tax Act, 196] in respect of any cranenctions eartied out before the Effective Date or contemplated under cis Resolutixi Plan er का account of any action taken pursuant to cals Reseluuion Plan including acquisition of contol by the Resolution Applicant over the Carports Debtor pursuant 10 dis Resalution Plan, The Resolution Asplicant, of the Cocparse Debaor shall not be Ilable to pay any 7 (direct or indirect} whatsoever arising (ली ey indlsecily on such enhty) ea a reselt एवं the actions isken by ths Corporate Debtor prior to che Effective Dare. Tt meay ales be 18118 that any Tax.

(direct or indirect} whatsoever arising (ली ey indlsecily on such enhty) ea a reselt एवं the actions isken by ths Corporate Debtor prior to che Effective Dare. Tt meay ales be 18118 that any Tax. Linbilities pertaining to any period or action prior to the Edfcetive Date, whether assessed or unaasessed, by ihe mlevant Tax Authorities shall be deemed १6 have Been extinguished and vaitten off on the Effective Date. Alf notices, assessments, appellate or ather proceedings pending or threatened in relation 10 the Company, in slation to aay period prior to the effeerive Date shall stand terndsuted and withdrawn and all consequential Lnbilitics, Wf amy, shell steed extinguished and be considered a3 not paysble by the Company by virtue of the onder of the Adjudicating Authoriny apsroving wis Resolouoa Plen and arg resassesmient, revision or elher proceedings under the provisions of an Income Tax aed lad Jaws would be deemed to be barred to relation to any period prior ro the effective Dune, by viriue of ihe order of the Adjudicattag Authority approving this Resolution Plun and the Company, the Resolution Applicant shall ot oo point of cage be, directly or indirccily, held responatble or Hable in relation thereto, Any Requirement to obtain waiver fom any Tax Authorities including in ता of Sen 79 ofthe FP Ast is considered to hare granted open approval of this Resoletion Flan on the Effective date, Al financial licbilites including any contingent Habilities) relating to ony investipatt inquines, skew-cause nolees, causes of action, sults, claims, dispuits, [it

letion Flan on the Effective date, Al financial licbilites including any contingent Habilities) relating to ony investipatt inquines, skew-cause nolees, causes of action, sults, claims, dispuits, [it acbilmallons o¢ other J uditia] or regelatocy or administrilive proceedings shail be deemed to be extinguished ox wrinea-aff. IA. No. 09/2024 in (IB}-686{ND}/2019 Page 28 of 38

= a PR. The Conerste Debtor or the Resolition Applicant shall not, et aay point of tine, be held fF Table |; financial Civtl(Crimlnal liahilities for 2ny of dee corporets cearanice. | aiven, by de Corporate Debtor prior to the Effzetive Dats, 18 The chonge in sharehotding of the Corporate Debtor pursuant 10 this Resolution Plas sak not lead 10 lapse of आए broewtt forward losses of the Corperate Debtor ond | provisions of Scotion 79 of the fneome-tax Act, 195] are nat upgtlcable, ‘ 19... The Corpesose Debtor shall be entitled to carn forward arel seteot? all the brought forward book losses and unabsorbed depreciation es shown 10 coe beeks of accour considered in the retums of income filed under the Ineonuetax Ast 1901, nat whatsoover as a cesult of any celated party transactions sotered by Corporate Dettor prior i 1 i 20. The Resobien Assficant er the Corporate Debtor shall not be व to pay soy 119 : to the Effective Dats vader. : ha किTम at different levels and provide waiver from ell Tex dues including एप: Fenaly on such litigations. .

the Corporate Debtor shall not be व to pay soy 119 : to the Effective Dats vader. : ha किTम at different levels and provide waiver from ell Tex dues including एप: Fenaly on such litigations. . f f 22, All the ansecured leans given by the Corporat Debtor to any third pany wid comiaue 1 | with We (७0०१ [0001 ard watl be available for benefit of ioe Resolution Applicant. H 160 Resolution Applicant, कीट: che Effective Date, shall by entied ta recover ail the | f थार that are payable by the Corporate Debtor (including the unseeured leans) te ate thied party, All accounts of the CD shall sand regulariesd and thet asset chesstficalivn shell be H “standard” for the purposes of al Anplicable Laws ftom the plan effective dares and है siti? ofthe CB paciners and directors will be standard widkour effective eny cibil rec . ra Let ‘24 Alt Gavermmecatal Authavities to Braid any relief, wanecsgiont ¢ Opensaudh as hay 4 q i Fa Teguiced for tapismentation of the transactions conlemplated under the Resolution Pian: H in assondance with Us eras Sed conditions. Al reyuired Approval(sl Permissianfg’ Cicence(sy’ Ceniieate(s) So Objection Cesdneate(s} or any other similar 10017 cither oxpired or unexpited. Issued bs Gevernnient Aulhovicy ov Statutory Bedy shall deemed to be effective end epetinue fer a IA. No. 09/2024 in {IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs, Altech Infrastructure Private Limited. Page 29 of 38

tory Bedy shall deemed to be effective end epetinue fer a IA. No. 09/2024 in {IB)-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs, Altech Infrastructure Private Limited. Page 29 of 38

went of raiatmum of one Year from the dele of aparoval of the Reseluiion Plan ty te Adjudioating Auuhociry, ; ; ta 6. The selovant goverment authorities shall not bide ay investiustion, actors or proteodings against the RA, or the aew otanagement {upon acquisition ef CD) including the board of direchers jn celition to any non-compliance with applicatts laws by the CB pertaining w aay period up to aperaval date, ne é7. All Governmeatal Awhoriiies to walve the Nor-Complisnces of ine CD prior te the Phin है Eatctive Date, including but not inited to Companies Act 2013, the Induswial Disputes

E993, the relevant shops aud establlslusear aety and वि¼, ciretilars सा rey

| 8 of each of the above 18०४5 along eth ery छिÚश Act apalicable on the Cormpecsie , Osher, ae 33. all Gevemmental Acthoritles 9 areot aay relic, consession oc dispensation 25 may b¢ required for Jnplementation of the texnsactions comenimtated onder the Resalusion Flat in secordence with Is terms and conditions. : 25, The relevant pavermment aushovides shall not initia any ivvesligaties, actic pooceedings against the BA, az che now manogerment (upon acquisition of CD} inclu the board of dicestoys in celavion to any aon-contplianse with aipplicabls tes Oy the CL 1 pertaining 9 any period up to approval date. 30, The Resolevfpn Agplicart will be entitled for all immunities as pyovided under the ponvisians of T & मे (0०, 2016 and eelated ceetarions Sul not limited so inemucitics given vids section 324 of the [ 6 8 code, 2006 3}, Incase any anmqunt fs due us be received against aay acquisition of any par‘periinl of tac lendtenit‘vsset of the corporate debtor by any Government! Statutory Authorities! any csher pewton prior to the Effective Date then such recoveries‘compensatian will be mused ःÜ to (एच of Corporate Debine for tis use 48 decided by दिšए Resolution Agplicant, 32. A penesful, bossle free, wedigputed and clear (i.e.

ctive Date then such recoveries‘compensatian will be mused ःÜ to (एच of Corporate Debine for tis use 48 decided by दिšए Resolution Agplicant, 32. A penesful, bossle free, wedigputed and clear (i.e. 105 from any Ulegal possession of : ay Kind) physical postesstog of all the astets {including the load parcels in Bhivaci मु ze mentioned in the IM), movable {including velicles) था तिßशकडरर fineloding properties), of the Corporate Debtor apreaing in the books of account of met. mentioned in the Cal or Not shall be civen to lhe Resolution Apalican immetiately | oa 72एाफयं of the Resolution Plan ; i H | 1] 18. No, 09/2024 in {IB)-686(ND}/2019 Page 30 of 38

faa Tas . The RA shall reserve the right to take the appropriate legal action agaiuet the 1352 hylder with wha it has 2 MOL Aneresment sianed for getting the 1४5 rent, royalty charees. sea she BH, As per जिÑ there ate no einployees and workmen in the company on dhe due of suluniaghen of resolution plan, The Resotution Applicant therefars shall be free 10 appoint its con resousees inchiding ssanpower, labour and workdorce aad shall not Se bound by any Goverment anthority 10 appoint any of the old employee warkienen. After tie approvel of sesolution plan, die resolution appleant will appoint Statutory and oaber auditess from list of eligible acdit finns. bon ca fed thet the oxisting/past sharcholders, mangzces, directors, officers employees workiaen of other personnel of the Company shall continue to be Table for शी che clairas. dented, obligations, pamaltvs ee. 3h,

the oxisting/past sharcholders, mangzces, directors, officers employees workiaen of other personnel of the Company shall continue to be Table for शी che clairas. dented, obligations, pamaltvs ee. 3h, (i) adsing out of any procerdings, inquiries, investigations, gtders, shaw causes, 1017९, H slag, Wieation és, Gnsteding these arising at of eny ondsrs passed by the NCLT i pursnant 10 Seetiong 43, 44, 49, 40, 64, 68, 70, 71, 72, 71 and M4 oF the UNC, whether civil or criminal, ponding before any aultority, ecurt, uibunal ov aay ochee for pring to the plan e[Tattive date; or | {8} thal may arise out of eny proceedings, inquires, invesiguions, orders, show caute, netiegs, suits, Gtigation ete Gineluding any ordeze thet may be passed by the NCLT palrsuant to Sections 43,45,29,50,66,68, 70,7172, 73 and 74 of the IBC), whether civil or , criminal, that may be initiated or instituted post the eppeoval of the Revolution Plan 29 the MOLT on account of any inesictions entered inte, or decisions or actions taken by, : the exisiing shareholders, managers, directors, ofliters, emplayses, workmen or other 1 pérscane! of the Company, The Company or the wsolution Applicant shall at no point of linse be, directly ox indirectly, held respansibie ar Hable in celetion पाए crstellle promotera f directors or other entities against avoldance transactions (PLFE transactions under IBC, 2016) shal be vested with the Committee of ‘ Crodjturs aad dhe expenses for pursuingffollow-up the peoding Applications after the Appriwel dade shoit be borne by the Commitios of Creditors themselves, + |

al be vested with the Committee of ‘ Crodjturs aad dhe expenses for pursuingffollow-up the peoding Applications after the Appriwel dade shoit be borne by the Commitios of Creditors themselves, + | 3%, Further, any recoveries by the Corporate Debtor ¢ Resolution applleant frei rhe | 38 Where the Resolution Applicant Become the काएचडीए resalution applicant oa 20073] ofits given Resolution Flan by the COC, the process participation deposit and ths EMD 1A. No. 09/2024 in {1B)-686(ND)/2019 India Factoring & Finance Solutions Pvt Ltd. Vs. AT nfrastructure Private Limited. Page 31 of 38

(Paid along with the submission af the Resolution Plan) peovided shall bg adjusied towards payment as per chiase UW (oj afte RFRP, . 3%, RA have & right to meke o prepayment 2s proposed in the Resouliion plan with ute discount rate is 8% OTHER RELIEFS SOUGHT 1, From Ministry of Corporate Affairs’ ROC! NCLT fi) NLT shall pass appropriate onder to ensure that the Himeline for making [छलका toany of the Creditors starts on the date of approval ofthis Plan by SCLT. Gi) The MCA and! or the NCLT shall waive any non-complisnee by the Comzaae wid respect 10 che provisions of the Companies Act, 2013 Ginckating prov entioned in Chapter VO, IX & कै) and 1७ rules, ntgulations and circulars issued : thereunder, relating to the period poor to the effective date. a ae) (it) The Ministry ef Corporate Affairs and, or, NCLT shall cxcmpt compliance with He provistiag of Chapler SV of the Companies Act, 2013 (and the corresponding nile ed under the Companies Act, 2013, Jn respect of schemes of

rate Affairs and, or, NCLT shall cxcmpt compliance with He provistiag of Chapler SV of the Companies Act, 2013 (and the corresponding nile ed under the Companies Act, 2013, Jn respect of schemes of arrangement contemplated under thig Plaa. (iv) The Depertnent of Reaisiration and Stamps of the relevant states ard che Ministry’ of Cocpareu: AGhics hall exempt the Resolution Applicant and te Company from the levy of sanap dury applicakle and payad!s in relation to this Plan and fs rplermentation, ४)... NCLT shall direct chat the Compeny shall not be liadls for any non-corspliaaces, breach, ets. dusiog the reriad prior to the effective date and for Gling to take or olin any approvals, consents, penmils freen any of the governmental aucloriies. (vi) Any veto High or any other preferential dghts associated with exising shareholders shall stand extinguished! cancelled and the spprowal of ¢ shareholders shall be deemed. to have been alven for effecting such revision of s2recmenis, consituilena) documens sech as menmecandum of aaseciad onisles of association, on agproval of chia Plan by tie WCLT. SEVERARILITY AND RIGHT TO MOOTY IA. No, 09/2024 in {1B)-686(ND)/2019 India Factoring & Finance Sohations Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 32 of 38

l of chia Plan by tie WCLT. SEVERARILITY AND RIGHT TO MOOTY IA. No, 09/2024 in {1B)-686(ND)/2019 India Factoring & Finance Sohations Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 32 of 38

= Inthe event ॥ is determined hat any provisions ए the Resolution Plen is unenitreeable enthhes on its face or a3 appbed to any Claims or isanseclion and/or in (he event any jvovision of the Resolution Pan becomes invalid for reasons other than by breach of any pony, Resoletion Applicant amy eppey to the Adjudicating Auihomy foc appcoprine modification of such provisions of the Resolution Plea, to satisfaction of the Adjedicoting Authority, and such javalidity आए unentoreeability of the provision of the Resolution Plan shell net render the whele Resslution Plan ar ollerwige distered by che Adiudicating Auchority by order, ‘ (Hi) The Resolution Appticant hes mate every possible eflerl to prepare and subnet ihe मल Plan surfedy fa accerdanos with che various provisions of the Code ead 35 | per the termes mentioned by the Resoletion Profissig inadvertent inadequacy! shortecenings defeats ॥ the Resolution Plan, the Resolution shorisomings! dafecis 40 observer, | Applicant shall be given an opparunuty dar rectifying and removal ए auch inadequacy? | | ।क्‍ } | fl | He 23. As can be seen from the above, some of the reliefs and concessions sought by the Successful Resolution Applicant fall within the jurisdiction of different Government Authorities, and/or are subjected to the provisions of different laws for the time being in force.

s sought by the Successful Resolution Applicant fall within the jurisdiction of different Government Authorities, and/or are subjected to the provisions of different laws for the time being in force. In this connection, it is made clear that the amount payable by the SRA in terms of the plan to different creditors, stakeholders, and to keep the Corporate Debtor as a going concern is not a subject matter of any condition, assumptions, if/concessions and/or qualification. It also needs to be underlined that ay _ the! provisions of Section 31{4) of IBC, 2016 mandates the Resolution कहर AG No. 09/2024 in (IB)-686(ND}/2019 se 48018 Factoring & Finance Solutions Pvt Ltd. Vs. Altech Infrastructure Private Limited. Page 33 of 38

Applicant to obtain the necessary approval required under any law for the time being in force within a period of one year from the date of approval of the resolution plan by the Adjudicating Authority under Section 31 of the IBC, 2016. In terms of the provisions of Section 14 of the Code even during the period of CIRP, no default in payment of current dues is a precondition for continuation of the License, Permit, Registration and similar rights. Thus, even during the moratorium period, the facilities mentioned above are made available to the CD only when there is no default in payment of the current dues. On the approval of the resolution plan, the SRA/CD cannot be put on a better footing by exempting it from paying its legitimate dues under the law.

there is no default in payment of the current dues. On the approval of the resolution plan, the SRA/CD cannot be put on a better footing by exempting it from paying its legitimate dues under the law. For the sake of instant reference, the explanation below Section 14 of the code is extracted below: “14. Moratorium. - (1) Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: - (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. Explanation.- For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended _or terminated_on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation _of the license, 18. No. 09/2024 in (IB)-686(ND}/2019 India Factoring & Finance Solutions Pvt Lid. Vs. Altech Infrastructure Private Limited, Page 34 of 38

dues arising for the use or continuation _of the license, 18. No. 09/2024 in (IB)-686(ND}/2019 India Factoring & Finance Solutions Pvt Lid. Vs. Altech Infrastructure Private Limited, Page 34 of 38

permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;” (Emphasis Supplied} 24, Furthermore, the Code provides for consideration of the claims, by the IRP/RP in terms of the provisions of Section 18(b) and Section 25(b) read with the relevant regulations. 25. The Code, further, provides for preparation of an Information Memorandum in terms of the provisions of Regulation 36(2) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which contains, inter alia, a list of creditors along with the amounts claimed by them. Regulation 36(1) of the regulations (ibid), provides for submission of the said Information Memorandum to each member of the COC. Regulation 36A provides for invitation for expression of interest and Regulation 36B provides for a request for a Resolution Plan. It is with reference to the Information Memorandum and Evaluation Matrix that the RP issues a Request for Resolution Plan. The Request for Resolution Plan details each step in the process and the manner and purposes of interaction between the Resolution Professional and the Prospective Resolution Applicant. The Resolution Plan submitted after consideration of the IM, EM and the RFRP is then examined by the Committee of Creditors.

een the Resolution Professional and the Prospective Resolution Applicant. The Resolution Plan submitted after consideration of the IM, EM and the RFRP is then examined by the Committee of Creditors. Even then, it needs to satisfy the requirements of Regulations 37 and 38 of the extant regulations and only then it can be approved by the COC in terms of the \provisions of Regulation 39 of the aforementioned regulations. After such approval, the Plan effectively becomes a contract entered into between CD / represented through RP, SRA, the creditors of the CD, and other 1A. No. 09/2024 in (13)-686(ND)/2019 Page 35 of 38

stakeholders and is binding on all of them. Section 31(1) of IBC, 2016, thus, takes care of most of the reliefs / concessions/waivers which are required by the Resolution Applicant. Furthermore, Section 32A of the Code provides for cessation of the liability for offences committed by the CD prior to initiation of the CIRP subject to the conditions laid down in the said section. 26. In this context a reference is made to the decision of Hon’ble NCLAT in Worldfa Exports Pvt. Ltd Vs. Vivek Raheja and Anr. [Company Appeal (AT) (Insolvency) No. 827 of 2024 & 1.8. No. 2994 of 2024] dated 30.04.2024 wherein a challenge was laid against the following observation of the NCLT: “16, However, the resolution plan shall not be construed as waiver to any statutory obligations/liabilities arising out of the approved resolution plan and the same shall be dealt in accordance with the appropriate authorities concerned as per relevant laws.

waiver to any statutory obligations/liabilities arising out of the approved resolution plan and the same shall be dealt in accordance with the appropriate authorities concerned as per relevant laws. We are of the considered view that if any waiver is sought in the resolution plan, the same shall be subject to approval by the concerned authorities. The same view has been held by the Hon’ble Supreme Court in Ghanshyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstruction Company Limited and Embassy Property Development case (supra).” The Hon’ble NCLAT, however, dismissed the Appeal with the following observation: “Adjudicating Authority has already referred to the Judgment of the Hon’ble Supreme Court in the matter of “Ghanshyam Mishra & Sons Private Limited’ Vs. “Edelweiss Asset Reconstruction Company Limited’, in Civil Appeal No. 8129 of 2019, which clearly laid down that all claims which have not been dealt in the Resolution Plan does not survive after the approval of Resolution Plan. 6. Insofar as statutory waivers and concessions, Adjudicating .. Authority has rightly observed that SRA to file appropriate necessary " application before the necessary Forum/ Authority in order to avail the relief and the concession. ' 7, The Resolution Plan having been approved it is always open for the Applicant to make an appropriate application before the Statutory Authority for grant of such relief as permissible after approval of the Resolution Plan. IA, No. 09/2024 in (1B)-686(ND)/2019 Page 36 of 38

nt to make an appropriate application before the Statutory Authority for grant of such relief as permissible after approval of the Resolution Plan. IA, No. 09/2024 in (1B)-686(ND)/2019 Page 36 of 38

8. It goes without saying that all past liabilities which are not dealt with in the Resolution Plan stand extinguished by view of the Judgment of the Hon’ble Supreme Court in ‘Ghanshyam Mishra & Sons Private Limited’ (Supra) which is a well settled law.”

In sum and substance, the SRA/CD would be entitled to no other relief/concession/waiver from this Adjudicating Authority except those available to it, as per the provisions of Section 31(1) and 32A of IBC, 2016. The SRA is, however, at liberty to approach the relevant authorities, who would consider these claims as per the provisions of the relevant law, in an expeditious manner. 28. In the sequel to the above, we are inclined to approve the Resolution Plan as approved/recommended by the CoC as placed hy the Applicant before this Adjudicating Authority.

n expeditious manner. 28. In the sequel to the above, we are inclined to approve the Resolution Plan as approved/recommended by the CoC as placed hy the Applicant before this Adjudicating Authority. We, therefore, allow the present Application and approve the COC-approved Resolution Plan as placed before us by the Applicant/RP with the following directions: - (i) The approved Resolution Plan shall become effective from the date of passing of this Order and shall be implemented strictly as per the term of the plan and implementation schedule given in the Plan, (ii) The Performance Guarantee/FD shall be renewed, if required, in the name of and kept alive by the “Monitoring Committee of the Corporate Debtor” till the Resolution Plan is fully implemented. (iii) The SRA/CD would be entitled to no other reliefs/ concessions /waivers except those are available/permissible to it as per the provisions of Section 31(1) and 32A of IBC, 2016. The SRA is at liberty to approach the relevant authorities who would consider these claims as per the provisions of the relevant law in an expeditious manner. 1A. No. 09/2024 in (IB)-686(ND)/2019 Page 37 of 38

at liberty to approach the relevant authorities who would consider these claims as per the provisions of the relevant law in an expeditious manner. 1A. No. 09/2024 in (IB)-686(ND)/2019 Page 37 of 38

{iv) The Monitoring Committee as provided in the Resolution Plan shall be set up by the Applicant/RP within 07 days of passing of this Order, which in turn, shall take all necessary steps for time bound implementation of the Resolution Plan as per approval. (v) The order of the moratorium in respect to the corporate debtor passed by this Adjudicating Authority under Section 14 of the IBC, 2016 shall cease to have effect from the date of passing of this Order; and (vi) The Resolution Professional shall forward all the records relating to the conduct of the CIRP and the Resolution Plan to the IBBI for its record and database. 29, The Court Officer and Resolution Professional (RP) shall forthwith make available/send a copy of this Order to the CoC and the Successful Resolution Applicant (SRA) for immediate necessary compliance. 30. A copy of this order shall also be sent by the Court Officer and Applicant to the IBBI for their record. Sd/- Sd/- (SUBRATA KUMAR DASH) (ASHOK KUMAR BHARDWAJ) MEMBER (T) MEMBER (J) कमल सुल्तानपुरी / KAMAL SULTANPURI संयुक्त USE / Joint Registrar राष्ट्रीय कम्पनी वि¼धिä अधिäकरण National mapany Law Tribunal भरत सरकार / Govt, of india IA. No. 09/2024 in (13)-686(ND) /2019 Page 38 of 38