Dr. Shravan Kumar Vishnoi vs M/s Kapasi Infracon LLP

This Application/ I.A. has been filed on 09.02.2026 by Dr. Shravan Kumar Vishnoi, the Resolution Professional (hereinafter referred as “RP”) under section 30(6) of the Insolvency and Bankruptcy Code (hereinafter referred as “IBC/Code”) for approval of a Resolution Plan under section 31(1) of the Code pursuant to its approval by the Committee of Creditors (hereinafter referred as “CoC”) in respect of Corporate Debtor, M/s Kapasi Infracon LLP (hereinafter referred as “Corporate Debtor”). This plan, as approved by the CoC in its 11th meeting held on 24.12.2025 and voting being concluded on 07.01.2026 with a voting share of 100 %, is submitted by M/s Kumari Durga Memorial Sansthan (hereinafter referred as “Successful Resolution Applicant”/ “SRA”) on 30.09.2025.

M/s Kapasi Infracon LLP, (“the Corporate Debtor”) is engaged in the business of road construction and had entered into a tripartite agreement with the Future Universal Petrochem Pvt. Ltd. (“Operational Creditor”) and M/s Gannon Dunkerley & Co. Ltd. (“Principle Contractor of NHDCL Project”) wherein the Operational Creditor had agreed to supply Bitumen VG-30/VG-40 and Bitumen Emulsion to the Corporate Debtor on credit basis up to the maximum limit of Rs. 1 Crore.

A Company Petition bearing number CP (IB) No. 34/ALD/2022 was earlier filed by the Operational Creditor, M/s Future Universal Petrochem Pvt. Ltd., against the Corporate Debtor, under section 9 of the Code on account of defaults occurred in making the payments by the Corporate Debtor in accordance with the terms of the agreement. However, the same was dismissed by this Tribunal vide order dated 31.10.2023, in view of the fact that Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) was already initiated against the Corporate Debtor vide order dated 04.09.2023 in the Company Petition bearing CP (IB) No. 80/ALD/2022 filed by another Operation Creditor of the Corporate Debtor, thereby rendering the petition filed by the present Operational Creditor infructuous. In doing so, liberty was granted to the present Operational Creditor to revive the present petition, in case the CIRP initiated against the Corporate Debtor in CP (IB) NO. 80/ALD/2022 fails to continue.

Since the CIRP proceeding initiated against Corporate Debtor vide above mentioned order dated 04.09.2023 was set aside by the Hon’ble NCLAT vide order dated 30.05.2024 in Company Appeal (AT)(Ins) No. 1210/2023), the Operational Creditor filed a Restoration Application No. 02/2024 to restore CP (IB) No. 34/ALD/2024, which was accordingly allowed by this Tribunal vide order dated 06.09.2024.

Vide the Admission Order dated 03.04.2025 in RCP (IB) No. 01/ALD/2024, CIRP has been again initiated against the Corporate Debtor and Dr. Shravan Kumar Vishnoi having Registration No. IBBI/IPA-002/IP-N00040/2016-2017/10079 was initially appointed as the Interim Resolution Professional (“IRP”) of the Corporate Debtor. He was later confirmed as the Resolution Professional (“RP”) of the Corporate Debtor in the 1st meeting of the CoC on 02.05.2025 which was further affirmed vide order dated 05.05.2025 passed by this Tribunal.

The IRP made a public announcement on 10.04.2025 in Form A in Financial Express (English- Lucknow edition), Jansatta (Hindi- Lucknow edition), Times of India (English- Guwahati Edition) and Dainik Assam (Assamese- Guwahati Edition) newspapers under Section 15 of the Code read with Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process For Corporate Persons) Regulations, 2016 (“CIRP Regulations”) regarding the initiation of CIRP against the Corporate Debtor and called for claims along with proof from the financial and operational creditors, workers and employees of the Company in the specified forms to be filed till 17.04.2025. A copy of the Public Announcement was also uploaded on the website of IBBI.

Pursuant to the public announcement, claims were filed by the stakeholders including financial creditor and operational creditors and accordingly the CoC was constituted by the erstwhile IRP on 26.04.2025 with State Bank of India having 100% voting right in the CoC. Thereafter, the RP received additional claims and reviewed previously admitted claims received till 30.09.2025, subsequent to which the composition of COC as on 30.09.2025 is as follows:

A Comprehensive detail of claims filed by all stake holders including the members of CoC and other creditors and admitted by the RP after due verification and collation and further revised and reviewed as on 30.09.2025 by the RP, are summarized in a tabular chart as below:

As per the details provided in the Application, a total of 12 CoC meetings have been held during the CIRP period, which are as follows;

The Applicant RP published Form ‘G’ on 07.06.2025 in terms of Section 25(2)(h) of the Code read with Regulation 36A(1) of the CIRP Regulations inviting Expression of Interests (EoIs) for submission of resolution plans for the Corporate Debtor. The last date for receipt of EoIs was 23.06.2025.

Till 23.06.2025, a total of 27 EoIs were received by the RP and in furtherance to the discussion held in the 3^rd CoC meeting, the last date of submission of EoIs was further extended to 09.07.2025. Subsequent to the approval of CoC (granting extension thereby), a fresh Form G was published on 24.06.2025 in the Lucknow Edition of Financial Express (English) and Jansatta (Hindi) having wide circulation over the place where the registered office of the Corporate Debtor is situated. The notice was published on the website of the Insolvency and Bankruptcy Board of India [hereinafter referred to as “IBBI”].

The Applicant submits that a provisional list was published on 14.07.2025 in terms of Regulation 36A(10) of the CIRP Regulations, comprising of 4 eligible Prospective Resolution Applicants (hereinafter referred to as “PRAs”). As on the deadline of submission of objections by PRAs (i.e., 19.07.2025), the RP had not received any objections on the Provisional List. Thereafter, as per Regulation 36A(12) of the CIRP Regulations, the final list of PRAs was issued by the Applicant RP on 25.07.2025, consisting of following 4 PRAs:

Thereafter, issuance of Request for Resolution Plan (hereinafter referred to as “RFRP”) and evaluation matrix was approved on 05.07.2025 in the 4^th CoC meeting with voting share of 100%. Accordingly, the Applicant issued the RFRP on 25.07.2025 in compliance with Regulation 36B (1) of the CIRP Regulations to the PRAs reflecting in the final list.

The Applicant prepared the Information Memorandum (hereinafter referred to as “IM”) in terms of Section 29 of the Code and Regulation 36 of the CIRP Regulations and was shared with the CoC, upon receiving confidentiality undertaking. Subsequently after approval of the CoC, the same was also issued to the eligible PRAs reflecting in the final list on 25.07.2025.

As per the last published Form –G, the last date for submission of Resolution Plan was initially fixed as 24.08.2025 and was subsequently extended on two occasions pursuant to approval granted in 6th and 7th CoC meeting, with the final deadline being 30.09.2025.

In the 8th CoC meeting, the Applicant RP apprised the CoC that only one resolution plan has been received by the RP from M/s Kumari Durga Memorial Sansthan and the same was opened in front of the members, and was discussed. Thereafter, in adherence to certain modification and clarification discussed by the CoC in the 9th CoC meeting, the sole PRA i.e.M/s Kumari Durga Memorial Sansthan submitted an addendum along with the Revised Resolution Plan on 11.12.2025.

Pursuant thereto, the RP convened the 11th CoC meeting wherein revised plan of the sole PRA was considered and detailed discussions were undertaken with respect to its feasibility, viability and compliance under Section 29A of the Code.

Upon conclusion of the discussions in the 11^th CoC meeting, the Revised Resolution Plan along with the Addendum submitted by the sole PRA were resolved to be placed for voting and accordingly the voting concluded on 07.01.2026 wherein the CoC of the Corporate Debtor approved the Resolution Plan submitted by M/s Kumari Durga Memorial Sansthan with 100% of majority vote by passing the following Resolution:

Thus, by passing of the above resolution, M/s Kumari Durga Memorial Sansthan became the Successful Resolution Applicant (hereinafter referred to as “SRA”) and a Letter of Intent (hereinafter referred to as “LOI”) was issued to it on 08.01.2026 by the Applicant RP and the same was accepted by it on 14.01.2026. A copy of the LOI letter has been annexed as Annexure 24 (Colly) with the present IA.

The SRA, in compliance with the LoI issued in its favour, submitted the performance guarantee of 10% of the Resolution Plan Value of Rs. 55 Lakhs amounting to Rs. 5,50,000/- by depositing a sum of Rs. 50,000 and appropriating Rs. 5 lakhs already deposited at the time of submission of EOI in the Account of Corporate Debtor bearing No. 874210000067494 in DBS Bank having IFSC Code DBSS0IN0874. Subsequently, the CIRP Cost of Rs. 14,18,123/- was approved by the CoC and accordingly, the Resolution Plan value increased from Rs. 55,00,000 to Rs. 69,18,123/-. To accommodate such increase, the SRA deposited an additional amount to the tune of 10% of the CIRP Cost i.e., Rs. 1,41,812/- on 06.02.2026 in respect of the performance guarantee and thus, the total performance guarantee deposited by the SRA, amounts to Rs. 6,91,812/-. A copy of bank statement of the account of Corporate Debtor in which the Performance Guarantee has been deposited has been annexed as Annexure 24 (Colly) on page no 354 with the present IA.

The CIRP was initiated against Corporate Debtor on 03.04.2025 and the Resolution Plan was approved by the CoC on 07.01.2026 and then the IA was filed on 09.02.2026 for approval of resolution plan by this Adjudicating Authority. The initial period of 180 days expired on 30.09.2025. Thereafter, this adjudicating authority vide its order dated 14.04.2026 granted exclusion of 90 days period from 03.04.2025 to 03.07.2025, and further extension of 60 days period in the completion of CIRP, thereby extending the period of CIRP up to 28.02.2026.

The timeline of the CIRP of the Corporate Debtor, including the period of extension and exclusion granted by this Tribunal from time to time, is summarized in the table below:

In view of the above, as per Section 12 of the Code, 2016, CIRP should be completed within 180 days or within the extended period of 90 days and mandatorily be completed within 330 days, including any exclusion of time period taken in legal proceedings. Considering the given factual position, we are satisfied that the present I.A. has been filed within the subsisting CIRP period of the Corporate Debtor after taking into consideration the extension and exclusion of time period approved by this Adjudicating Authority as discussed in para 21 and 22 above of this order. As the present order approving the resolution is passed today, considering the given factual position and in the interest of justice, this Adjudicating Authority suo-moto, hereby excludes the time period from the date of filing of the present IA for approval of resolution plan till the date of approval of the resolution plan by this Adjudicating Authority.

The Successful Resolution Applicant (“SRA”), M/s Kumari Durga Memorial Sansthan, is a society registered on 03.09.2007 under the Society Registration Act, 1860, having initial registration certificate number 579 renewed from time to time and valid up to 27.11.2027. As per the details provided in the approved Resolution Plan by the CoC, the SRA runs a franchise of co-educational school with the name of G.D. Goenka Public School affiliated with Central Board of Secondary Education and envisions to make it an institution of excellence where children learn and grow every day.

As certified by the Applicant RP in Form H, the Resolution Applicant, M/s Kumari Durga Memorial Sansthan has submitted an affidavit pursuant to section 30(1) of the code confirming that it is not ineligible under Section 29A of the Code to submit a resolution plan. The Applicant being RP in this case, has certified that the said affidavit is in order. Copy of the said Affidavit filed by the SRA has been annexed as Annexure 11 of the plan at Pgs. 336 to 340 of the IA.

Subsequent to the suggestion of the sole CoC member, in 8^th CoC meeting held on 09.10.2025, the RP has undertaken verification of the 29A eligibility of the SRA. Pursuant thereto, a report/ due diligence certificate dated 05.12.2025 (annexed on Pg Nos. 378 to 380 with the IA) was submitted, wherein the following observations were recorded in respect of the SRA, as under:

It is further noted that Shri Raju Jaiswal was duly authorized by the SRA vide Authority Letter dated 30.08.2025 to act on its behalf for the purposes of submission of the Resolution Plan, execution of documents, receipt of correspondence, and undertaking all acts necessary in relation to the CIRP of the Corporate Debtor. In pursuance of such authorization, Shri Raju Jaiswal furnished the affidavit under Section 29A on behalf of the SRA affirming that the SRA did not suffer from any of the disqualifications contemplated under Section 29A of the Code. The due diligence carried out by the RP did not reveal any material indicating ineligibility under Section 29A either in respect of Shri Raju Jaiswal, the authorized representative of the SRA, or the SRA itself. Accordingly, the RP recorded its satisfaction regarding the eligibility of the SRA under Section 29A of the Code. Therefore, the SRA not being ineligible u/s 29A of the Code has been ascertained satisfactorily, and accordingly its plan has been considered and voted upon by the CoC and confirmed by the requisite majority vote as has already been discussed earlier in this order.

The Resolution Plan has been annexed in Annexure-23 (Colly) attached with the present IA (pg no 226-341). Financial Proposal of the plan has been provided in Part B, comprising the details of composite financial proposal made by the SRA to settle all claims against the Corporate Debtor (including but not limited to Claims of the Financial Creditors, Workmen, Employees, Operational Creditors including Government, other Creditors and Shareholders) and towards the CIRP Costs is as set out in the Part B (i) and its effects are detailed further in Para 7 (Effects of the Plan). Based on these details and the details provided by the Applicant RP in item no. 7B of the Form H, the relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the SRA, i.e., M/s Kumari Durga Memorial Sansthan, under the said Resolution Plan keeping in view the provision of section 30(2), is tabulated as under:

Note: As per the Undertaking by the SRA, the CIRP Cost of Rs. 14,18,123/- has been proposed as part of the realizable amount in addition to Rs. 55,00,000/-. Hence, total realizable amount shall be Rs. 69,18,123/-.

The details regarding implementation of the Resolution Plan is provided in Para 4 and 6 of the Resolution Plan. The said implementation schedule was further modified by the SRA by submitting an addendum with the Plan in accordance with the negotiation meeting held on 18.11.2025 between RP, SRA and the sole member of CoC. The relevant extract of the addendum is as follows:

In this regard, the Resolution Applicant, in Para 4 of the Resolution Plan as modified by the addendum, has submitted that the implementation of the Plan shall be subject to fulfillment of following actions as reproduced below:

Based on negotiations made in meeting dated 18.11.2025, and the modifications made in the Resolution Plan accordingly vide the addendum submitted thereto, time line and the details of payment schedule for payment to various stakeholders, out of funds brought by the SRA are reproduced as under:

In Para 5 of the Resolution Plan, mandatory compliances of various provisions of the Code have been provided, details of which are given as under:

MEASURES REQUIRED FOR IMPLEMENTATION OF THE RESOLUTION PLAN IN TERMS OF REGULATION 37 OF CIRP REGULATIONS:

-Sd-

The Applicant submits that an application has been filed by the RP under Section 66 of the Code, 2016, before this Adjudicating Authority. The relevant details of the PUFE application filed are detailed below:

In the light of the above, the manner of treatment of the said application has been duly provided for in the Resolution Plan under Para 7 (Page 252-253).

The relevant extract of the said para is reproduced herein below:

DETAILS ON MANAGEMENT/ IMPLEMENTATION AND RELIEFS AS PER THE RESOLUTION PLAN – SALIENT FEATURES

The Resolution Plan also provides for –

a. The management of the Corporate Debtor after the approval of the resolution plan is governed in terms of Para 3 (SUPERVISION OF THE PLAN) which is reproduced as under:

b. In this regard, the Resolution Plan under Para 6.2 (Proposal for Partner’s Contribution Structure) further prescribe the treatment meted out to the contribution of the SRA. The relevant portion is reproduced as under:

c. The Applicant has further submitted the following in the present application in respect of the management of Corporate Debtor:

d. The term and Implementation of the approved resolution plan by the CoC is set out in Para 4 of the Resolution Plan; and

e. The Monitoring Committee shall consist of Resolution Professional who would also act as the Chairperson of the Committee, an authorized representative of the Committee of Creditors (Financial Creditor) and a representative of the Resolution Applicant. Further, the Committee will be responsible for overseeing distribution of resolution proceeds to all stakeholders in accordance with the resolution plan.

As per Para 8 of the Resolution Plan, the SRA has sought the following reliefs and concessions:

The Resolution Plan further denotes that non-grant of any relief or concession by Adjudicating Authority except for physical possession of immovable properties of Corporate Debtor by Resolution Professional will not affect the implementation of Resolution Plan and Resolution Applicant will acquire the Corporate Debtor and its asset on as is where is basis.

The Applicant/RP has filed a Compliance Certificate in prescribed form, i.e., Form 'H' in compliance with Regulation 39(4) of the CIRP Regulations, 2016, giving all the details of the relevant compliances made during the CIRP of the Corporate Debtor along with details of all the steps taken for its insolvency resolution, details and documents related to SRA and salient features of Resolution Plan including details of its implementation and schedule of payment to various stakeholders, which has been annexed as Annexure 26 to the present Application.

On perusal of Form-H, both the Fair value and Liquidation value of the Corporate Debtor are stated to be Rs. 0/-, respectively. The Resolution Plan Value and Realisable Amount under the Approved Resolution Plan are stated to be Rs. 69,18,123/- each, and the percentage of realisation in the Approved Resolution Plan is given as under

The Applicant in his capacity as RP of the Corporate Debtor has certified with respect to compliances of provisions under the Code and related Regulations stating that;-

a. The CoC approved Resolution Plan of M/s Kumari Durga Memorial Sansthan, complies with all the provisions of the Insolvency and Bankruptcy Code 2016 (Code), the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) including the provisions and Regulations as per the table below:

After hearing the submissions made by the Ld. Counsel for the Resolution Professional and the CoC, and perusing the record, we find that the Resolution Plan of the SRA has been approved by the CoC with 100% voting share in its 11th meeting held on 24.12.2025 with voting in this regard being concluded on 07.01.2026. The CoC members voted after evaluation of plan as placed before them and making deliberation on feasibility and viability of the sole resolution plan i,e, of SRA for the revival of the Corporate Debtor. From the documents presented before us by the Ld. Counsel of RP, it has been shown to us that all the compliances by SRA have been examined by the RP for making the plan to be implemented effectively after approval by this Bench, for which necessary details have been submitted by RP in Form H as have already been discussed in para nos.38 to 40 of this order.

On perusal of the documents on record, we are also satisfied that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with the regulations 38 and 39 of the CIRP Regulations.

As regard to complying with the law laid down in various judicial pronouncements of the Hon’ble Supreme Court on the scope of approval of the Resolution Plan by the NCLT, we deem it appropriate to refer to some of the landmark judgements as under:

a. Judgment of the Hon’ble Supreme Court in the matter of K. Sashidhar –Vs– Indian Overseas Bank (2019) 12 SCC 150, wherein in para 19 and 62 it is held as follows;

b. Further the Hon’ble Supreme Court in the matter of K. Sashidhar v. Indian Overseas Bank and Ors. (2019) 12 SCC 150 has lucidly delineated the scope and interference of the Adjudicating Authority in the process of approval of the Resolution Plan and held as follows;

(emphasis supplied)

c. Further, the Hon’ble Supreme Court of India in the matter of Committee of Creditors of Essar Steels –Vs– Satish Kumar Gupta &Ors. in Civil Appeal No. 8766 – 67 of 2019 at para 42, has held as follows;

d. Also, the Hon’ble Supreme Court in the matter of Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta and Ors. (2020) 8 SCC 531, after referring to the decision in K. Sashidhar (supra), has held as follows;

(emphasis supplied)

e. The Hon’ble Supreme Court in its recent decision in Jaypee Kensington Boulevard Apartments Welfare Association & Ors. v. NBCC (India) Ltd. &Ors in Civil Appeal no. 3395 of 2020, dated 24.03.2021, has held as follows;

The assessment about maximisation of the value of assets, in the scheme of the Code, would always be subjective in nature and the question, as to whether a particular resolution plan and its propositions are leading to maximisation of value of assets or not, would be the matter of enquiry and assessment of the Committee of Creditors alone. When the Committee of Creditors takes the decision in its commercial wisdom and by the requisite majority; and there is no valid reason in law to question the decision so taken by the Committee of Creditors, the adjudicatory process, whether by the Adjudicating Authority or the Appellate Authority, cannot enter into any quantitative analysis to adjudge as to whether the prescription of the resolution plan results in maximisation of the value of assets or not. The generalised submissions and objections made in relation to this aspect of value maximisation do not, by themselves, make out a case of interference in the decision taken by the Committee of Creditors in its commercial wisdom.

To put in a nutshell, the Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well defined and circumscribed by Sections 30(2) and 31 of the Code read with the parameters delineated by this Court in the decisions above referred. The jurisdiction of the Appellate Authority is also circumscribed by the limited grounds of appeal provided in Section 61 of the Code. In the adjudicatory process concerning a resolution plan under IBC, there is no scope for interference with the commercial aspects of the decision of the CoC; and there is no scope for substituting any commercial term of the resolution plan approved by the CoC. Within its limited jurisdiction, if the Adjudicating Authority or the Appellate Authority, as the case may be, would find any shortcoming in the resolution plan vis-à-vis the specified parameters, it would only send the resolution plan back to the Committee of Creditors, for re-submission after satisfying the parameters delineated by Code and exposited by this Court.”

From the above judgements, it is amply clear that after a resolution plan is approved by the CoC by a majority vote with requisite percentage of Vote, applying their commercial wisdom by deliberating on all the financial aspects including value maximization and considering feasibility and viability of each resolution plan and the entire process is carried out by the RP in an absolutely transparent manner, the Adjudicating Authority has limited jurisdiction in the matter of approval of a resolution plan, which is well defined and circumscribed by Sections 30(2) and 31 of the Code. In the present case, no such violation has been brought to our notice. Therefore, we find the plan of SRA i.e., M/s Kumari Durga Memorial Sansthan before us in conformity with the law laid down by the Hon’ble Supreme Court in its various judgements.

Subject to the observations made in this Order while discussing details of plans, the Resolution Plan of SRA/ Kumari Durga Memorial Sansthan as filed before us in the present IA, is hereby APPROVED. The Resolution Plan annexed with the present IA in Annexure-23(Colly) shall form part of this Order.

In view of the provision of Section 31(1), the Resolution Plan is binding on the Corporate Debtor and its employees, members, creditors and other stakeholders involved in the Resolution Plan so that revival of the Debtor Company shall come into force with immediate effect. The Resolution Plan shall also be binding on the Central Government, any concerned State Government or any Local Authority

We constitute the monitoring committee as under:-

a. One Authorized representative of the Committee of Creditors

b. One Authorized representative of the Resolution Applicant

c. Resolution Professional

The above-constituted monitoring committee shall supervise the implementation of the Resolution Plan approved by us and shall take necessary steps to ensure the successful implementation of this plan in terms of Para 4 of the Resolution Plan by the SRA.

The Monitoring Committee shall also file monthly reports on the progress of the implementation of the Resolution Plan.

In case of non-compliance with this order or withdrawal of the Resolution Plan, the CoC shall forfeit the performance security of Rs. 6,91,812/- already paid by the Successful Resolution Applicant.

As far as the question of granting time to comply with the statutory obligations/seeking sanctions from governmental authorities is concerned, the Resolution Applicant is directed to do the same within one year as prescribed under section 31(4) of the Code.

The Moratorium imposed under section 14 shall cease to have effect from the date of this order.

In terms of Para 7 [Effects of the Closing; (Point v)] of the Resolution Plan as affirmed by the CoC, we order that the Resolution Applicant shall pursue the PUFE Applications filed under the IBC by the Resolution Professional before the Approval Date and any recovery made pursuant thereto, shall be retained by the Resolution Applicant.

Further in terms of the implementation schedule provided in Para 6 and discussed above with respect to approval date and effective date, we observe that the payment to the Financial Creditor is submitted to be made within 55 days (as modified by the addendum submitted with the Resolution Plan) from the date of approval of the Plan. However, the timelines in respect of other payments/ activities are submitted to be starting from the “Approval Date” or “Effective Date” whichever is later. The definitions of Approval Date and Effective Date as attached on Page 264-268 with the application are extracted below for the sake of convenience:

We have also taken note of the fact that the CoC is well informed with the status of the Corporate Debtor’s assets and that subsequent as well as sufficient steps are being taken by RP to recover the assets. In this regard, an application no. 577/2025 has also been preferred by the RP against the ex-management of the Corporate Debtor, praying inter-alia to be provided with the title deeds and ownership documents of movable & immovable assets of the Corporate Debtor which is still pending before this Tribunal. It has also been observed that the RP has hired the services of a recovery agent to recover certain assets of the Corporate Debtor. Accordingly, in the negotiation meeting held on 18.11.2025 between RP, RA and member of CoC, the following was observed:

In view thereof, we find that the implementation of this Resolution Plan cannot be kept open and dependent on the effective date, as the said date by its very definition as reproduced above cannot be used in absence of any assets of the Corporate Debtor in the custody/ possession of the RP. In para 8 of the plan, it is also stated that the Resolution Applicant will acquire the Corporate Debtor and its asset on as is where is basis. Accordingly, the plan along with the addendum as approved by the CoC shall commence from the Approval Date with the assets of the Corporate Debtor lying as is and where is basis and the monitoring committee led by the RP would continue to make efforts to recover assets of the Corporate Debtor by pursuing the Application no. 577/2025 in this Tribunal. The Effective Date wherever mentioned in the plan shall be read as Approval Date

In view thereof, we are of the considered opinion that the plan has come up for the further taking up of implementation by the SRA for acquiring of Corporate Debtor and its assets on as is where is basis. However, an IA No. 577/2025 for consolidation of assets to be handed over to the SRA is still pending before this Tribunal. Therefore, the Monitoring Committee lead by RP shall make strenuous efforts to ensure that the assets are made available to SRA, apart from following of IA 577/2025.

The Reliefs and concessions sought by the SRA under Para 8 of its resolution plan stand directed as follows:

proceedings for periods up to the Approval Date that may crystallize subsequent to the Approval Date in respect of on-going or potential income tax litigations at all levels; pursuant to the Resolution Plan does not lead to lapse of brought forward losses of the Company as well as the credit of TDS of the CD will continue be eligible to the CD. iv.The Department of Registration and Stamps of the relevant states and the Ministry of Corporate Affairs shall exempt the Resolution Applicant and the Company, from the levy of stamp duty and fees applicable in relation to this Plan and its implementation including but not Limited to in relation to increase in authorized share capital of the Company and issuance of shares by the Company on infusion of funds by way of equity by Resolution Applicant.Relief sought shall be governed by the relevant laws relating to Registration, Stamp duty and allied laws for the time being in force in respective States . v.The Goods & Service Tax input tax credit available in the electronic cash ledger or credit ledger as on the Insolvency commencement date shall not be lapsed and shall be made available to the CD.Relief sought shall be governed by the relevant law for the time being in force. vi.The concerned state revenue/ stamp authorities are requested to waive penalties for non-registration and inadequate/non-stamping of the documents executed by the Company.Relief sought shall be governed by the relevant laws relating to stamp duty and allied laws for the time being in force vii.The Adjudicating Authority shall direct that the Company shall not be liable for any non-compliance, default, breach of any contract, etc., during the period prior to the Approval Date, inRelief is granted on a clean slate basis as per Section 32A of the IBC and the decision of the Hon'ble relation to (1) any contractual arrangements of the Company with counter-parties, and (ii) failure to take or obtain any approvals, consents or permits under any contract or from any Governmental Authorities.Supreme Court in the matter of Ghanashyam Mishra (Supra) viii.The Adjudicating Authority shall direct that all proceedings, investigations, inquiries, etc. made, commenced or initiated by any person against the Company in relation to the period prior to the Approval Date shall irrevocably and unconditionally stand abated, withdrawn, settled and/or extinguished, and the Company shall have no Liability in this regard.Relief is granted on a clean slate basis as per Section 32A of the IBC and the decision of the Hon'ble Supreme Court in the matter of Ghanashyam Mishra (Supra) ix.The relevant Governmental Authority in relation to Tax shall waive any Tax or interest and shall not initiate any penal proceedings in case of non-fulfillment of any obligations of the Company in relation to which benefit has been claimed by the Company prior to the Approval Date.Relief sought shall be governed by the relevant law for the time being in force and further by taking into account the law laid down by the Hon'ble Supreme Court to deal with such matter on clean slate basis as held in the matter of Ghanashyam Mishra (Supra) x.The Resolution Applicant and its affiliates shall not in any manner be implicated in, or in any manner adversely affected by (including in respect of transactions in foreign exchange), or have any Liability in relation to, any investigations/proceedings/orders or any matters relating to the Company.Relief is granted, in terms of the provisions of Section 32A of IBC, 2016, for actions, if any, would be taken against the corporate debtor under the relevant law prior to the approval date.

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 to the Resolution Applicant or New Promoters.

A certified copy of this Order shall be issued on demand to the concerned parties, upon due compliance.

Liberty is hereby granted for moving any Application if required in connection with the implementation of this Resolution Plan.

A copy of this Order is to be submitted to the Office of the Registrar of Companies, Kanpur.

The Resolution Professional shall stand discharged from his duties with effect from the date of this Order.

The Resolution Professional is further directed to hand over all records, premises/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/ factories/ documents through the Resolution Professional to finalise the further line of action required for the start of the operation.

IA (Plan) No. 02 of 2026 is allowed, and the resolution plan dated 30.09.2025 along with addendum 11.12.2025 stands approved as per the directions contained in this order.

The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. Counsel for information and for taking necessary steps.

A certified copy of this order may be issued, if applied for, upon compliance with all requisite formalities.