21st November, 2025 Approval of Resolution Plan - Laxmiramuna Investments Private Limited [IA No. 102 of 2025 in CP(IB) No. 612 of 2024] (330.28 KB)

IN THE NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCH- I

   IA No. 102 of 2025 

IN

   CP(IB) No. 612 of 2024 

Under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016

In the Application of
Pankaj Bhattad

…Resolution Professional/ Applicant

In the matter of Disha Land Developers Private Limited …Financial Creditor

Versus

Laxmiramuna Investments Private Limited …Corporate Debtor
Order Delivered On : 19.11.2025

Coram:
Sh.Prabhat Kumar Sh.Sushil Mahadeorao Kochey Member (Technical) Member (Judicial)

Appearances: For the Applicant : Adv. Kunal Kanungo a/w Adv. Jesal Singh

IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH- I IA No. 102 of 2025 In CP(IB) No. 612 of 2024

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ORDER

Brief Background

1. The present Application is filed by Mr. Pankaj Bhattad, Resolution Professional (“Applicant/Resolution Professional”) of Laxmiramuna Investments Private Limited (“Corporate Debtor”) under Section 30(6) read with Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (“Code”) read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP Regulations”) for seeking approval of the Resolution Plan dated 03.05.2025, submitted by consortium of Mr. Sandeep Kedia, Ms. Ruchi Kedia and Mr. Ravi Agarwal (“Successful Resolution Applicant/SRA”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter.

Mr. Sandeep Kedia, Ms. Ruchi Kedia and Mr. Ravi Agarwal (“Successful Resolution Applicant/SRA”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter. The Resolution Plan has been approved by 100% of the voting share of the members of the Committee of Creditors (“CoC”) at the 6th CoC meeting dated 18.08.2025. 2. The CIRP of the Corporate Debtor was initiated vide this Tribunal’s order dated 02.01.2025 in Company Petition No. 612 of 2024, and Mr. Pankaj Bhattad was appointed as the Interim Resolution Professional (“IRP”). At the 1st CoC meeting, held on 03.02.2025, the CoC confirmed the appointment of the IRP as the Resolution Professional (“RP”) with 100% voting shares.
3. As per section 13 of the Insolvency and Bankruptcy Code, 2016 read with Regulation 6 of the CIRP Regulations, the Applicant made a public announcement vide Form-A on 07.01.2025 in newspapers namely News Hub (English edition) and Pratahkal (Marathi Edition Mumbai) notifying the commencement of CIRP of the Corporate Debtor and inviting the claims of Creditors.
4. The Committee of Creditors was constituted on 28.01.2025, thereafter, based on the Calculation of interest of Syrup Trading Private Limited, the voting percentage of COC changed in view of which the COC was

tee of Creditors was constituted on 28.01.2025, thereafter, based on the Calculation of interest of Syrup Trading Private Limited, the voting percentage of COC changed in view of which the COC was

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reconstituted on 05.07.2025. The details of the same are tabulated below: Sr. No. Name of the Financial Creditor Security Interest Amount Claimed Amount Admitted Voting Share (%) 1.
Krishkan Investment Private Limited

Secured 3,02,77,973 3,02,77,973

39.43 2.
Disha Land Developers Private Limited
Unsecured
1,69,99,097 1,64,99,097 21.49 3.
Syrup Trading Private Limited Unsecured
3,00,30,854 3,00,02,893 39.08 Total 7,73,07,924 7,51,27,070 100 5. The Total claims received, admitted, not admitted, contingent claim by the Applicant are as under: Nature of Creditor Amount Claimed Amount Admitted Amount of claim not admitted
Amount of Contingent claim
Secured Financial Creditor (1) 3,02,77,973 3,02,77,973

Unsecured Financial Creditor (2) * 4,70,29,951 4,65,01,990 5,27,961

Operational Creditors (Government and Statutory) (1) ** 12,81,32,324 2,06,191

12,79,26,133 Operational creditors (other than Workmen and Employees and Government Dues)
1,10,300 1,10,300

Total 20,55,50,548 7,70,96,454 5,27,961 12,79,26,133 6.

324 2,06,191

12,79,26,133 Operational creditors (other than Workmen and Employees and Government Dues)
1,10,300 1,10,300

Total 20,55,50,548 7,70,96,454 5,27,961 12,79,26,133 6. The Claim of Unsecured financial creditor (Disha Land Developers Private Limited) of INR 5,27,961/- was not admitted by the RP because for the Legal charge of INR 5,00,000/- no documents / proof was provided, and Excess interest claimed of Rs. 27,961/- by Syrup Trading Private Limited is not admitted respectively.
7. The Claim of Operational Creditors (Government and Statutory) was admitted as contingent claim of INR 12,79,26,133/- because the claim has been made for Assessment Year 2008-2009, 2012-2013, 2013-2014 & 2017-2018, and the appeals are pending in relation to demand of Rs. 12,79,26,133/- pertaining to AY 2012-2013, 2013-14 and 2017-18.
8. In view of the resolution passed by the CoC members in the 1st CoC meeting, two registered valuers were appointed for conducting the valuation of land and building as well as SFA. 9. On 01.03.2025, the 2nd COC meeting was conducted and on 03.03.2025 the Form G was published as per Section 25(h) of IBC, 2016 read with Regulation 36A of CIRP Regulation, in the newspapers namely News

1.03.2025, the 2nd COC meeting was conducted and on 03.03.2025 the Form G was published as per Section 25(h) of IBC, 2016 read with Regulation 36A of CIRP Regulation, in the newspapers namely News

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Hub (English) and Pratahkal (Marathi), Mumbai and the last date of submission of EOI was 20.03.2025, in view of which the Applicant received 2 EOI’s from PRA’s. Accordingly, Provisional list was issued on 26.03.2025 and further final list of PRA’s consisting of Consortium of Sandeep Kedia and Ruchi Kedia and one other M/s. V B Industries Limited was issued on 03.04.2025 and the Applicant also issued the IM and RFRP to members and PRAs. 10. Upon request from V B Industries Limited, the CoC members duly accorded their approval for extension by 2 weeks to submit EMD. V B Industries Limited and Sandeep Kedia and Consortium submitted their resolution plan along with the request to extend the deadline to submit EMD. 11. In the 3rd COC meeting, Mr. Dhruva Narayan Jha, representing V B Industries Limited, opened the submitted resolution plan and discussed the same. Following this, the representative of the Consortium comprising Mr. Sandeep Kedia and Ms. Ruchi Kedia joined the meeting and engaged in a discussion regarding the financial proposal presented in their resolution plan. Later, the CoC members unanimously approved the inclusion of the additional member Ravi Agarwal into their consortium upon request.
12.

the financial proposal presented in their resolution plan. Later, the CoC members unanimously approved the inclusion of the additional member Ravi Agarwal into their consortium upon request.
12. In the 4th COC meeting conducted on 02.07.2025, another land and building valuer Aristovalue Consultant was appointed as required. The RP also presented the reports submitted by SFA Valuers i.e. Hajari Lal Singh & CA Pinky Kataruka and Land and Building Valuer – Aristovalue Consultant before the CoC Members and discussed the same. It was informed to the CoC that the RP has issued the VDR and IM, RFRP and Evaluation matrix as required to the PRAs on 3rd April 2025. Further, despite the extension and subsequent reminder, the EMD amount was not received from V B Industries Limited. 13. In the 5th CoC meeting held on 8 August 2025, the Applicant appraised the members that the RP has admitted the amount of Rs. 2,06,191/- as the claim of Income Tax Department and interest component of Syrup

h CoC meeting held on 8 August 2025, the Applicant appraised the members that the RP has admitted the amount of Rs. 2,06,191/- as the claim of Income Tax Department and interest component of Syrup

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Trading Private Limited (“Unsecured Financial Creditor”) based on which COC was reconstituted on 5th July 2025. In the said meeting, Mr. Sandeep Kedia, representing the Consortium, attended the meeting and provided a brief financial synopsis of the Resolution Plan submitted on 05.08.2025. In the said COC meeting, the Applicant apprised the CoC Members regarding the valuation summary and methodology as received by the valuers appointed in the matter and other aspect of valuation report: Class of Asset Valuer Fair Value Liquidation Value

Land and Building
Aristovalue 9,83,68,000 7,37,76,450 Appraisers 10,10,15,000 7,57,55,000 Average of Total 9,96,91,500 7,47,65,725 SFA Pinky 75,017 75,017

H L Saini 65,618 65,618

Average of Total 70,318 70,318

Total of Average
9,97,61,818
7,48,36,043 14. In the 6th CoC meeting held on 18th August 2025, the RP informed the COC Members that as the current final resolution plan value is more than the liquidation value so it will be payable in this case. In the said COC meeting, the Resolution Plan of Consortium of Sandeep Kedia, Ruchi Kedia and Ravi Agarwal were put for e-voting starting on 19th August 2025 and concluding on 22nd August 2022.

se. In the said COC meeting, the Resolution Plan of Consortium of Sandeep Kedia, Ruchi Kedia and Ravi Agarwal were put for e-voting starting on 19th August 2025 and concluding on 22nd August 2022. The COC approved the resolution authorizing the RP to file the application before the AA for approval of the Resolution Plan as submitted by the Successful Resolution Applicant with 100% voting. Interlocutory Applications 15. The Resolution Professional has filed IA(I.B.C)/4240/MB/2025 for Reporting Fraudulent and Preferential Transactions under section 66(1 ) and section 43 of the Insolvency and Bankruptcy Code, 2016 and seeking appropriate reliefs from this Tribunal, which is pending before this bench. Limitation:

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16. The last date for completion of CIRP Process in the matter of Corporate Debtor was 5th July, 2025. Accordingly, the applicant had filed an extension application IA(I.B.C)/3112(MB) 2025 under section 12(2) of the IBC, 2016 for 90 days beyond the period of 180 days of the CIRP before this Tribunal which was approved by this bench vide its order dated 15th July 2025 extending the CIRP period for 90 days w.e.f. from 6th July 2025 to 5th October 2025 making the last day of CIRP of 270 days on 5th October 2025. The present application has been filed well before such last date.
    Salient Features of the Resolution Plan
17. The Applicant has confirmed that the SRA is eligible under Section 29A of the Code to submit a Resolution Plan for the Corporate Debtor.

uch last date.
Salient Features of the Resolution Plan 17. The Applicant has confirmed that the SRA is eligible under Section 29A of the Code to submit a Resolution Plan for the Corporate Debtor. RP
issued a Letter of Intent (“LOI”) dated 29 August 2025 to the SRA. It is submitted that Clause 3.7.1 of the RFRP stipulates that the initial Earnest Money Deposit (EMD) of ₹25,00,000/–, submitted at the Expression of Interest (EOI) stage, along with the subsequent EMD of ₹25,00,000/– submitted with the Resolution Plan, shall be adjusted towards and considered as part of the Performance Bank Guarantee (“Performance Security”). Accordingly, in addition to the aforesaid EMDs aggregating to ₹50,00,000/–, the Applicant has remitted a further sum of ₹25,60,000/–, thereby making a total of ₹75,60,000/– deposited towards the Performance Guarantee obligation. 18. A brief overview of the conformity of the Successful Resolution Plan with the requirements under the Code and the CIRP Regulations is given in the table below: Section of the Code / Regulatio n No.
Requirement with respect to Resolution Plan Clause of Resolution Plan Complian ce (Yes / No) 25(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?

Yes

n Complian ce (Yes / No) 25(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?

Yes

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Section 29A
Whether the Resolution Applicant is eligible to submit resolution plan as per final list of Resolution Professional or Order, if any, of the Adjudicating Authority?

Yes Section 30(1) Whether the Resolution Applicant has submitted an affidavit stating that it is eligible?

Yes Section 30(2)
Whether the Resolution Plan-
(a) provides for the payment of insolvency resolution process costs?

(b) provides for the payment 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 the management of the affairs of the corporate debtor?

(e) provides for the implementation and supervision of the resolution plan?

(f) contravenes any of the provisions of the law for the time being in force?

a) Part IV Clause 4.2 at pg. no. 31, Clause 4.4 (a) at Pg. No. 33 & Part VIII (1) (a) at Pg. No. 52 of the resolution plan

(b) Part IV Clause 4.4 (d), (e), (f) at Pg. No. 34 – 36 & Part VIII (I) (b) at Pg. No. 52 of the resolution plan

c) Pat IV Clause 4.4 (b) at Pg. No. 34& Part VIII (I)(c) at Pg. No. Page No. 53 of the resolution plan

(d) Part VI Clause6.2 at Pg. No.

b) at Pg. No. 52 of the resolution plan

c) Pat IV Clause 4.4 (b) at Pg. No. 34& Part VIII (I)(c) at Pg. No. Page No. 53 of the resolution plan

(d) Part VI Clause6.2 at Pg. No. 45 & Part VII at Pg. No. 50 – 51 of the Resolution Plan

(e) Part VI Clause no. 6.1 - 6.4 from Pg. No. 42 – 48 of the Resolution Plan.

(f) Part VIII Clause (I)(j) at Pg. No. 54 of the Resolution Plan.

Yes

Yes

Yes

Yes

Yes

Yes Section 30(4) Whether the Resolution Plan
(a) is feasible and viable, according to the CoC?

(a)Part IV, Clause 4.9(b) at Pg. No. 39 of Yes

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(b) has been approved by the CoC with 66% voting share? the Resolution Plan. (b)Resolution No. 1 of 06th CoC Meeting.

Yes Section 31(1) Whether the Resolution Plan has provisions for its effective implementation plan, according to the CoC? Part VI Clause 6.1 at Pg. No. 42 – 45 & Clause no. 6.1 - 6.4 from Pg. No. 42 – 48 of the resolution plan Yes Regulatio n 38 (1) Whether the amount due to the operational creditors under the resolution plan has been given priority in payment over financial creditors? Part IV Clause 4.4 (d), (e), (f) at Pg. No. 34 - 36 & Part VIII (1) (b)Pg. No. 52 – 53 of the resolution plan Yes Regulatio n 38(1A)
Whether the resolution plan includes a statement as to how it has dealt with the interests of all stakeholders? Part VIII (I)(d) at Pg. No.

53 of the resolution plan Yes Regulatio n 38(1A)
Whether the resolution plan includes a statement as to how it has dealt with the interests of all stakeholders? Part VIII (I)(d) at Pg. No. 53 of the resolution plan Yes Regulatio n 38(1B) (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?] Part VIII (I)(e) at Pg. No. 53 of the resolution plan Yes Regulatio n 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) Part VI Clause 6.1 at Pg. No. 42 – 45 of the resolution plan (b) Part VI Clause 6.2 at Pg. No. 45 & Part VII at Pg. No. 50 – 51 of the Resolution Plan (c) Part VI Clause no. 6.1 - 6.4 from Pg. No. 42 – 48 of the Resolution Plan.

(a) Yes

(b) Yes

(c) Yes 38(3) Whether the resolution plan demonstrates that – (a) it addresses the cause of default?

(b)it is feasible and viable?

(a) Part IV, Clause 4.9(a) at Pg. No. 39 of the Resolution Plan.

(b) Part IV, Clause 4.9(b) at

Yes

Yes

s the cause of default?

(b)it is feasible and viable?

(a) Part IV, Clause 4.9(a) at Pg. No. 39 of the Resolution Plan.

(b) Part IV, Clause 4.9(b) at

Yes

Yes

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(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? Pg. No. 39 of the Resolution Plan.

(c) Part VI Clause 6.1 at Pg. No. 42 – 45 & Clause no. 6.1 - 6.4 from Pg. No. 42 – 48 of the resolution plan.

(d) Part VI Clause 6.6 at Pg. No. 48, Part IX Reliefs and concessions at Pg. No.59 – 65 & Part Xi Clause 11.9 at Pg. No. 72 – 73 of the resolution plan.

(e) Part I Clause B at Pg. No.16, Part II Clause 2.1 at Pg. No. 17 – 23 & Part IV Clause 4.1 at Pg. No. 30 – 31 of the resolution plan.

Yes

Yes

Yes

39(2) Whether the RP has filed applications in respect of transactions observed, found or determined by him?

Yes Regulatio n 39(4)
Provide details of performance security received, as referred to in sub- regulation (4A) of regulation 36B.

19. The total proposed resolution amount of INR 7,56,00,000/- towards resolution of the Corporate Debtor is as per the following details: Sr. No.

to in sub- regulation (4A) of regulation 36B.

19. The total proposed resolution amount of INR 7,56,00,000/- towards resolution of the Corporate Debtor is as per the following details: Sr. No. Particulars Amount claimed/Costs incurred (In Rs.) Amount admitted (In Rs.) Proposed Resolution Amount (In Rs.) Tenor

CIRP Costs 5,00,000 5,00,000 5,00,000 Upfront Payment (Within 90 days of NCLT Approval) 2.
Financial Creditor (secured) 3,02,77,973 3,02,77,973 3,02,77,973 Upfront Payment (Within 90 days of NCLT Approval) 3.
Financial Creditor (Unsecured) 4,70,29,951 4,65,01,990 4,46,22,027 Upfront Payment (Within 90 days of NCLT Approval)

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Operational Creditor (Government Dues) 12,81,32,324 2,06,191 2,00,000 Upfront Payment (Within 90 days of NCLT Approval) 5.
Operational Creditor (Other than Government, Workmen, employees’ dues) 1,10,300 1,10,300

Operational Creditors (Workmen and Employees)

Total Resolution Plan value 20,60,50,548 7,75,96,454 7,56,00,000

A. Treatment for various stakeholders (Clause 4.4. of the resolution plan) a. CIRP costs It is submitted that the unpaid CIRP Costs will be paid in priority over payments to any other Creditors on and from the NCLT Approval Date and within the time prescribed under the Code. It is also submitted that the maximum amount payable by the Resolution Applicant under this Resolution Plan shall not exceed the Total Plan under any circumstances. b.

prescribed under the Code. It is also submitted that the maximum amount payable by the Resolution Applicant under this Resolution Plan shall not exceed the Total Plan under any circumstances. b. Proposal for Secured Financial Creditors Sr. No. Name of the Secured Financial Creditor Amount Admitted
Voting Rights Amount Proposed under Resolution Plan 1.
Krishkan Investment Private Limited

3,02,77,973 39.43%

3,02,77,973 The Resolution Applicant has assumed that there are no dissenting financial creditors. In the event there are any dissenting financial creditors, then the at least pro rata/ liquidation value due to such dissenting financial creditors shall be paid before any amount is paid to financial creditors who voted in favour of the Resolution Plan.
c. Proposal for Unsecured Financial Creditors Sr. No. Name of the Unsecured Financial Creditor Amount Admitted Voting Share (%) Amount Proposed under Resolution Plan 1. Disha Land Developers Private Limited
1,64,99,097 21.49 1,58,19,250

Name of the Unsecured Financial Creditor Amount Admitted Voting Share (%) Amount Proposed under Resolution Plan 1. Disha Land Developers Private Limited
1,64,99,097 21.49 1,58,19,250

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Syrup Trading Private Limited
3,00,02,893 39.08 2,88,02,777

Total 4,65,01,990 60.57% 4,46,22,027

d. Proposal for Employees and Workmen
No claims admitted for Employee and workmen dues. e. Proposal for Operational Creditors other than Statutory Dues and dues to Employees and Workmen Pursuant to the Information Memorandum provided by the Resolution Professional, the claim admitted amounts to Rs. 1,10,300/-. The RA proposes to pay NIL as full and final settlements of the claims of operational creditors (other than workmen and employees and Government dues).
f. Statutory Dues
Sr. No. Name of Operational Creditor Amount claimed Amount admitted Amount Proposed under Resolution Plan 1.
Deputy Commissioner of Income tax Dept. central circle-2 (2) (1), Mumbai 12,81,32,324 2,06,191

2,00,000

g. Source of Funding
Particular No. of Unit Amount (INR) Equity Shares 6,00,000 60,00,000 Unsecured Loan

6,96,00,000 Total 6,00,000 7,56,00,000 Shares shall be issued by the CD to the RA within 30 days from the NCLT Approval Date. h. Acquisition of Management Control of the CD by Resolution Applicant
The Resolution Applicant will take the control of Corporate Debtor in 10 days of NCLT Approval Date. It will be monitored by the Monitoring Committee.

t Control of the CD by Resolution Applicant
The Resolution Applicant will take the control of Corporate Debtor in 10 days of NCLT Approval Date. It will be monitored by the Monitoring Committee. The CD shall issue and allot 6,00,000 fresh equity shares at

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INR 10 per share within 45 days from NCLT Approval Date to the Resolution Applicant against Upfront Infusion. i. Reliefs and Concessions
The Resolution Applicant has sought the following reliefs and concessions vide clause 9.1 of the Resolution plan.

Statutory Compliance: 20. In compliance of Section 30(2) of IBC, 2016, the Resolution Professional has examined the Resolution plan of the Successful Resolution Applicant and confirms that this Resolution Plan: a) Provides for payment of Insolvency Resolution Process cost in a manner specified by the Board in the priority to the payment of other debts of the corporate debtor; b) Provides for payment of debts of Operational Creditor in such manner as may be specified by the board which shall not be less than (i) the amount to be paid to such creditors in the event of liquidation of the Corporate Debtor under Section 53; or (ii) the amount that would have been paid to such creditors, if the amount to be distributed under the Resolution Plan had been distributed in accordance with sub-section (1) of Section 53 in the event of liquidation of the corporate debtor.

uch creditors, if the amount to be distributed under the Resolution Plan had been distributed in accordance with sub-section (1) of Section 53 in the event of liquidation of the corporate debtor. c) Provides for management of the affairs of the Corporate Debtor after approval of Resolution Plan; d) The implementation and supervision of Resolution Plan;
e) Does not prima facie contravene any of the provisions of the law for time being in force, f) Confirms to such other requirements as may be specified by the Board. g) As per the Affidavit, the Resolution Applicant is not covered under Section 29A.

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21. In compliance of Regulation 38 of CIRP Regulations, the Resolution Professional confirms that the Resolution plan provides that a) The amount due to the Operational Creditors under Resolution Plan shall be given priority in payment over Financial Creditors. b) It has dealt with the interest of all Stakeholders including Financial Creditors and Operational Creditors of the Corporate Debtor. c) A statement that neither the Resolution Applicants nor any related parties have failed to implement nor have contributed to the failure of implementation of any other Resolution Plan approved by the Adjudicating Authority in the past. d) The terms of the plan and its implementation schedule. e) The management and control of the business of the Corporate Debtor during its term. f) Adequate means of Supervising its implementation.
    g) The Resolution Plan Demonstrates that it addresses
    i.

he management and control of the business of the Corporate Debtor during its term. f) Adequate means of Supervising its implementation.
g) The Resolution Plan Demonstrates that it addresses
i. The cause of the Default ii. It is feasible and viable iii. Provision for effective implementation iv. Provisions for approvals required and the time lines for the same. v. Capability to Implement the Resolution Plan

22. The Resolution Professional has submitted Form-H under Regulation 39(4) of the CIRP Regulations to certify that the Resolution Plan as approved by the CoC meets all the requirements of the IBC and its Regulations. The Resolution Applicant has submitted an affidavit pursuant to section 30(1) of the Code confirming its eligibility under section 29A of the Code to submit resolution plan. The contents of the said affidavit are in order. The relevant parts of the revised Form H are reproduced below:

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Form H 1A. The details of the CIRP are as under:

1B. (i) Whether Application for approval of Resolution Plan filed within 180 days of CIRP initiation

• No (ii) Number of days beyond 180 days taken for filing application for resolution plan: 67 (iii) Reasons for delay: The negotiation and discussion were ongoing, accordingly the delay.

4. The details of CIRP, and resolution plan are as under: Sl. No .

lication for resolution plan: 67 (iii) Reasons for delay: The negotiation and discussion were ongoing, accordingly the delay.

4. The details of CIRP, and resolution plan are as under: Sl. No .
   Particulars
   Description 1 Whether Corporate Debtor is an MSME, if so, Date of obtaining MSME registration (pls attach copy of registration certificate) Yes, 26th February,

2 Business of the CD Laxmiramun a Investment Private Limited is mainly engaged in the business of Investment and Securities Sl. No. Particulars Description
1 Name of the CD
Laxmiramuna Investments Private Limited 2 Date of Initiation of CIRP
02/01/2025 3 Date of Appointment of IRP 02/01/2025 (Order received on 06/01/2025) 4 Date of Publication of Public Announcement 07/01/2025 5 Date of Constitution of CoC 28/01/2025 6 Date of First Meeting of CoC 03/02/2025 7 Date of Appointment of RP 05/02/2025 8 Date of Appointment of Registered Valuers 18/02/2025 9 Date of Issue of Invitation for EoI (In case of multiple issuances of EoI, please specify all such dates) 03/03/2025 10 Date of Final List of Eligible Prospective Resolution Applicants 03/04/2025 11 Date of Invitation of Resolution Plan 03/04/2025 12 Last Date of Submission of Resolution Plan
03/05/2025 13 Date of submission of Resolution Plan to the RP 05/08/2025 14 Date of placing the Resolution Plan before the CoC 18/08/2025 15 Date of Approval of Resolution Plan by CoC 22/08/2025 16 Date of Filing of Resolution Plan with Adjudicating

P 05/08/2025 14 Date of placing the Resolution Plan before the CoC 18/08/2025 15 Date of Approval of Resolution Plan by CoC 22/08/2025 16 Date of Filing of Resolution Plan with Adjudicating Authority 10/09/2025 17 Date of Expiry of 180 days of CIRP 05/07/2025 18 Date of each order extending/excluding the period of CIRP on request filed by RP 15/07/2025 19 Date of Expiry of Extended Period of CIRP 03/10/2025 20 Fair Value Rs. 9,97,61,818(Average Fair Value) 21 Liquidation value Rs. 7,48,36,043(Average Liquidation Value) 22 Number of Meetings of CoC held Six (6)

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Trading and Property Investment.
3 Total admitted claims (Amount in Rs.) SI. NO Description Principal Interest and penalty, if any Total 1 Corporate Guarantee claims Nil Nil Nil 2 Other than Corporate Guarantee claims 7,43,19,384 27,77,070 7,70,96,454 7,70,96,454

4 Resolution Plan Value (including insolvency resolution process cost, infusion of funds etc) (In the case of real estate CDs, provide the monetary value of flats etc. given to allottees) (pls attach copy of Resolution plan) 7,56,00,000 5 Voting percentage (%) of CoC in favour of Resolution Plan (pls attach copy of minutes approving resolution plan) 100%

5. Details of implementation of resolution plan: Sl. No. Particulars
   Description 1 Amount of Performance Guarantee furnished by SRA (in Rs.) and its validity (attach document) Rs.

) 100%

5. Details of implementation of resolution plan: Sl. No. Particulars
   Description 1 Amount of Performance Guarantee furnished by SRA (in Rs.) and its validity (attach document) Rs. 75,60,000/- Proof Attached 2 Source of funds (in brief) Mixture of own funds through equity and unsecured loans 3 Capital restructuring and management of CD post approval of resolution plan (in brief including shareholding proposed to be transferred in favour of SRA) The existing shareholding of the Corporate Debtor shall stand cancelled and new shares will be issued by the RA to its shareholders/directors as nominated by him.

New Shareholding Pattern:-

Name of the RA/Nominee No. of Shares Amount (INR) Mr. Ravi Agarwal 5,70,000 57,00,000 Mr. Sandeep Kedia 15,000 1,50,000 Ms. Ruchi Kedia 15,000 1,50,000 Total 6,00,000 60,00,000 4 Term and implementation of plan (in brief) The term of the Resolution Plan shall be a period of 90 days from NCLT Approval Date and provides for effective implementation thereof in accordance with the timeline provided under this Resolution Plan. 5 Details of monitoring committee (in brief) The Monitoring committee shall comprise of representative of secured financial creditor and the Resolution Applicant. The interim monitoring committee/the monitoring committee shall be responsible

e Monitoring committee shall comprise of representative of secured financial creditor and the Resolution Applicant. The interim monitoring committee/the monitoring committee shall be responsible

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to take all necessary stems for successful implementation of the plan. 6 Effective date of resolution plan implementation Date of approval of Resolution Plan till 90 days from approval of Resolution Plan

6. The list of financial creditors of the CD Laxmiramuna Investments Private Limited being members of the CoC and distribution of voting share among them is as under: Sl. No. Name of Creditor Voting Share (%) Voting for Resolution Plan (Voted for / Dissented / Abstained) 1 Kriskan Investment Private Limited 39.43% 39.43% 2 Disha Land Developers Private Limited 21.49% 21.49% 3 Syrupy Trading Private Limited 39.08% 39.08%

7A. Realizable Amount: Sl. No. Particulars Description 1 Total Realisable amount under the plan (In case of real estate CDs, provide the monetary value of flats etc. given to allottees) Rs. 7,51,00,000/- 2 Fair Value Rs. 9,97,61,818/- (Average Fair Value) 3 Liquidation Value Rs.

plan (In case of real estate CDs, provide the monetary value of flats etc. given to allottees) Rs. 7,51,00,000/- 2 Fair Value Rs. 9,97,61,818/- (Average Fair Value) 3 Liquidation Value Rs. 7,48,36,043/- (Average Liquidation Value) 4 Percentage (%) of realisable amount to Fair Value 75.28% 5 Percentage (%) of realisable amount to Liquidation Value 100.35% 6 Percentage (%) of realisable amount to Principal amount 101.05% 7 Percentage (%) of realisable amount to Total admitted claims 97.41% 8 Percentage (%) of realisable amount to Other than admitted Corporate Guarantee claims 97.41%

7B. The amounts provided for the stakeholders under the Resolution Plan is as under:

(Amount in Rs. lakh) Sl. No. Category of Stakeholder* Sub-Category of Stakeholder Amount Claimed Amount Admitted Amount Provided under the Plan# Amount Provided to the Amount Claimed (%) Payment schedule (1) (2) (3) (4) (5) (6) (7) (8) 1 Secured Financial Creditors

(a) Creditors not having a right to vote under sub- section (2) of section 21 NIL NIL NIL NIL NIL (b) Other than (a) above:

NIL

NIL

NIL

NIL

NIL

Creditors

(a) Creditors not having a right to vote under sub- section (2) of section 21 NIL NIL NIL NIL NIL (b) Other than (a) above:

NIL

NIL

NIL

NIL

NIL

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(i) who did not vote in favour of the resolution Plan

(ii) who voted in favour of the resolution plan

3,02,77,973

3,02,77,973

3,02,77,9 73

100%

T+90 Days Total[(a) + (b)] 3,02,77,973 3,02,77,973 3,02,77,9 73 100%

2 Unsecured Financial Creditors

(a) Creditors not having a right to vote under sub- section (2) of section 21 NIL NIL NIL NIL

(b) Other than (a) above:

(i) who did not vote in favour of the resolution Plan

(ii) who voted in favour of the resolution plan

NIL

4,70,29,951

NIL

4,65,01,990

NIL

4,46,22,0 27

NIL

95.96%

T+90 Days Total[(a) + (b)] 4,70,29,951 4,65,01,990

4,46,22,0 27

95.96%

3 Operational Creditors

(a) Related Party of Corporate Debtor
NIL NIL NIL NIL

(b) Other than (a) above:

(i)Government

(ii)Workmen
(iii)Employees
(iv) Other than Government, Workmen and Employee

(i)12,81,32, 324 (ii)NIL (iii)NIL (iv) 1,10,300

(i) 2,06,191

(ii)NIL (iii)NIL (iv) 1,10,300

(i)2,00,00 0 (ii)NIL (iii)NIL (iv)NIL

(i) 97%

(ii)NIL (iii)NIL (iv) 0%

T+90 Days Total[(a) + (b)] 12,82,42,62 4 3,16,491 2,00,000 63.19%

4 Other debts and dues

NIL NIL NIL NIL

)NIL (iii)NIL (iv)NIL

(i) 97%

(ii)NIL (iii)NIL (iv) 0%

T+90 Days Total[(a) + (b)] 12,82,42,62 4 3,16,491 2,00,000 63.19%

4 Other debts and dues

NIL NIL NIL NIL

5 Shareholders

NIL NIL NIL NIL

Grand Total

20,55,50,54 8 7,70,96,454 7,51,00,0 00 97.41%

Findings and Analysis: 23. On perusal of the Resolution Plan, we find that the Resolution Plan provides for the following:
a) Payment of CIRP Cost as specified u/s 30(2)(a) of the Code. b) Repayment of Debts of Operational Creditors as specified u/s 30(2)(b) of the Code.

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c) For management of the affairs of the Corporate Debtor, after the approval of Resolution Plan, as specified U/s 30(2)(c) of the Code. d) The implementation and supervision of Resolution Plan by the RP and the CoC as specified u/s 30(2)(d) of the Code. 24. The RP has complied with the requirement of the Code in terms of Section 30(2)(a) to 30(2)(f) and Regulations 38(1), 38(1)(a), 38(2)(a), 38(2)(b), 38(2)(c) & 38(3) of the CIRP Regulations.
25. The RP has filed Compliance Certificate in Form-H along with the Resolution Plan. On perusal, the same is found to be in order. The Resolution Plan has been approved by the CoC by majority of 100%. 26.

P has filed Compliance Certificate in Form-H along with the Resolution Plan. On perusal, the same is found to be in order. The Resolution Plan has been approved by the CoC by majority of 100%. 26. Vide order dated 15.10.2025, this bench sought certain clarifications as to why (a) the claim amount of the Government dues is kept in contingent claim and (b) the separate class have been carved out by the Resolution Professional; when the contingent claim is also included in the definition of Debt. Further, Part V of the proposed Plan in relation to the source of financial states that “The Upfront Capital infusion shall be funded by the Resolution Applicant through themselves, their friends, and relatives (in case of individuals) and through persons forming part of the special purpose vehicle to be floated by the RA. All the Parties mentioned will be compliant of Section 29A of Insolvency and Bankruptcy Code, 2016 & Request for resolution plan (RFRP)”. On perusal of the same, this bench was of the view that it allows entry of any person in the SPV without any restriction which in a way also constitutes open sanction to the Resolution Applicant to bring in third persons to take over the Corporate Debtor, subsequent upon the approval of the Resolution Plan in the guise of investment in SPV. 27. Vide Additional Affidavit dated 01.11.2025 the Applicant submitted that, with respect to the Government Dues, the applicant received claim dated 17.01.2025 in form B from the Income Tax Department (Asst.

ditional Affidavit dated 01.11.2025 the Applicant submitted that, with respect to the Government Dues, the applicant received claim dated 17.01.2025 in form B from the Income Tax Department (Asst. Commissioner of Income Tax -2(2)(1), Mumbai) for an amount of INR 12,81,32,324/-. From the perusal of the said claim form it is

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stated that the entire claim is made in respect of following Assessment years: Sr.no. Assessment Year Amount 1.
2008-09 2,06,191 2.
2012-13 13,11,524 3.
2013-14 3,20,35,260 4.
2013-14 3,90,99,490 5.
2017-18 16,300 6.
2017-18 5,54,63,540

Total 12,81,32,305

28. It is further submitted that during the verification of the same and based on the information and records available, it was identified that the Corporate Debtor has filed the appeal against the assessment order for the Assessment Years 2012-13, 2013-14, and 2017-18 and the respective appeals filed by the Corporate Debtor are presently pending adjudication before the Appellate Authorities. Accordingly, the Resolution Professional has admitted claim amounting to INR 2,06,191 for Assessment Year 2008-09 and since the liabilities for Assessment Years 2012-13, 2013-14, and 2017-18 have not yet been crystallized, the aggregate amount of INR 12,79,26,133 has been classified as a contingent claim. It is submitted that no separate class has been created by the Resolution Professional in relation to Government or Statutory Dues.

t of INR 12,79,26,133 has been classified as a contingent claim. It is submitted that no separate class has been created by the Resolution Professional in relation to Government or Statutory Dues. The Applicant has quoted circular dated 27.11.2020 issued by Insolvency and Bankruptcy Board of India (IBBI), as well as its online claim portal, specifically mandating the Resolution Professionals to provide "Contingent Claims". Hence, the Applicant in pursuance of the said classification mandated to be in conformity with the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the regulatory disclosure mechanism prescribed thereunder has reported the claim as contingent claim. Further, the latest claim summary as uploaded by the Resolution Professional on the IBBI Website on 05.07.2025 duly records the said amount of INR 12,79,26,133 under the head "Contingent Claims", in compliance with Regulation 13(2) (ca) of the said Regulations. The categorization was

Website on 05.07.2025 duly records the said amount of INR 12,79,26,133 under the head "Contingent Claims", in compliance with Regulation 13(2) (ca) of the said Regulations. The categorization was

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undertaken solely for the purpose of transparency and accurate reporting of the claims as prescribed by the IBBI, and not as a creation of a separate class of claim or creditors.
29. With respect to the SPV structure and funding source, it is submitted that Part V of the Resolution Plan provides that the upfront capital infusion shall be funded by the Resolution Applicant through themselves, their friends and relatives (in case of individuals), and through persons forming part of the Special Purpose Vehicle (SPV) to be floated by the Resolution Applicant. The said clause was intended only to indicate potential sources of funding and not to permit unrestricted participation or entry of unrelated third parties into the SPV. In view of the above, the Applicant had also sought clarification from the Consortium Successful Resolution Applicant vide his email dated 30.102.205 on the aforesaid aspect. It has been clarified by the SRA that the same has been included solely as a structural mechanism to ensure adequate capital infusion, and not with the intent to permit unrestricted third-party participation in the control or management of the Corporate Debtor post-approval of the Resolution Plan.

ensure adequate capital infusion, and not with the intent to permit unrestricted third-party participation in the control or management of the Corporate Debtor post-approval of the Resolution Plan. Vide the said affidavit, a summary of the asset value and net worth of the consortium members has been placed on record. It is further submitted that the language in Part V of the Resolution Plan does not provide unrestricted access to third parties, nor does it create any mechanism for takeover of the Corporate Debtor under the guise of investment post- approval.
30. In Clause 9.1 of the Resolution Plan, the SRA has sought certain waivers/ reliefs/concessions. The stated effect of the Resolution Plan and reliefs & concessions as prayed for shall be available in accordance with the principle laid down by Hon’ble Supreme Court in case of Ghanshyam Mishra and Sons Private Limited v/s. Edelweiss Asset Reconstruction Company Limited {(2021) 13 S.C.R 737} & Municipal Corporation of Greater Mumbai vs. Abhilash Lal and Ors. (2019) ibclaaw.in 480 NCLAT. Further, it is clarified and ordered that -

t Reconstruction Company Limited {(2021) 13 S.C.R 737} & Municipal Corporation of Greater Mumbai vs. Abhilash Lal and Ors. (2019) ibclaaw.in 480 NCLAT. Further, it is clarified and ordered that -

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a. Any increase in the authorized capital shall be subject to payment of prescribed fee, if any applicable, and filing of prescribed forms with the Registrar of Companies.
b. The Income Tax Department shall be at liberty to examine the tax implications arising from the proposals contained in the plan, in terms of Section 2(24), Section 28 and Section 56 of the Income Tax Act, 1961 read with GAAR provisions thereunder. c. The Applicant shall file necessary forms and pay prescribed fees, if any, in terms of provisions of the Companies Act, 2013 in relation to reduction in capital and issuance of fresh capital, however, the Registrar of Companies shall waive the additional fees, if any, payable on such filing. d. The SRA may approach prescribed authorities for waiver/reduction in fees, charges, stamp duty, and registration fees, if any arising from actions contemplated under the Resolution Plan and such request shall be subject to the relevant law/statute and adherence to the procedure prescribed thereunder.
e.

on fees, if any arising from actions contemplated under the Resolution Plan and such request shall be subject to the relevant law/statute and adherence to the procedure prescribed thereunder.
e. The SRA may file appropriate application, if required, for renewal of all Business Permits, rights, entitlements, benefits, subsidies and privileges whether under applicable Law, contract, lease or license granted in favour of the Corporate Applicant or to which the Corporate Applicant is entitled to or accustomed to, which have expired on the Effective Date, and follow the dues procedure prescribed for the purpose upon payment of prescribed fees. The contract with third parties shall be subject to consent of such parties. It is clarified that continuance of approvals shall not be refused on account of extinguishment of any dues under Code and extension or renewal thereof shall not be denied on account of past insolvency of the Corporate Applicant. No action shall lie against the Corporate Applicant for any non-compliances arising prior to the date of approval of Resolution Plan, however, such non- compliances shall be cured, if necessitated to keep the approval in

nst the Corporate Applicant for any non-compliances arising prior to the date of approval of Resolution Plan, however, such non- compliances shall be cured, if necessitated to keep the approval in

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force, after acquisition by the Corporate Applicant within period stipulated in the Resolution Plan. f. No orders levying any tax, demand of penalty from the Corporate Applicant in relation to period up to approval of the Resolution Plan shall be passed by any authority and such demand, if created, shall not be enforceable as having extinguished in terms of approved Resolution Plan. g. The carry forward of losses and unabsorbed depreciation shall be available in accordance with the provisions of Income Tax Act, and the Income Tax Department shall be at liberty to examine the same.
h. An application for compounding/condoning shall be filed in accordance with the procedure specified in respective law or concerned authority, however, no fine or penalty shall be imposed for non-compliances till the date of approval of this Plan or such further period as is permitted in terms of this Order.
i. ROC shall update the records and reflect the Corporate Applicant as ‘Active’ upon filing of pending returns/forms after payment of normal fees (not additional fee). In case such filing is not permitted by the e-filing portal, the ROC shall accept such forms/returns in physical format and manage to upload the same by back-end. The Corporate Applicant shall be exempted from using the words “and reduced”.

e-filing portal, the ROC shall accept such forms/returns in physical format and manage to upload the same by back-end. The Corporate Applicant shall be exempted from using the words “and reduced”.
j. The Compliances under the applicable law for all the statutory appointments by the Corporate Applicant shall be completed within 12 months, whereafter, the necessary consequence under respective law may follow. k. The Resolution Applicant, the Corporate Debtor and the assets of the Corporate Debtor forming part of Resolution plan shall have immunity, privileges and protection as is available in the form and manner stated in Section 32A of the Insolvency and Bankruptcy Code, 2016.

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l. It is clarified that any relief, concession or waiver, not specifically dealt with in Paras (a) to (k) above or not permissible in terms of decision in case of Ghanshyam Mishra (supra) and Abhilash lal (Supra) or specific provisions of the Code read with the Regulations, shall be deemed to be denied or rejected.
31. In K Sashidhar v. Indian Overseas Bank & Others (in Civil Appeal No.10673/2018 decided on 05.02.2019) the Hon’ble Apex Court held that if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per Section 30(6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority (NCLT).

solution Plan by requisite percent of voting share, then as per Section 30(6) of the Code, it is imperative for the Resolution Professional to submit the same to the Adjudicating Authority (NCLT). On receipt of such a proposal, the Adjudicating Authority is required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2) of the Code. The Hon’ble Apex Court further observed that the role of the NCLT is ‘no more and no less’. The Hon’ble Apex Court further held that the discretion of the Adjudicating Authority is circumscribed by Section 31 of the Code and is limited to scrutiny of the Resolution Plan “as approved” by the requisite percent of voting share of financial creditors. Even in that enquiry, the grounds on which the Adjudicating Authority can reject the Resolution Plan is in reference to matters specified in Section 30(2) of the Code when the Resolution Plan does not conform to the stated requirements.
32. In view of the discussions and the law thus settled, the instant Resolution Plan meets the requirements of Section 30(2) of the Code and Regulations 37, 38, 38 (1A) and 39 (4) of the CIRP Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law. The same needs to be approved. Hence, ordered.

Order: 33. The Resolution Plan is hereby approved. It shall become effective from this date and shall form part of this order with the following directions:

eds to be approved. Hence, ordered.

Order: 33. The Resolution Plan is hereby approved. It shall become effective from this date and shall form part of this order with the following directions:

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i. It shall be binding on the Corporate Applicant, its employees, members, creditors, including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and other stakeholders involved in the Resolution Plan.
ii. The approval of the Resolution Plan shall not be construed as waiver of any statutory obligations/liabilities of the Corporate Applicant and shall be dealt by the appropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned in light of the Judgment of Supreme Court in Ghanshyam Mishra and Sons Private Limited v/s. Edelweiss Asset Reconstruction Company Limited, the relevant paragraphs of which are extracted herein below:
“95. (i) Once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders.

nd will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of the resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan;
(ii) 2019 Amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which the Code has come into effect; (iii) consequently, all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand

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extinguished and no proceedings in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 31 could be continued.” iii. The Memorandum of Association (“MoA”) and Articles of Association (“AoA”) shall accordingly be amended and filed with the Registrar of Companies (“RoC”), Mumbai, Maharashtra for information and record.
iv. The Successful Resolution Applicant, for effective implementation of the Resolution Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed.

olution Applicant, for effective implementation of the Resolution Plan, shall obtain all necessary approvals, under any law for the time being in force, within such period as may be prescribed. It is clarified that the authorities shall not withhold the approval/consent/extension for the reason of insolvency of the Corporate Applicant or extinguishment of their dues upto approval of Resolution plan in terms of the approved plan. Any relief or concession as sought on the plan shall be subject to the provisions of the relevant Act.
v. The moratorium under Section 14 of the Code shall cease to have effect from this date.
vi. The Applicant shall supervise the implementation of the Resolution Plan and file status of its implementation before this Authority from time to time, preferably every quarter.
vii. The Applicant shall forward all records relating to the conduct of the CIRP and the Resolution Plan to the IBBI along with copy of this Order for information.
viii. The Applicant shall forthwith send a certified copy of this Order to the CoC and the Resolution Applicant, respectively for necessary compliance.

Sd/-

Sd/- Prabhat Kumar

Sushil Mahadeorao Kochey Member (Technical)
Member (Judicial)
/MK/