03rd September, 2025 Approval of Resolution Plan - Geekay Colonizers and Builders Limited [IA (IBl (Plan) No. 2/CB/2025 in in CP(IB)32/CB/2022] (8.21 MB)

IN THE NATIONAT COMPANY tAW TRIBUNAT CUTTACK BENCH IA (IBl (Plan) No. 2/CB l2o2s IN CP (IBl No. 32lCBl2O22 (An Applicationfiled under section s0(6) read with section 31(1) of the Insoluency and Bankruptcy code, 2016 read with Regulation s9ft) of the InsoluencA and Bankruptcg Board of India (Insoluencg Resolution Process for Corporate Persons) Regulations, 2016) In the matter of: OMI(ARA ASSETS RECONSTRUCTION PRIVATE LIMITED Vs .... Financial Creditor GEEI(AY COLONISERS AND BUILDERS LIMITED "... Corporate Debtor And In the matter ofi SOUMITRA LAHIRI RESOLUTION PROFESSIONAL OF' GEEI(AY COLONISERS AND BUILDERS LIMITED Registration No. IBBI/IPA-00 1 /IP-POO734 I 2OtT -2OtS I L 1292, having address at: Flat No.14D & E, Tower-}2, Genex Valley, Joka, Diamond Harbour Road, Kolkata-700104 ... . ..Applicant/Resolution Plan Derp or PRorvoulcpmpur: 2Z,OA.2O2S Conau: DEEP CHANDRA JOSHI, MEMBER (JUDICIAL) BANWARI LAL MEENA, MEMBER (TECHNICAL) Apppeneucp: Fon ApplrcANT: Utsav Muxnpzuue, AnvocATE Bnesnen Peronv, Apvocatp (Fon PLA Apvocerusf d-e": (go) 3a /

onau: DEEP CHANDRA JOSHI, MEMBER (JUDICIAL) BANWARI LAL MEENA, MEMBER (TECHNICAL) Apppeneucp: Fon ApplrcANT: Utsav Muxnpzuue, AnvocATE Bnesnen Peronv, Apvocatp (Fon PLA Apvocerusf d-e": (go) 3a /

NCLT, Cumecx BENoH IA(IB)(Ilmu) No. 2/cB I 2026 IN CP(IB)No" 32lcB 12025 Tenrp oF CoNTEN?s SUMMARY OF THE CORPORATE INSOLVENCY RESOLUTION PROCESS:.3 Creditor:. ..'.."...........5 . Valuation of the Corporate Debtor: .................7 o Obsenrations in Transaction Audit Report: ....................8 SALIENTF'EATURESOFTHERESOLUTIONPLAT{:................ ....'.19 Corporate Debtor as proposed in the plan: ..----25 FINDINGS AND OBSERVATIONS:........... ........27 Regulations: ........... .-----......-..32 FINAL ORDER... ...............43 sd, gd Page 2 of 48

NCLT, Cuttecx BPrcn IA(IB)(t'r,er) No. 2 I CB I 2025 IN cP(rB)No.32lCB 12025 ORDER Per: Deep Chandra Joshi, M(Jl and Banwari Lal Meenai M(Tl: l. This application is filed by Mr. Soumitra Lahiri Resolution Professional (hereafter 'RP/Applicant') of Geekay Colonisers And Builders Limited (hereinafter Corporate Debtor/CD') bringing on record the Resolution Plan approved by Committee of Creditors (hereinafter .CoC') under Section 30(6) of the Insolvency and Bankruptcy code ,2016 (hereinafter 'lBcl the code') read with Regulation 39( ) of the Insolvency and Bankruptcy Board of India (lnsolvency Resolution Process of Corporate Persons) Regulations, 2016 (hereinafter'CIRP Regulations/Regulations') seeking approval u/s 31(1) of resolution plan as approved by the CoC u/s 30(4) of the Code.

ency Resolution Process of Corporate Persons) Regulations, 2016 (hereinafter'CIRP Regulations/Regulations') seeking approval u/s 31(1) of resolution plan as approved by the CoC u/s 30(4) of the Code. SUMMARY OF THE CORPORIITE INSOLVENCY RESOLUTION PROCESS: 2. The Corporate Debtor was admitted into CIRP vide order dated 29.11"20123 for a default of Rs. 57,43,10,538/- and Mr. Arun Kumar Gupta was appolnted as the Interim Resolution Professional (IRPI of the Corporate Debtor in conformity with Section 16 of IBC. 3. In compliance with section 15 of IBC read with Regulation 6(1) of CIRP Regulations the IRP published a public announcement in Form A on OL,L2,2O23 in English Daily newspaper "Pioneer (Raipur)" and "Hindi newspaper "Pioneer (Raipur Hindi Edition)" wherein the last date to flle claims against the corporate debtor was indicated to be 1^3..12.20123. Collatlon of Claim and Constitution of Committee of 4 *"dt: 3d-.- Page 3 of48 gd

NCLT, Cutrecx BENcH IA(IB)(Pt,eu) No.n2l CB I 2025 cP(rBlNo. 32lCB l2O2S 4, The IRP, within the stipulated time as provided in Form-A, received 3 claims and the IRP as mandated by section 1B(b) read with Regulation 13(1) of CIRP regulation collated and provisionally admitted the claim and prepared a list of creditors as required under Regulation 13(2)(d). The list of Creditors was also uploaded in the IBBI website on 20.t2,2023 as required under clause (ca) of regulation 13(2) of CIRP regulations. Subsequently the CoC was constituted uls 21(1) read with section 18(1)(c) of IBC,2016 with only one member i.e.

te on 20.t2,2023 as required under clause (ca) of regulation 13(2) of CIRP regulations. Subsequently the CoC was constituted uls 21(1) read with section 18(1)(c) of IBC,2016 with only one member i.e. Omkara Asset Reconstruction Private Limited and as per regulation 17(1) of CIRP Regulations a report certifylng the Constitution of CoC was filed before the Tribunal through IA(IB) No. l/CB 120124 which was taken on record vide order dated 05.02.2024. Subsequently the claims of EPFO were admitted in entirety and the List of Creditors as on the date of Insolvency Commencement Date is as follows: st No Name Type of Creditor Total Claim (rNRl Admitted Claim (INR) Voting o/o in CoC 1. Omkara Asset Reconstruction Private Limited Secured Financial Creditor 18o,r9,69,757 18o,L9,69,757 too% 2" Assistant Commissioner Income Tax, Bilaspur, Chhattisgarh Operational Creditor (Governmen t Authority) 6,O4,23,883 6,O4,23,883 NIL J. Commissioner CGST & Central Excise, Raipur Operational Creditor (Governmen t Authority) 1, 15,65,208 1, 15,65,208 NIL 4, Regional Provident Fund Commissioner, Raipur Operational Creditor (Governmen t Authority) 9,63,766 9,63,766 NIL Page 4 of 48 3d

onal Creditor (Governmen t Authority) 1, 15,65,208 1, 15,65,208 NIL 4, Regional Provident Fund Commissioner, Raipur Operational Creditor (Governmen t Authority) 9,63,766 9,63,766 NIL Page 4 of 48 3d

NCLT, Curtacx BENCH IA(IB)(Pr,ew) No. 2/cB I 2025 Creditor: 187,49,22,614 r87,49,22,614 Sl No. Property Details Primary Security 1. Exclusive charge by way of mortgage of project land "Romanesque" admeasuring 10.75 acres (43,499 sq.mtr) along with present and future constructions thereon. Charge on entire receivables from 'sold'and 'to be sold' apartments in the said project. Collateral Security 1. Mortgage of office premises (in the name of Mrs. Kanchan Atlani) of Geekay Colonizers & Builders Limited admeasuring approx. l2O0 sq.ft. situated at G-8, Ashoka Millennium, New Rajendra Nagar, Raipur-49200 I. 2. Mortgage of Office No 01, Area 5495 Sq Ft & Office No O2 Area 6773 Sq. ft (total admeasuring area L2268 Sq. ft (approx.) on 4tln floor Situated at "Ashoka Millenitrm", Tikarapara, Dr. Rajendra Prasad Ward No 46, Kh. No 36912, 100-01-50, 37213,102-103 P.C. No 114, R.I.C. Raipur-1, Raipur, Tahsil & Dist. Raipur (C.G) in the name of Geekay Millennium (a partnership firm) (Out of total approx. admeasuring area 12268 Sq.ft. (approx.) Piramal Capital Housing Finance Limited (erstwhile Dewan Housing Finance Corporation Ltd) has released carpet area of 24OO sq ft to the purchaser Reliance Jio Infocom Ltd.) sA Page 5 of48 3d IN No. Total

al Capital Housing Finance Limited (erstwhile Dewan Housing Finance Corporation Ltd) has released carpet area of 24OO sq ft to the purchaser Reliance Jio Infocom Ltd.) sA Page 5 of48 3d IN No. Total

IN 3. Mortgage of residential house (approx. 5,500 sq. feet) of Mr. Suresh Atlani on land admeasuring approx. 8,000 sq. feet situated at Atlani villa, Khamahardih road, oPP. Sales tax colony, behind shiv mandir, shankar nagar, raipur, along with present and future construction thereon. NCLT, Cum.ncx BPrcn rA(IB)(Pr,m) No. 2/CB 12026 No.32lCB 5. The 1st CoC meeting was held on 22.t2.2O23 wherein the IRP was confirmed as RP (hereinafter referred to as 'erstwhile RP). The erstwhile RP on 28.12.2023 in accordance with Regulation 27 of CIRP Regulations appointed2 (twof IBBI feglstered valuers, i.e. Mr. Anurag Singal (SFA) having registration no. IBBIi RV/ 06l2022l t4679 and Mr. PiJush Karmakar having registration no. IBBI/RV/ 06l2019 I L 1909 for the purpose of valuation and verification of the 'Securitg qnd Flnqnclq.I Assets' of the Corporate Debtor and the erstwhile RP through email dated 08.01 .2024 appointed 2 (two| IBBI registered valuers i.e. Mr. Sujit Ghosh having registration no. IBBI/ RV/ 02 12022 I 14613 and Mr. Siddhartha Biswas having registration no. IBBI/RV/ Ot l2O2O I t3678 for the purpose of valuation of 'Plqnt & IWachiner! of the Corporate Debtor. The erstwhile RP on 01.01.2024 also appointed M/s.

Mr. Siddhartha Biswas having registration no. IBBI/RV/ Ot l2O2O I t3678 for the purpose of valuation of 'Plqnt & IWachiner! of the Corporate Debtor. The erstwhile RP on 01.01.2024 also appointed M/s. Choudhary Tenani & Associates, Chartered Accountants as Transaction Auditor having registration no. 330698E for the purpose of conducting an audit of the accounts of the Corporate Debtor. The erstwhile RP had also filed an application under section L9(2 of IBC) i.e. IA (IBl No. 17lCBl2024, seeking cooperation from the suspended directors, which is pending before this Tribunal. 6. In the 3'd CoC Meeting, which was convened on 16.01.2024, the CoC passed a resolution with 100o/o vote to replace the erstwhile RP with the present appllcant, which was later approved by this Tribunal in IA(IB) No. 63/CB|2O24 vide order dated 27.o2.2o24. The applicant gd 3d' "-> Page 6 of48

NCLT, Curtacx BENCH IA(IB)(Pmu) No.2/cB I 2026 CP(IB)No. 32lcB l2o2s on 01.04,2024 appointed 2 (two) IBBI registered valuers, i.e. KKCA Valuers LLP having registration no. IBBI/RV-E/O7 120231185 and Mr. Shaan Akrekar having registration no. IBBI/RV/02l2O24ll549l ot the purpose of valuation of 'Land & Bulldtng' of. the Corporate Debtor o Valuation of the Corporate Debtor: 7.

RV-E/O7 120231185 and Mr. Shaan Akrekar having registration no. IBBI/RV/02l2O24ll549l ot the purpose of valuation of 'Land & Bulldtng' of. the Corporate Debtor o Valuation of the Corporate Debtor: 7. The Consolidated Valuation of all the assets of the Corporate Debtor based on the Valuation reports submitted by the appointed valuers is as follows:

• Average fair Value- Rs.111421191703.46
• Average Liquidation Value - Rs.8r58 13,31794.46 The summary of the Valuation Reports submitted by the appointed valuers are as follows: S1 No CATEGoRY Naup or VelupR (IBBI Rpcrstnetton Iol Fern Ver,up (ru INR) LIQUIDATION Velup (In INR) 1 Land & Building KKCA Valuers LLP. - rBBr/RV-E/7 l2023lL85 L7,33,87,866 8,50,40,899 Mr. Shaan Akerkar rBBI/RV I 02 I 2024 I L549L 11,03,00,000 g,27,oo,ooo Average 1 1,18,43,933 9,38,70,450 2 Plant & Machinery SuJit Ghosh IBBI/RV I 04 I 2OL9 I LO999 NA NA Siddhartha Biswas rBBr/RV I OL I 2020 I L3678 NA NA

Piyush Karmakar IBBI/RV I 06 I 2OL9 I LL9O9 27185,933.15 1916 1,081. 15 gA --'7 Page 7 of 48 sr(

SuJit Ghosh IBBI/RV I 04 I 2OL9 I LO999 NA NA Siddhartha Biswas rBBr/RV I OL I 2020 I L3678 NA NA 3. Piyush Karmakar IBBI/RV I 06 I 2OL9 I LL9O9 27185,933.15 1916 1,081. 15 gA --'7 Page 7 of 48 sr(

NCLT, Cutrecx BENcH IA(IB)(Pr,eul No. 2/CB 12025 o Obsenrations in Transactlon Audlt Report: 8. The Transaction Audit Report showed various transactions barred u/s 43 and 66 of I8C,2016 and in respect of that the applicant had fiIed application in the form of IA (IB) No. 165 of 2024, which is pending before this Adjudicating Authority: 9. On O3.O4.2O24, the RP as per Regulation 36A (1) of CIRP regulations published. Form-G i.e. Invitation for expression of interest in Pioneer, an English daily (Raipur Edition), and in Pioneer, a Hindi daily (Raipur Edition) and the last date for submitting Expression of Interest (EoI) was L8.04.2O24. 10. Meanwhile the applicant had filed IA(IB) No. t47lCBl2O24 before this Tribunal seeking extension of 9O days, which was approved by this Tribunal vide order dated 28.05.2024 and the CIRP period was extended by 90 days up to 07.O8.2O24. The applicant also filed another application i.e. IA(IB) No. l48lCBl2O24 u/s 19(2) of the Code seeking cooperation from one of the suspended directors i.e. Vinod Jain, which is pending before this tribunal. 11. In the 6th CoC meeting held on O8.O4.2O24 the CoC approved the fi) Expression of Interest process Document, fiq Information Memorandum, (ttl) Eualuation Matrixand (ta) Requestfor Resolution Plan fRERPi that were to be shared with the p.rospective resolution applicants. IN :P(IBI No.

erest process Document, fiq Information Memorandum, (ttl) Eualuation Matrixand (ta) Requestfor Resolution Plan fRERPi that were to be shared with the p.rospective resolution applicants. IN :P(IBI No. 32lCB l2o2s Financial Assets Anurag Singal- rBBI/RV I 06 I 2022 I 14679 L9,65,607.7 79,65,607.77 Average 23,75,77O.46 19,63,344.4 _ s{ 722 Page 8 of 48 s4

NCLT, Cumacr BENcH IA(IB| (Pmr) No.n2 / CB I 2o26 cP(rB)No. 32lCB l2O2S L2, The provisional list of Prospective Resolution Applicants ("PRAs") was published on 27.0,4,20124 in conformity with regulation 36A (10) of CIRP regulations and t}:re firual ltst of Prospective Resolution Applicants was issued on O3.O5.2O24 as required under Regulation 36A (12) of CIRP regulations and the PRAs were requested to submit the Resolution Plans by 03.06.2024. The final list contained the following names of PRAs (if Acecon Estate India Private Limited (iif Krishna Builder (Proprietor: Parveen Mittal) (iiif Shanti G.D. Ispat & Power Private Limited and (ivl Julien Agro Infratech Limited (formerly: Silverpoint Infratech Limited) 13.

Private Limited (iif Krishna Builder (Proprietor: Parveen Mittal) (iiif Shanti G.D. Ispat & Power Private Limited and (ivl Julien Agro Infratech Limited (formerly: Silverpoint Infratech Limited) 13. The applicant in the meantime had filed an application in the form of IA(IB| 161lCBl20124 on24.O5.2024 seeking directions against the Raipur Branch of Axis Bank Ltd, to allow the RP to encash certain FDRs of the CD and transfer the amount to the CIRP account and also direct the bank to transfer the amount in the Current account of the CD to the CIRP account, which is pending. 14, Based on the report dated 22.05.2024 conducted by one Unified Management Private limited the Resolution Professional ascertained that an additional asset of the Corporate Debtor i.e., a land admeasuring an area of about 58 Acres in the name and fashion of Kalpuriksh Project and in order to optimize value maximization of the Corporate Debtor, the Resolution Professional proposed re-publishing of Form-G which was duly approved by the CoC members in the Bth CoC meeting held on O4.O7.2024 and the Form G was republished on 18.07.2024 with the last date to submit expression of interest being 03.08.2024.In the same meeting, in view of the republication of Form- G, the CoC also resolved to extend the CIRP period by 60 days and the same was allowed by this Tribunal in IA(IBI 24llCBl2O24 uide gA- 3d Page 9 of48

e meeting, in view of the republication of Form- G, the CoC also resolved to extend the CIRP period by 60 days and the same was allowed by this Tribunal in IA(IBI 24llCBl2O24 uide gA- 3d Page 9 of48

NCLT, Cumacx Bpucn IA(IB)(pmr) No. 2/cB 12026 IN CP(IB)No.32lcB 12025 order dated 05.09.2024 and the CIRP period was extended till 24.10.2024. 15. subsequent to the republication of Form -G the Final List of Prospective Resolution Applicants was issued on 12.08.2024 containing the names of 7 PRAs i.e. (i) Julien Agro Infratech Limited(formerly: Silverpoint Infratech Limited), (iil One City Infrastructure Private Limited, (iii| Rear Co Private Limited, (ivl Riturqj Steel Private Limited, (v) Shanti G.D. Ispat & Power Private Limited, {vif ssR Townships Private Limited, (viif 7 Sunrise Industries. The Rp in an email dated 12.08.2024 communicated the final list to the PRAs and directed them to submit their Resolution Plan by 12.09.2024. 16. In the meantime, an application in the form of IA (IBf No. 246lcBl2o24 was filed before this tribunal by one M/s. pearl rree Hotels & Resorts Private Limlted (herelnafter .M/s pearl Tree Hotels'f , seeking condonation of delay in filing Eol and since there was no objection from the RP, the Tribunal vide order dated 06.09.2024 directed M/s Pearl Tree Hotels to submit the Resolution plan by r2.o9.2024. But subsequently Pearl Tree Hotels filed another application i.e. IA(IBI No.264lcBl2oz4 seeking modification of the order in IA(IB) No.245/CBl2o24 on the ground that the last date to submit resolution plan as per Form G dated lg.oz,2024 is 03.

ther application i.e. IA(IBI No.264lcBl2oz4 seeking modification of the order in IA(IB) No.245/CBl2o24 on the ground that the last date to submit resolution plan as per Form G dated lg.oz,2024 is 03. Lo.2o24 but the deadline given to M/s Pearl Hotels to submit its plan has been inadvertently recorded as L2.o9.2o24. During the hearing of IA(IB) No.264lcB/2o24 on 27.09.2024 , the Rp through his counsel submitted that though as per t]ne Form G dated L8.oT.2o24 the last date to submit a plan was 03. Lo.2o24 but since the EoIs were duly verified and the final list of PRAs was issued on L2.o8.2o24, hence in accordance with Regulation 368(3), the cutoff date to submit plan was s4 gd Page 1O of48

NCLT, Cumecx BENcH IA(IBI(PrAN) No.2/CB I 2025 cP(rB)No.82lCB 12025 fixed as L2.09.2024 but the same has now been extended to 27.09,2024 with due approval of the CoC as permissible under Regulation 36E}(6) and may also be extended further to 03.lO.2O24.The Counsel of the RP also sought direction that since Pearl Tree Hotels has been permitted to submit EoI and Plan but unless the RP is allowed to amend the final list of PRAs issued on 12.08.2024, then the plan submitted M/s Pearl Tree Hotel cannot be considered in light of the judgment by Hon'ble NCLAT in Swqn Energg Ltmtted Vs. Chandan Prakq.sh Jaln, Compang Appeal (AT) Insolaencg lVo.

2024, then the plan submitted M/s Pearl Tree Hotel cannot be considered in light of the judgment by Hon'ble NCLAT in Swqn Energg Ltmtted Vs. Chandan Prakq.sh Jaln, Compang Appeal (AT) Insolaencg lVo. 3f 3 of 2024. The tribunal vide its order dated 27.09.2024 allowed the RP to amend its final list of PRAs, if required, so as to enable M/s Pearl Tree Hotel to participate as a Prospective Resolution Applicants (PRA) to file the Resolution Plan and, for that purpose, the timeline to be suitably extended with the permission of the CoC. t7, On 15.70.2024 the applicant filed two applications i.e. IA(IBI No,284l CBI 2024 and IA(IB) No.285 I CBl2024, seeking directions from the Tribunal to the district administration to provide with necessary assistance to take over the possession of the land of Kalpuriksh Project the CD in villages Kolar and Tekari, Tehsil Abhanpur, District Raipur, Chhattisgarh and seeking direction against the erstwhile management to provide title deed pertaining to various plot of lands pertaining to Kalpuriksh Project. Both are pending for adjudication. 18. The RP received four plans from (il Julien Agro Infratech Limited(formerlg: Siluerpoint Infratech Limited), (ii) Rituraj Steel Priuate Limited, lilil M/ s Pearl T?ee Hotels & Resorts Priuate Limited and (ivl 7 Sunrise Industries, within the stipulated timeline which were opened in the presence of Resolution Applicants at the 12th CoC meeting held on 08.IO"2O24 and on account of Navartri holidays and on account of Sa. --2 sd Page 11 of48

tipulated timeline which were opened in the presence of Resolution Applicants at the 12th CoC meeting held on 08.IO"2O24 and on account of Navartri holidays and on account of Sa. --2 sd Page 11 of48

rArBlE:ffi',iJ.Ti8[ffUI IN CP(IB)No. 32lcB 12025 non-cooperation from the erstwhile management and the fact that a new PRA was allowed to submit a plan, the CoC resolved to seek necessary approval from the Tribunal to extend the CIRP deadline by 30 days i.e. upto 23.1L.2O24 and this Tribunal vide order dated 27.10,2024 in IA(IB) No.283/CBl2024 extended the CIRP period upto 27.11.2024 i.e. 30 days from the date of order. 19. In the meantime, in the 13th CoC meeting the CoC resolved to seek further extension or exclusion of 60 days on account of the fact that the non-cooperation from the erstwhile management has made it difficult for CoC to negotiate with the PRAs and maximize the value of the CD. In light of the same, this Tribunal in IA(IB) No 7/CB lz0?s (filed on 21.11.20241 vide order dated 20.02.2025 retrospectively extended the CIRP period from 27.tL.2O24 by 60 days i.e. up to 26.Or.2025. 2o, Upon the recommendation of the RP and subsequent approval by the CoC, the counsels of the RP were entrusted to prepare a detailed title search report in regard to the land earmarked for the Kalpauriksh project of the CD as no clear information was available in regard to the same and which was hindering the negotiation with the pRAs. In consequence a title search report by the counsel of the Rp and submitted to RP on 24.12.2024.

information was available in regard to the same and which was hindering the negotiation with the pRAs. In consequence a title search report by the counsel of the Rp and submitted to RP on 24.12.2024. The members of the CoC had earlier convened an informal meeting 06.12.2024, with the pRAs who had submitted resolution plans, which was attended by all the 4 (Four) PRAs excluding M/s. Ritura] steel Private Limited , in which it was agreed between the creditor and PRA that the title report of the Kalpauriksh project will be shared with them and they will need to be revise their plans after considering the same. The coc in its r4th Meeting held on 12.t2.2o24 allowed the modification of Resolution

Page L2 of 48 9a

NCLT, Cumecx BENcH IA(IBI (Pmr) No.n2 / CB I 2o2s cP(rB)No. 32lCB 12025 Plan by the PRAs as permissible under Regulation 39(lA)(a) of CIRp regulations. The RP shared the Title search report with all the 4 PRAs on24.12.2024 through Email and directed them to file the revised plan by 02.01.2025 and in response only M/s Pearl Tree Hotels & Resorts private Limited along with its sister concern ]0[ls Plazma vinimay private Limited jointly filed a revised plan within the stipulated time. 21. The SRA and its sister concern both has also filed separate affidavits undertaking dated t2.o4.2o24 its eligibitity u/s 29A of the Code and other undertakings as required under RFRP. The SRAs has also submitted a performance bank Guarantee dated o4.1o.2oz4 of Rs.71,68,365/- valid up to 05.1O.2O2S. 22.

eligibitity u/s 29A of the Code and other undertakings as required under RFRP. The SRAs has also submitted a performance bank Guarantee dated o4.1o.2oz4 of Rs.71,68,365/- valid up to 05.1O.2O2S. 22. The applicant has filed Form-H under Regulation 39(a) of the CIRP Regulations,2O16 wherein at Para 9 it has certified the compliance of the mandatory provisions of the code and its applicable Regulations. Sectlon of the Code/ Regulatlon No. Requirement with respect to Resolution Plan Clause of Resolutlon Plan Comp llance (Yes/ No) 2s(2)(h) Whether the Resolution Applicant meets the criteria approved by the CoC having regard to the complexity and scale of operations of business of the CD? Chapter 5 of the Resolution plans Page 24-28 Yes Section 29A Whether the Resolution Applicant is eligible to submit a resolution plan as per the final list of Resolution Professional or Order, if any, of the Adjudicating Authority? Clause 22.2 of the Resolution plan at Page 77-78 Yes Ga ------Z Page 13 of48 sd

it a resolution plan as per the final list of Resolution Professional or Order, if any, of the Adjudicating Authority? Clause 22.2 of the Resolution plan at Page 77-78 Yes Ga ------Z Page 13 of48 sd

NCLT, CurrAcK BENcH IA(IBI(PLAN) No. 2/cB I 2025 IN cP(IBlNo. 32lCB 12025 Section 30(1) Whether the Resolution Applicant has submitted an affidavit stating that it is eligible? Yes ISection 30(2)I Whether the Resolution Plan- (a) provides for the paSrment of insolvency resolution process costs? (b) provides for the pa5rment to the operational creditors? (c) provides for the payment to the financial creditors who did not vote in favour of the resolution plan? (d) provides for of the affairs debtor? the management of the corporate (e) provides for the implementation and supervision of the resolution plan? (a) Clause 9.1 at Page 36 and Chapter 3 at Page 20 of Resolution Plan (b) Clause 9.1 at Page 36 and Chapter 3 at Page 20 of Resolution Plan (c) Clause 9.2- Clause 9.5 at page 36-38 and Clause 10.2 at page.52-54 (d) Clause 2O.2 at Page 71- 72 and Clause 24 at Page 79 of the Resolution Plan (") Clause 2O.2 at Page 77- 72 and Clause Yes Yes Yes Yes Yes 34 Page 14 of 48 9d

36-38 and Clause 10.2 at page.52-54 (d) Clause 2O.2 at Page 71- 72 and Clause 24 at Page 79 of the Resolution Plan (") Clause 2O.2 at Page 77- 72 and Clause Yes Yes Yes Yes Yes 34 Page 14 of 48 9d

NCLT, CurrAcK BENCH IA(IB)(Pr.ar) No. 2/CB I 2025 IN No.32 2025 (0 contravenes any of the provisions of the law for the time being in force? 24 at Page 79 of the Resolution Plan (f) Clause 5.5 and 5.6 at Page 29-30 of the Resolution Plan Yes Section s0(4) Whether the Resolution Plan (a) is feasible and viable, according to the CoC? (b) has been approved by the CoC wit}r 66% voting share? (a) Part C, at Page 32-55 and Schedule 11 at Page 125 onwards of the Resolution Plan (b) Yes Resolution plan has been approved by the CoC with 100.00% voting share. Yes Yes Section 31(1) Whether the Resolution Plan has provisions for its effective implementation plan, according to the CoC? Clause 2O.2 at Page 7L- 72 and Clause 24 atPage 79 of the Resolution Plan Yes Regulation 35A "Where the resolution professional made a determination if the corporate debtor has been subjected to any Clause 9.9 (ii) at page 51 of the Resolution Plan Yes sdn'- Page 15 of48 s4

egulation 35A "Where the resolution professional made a determination if the corporate debtor has been subjected to any Clause 9.9 (ii) at page 51 of the Resolution Plan Yes sdn'- Page 15 of48 s4

NCLT, Curracx BENcH IA(IB)(Pr,er) No. 2/cB I 2025 IN No. 32lCB 12026 transaction of the nature covered under sections 43,45, 50 or 66, before the one hundred and fifteenth day of the insolvency commencement date, under intimation to the Board? Regulation 38 (1) Whether the amount due to the operational creditors under the resolution plan has been given priority in payment over financial creditors?l Clause "Compliance of sub section (2) of Section 30" at page 4L-42 of the Resolution Plan Yes Regulation 38(1A) Whether the resolution plan includes a statement as to how it has dealt with the interests of all stakeholders? Clause 9.1'9.9 al Page 36-51 of the Resolution Plan Yes Regulation 38(18) (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? No resolution has submitted applicant its related til1 date other plan been by the and/or parties NA Yes g{-.--== Page 16 of48 34

s submitted the statement giving details of such non implementation? No resolution has submitted applicant its related til1 date other plan been by the and/or parties NA Yes g{-.--== Page 16 of48 34

NCLT, Currlcx BENcH IA(IB)(Preu) No. 2/CB 12025 IN )P(rBl No. 32lCB 1202s Regulation 38(2) Whether the Resolution Plan provides: (a) the term of the plan and its implementation schedule? (b) for the management and control of the business of the corporate debtor during its term? (c) adequate means for supervising its implementation? (a) Clause 24 & 25 at Page79- 81 of the Resolution Plan (b) Clause 22 at Page 75-77 of the Plan/ (c) Clause 20.2. On page 7l-72 of the Resolution Plan. The Resolution Plan also provides for appointment of "Monitoring Agency" Yes Yes Yes 38(3) Whether the resolution plan demonstrates that (a) it addresses the cause of default? (b) it is feasible and viable? (a) Clause 7.8 at Page 33 of the Resolution Plan (b) Part C at page 33-55 and Schedule 11 at Page 125 Yes Yes S,1 qA /'/' Page 17 of48

addresses the cause of default? (b) it is feasible and viable? (a) Clause 7.8 at Page 33 of the Resolution Plan (b) Part C at page 33-55 and Schedule 11 at Page 125 Yes Yes S,1 qA /'/' Page 17 of48

NCLT, Currecx Bprqcn IA(IB)(Preul No. 2/cB I 2025 IN IBI No. 32lCBl2O25 (c) it has provisions for its effective implementation? (d) it has provisions for approvals required and the timeline for the same? (e) the resolution applicant has the capability to implement the resolution plan? (c) Clause 20 and Clause 21 at Page 7I-74, and Clause 24, at Page 79 of the Resolution Plan (d) Clause 25.2 at Page 80-81 of the Resolution Plan (e) Clause 74 at page 56-57 and clause 22 at page 75-77 of the Resolution Plan Yes Yes Yes 3e(2) Whether the RP has filed applications in respect of transactions observed, found or determined by him? Clause 9,9 (ii) at page 51 of the Resolution Plan Yes Regulation 3e(4) Provide details of performance security received, as referred to in sub-regulation (aA) of regulation 368.I 15% of the Resolution Amount to be provided through irrevocable Bank Guarantee Clause 14.1 (b) at page 58. Yes- Provi ded 3{ Page 18 of48 g"l

referred to in sub-regulation (aA) of regulation 368.I 15% of the Resolution Amount to be provided through irrevocable Bank Guarantee Clause 14.1 (b) at page 58. Yes- Provi ded 3{ Page 18 of48 g"l

NCLT, Cuttecx BENcH IA(IB)(Prer) No.n2 / CB I 2O2S CP(IB) No. 32lCB 12025 29, The applicant convened the 15u. coc Meeting on 16.01.2025 wherein it put all the 4 Resolution Plans (reuised and non'reulsed plansl received from the 4 PRAs. The CoC deliberated on the plans and recorded its deliberations in the said meeting. The plan was put to vote between 08.01 .2025 and 16.02.2025 wherein the plan submitted by M/s Pearl Tree Hotels & Resorts Private Limited along with M/s Plazma Vinimay Private Limited was appfoved by CoC with LOO%o votes. The applicant subsequently issued a Letter of Intent on 27.OL.2O25 which was unconditionally accepted by the SRAs. SALIENT FEATURES OF THE RESOLUTION PLAN: 24. The Plan submitted by the SRA is a comprehensive financial proposal for settling the claims against the Corporate Debtor and to revive the Corporate Debtor's business by infusing capital and carrying out necessary structural and operational changes. The Plan proposes a resolution amount of Rs.11,50,83 ,667 I - as against the total admitted claim of Rs. 187 ,49,22,614 leading to recovery of 6.140/o percent of the admitted claim. 25..

nal changes. The Plan proposes a resolution amount of Rs.11,50,83 ,667 I - as against the total admitted claim of Rs. 187 ,49,22,614 leading to recovery of 6.140/o percent of the admitted claim. 25.. The plan is submitted jointly by Pearl Tree Hotels & Resorts Private Limited (CIN-U74900WB2013PTC19 1430) along with Plazma Vinimay Private Limlted (CIN-US1909WB201 lPTC156922l who are part of 'Kushal Bharat group of Companies' having the same directors. Both the companies operate out of a common registered address i.e. 16 Ganesh Chandra Avenue, 4th F'loor, Kolkata, West Bengal - 7OOO13. The Group carries out its operations majorly in the Purulia District of West Bengal and is involved in the wide array of businesses ranging from the manufacturing unit of Cements, Fly Ash Blocks & Bricks, Purulia's first residential complex and commercial shopping mall, first .z 3A -': Page 19 of48 s4

NCLT, Cuttacx BPncn IA(IB)(Prau) No. *2/CB I 2025 CP(IB)No" 32lCB 12025 4-star luxurious hotel and resorts in Purulia and nearby Ajodhya and Matha Hill. Kushal Bharat Group has also had the DCA business of Indian Oil corporation since 2OlO. The group also has a significant footmark in the horticulture and Education sector. 26. The Resolution Applicant has identilied the reason for the financial distress of the corporate debtor to be gradual erosion of trust and cooperation between the Board of Directors lead to steady decline and significant misappropriation of resources. 27.

the financial distress of the corporate debtor to be gradual erosion of trust and cooperation between the Board of Directors lead to steady decline and significant misappropriation of resources. 27. The plan has defined two dates in the plan which are relevant in regard to the approval and implementation of the plan (i) Effective Date i.e. the date on which the plan is approved by the Adjudicating Authority and (ii) Completion Date i.e. 30 days from the Effective Date. 28, The plan submitted was approved by the CoC with 100% vote in its 15th CoC Meeting proposes a total Resolution Amount of Rs. 11,50,8316571- (Rupees Eleven Crores Fifty Lakhs Eighty-Three Thousand Six Hundred Fifty-Seven) to settle the claims of all the Creditors of the Corporate Debtor. The whole resolution amount will be paid as upfront cash within the "Completion Date" i.e. 30 days from the Effective Date. The distribution of the resolution amount is as under: SL No. PARTICULAR s Auouut Cr,ernapp (rNR) AMoUNT ADMITTED (rNR) AMoUNT PRoPoSED IN Pevmerr (INR) Survrnrreny or FINANcIAL PROPoSAL 1. CIRP Cost NA NA 40,00,000 or Actual This is the estimated CIRP cost and in case the actual amount, if higher, will be discussed with the 3A Page 2O of 48 srx

Survrnrreny or FINANcIAL PROPoSAL 1. CIRP Cost NA NA 40,00,000 or Actual This is the estimated CIRP cost and in case the actual amount, if higher, will be discussed with the 3A Page 2O of 48 srx

NCLT, Cuttacx BENcH IA(IBl(Prau) No. 2/CB I 2025 IN CP(IB)No. 32lcB/2o25 resolution applicant and will be deducted from the amount payable to the Secured Financial Creditors. , Secured Financial Creditor 18o,L9,69,7 57 1,80,19,6 9,757 I - 10,94,00,000 The plan proposes to pay 6.07% of the admitted claim in extinguishment of the claim on the. corporate debtor. The Resolution Plan does not contemplate any dilution of rights of the Secured creditors pertaining to all corporate andf or personal guarantees that may have been executed in its favor as well as rights over collateral securities held by it. There is no Dissenting financial creditor, The Payment to the secured financial creditors will be made in 3 installments: 4 gd --:=- Page 2L of 48 ,11

NCLT, Cuttecr BENoH IA(IB)(PLAN) No. 2/CB 12025 IN No. 32lCB 12025 (i)Withtn 1O days of Effectlve Date

• Rs. 1,83,00,000. (ii) Withtn 20 days of Effective Date - Rs. 3,65,00,000 (iii) Within 30 days of Effective Date- Rs. 5,46,00,000 Unsecured Financial Creditor NIL NIL NIL NA Operation at Creditors- Suppliers of Goods and Services NIL NIL NIL NA Operation a) Creditors- Govt. Dues/Reg ulatory Dues 7,L9,89,OgL 7,19,89,0 91 7,L9,891 The claim of the Government Authorities will be paid out of the Upfront Amount and in priority to the financial creditors.

a) Creditors- Govt. Dues/Reg ulatory Dues 7,L9,89,OgL 7,19,89,0 91 7,L9,891 The claim of the Government Authorities will be paid out of the Upfront Amount and in priority to the financial creditors. It wili be paid within 'Completion Date'. EPFO 9,63,766 9,63,766 9,63,766 The claim of the EPFO will be paid $d --=> Page 22 of 48 s4

NCLT, Cuttecx BENCH IA(IB)(Pr,er) No. 2/CB 12025 IN No. 32lCB 12025 in full and out of the Upfront Amount and will be paid within 'Completion Date'" The proposal seeks that in case the admitted amount inclurles damages, then the Adjudicating Authoritg ma!/ recommend the same to be utaiued off in accordance uith Paragraph 328 of the BIFR, EPF scheme, 1952 Operation al Creditors- Workmen and Employees NIL NIL NIL There are no claims as per the Information Memorandum. But in case any claim is approved the sarne \Mill be paid out of the proposed Resolution Amount. Total 11,50,83,657l- gd= Page 23 of 48

NCLT, Cuttlcx BENcH IA(IB)(Pmr) No. *2/CB I 2025 cP(IBlNo. 32lcB 12026 29, In the event of any claim from Operational'Creditors and/or unsecured financial creditors and I or secured financial creditors being admitted post publication of the Information Memorandum or this Resolution Plan, whichever being Iater, the net amount proposed to be paid to each segment of creditors will not change under any circumstances. 30.

publication of the Information Memorandum or this Resolution Plan, whichever being Iater, the net amount proposed to be paid to each segment of creditors will not change under any circumstances. 30. The Resolution Amount proposed in the plan is the consideration for settling the claims of the Corporate Debtor and for assigning Plazma Vinimay Private limited the Mortgage Rights to all 83 (Eighty-Three) dwelling units of property Romanesque in Raipur, Chhattisgarh sold without obtaining NOC (No objection Certificate) from the Mortgageel lender. 31. The proceeds, if any, out of the proceedings arising out of PUFE transactions pursued by the Resolution Applicant, shall be retained by the Resolution Applicant. 32. This Resolution Plan does not contemplate the assignment of personal guarantee matters in favor of the Resolution Applicant and the secured financial creditors will retain full rights over all corporate andf or personal guarantees that may have been executed in its favor as well as rights over collateral securities held by it. 33. The total resolution amount of Rs. 11,50,83,657 will be paid out within 3O days from the Effective Date: q sl No. Schedule of Payment Amount

1. By the end of Ten Days Rs. 2,39189.16571- (Rupees TWo Crore Thirty-Nine Lakh Eighty-Three Thousand Six Hundred Fifty-Seven) only
2. By the end of Rs. 3,65,OO'OOO/- go= Page 24 of 48

yment Amount

1. By the end of Ten Days Rs. 2,39189.16571- (Rupees TWo Crore Thirty-Nine Lakh Eighty-Three Thousand Six Hundred Fifty-Seven) only
2. By the end of Rs. 3,65,OO'OOO/- go= Page 24 of 48

NCLT, Cuttecx Bpucn IA(IB)(PIm) No. 2/CB 12025 In case of there being any delay in payment of resolution amount beyond 60 days from the effective date, the successful resolutlon applicant will pay interest on amount due @ l2o/o pet annum. Corporate Debtor as proposed in the plan: 3,4. The Resolution Applicant proposes to infuse into the Corporate Debtor an additional amount at its discretion and in phased manner up to Rs. 4,75,00,000/- (Rupees Four Crore Seventy-Five Lakh) only for meeting the capital expenditures and working capital of the Corporate Debtor within six months from the date of final payment as envisaged in this resolution plan. The fresh capital infusion shall solely and exclusively belong to the resolution applicant; the financial creditors will be paid as per the terms of the resolution and will have no rights on the additional capital infused. 35. The Resolution Applicant proposes to increase the Authorized Share capital of Rs.10,00,00,000/- (Rupees Ten Crores) to Rs. 15,00,00,000 (Rupees Fifteen Crore) only comprising of L,50,00,000 (One Crore Fifty Lakh) equity shares of Rs. lO I - (Rupees Ten) only each. It is further proposed that present, issued and subscribed share capital of Rs. 1,78,O9,4OO/- (Rupees One Crore Seventy-Eight Lakh Nine Thousand Four Hundred) only comprising of 17,8O,94O equity shares of Rs. 10/- each will be cancelled. 36.

d and subscribed share capital of Rs. 1,78,O9,4OO/- (Rupees One Crore Seventy-Eight Lakh Nine Thousand Four Hundred) only comprising of 17,8O,94O equity shares of Rs. 10/- each will be cancelled. 36. The Corporate Debtor will issue 1,15,08,366 (One Crore Fifteen Lakh Eight Thousand Three Hundred Sixty-Six) equity shares of Rs. 10/- each to the resolution applicant in consideration for the Resolution Amount of Rs. 11,50,83,657 /-.

IIV )P(IBI No. 32lcB l2o2s Twenty Days (Rupees Three Crore Sixty-Five Lakh) only 3. By the end of Thirty Days Rs.S146rO0rOOO/- (Rupees Five Crore Forty-Six Lakh) only Page 25 of48 C{

NCLT, Curtacr Bpucn IA(IBf (Pmul No.z/cB I 2025 CP(IB) No. 32lCB 12025 37. The unpaid liabilities/existing share capital which are to be extinguished, are to be credited into "Capital Reserve" in accordance with applicable Indian Accounting Standards and the accumulated losses, as per the balance sheet prior to the date of acquisition will have to be adjusted/set off as against such "Capital Reserve". 38. The Resolution Applicant will invest up to Rs. 3,49,16,340 (Rupees Three Crore Forty-Nine Lakh Sixteen Thousand Three Hundred Forty) in to induct fresh working capital in the business as well as to meet capital expenses and for which the plan proposes the reserve the option for the right issue to Resolution Applicant of 34,9L,634 Equity Shares of Rs. 10.00 each However, the investment will be made in phased manner. 39.

for which the plan proposes the reserve the option for the right issue to Resolution Applicant of 34,9L,634 Equity Shares of Rs. 10.00 each However, the investment will be made in phased manner. 39. The plan proposes NIL amount for contingent claims that might arise out of ongoing Legal Proceedings specified in Schedule 17 annexed with the plan. In event of any future claim that arises out of the amount payable will not exceed the proposed amount in the Resolution plan i.e. Rs. 11,50,83,657 l-. 4o.. The Implementation Period' of the resolution plan is 60 days from the Completion Date i.e. 90 days from the Effective Date. 41. Upon the approval of the plan, a Monitoring commlttee will be constituted for implementing the Resolution plan comprising of 3 members: a" One representative of the Resolution Applicant. b. One representative of the Financial Creditor. c" The Resolution Professionall a Chartered Accountant I an advocate as jointly nominated by the Resolution Applicant and CoC. Cd Cd Page 26 of 48

t. b. One representative of the Financial Creditor. c" The Resolution Professionall a Chartered Accountant I an advocate as jointly nominated by the Resolution Applicant and CoC. Cd Cd Page 26 of 48

NCLT, Cumecx Bpncn IA(IBl(Preuf No. 2/CB I 2025 cP(IBl No. 32lcB l2o2s 42. The Secured financial creditor shall withdraw from the Monitoring Committee on Resolution Applicant tendering full payment. Whereafter a Monitoring Committee comprising of remaining two members (Resolution Professional and representative of Successful Resolution Applicant) shall continue to hold charge till complete implementation of the Resolution Plan. 43. The affairs of resolution applicant: day-to-day activities resolution applicant" the and of corporate Debtors will be managed by the monitoring agency will not interfere in the the corporate debtor undertaken by the FINDINGS AND OBSERVATIONS: 44. We have heard the Ld. counsel appearing for the applicant and have perused the plan presented before us and the accompanying documents. At the very outset it is clarified that this Adjudicating Authority is bound by the judgement of the Hon'ble Supreme Court of India in .I(. Soshtdho;r as. Indlqn Oaerseas Bank qnd Ors. reported in (2O19f 12 SCC 15O: MANU/SC/OI8912o19, wherein it is held that: "35.

ty is bound by the judgement of the Hon'ble Supreme Court of India in .I(. Soshtdho;r as. Indlqn Oaerseas Bank qnd Ors. reported in (2O19f 12 SCC 15O: MANU/SC/OI8912o19, wherein it is held that: "35. [...] Reuerting to Section 30(2), the enquiry to be done ls in respect of uhether the resolutioru plan prouides: (4 the paament of lnsolaenq r process costs in a specified manner in priorlfit to the repagment of other debts of the corporate debtor, (ii) the repagment of the debts of operational credltors in prescribed manner. (lli) the manaoement of the affairs of the corporate debtor. (lu) the implementation and supen islon of the resolution plan. (a) does not contraaene ang of the proaislons of the law for the tlme being ln force, (vl) conforms to such other requirements as mag be speclfr.ed bg the Board. t...1. To utit, the feasibilitu and uiabilitA of tlrc proposed resolution plan and including their perceptions about the general capabili1t of the resolution applicant to translate the C4

Page 27 of 48 cr

he feasibilitu and uiabilitA of tlrc proposed resolution plan and including their perceptions about the general capabili1t of the resolution applicant to translate the C4

Page 27 of 48 cr

NCLT, Curtecr BENcH IA(IBXPTANI No.n2 / CB I 2025 cP(IBlNo.32lcB 12025 projected plan into a reality. The resolution applicant maA haue giuen projections backed bA normatiue data but still in the opinion of the dissenting financiat creditors, it would not be free from being speculatiue. These aspects are completelA utithin the domain of the financial creditors who are called upon to uote on the resolutionplanUnder Section 30(4) of ttle I & B Code." (Emphasis Added) 45. Further, the Honble Apex Court in Jagpee Kenslngton Boulevard. Apartments Welfare Assoclqt on on4 Otrs. us. NBCC (Indtor) Ltd, and Ors. reported in (20221 1 SCC 4OLz MANU/SC lO2O6l2O2L at Para 2 16, has laid down that: 'e The Adludtcatlng Authorltg hos llmtted lurlsdiction ln the matter of approaq.l of a resolution plan, uhich ts utell-dellned and circurnscrlbed bg Sectlons 3O(2) and 37 of the Code, Inthe adjudicatory process concerning a resolution plan under IBC, there ls no scope for lnterference wlth the commerclal aspects of the declslon of the CoC: and there ls no scope for substitutlng anu commercial term of the resolution plan approaed bg Commlttee of Credltors. ... ." (Emphasis Added) 46. Further, in Committee of Credltors of Essar Steel Indiq Limited us. Saf,ish Kumq.r Gupta reported at l2O2Ol 8 SCC 531: MANU/SCIt577l20t9, the Hon'ble Apex Court has propounded that: "38.

s Added) 46. Further, in Committee of Credltors of Essar Steel Indiq Limited us. Saf,ish Kumq.r Gupta reported at l2O2Ol 8 SCC 531: MANU/SCIt577l20t9, the Hon'ble Apex Court has propounded that: "38. This Regulation fleshes out Section 3O(4.) of the Code, making it clear that ultimatelv it is the commerclal wlsdom of the Commlttee of Credltors which operates to approue wlmt is deemed bA a majoritA of such creditors to be the best resolution plan, whichisfinallA accepted afi,er negotiation of its terms bA such Committee with prospectiue resolution applicants." q -_T- Page 28 of 48 (Emphasis Added)

NCLT, Cutracx BENcH IA(IB)(Pr,er) No. 2/cB l2o2s IN cP(rBl No. 32lCB 12025 47, Reinforcing the above, the Honble Apex Court in Vallal RCI( us. Siua Industries and Holdlngs Llmlted reported in MANU/SCI076'sl20/22, has held that: "27. This Court has consistentlA held that the commercial utisdom of the CoC has been qiuen paramount status without anA judicial interuention for ensuring completion of the stated processes utithin the timelines prescribed bA the IBC. It has been held that tLrcre is an intrinsic assumption, that financial creditors are fullA informed about the uiabilitA of the corporate debtor and feasibilitA of the proposed resolution plan. TheA act on the basis oI thorough examination of the proposed resolution plan and assessment made bA their team of experts." "27. This Court has. time and again, emphasized tlrc need for minimal judicial interkrence bA the NCLAT and NCLT in the .framework of IBC.

solution plan and assessment made bA their team of experts." "27. This Court has. time and again, emphasized tlrc need for minimal judicial interkrence bA the NCLAT and NCLT in the .framework of IBC. We maA refer to the recent obseruation of this Court made in the case of Arun Kumar Jagatramka u, Jindal Steel and Pouer Limited and Ann (2021) 7 SCC 474: 95. Howeuer, we do take this opportunitg to offer q. note of caution for NCLT and NCLAT, functioning as the adjudicatory authoritg and appellate authority under tlrc IBC respectiuelg, from judiciallg interfeing in the framework enuisaged under the IBC. As we haue noted earlier in tLrc judgment, the IBC was introduced in order to ouerhaul ttle insoluency and bankruptcg regime in India. As such it fs a carefullg considered andwellthought out piece of legislation which sought to strcd awaA the practices of the past. The legislature has also been working hard to ensure that the eJficacg of this legislation remains robust bg constantly amending it based on fts experience. Consequentlg, the need for judicial interuention or innouation from NCLT and NCLAT should be kept ,^Sd _.47 Z=-' Page 29 of 48 ct

on remains robust bg constantly amending it based on fts experience. Consequentlg, the need for judicial interuention or innouation from NCLT and NCLAT should be kept ,^Sd _.47 Z=-' Page 29 of 48 ct

rAEB,[:lfr '."J.T13[i#;H IN cP(rB) No" 32lCB 12025 at its bare minimum and should not disturb the foundational principles of the IBC. ..."" (Emphasis Addedf 48. It is observed that albeit the Adjudicating Authority has allowed only M/s Pearl Tree Hotels & Resorts Private Limited (Peerl Tree Hotels) to submit Eol beyond the stipulated time and initially the plan was submitted to CoC by Pearl Tree Hotels only but upon request for revision of plan from the CoC. Pearl Tree brought on board its sister concern i.e. Plazma Vinimay Private Limited (Plazma Vinimayf as joint applicant of the plan and the same was accepted by CoC and Plazma Vinimay was also found eligible uls 29A of the code by the RP/ Furthermore it was clarified by the Ld. Counsel of the RP that in light of the judgment by the Hon'b1e NCLAT in Hemqnt Shqnt:llql Shqh & Anr as Cqre OJfice Equlpment Ltd & ors, CA (ATl (Ins) No. 26 of 20l2Swherein it was held that an SRA can submit plans with associates and there is no bar in bringing other associates as co-applicants as far as IBC is concerned. In this present case Pearl Tree Hotels and Plazma Vinimay are part of the same group of companies and share the same set of directors and hence the judgement of Ho'ble NCLAT in Hemqnt Shantilql Shah (Suprq) is squarely applicable. 49. The compliance of Section 30(1) and 30(2) of the Code is given in Para-No. 9 of Form H.

directors and hence the judgement of Ho'ble NCLAT in Hemqnt Shantilql Shah (Suprq) is squarely applicable. 49. The compliance of Section 30(1) and 30(2) of the Code is given in Para-No. 9 of Form H. The same is being further examined as under: a. Section 3O(1f: Yes, affidavits dated 12.04.2024 is filed by both co- SRAs. b. Section 3O(2f(af: The Resolution Plan (Clause 9.1 at Page 36 of the Resolution Planl states that the Resolution Applicant shall make payment of the actual CIRP cost incurred (even if it exceeds the estimated costs) and q

Page 3O of48

NCLT, Cumecx BENCH IA(IB)(Pmu) No.2/CB I 2026 CP(IB)No. 32lCB 12025 approved by the COC in priority over payments to any other Creditors. c. Section 3O(2|(b): The Resolution plan states that (Clause 9.1 Pg. No. 36 of the Resolution PlanlAs per information memorandum a total claim amounting to Rs.7, l9,89,OgL I - was filed and the whole was admitted but the liquidation value of the assets of the Corporate Debtor is inadequate to cover the dues of the secured financial creditors in full in which light operational creditors (including Government Dues, Employees and Workmen) would receive nothing in the event of liquidation and hence the Resolution applicant has provisioned to pay Rs. L6,83,65U- which includes Rs.7,L9,8911- to the Government Authorities such as Income Tax and GST department and Rs.

event of liquidation and hence the Resolution applicant has provisioned to pay Rs. L6,83,65U- which includes Rs.7,L9,8911- to the Government Authorities such as Income Tax and GST department and Rs. 9,63,766/- to the EPFO. There are no dissenting financial creditors, hence compliance with regulation 38(1)p) fs not required. Section 30(2f(c|: The plan provides that the Corporate Debtor will be managed by the Successful Resolution and the implementation of the plan will be managed by the Monitoring committee. Section 30(2f(df: In the Resolution plan it has been envisaged that an Implementation and Monitoring Committee comprising 3 (three) Persons of which 1 is a Resolution Professional/ CA/ Advocate as j ointly nominated by the SRA and CoC, L representative of the Resolution Applicant and L person from the Financial Creditor will be constituted without any further action required from the corporate debtor. d. e. g
-==-=z Page 31 of48

NCLT, CurrAcK BPwcn IA(IB)(Preul No. n2 /CB I 2025 cP(IBlNo. 32lCB l2O2s f. Section 30(2f(e): In Form H, Para 4, the RP has certified that the Resolution Plan does not contravene any of the provisions of the law for the time being in force. Compliance u 29 A. Regulation 39(41 .35A and 38 of CIRP Regulations: g.

the RP has certified that the Resolution Plan does not contravene any of the provisions of the law for the time being in force. Compliance u 29 A. Regulation 39(41 .35A and 38 of CIRP Regulations: g. The Applicant/RP has certified that both M/s Pearl Tree Hotels & Resorts Private Limited and M/s Plazma Vinimay Private Limited the Successful Resolution Applicants, have submitted separate affidavits dated t2.O4.2O24 pursuant to Section 30(1) of the Code confirming its eligibility under Section 29A of the Code to submit the resolution plan, and the contents of the said affidavit are in order. h. As per the requirement of Regulation 39(4) of the CIRP Regulations for performance security, it is stated that the SRA has provided a Performance Bank Guarantee of Rs.7 7,68,365 I - dated O4.1O.2O24 and it is affirmed blz the RP in Form-H that 15%o of the resolution Amount has been provided by the SRA as irrevocable Bank Guarantee but it is obsenred that the PBG amount ls about 6.22oh of the proposed resolutlon amount and as per Clause 1.9 of RFRP the SRA was obligated to provide PBG to the tune of 15% of the Resolution Plan Amount, i. With regard to compliance under Regulation 35A, it is stated that an application i.e. IA (IB)No. 165/CB 12o.24 has already been filed before the Tribunal and is sub judice and the same shall be continued by the SRA. j.

liance under Regulation 35A, it is stated that an application i.e. IA (IB)No. 165/CB 12o.24 has already been filed before the Tribunal and is sub judice and the same shall be continued by the SRA. j. A perusal of Regulation 38 would clearly show that by virtue of mandatory contents of the resolution plan as discussed in the preceding paragraphs in relation to Section 30 and Section 31 of the Code, the requirement of Regulation 38 also (1r, :.i

(l *?-- Page 32 of 48 *-l

s4 NCLT, Cuttecx BENCH IA(IB| (Pmuf No.2/CB I 2025 stands fulfilled. rhus, the resolution ;,:'f'ili;13'"J {'i,l|' requirements of Regulation 38 of the CIRP Regulations. 50. We have perused the reliefs, waivers and concessions as sought in the Resolution Plan. This Adjudicating Authority has the power to grant only such reliefs, waivers and concessions that are directly in tune with the I&B Code and the Companies Act (within the powers of the NCLT). The reliefs, waivers and concessions that pertain to other governmental authorities/departments may be dealt with by the respective competent authorities/ forums/ offices, Government or Semi- Government of the State or Central Government concerning the respective reliefs, waivers and concession, whenever sought for. The competent authorities including the Appellate authorities may consider granting such reliefs, waivers and concessions keeping in view the spirit of the I&B Code, 2016 and the Companies Act, 2073. 51. The Resolution plan seeks certain reliefs, waivers, and concessions for implementation of the resolution plan.

ssions keeping in view the spirit of the I&B Code, 2016 and the Companies Act, 2073. 51. The Resolution plan seeks certain reliefs, waivers, and concessions for implementation of the resolution plan. It is stated in the plan the denial of the reliefs, waiver or concession sought in the plan shall not affect the implementation of the plan, whatsoever. In the interest of brevity, the reliefs, waivers, and concessions sought and the direction of the Adjudicating Authority in respect of such are enumerated hereinbelow: Sr, No" Reuers, WervpR oR ColcpssloN soucHT ORppRs THEREoN 1. The affairs of the corporate Debtors will be managed by the resolution applicant and monitoring agency will not interfere in the day to day activities of the corporate debtor undertaken by the resolution applicant Granted --7 Page 33 of48 Ca

NCLT, CurrAcK Brncn IA(IB)(Pt,ax) No. 2/cB l2o2s IN No. 32lcB 12025 2. All subsisting consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or license, granted in favour of the Corporate Debtor or to which the Corporate Debtor is entitled or accustomed to shall, notwithstanding any provision to the contrary in their terms, be deemed to continue without disruption for the benefit of the Corporate Debtor. Necessary applications shall be made to Appropriate Authorities and the same shall be dealt by the appropriate authorities by keeping in mind the objective of IBC. 3. All consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or

dealt by the appropriate authorities by keeping in mind the objective of IBC. 3. All consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or license, granted in favour of the Corporate Debtor or to which the Corporate Debtor is entitled or accustomed to, which have expired as of the Completion Date, shall be deemed to continue without disruption for the benefit of the Corporate Debtor for a period of 12 months or until renewed by the relevant authorities, whichever is later. Necessary applications shall be made to Appropriate Authorities in this regard and the same shall be dealt by the appropriate authorlties by keeping in mind the objective of IBC. 4'. Upon approval of this Resolution Plan by ttre NCLT, any claims by any person (whether admitted or not, due or contingent, asserted or unasserted, crystallized or uncrystallized, known or unknown, secured or unsecured, disputed or undisputed, present or future) against the Corporate Debtor accruing due to the commencement or pendencv Granted to the extent permissible under the code and the ratio laid down in Ghansgam Mishra & Sons v Edelwelss Asset Reconsttttction Compang Ltd, of insolvency proceedings against the Corporate Debtor, whether arising under the terms of subsisting consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or license, granted in g C4 Page 34 of 48

hether arising under the terms of subsisting consents, licenses, approvals, rights, entitlements, benefits and privileges whether under law, contract, lease or license, granted in g C4 Page 34 of 48

NCLT, CurrAcK Bpucn IA(IB)(Prax) No. 2/cB I 2o2s IN No.32lCB favor of the Corporate Debtor or any contractual arrangements entered into by the Corporate Debtor, shallt notwithstanding any provision to the contrary in their terms, stand extinguished without any recourse 5. During the Interim Period, nelther the Resolution Professional nor any creditor (including any F'inancial Creditor and Government agency) or any stakeholder involved in this Resolution Plan or otherwise connected with this Resolution Plan, the CoC, the Monitoring Agency nor the Corporate Debtor shall (i) Take any of the actions specified in Section 28 of the Code without the approval of the NCLT. (iil take any action or omission that could reasonably be expected to have a material adverse impact, directly or indirectly, on the Resolution Plan or its successful implementation;

val of the NCLT. (iil take any action or omission that could reasonably be expected to have a material adverse impact, directly or indirectly, on the Resolution Plan or its successful implementation; or (iii) Institute or continue any proceedings against the Corporate Debtor or transfer, encumber, alienate, or dispose of any of the assets or interests of the Corporate Debtor or enforce any encumbrance or security interest created by the Corporate Debtor or on the securities of the Corporate Debtor. Granted, to the extent permissible by the Code and applicable Regulations. 6. The Resolution Applicant and the Corporate Debtor shall have immunity from any actions and penalties ( of any nature! under any laws for any non-compliance of laws in relation to the Corporate Debtor or by the Corporate Debtor, as well as with the terms of any agreement or Granted to the extent as permissible u/s 32A and applicable laws and the ratio laid down in AJag C{ sl =7- Page 35 of48

btor or by the Corporate Debtor, as well as with the terms of any agreement or Granted to the extent as permissible u/s 32A and applicable laws and the ratio laid down in AJag C{ sl =7- Page 35 of48

NCLT, CurrAcK BENoH IA(IB)(Pr,er) No. 2 /cB I 2o2s IN rBlNo. 32lCBl2O25 arrangement entered into by the Corporate Debtor, which was existing as on the Completion Date and which continues for a period of up to 12 months after the acquisition of control by the Resolution Applicant over the Corporate Debtor. Without any liability for the non- compliance during the time specified above, the Resolution Applicant undertakes to cause the Corporate Debtor to expeditiously identify such non-compliances, evaluate the steps required to address such non- compliances and take steps to remedy such non-compliances to the extent practically possible Radhesgam Goenkq. a Tourism Finance Corpoartion of Indiq Ltd. 7. All actions stated in this Resolution Plan shall be deemed to be approved by the NCLT.

-compliances to the extent practically possible Radhesgam Goenkq. a Tourism Finance Corpoartion of Indiq Ltd. 7. All actions stated in this Resolution Plan shall be deemed to be approved by the NCLT. Accordingly, any action or implementation of this Resolution Plan shall not be grounds for termination of any contracts entered into by the Corporate Debtor. Not Granted B. All inquiries, investigations and proceedings, whether civil or criminal, notices, causes of action, suits, claims, disputes, litigation, arbitration or other judicial, regulatory or administrative proceedings against, or in relation to, or in connection with the Corporate Debtor or the affairs of the Corporate Debtor, pending or threatened, present or future, (including without limitation, ooy investigation, action, proceeding, prosecution, whether civil or criminal, by the Central Bureau of Investigation, the Enforcement Directorate or any other regulatory or enforcement agency), in relation to any period prior to the Completion Date or arising on account of Granted to the extent as permissible u/s 32A and applicable laws and the ratio laid down in AJag Radhesgam Goenkq. a Tourism Flno;nce Corpoartion of Indto. Ltd. g q .-? Page 36 of48

ng on account of Granted to the extent as permissible u/s 32A and applicable laws and the ratio laid down in AJag Radhesgam Goenkq. a Tourism Flno;nce Corpoartion of Indto. Ltd. g q .-? Page 36 of48

q NCLT, CurrAcK BENcH IA(IB)(Prer) No. 2/CB I 2a2s IN No.32lCB the acquisition of control by the Resolution Applicant ovef, the Corporate Debtor pursuant to his Resolution Plan shall stand withdrawn or dlsmissed and ; All liabilities or obligations in relation thoreto, whethor or not set out in the balance sheets of the Corporate Debtor or the profit and loss account statements of the Corporate Debtor, will be deemed to have been written off in full and permanently extinguished and the Corporate Debtor or the Resolution Applicant shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto notwithstanding any adverse order that may be passed in respect of the same by any authority prior to or after the Completion Date. 9. Whether civil or criminal, notices, suits, claims, disputes, litigation, arbitration or other judicial regulatory or administrative proceedings will be deemed to be barred and will not be initiated or Granted to the extent as permissible under law. admitted against the Corporate Debtor in relation to any period prior to the acquisition of control by the Resolution Applicant over the Corporate Debtor or on account of the acquisition of control by the Resolution Applicant over the Corporate Debtor pursuant to this R.esolution Plan. 10. An exemption shall he deemed to have been granted to the Corporate Debtor from

the acquisition of control by the Resolution Applicant over the Corporate Debtor pursuant to this R.esolution Plan. 10. An exemption shall he deemed to have been granted to the Corporate Debtor from the obligation to pay taxes in accordance with the exemptions granted under the Finance Act 2021, Not Granted 11. The Corporate Debtor shall be entitled to This is for CBDT

Page 37 of 48 C4

NCLT, CurrAcK Bpucn IA(IB)(Prau) No. 2/CB 12025 IN cP(rB) No. 32lCBl2O2s carry forrvard the unabsorbed depreciation and accumulated losses under Income tax and minimum alternate tax and to utilize such amounts to set off future tax obligations as applicable under Income Tax act, 1961. and appropriate Tax Authorities to decide, t2. As the Resolution Applicant will acquire control over the Corporate Debtor pursuant to the order of the NCLT and not pursuant to the usual acquisition process. The Resolution Applicant may take some time to discover all the non-compliances that may exist in relation to the Corporate Debtor on the date of acquisition of control by the Resolution Applicant over the Corporate Debtor. Granted to the extent permissible under the code and applicable regulations. 13. For a period of 6 months from the Completion Date, all subsisting contracts and arrangements entered by the Corporate Debtor shall continue to be in subsistence, including but not limited to the following: (0 For a period of 6 months from the Completion Date, the Corporate Debtor shall have a right to review and terminate any contract that was entered into prior to the Completion Date.

o the following: (0 For a period of 6 months from the Completion Date, the Corporate Debtor shall have a right to review and terminate any contract that was entered into prior to the Completion Date. (ii) If during such review, the Corporate Debtor terminates anlr contracts then the Corporate Debtor shall not be liable towards anlr claims with respect to termination of such contracts, including but not limited to any claims, penalty, damages (liquidated or otherwise), arbitration claims or claims for specific performance, Granted to the extent as allowed by the Code. 14. All contracts between the Corporate Debtor and related parties (as defined in Granted to the extent as allowed q Page 38 of 48 Cd

NCLT, CurrAcK BPucn IA(IB)(PI,AN) No. 2/cB lzozs IN No. 32lCB 12025 Section Sl24,l of the Code shall stand terminated with effect from the Completion Date unless otherwise notified by the Resolution Applicant by the Completion Date, and the Corporate Debtor shall not be liable towards any claims with respect to termination of such contrects, including but not limited to, any claims, penalty, damages (liquidated or otherwise), arbitration claims, claims for specific performance or claims for interim relief by the Code" 15. The State Government of Chhattisgarh to grant it suitable tax and financial incentives as per the prevailing policy of the State Governments or any other policy for revival of distressed cornpanies, considering the revival of the Corporate Debtor to achieve financial viability of the Corporate Debtor. This for the State Government to decide. 16.

other policy for revival of distressed cornpanies, considering the revival of the Corporate Debtor to achieve financial viability of the Corporate Debtor. This for the State Government to decide. 16. On the basis of information provided by the Resolution Professional, this Resolution Plan assumes that, on the Completion Date the Corporate Debtor will not have any realizable gross current assets inventory, receivables, and cash. No Direction 77. Since this is a NCLT approved plan under a statutory process and is binding on all stakeholders under Sections 31 (U and 238 of the Code, all concerned regulators, including RBI, shall give expeditious approvals to facilitate the Resolution Plan of the Corporate Debtor and its implementation. Granted in line with the terms of section 31(1) of the Code. 18, The Resolution Applicant has assumed that the Code is a complete code and the NCLT acting under the Code is empowered to grant a single window clearance for all The approval granted 'explicitly'in the order are only q- ---1- Page 39 of48 v

the Code is a complete code and the NCLT acting under the Code is empowered to grant a single window clearance for all The approval granted 'explicitly'in the order are only q- ---1- Page 39 of48 v

NCLT, Curtacx Bpwcn IA(IBXPLAN) No" 2/CB 12025 IN IB)No.32lc 2025 actions as provided in a resolution plan approved by the NCLT. allowed, remaining all other clearances shall be obtained from the appropriete authorities. 19. The process stipulated under the Code for implementation of a resolution plan is a final and binding process and therefore any action undertaken pursuant to a resolution plan approved by the NCLT under the Code does not require compliance with procedural requirements under other laws, to the extent permissible under the Code, including the requirements with respect to the following, that shall stand complied and approved upon approval of this Resolution Plan by the NCLT Not Granted. 20. The transactions Refer to the clause t8,2 of the plan will not require any corporate action by the Corporate Debtor or any other approvals and shall take effect pursuant to approval of this Resolution Plan by the NCLT, and the Corporate Debtor may file the order of the NCLT to inform the Registrar of Companies regarding amendment to the Memorandum of Association. Granted to the extent wherein approvals/conse nts of stakeholders of the company is required.

r of the NCLT to inform the Registrar of Companies regarding amendment to the Memorandum of Association. Granted to the extent wherein approvals/conse nts of stakeholders of the company is required. A11 other approvals and compliances shal1 be done as per law required. 21. Resolution Plan also reserves the option for right issue to Resolution Applicant of 34,91,634 (Thirty-Four Lakh Ninety-One Thousand Six Hundred Thirty-Four) Equity Shares of Rs. 10.00 each which shall not require any corporate action by the Corporate Debtor or any other approvals, Appropriate application shall be made as required by law and since this is an'anticipated' action, necessary q*2 Page 40 of 48 g

NCLT, Cumacx BENcH IA(IB)(Pr,eu) No. 2/CB 12025 IN No. 32lCB 12025 and the Corporate Debtor may file the order of the NCLT to inform the Registrar of Companies regarding such right issue approval shall be taken from the stakeholders of the company at that time. 22, The ordor of the NCLT approving this Resolution Plan shall take effect pursuant to Section 238 of the Code, to the extent applicable, that states that, "the provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law. Granted to the extent permissible in terms of section 238 of the Code. 23. This Resolution Plan will become effective on the Effective Date Granted. 24. The Resolution Applicant requests the NCLT to approve the following measures as part of resolution plan Upon the approval of this

olution Plan will become effective on the Effective Date Granted. 24. The Resolution Applicant requests the NCLT to approve the following measures as part of resolution plan Upon the approval of this Resolution Plan by the NCLT: (i) In the application to be made to the NCLT for approval of these Resolution Plan and interim reliefs in accordance with this Plan, appointment of Monitoring Agency. The suspended board of directors of the Corporate Debtor shall be dissolved on the Effective Date. A new Board of Directors will be instituted at the earliest who will assume control of day-to-day management of the corporate debtor. (ii) Three-member committee comprising of one representative proposed by the Resolution Applicant, one representative of the financial creditors and Resolution professional or a chartered accountant or an advocate as may be jointly nominated by Granted. g
Page 41 of48 E4

NCLT, Curtncx BPrcn IA(IB)(Pr,eul No. 2/cB I 2026 Resolution Applicant and CoC shall stand appointed as the member of the Monitoring Agency of the Corporate Debtor pursuant to the order of the NCLT with effect from the Effective Date (" Monitoring Agency" ) . The fees payable to the Resolution Professional lProfessional Member as part of the Monitoring Agency is proposed to be Rs 1,00,000/.

CLT with effect from the Effective Date (" Monitoring Agency" ) . The fees payable to the Resolution Professional lProfessional Member as part of the Monitoring Agency is proposed to be Rs 1,00,000/. (Rupees One Lakh only) per month excluding taxes and shall be paid by the Resolution Applicant on monthly basis. (iii) After the Effective Date, the Corporate Debtor shall file Form No DIR12, as specified in Companies (Appointment and Qualification of Directors) Rules, 2014. (iv) The Resolution Professional shall be released of his statutory duties and responsibillties as of Effective Date. The Resolution Professional will make their best efforts to handover of all the records, assets, and information of the Corporate Debtor in his custody and/or control to the Resolution Applicant. (v) The Monitoring Agency shall monitor the implementation of resolution plan as submitted by the Resolution Applicant. The Monitoring agency may do monthly meetings for same till Resolution Applicant tenders entire Resolution Amount. (vi) The monitoring agency will monitor the Implementation of resolution Plan till the date linal payment is not made to the financial creditors (vii) For avoidance of doubt, from completion date till final payment, any and whatsoever internal accruals or additional funds q Page 42 of 48 ,9

inal payment is not made to the financial creditors (vii) For avoidance of doubt, from completion date till final payment, any and whatsoever internal accruals or additional funds q Page 42 of 48 ,9

generated or infused on account of the revival of corporate debtor will belong to the resolution applicant and the resolution applicant will repay the financial creditor as per resolution plan by way of upfront payment as agreed. FINAL ORDER 52. It is pertinent to mention here that following applications in relation to CP (IB) No. 32lCB/2022 are pending before us: Case No. IA (rB) No.17lCB 12024 Parties Soumitra Lahiri (RP) v Suresh Atlani Vij;t N;;pil;-& Vishal Khandelwal v Soumitra Lahiri NCtT, CUTTACK BENCH IA(IB)(PIaN) No. 2/cB I 2o2s Prayer/Purpose Seeking information and cooperation u/s 19(2) S.;kds- -i"foi-"tio" . and cooperation sl No. lI rA (rBl I No.148/CBl2O24 I I u/s1e(2) i ! ilI. i IA (IB) No.161/CBl2024 IA (IB) No.165/CB I 2024 rA (rB) No.255/CB 12024 Seeking direction for Bank to encash FDs and close the current I account in the account i held in the concerned ! 1 i IV. i I I I I I I-"! branches of both the respondents and transfer the amount to the account created by RP for the CIRP process of CD. PUF'E application u/s 43,66 and 49 of IBC Arun Kumar Gupta (RP) v Suresh Atlani & 3 ex directors Soumitra Lahiri v Vinod Jain Soumitra Lahiri v Bank Manager, Axis Bank -CT Branch (RU & Bank Manager, Axis Bank -Tagore Nagar Branch (R2f q=_ ---=|- Page 43 of48 17lCBl2o24

h Atlani & 3 ex directors Soumitra Lahiri v Vinod Jain Soumitra Lahiri v Bank Manager, Axis Bank -CT Branch (RU & Bank Manager, Axis Bank -Tagore Nagar Branch (R2f q=_ ---=|- Page 43 of48 17lCBl2o24

rA (IBl No.284lCBl2024 IA (IB) No.285/CBl2024 Application by Soumitra Lahiri (RP) Soumitra Lahiri RP v Suresh Atlani & 4 Ex directors Sou-itm Lahiri (RP) v Vinod Jain NCLT, CurrAcK BPucn IA(IB)(Pr,er) No" 2/CB I 2025 IN CP(IB) Ng, 3;2 | cB I zo'25. Seeking direction to District Administration Raipur for assistance in taking possession of 62.6043 Acres of land of CD S."t i"g ilf;;matiott and cooperation u/s19(2) wrt to details regarding 62.6043 Acres of land in the Kalpavriksh project PUFE application u/s 66 of IBC rA (rB) No.115/CBl2025 I I 53. It is noted that none of the applications' outcome will have any deterring impact on the implementation on the effective implementation of the resolution plan and hence their pendency in no way restricts us on passing order in the present application. 54. IA(IBI No. 165/CB 120/24 and IA(IB) No. LL'ICB l2O2S pertains to PUFE transactions identified by the RP and as an established principle of law as per Tatq. Steel BSL Vs Venus Recntlters reported at 2O23|DHC/OOO257 that the pendency of such applications is no bar to the approval of a resolution plan and the same will be pursued by the SRA as stated in the plan. 55. It is further noted that the reliefs sought in IA(IBI No. 17lCB I 20124, IA(IB) No.

s is no bar to the approval of a resolution plan and the same will be pursued by the SRA as stated in the plan. 55. It is further noted that the reliefs sought in IA(IBI No. 17lCB I 20124, IA(IB) No. 148/CB I 2024, IA(IB) No.255/CB I 2o.24 and IA(IBI No.285/CBl2O24 has become infructuous considering successful completion of the CIRP and the present approval order. 56. In regard to IA(IB) No.2a4l CB 12C/24 and IA(IBI No.161/CB|2O24, it is noted that they are in respect of the assets of the Corporate Debtor and since the CIRP is completed the status of the st : Page 44 of 48

NCLT, Cumecx BENCH rA(IBXPLAN) No.2/CB I 2O2s cP(rB) No. 32lCB l2o2s reliefs sought in these applications need to be clarified by the RP. It is emphasised that since RP did not pursue these two applications prior seeking approval of the plan, it is presumed that the reliefs sought in these two applications have no bearing on the resolution plan or its implementation and have subsequentl-'r become infructuous. 57. A11 these pending applications are due to be listed on the board of this Adjudicating Authority 03.09.2024 and as observed above except the applications pertains to PUFE transactions all other applications have become infructuous but in the interest ofjudicial propriety and in the interest of justice, necessary directions will be passed in these applications after hearing the RP i.e. the applicant herein. 58.

come infructuous but in the interest ofjudicial propriety and in the interest of justice, necessary directions will be passed in these applications after hearing the RP i.e. the applicant herein. 58. In this light the applicant herein is directed to update this Adjudicating Authority regarding the status of the reliefs sought in the pending applications and his intention in regard to pursuance of the applications on O3.O9.2O24, without fail. 59. Upon perusal of the documents on record and in light of the observations made we are satisfied that the Resolution Plan, submitted by M/s Pearl Tree Hotels & Resorts Private Limited along with its sister concern M/s Plazma Vinimay Private Limited is in accordance with sections 30(2) and 31 of the I&B Code,2016 and complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. In regard to regulation 39(4f as per Form-H the RP has stated that it has received Performance bank Guarantee to the tune of L5o/o of the Resolution Amount but upon perusal it is obsenred that the value of performance guarantee received is to the tune of 6.220/o of the proposed resolution amount. This trlbunal believes it to be an inadvertent error on part of the RP and the RP is cautioned to be careful in future whlle submitting details in statutory compliance certificate in Form-H. g< Page 45 of 48

unal believes it to be an inadvertent error on part of the RP and the RP is cautioned to be careful in future whlle submitting details in statutory compliance certificate in Form-H. g< Page 45 of 48

NCLT, Curtecr BENCH IA(IB| (Pmuf No.2/CB I 2025 cP(rB) No. 32lCB 12025 Furthermore, it is observed that the Performance Bank Guarantee submltted by the SRA is due to expire on O4. LO.2O25 and since the "Implementation period" of the plan is 60 days from the completion date i.e. 9O days from the Effective Date as per Clause 25,1 of the Plan, hence the RP is directed to procufe a fresh irrevocable Performance Bank Guarantee from the SRA to the tune of l5o/o of the Resolution Amount as per clause 1.9 of RFRP within 15 workins days from the date of this order and an affidavit to that effect shall be filed by the RP before this Tribunal within 3 weeks' time through a separate IA. 60. As far as the question of granting time to comply with the statutory obligations or seeking approvals from authorities is concerned, the Resolution Applicant is directed to do so within one year from the date of this order, as prescribed under section 31(4) of the I&B Code. 61, In case of non-compliance with this order or withdrawal of the Resolution Plan, the payments already made by the Resolution Applicant shall be liable for forfeiture. 62, Further it is seen from records that one application i.e. IA (IB) No. 165 I CB I 2022 has been filed by the RP u/ s 66 of the Code for a recovery of Rs.

Applicant shall be liable for forfeiture. 62, Further it is seen from records that one application i.e. IA (IB) No. 165 I CB I 2022 has been filed by the RP u/ s 66 of the Code for a recovery of Rs. 63 Crores which will be pronounced separately and in light of Hon'ble Delhi High Court's judgement in Tqta Steel BSL I/s Venus Recntiters reported a|2O2!/DHC/OOO2S7 there is no bar on approval of the resolution plan while applications challenging avoidable transactions are pending. 63. In the light of the enumerations and observations made in this Order supra, we hereby APPROVE and FINALLY SANCTION the Resolution Plan by M/s Pearl Tree Hotels & Resorts Private Limited along with its sister concern M/s Plazma Vinimay Private Limited' CJ -- Page 46 of48

NCLT, Currecx Bpncx IA(IBl(Pmu) No.n2 / CB I 2o25 cP(rBlNo. 32lCB 12025 the Successful Resolution Applicants" This approval is subJect to the compliance with direction given at Para 51 of this order. 64, The Resolution Plan shall form part of this Order and shall be read along with this order for implementation. The Resolution Plan thus approved shall be binding on the on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government, or any local authority in terms of Section 31 of the I&B Code, so that the revival of the Corporate Debtor Company shal1 come into force with immediate effect without any delay. 65. The Moratorium imposed under section L4 of the Code by virtue of the order initiating the CIR Process, shall cease to have effect from the date of this order. 66.

ediate effect without any delay. 65. The Moratorium imposed under section L4 of the Code by virtue of the order initiating the CIR Process, shall cease to have effect from the date of this order. 66. The Resolution Professional shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record and also return them to the Resolution Applicant or New Promoters. 67, Liberty is hereby granted for moving any application, if required, in connection with the successful implementation of this Resolution Plan. 68. A copy of this Order is to be submitted to the Registrar of Companies (RoC) to whom the company is registered, by the Resolution Professional. 69, A copy of this Order be served upon the Insolvency and Bankruptcy Board of India (IBBI) by the RP. 70. The Resolution Professional is further directed to hand over all records, premises I factories/ documents to the Resolution Applicant to finalise the further line of action required for starting the operation. The Resolution Applicant shall have access to all the records/ premises/ *_/ fi,CJ/ =ot ----, ,'l Page 47 of 48

Applicant to finalise the further line of action required for starting the operation. The Resolution Applicant shall have access to all the records/ premises/ *_/ fi,CJ/ =ot ----, ,'l Page 47 of 48

NCLT, Cuttecr BENcH IA(IB| (Pr,ru) No. 2/CB I 20.25 CP(IB) No. 32lCB 12025 factories/ documents through the Resolution Professional to finalise the further line of action required for starting the operation. 7L. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order. However, he is required to comply with our direction given in respect of PUFE application. 72. The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Learned Counsels for information and for taking necessary steps. The Registry is further directed to take necessary actions ensure that the Applicant ls allowed to e- lile a separate IA within 3 weeks' time in connection with the main company petition to bring on record the affldavit in compliance of the directions at Para 58 of this order. 73.. In terms of the view above, the interlocutory application being I.A. IIB) (Planl No. 2 /CB/2O25 is Auowpp AND Dtspospp Or accordingly. 74. Certified copy of the orders, if applied for with the Registry, be supplied to the parties upon compliance with all requisite formalities. s) BeffiFer,Mppwa MpnnrpR (TecnnIcAL) ,=9l,/ peep(crrrrfu Josnr --.,

Mpilrs--pn (Juorcw) This Order is signed on 22nd, Day of August 2025, Page 48 of48