ICICI Bank Limited vs McNally Sayaji Engineering Limited

Per: Balraj Joshi, Member (Technical)

This Court convened through video conferencing.

I.A. (IB) No. 1214/KB/2022 is an application under section 30(6) of the Insolvency and Bankruptcy Code, 2016, after approval of the resolution plan by the Committee of Creditors (CoC).

This application was filed by Mr. Jitendra Lohia, Resolution Professional of McNally Sayaji Engineering Limited (CIN: L28999WB1943PLC133247), by invoking the provisions of section 30(6) of the Insolvency and Bankruptcy Code, 2016 (“the Code” or “IBC”) read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) for approval of a Resolution Plan in respect of McNally Sayaji Engineering Limited (Corporate Debtor).

The underlying Company Petition in C.P. (IB) No. 131/KB/2020 was filed by ICICI Bank Limited against McNally Sayaji Engineering Limited, the Corporate Debtor, under section 7 of the Insolvency and Bankruptcy Code 2016, which was admitted vide order dated 11 February 2021.

Initially, Mr. Jitendra Lohia, the Applicant having IBBI Reg. No. IBBI/IPA-001/IP-P00170/2017-18/10339, was appointed as the Interim Resolution Professional (IRP) and was appointed as the Resolution Professional (RP) of the Corporate Debtor on 27 December 2021.

The IRP made public announcement on 15 February 2021 in The Economic Times (English) (All India Edition), Dainik Jagran (Hindi) (Dhanbad Edition), Divya Bhaskar (Gujrati) (Vadodra Edition), Hosa Digantha (Kannad) (Bangalore Edition) and Aajkal (Bengali) (West Bengal Edition) newspapers regarding initiation of Corporate Insolvency Resolution Process (CIRP) and called proof of claims from the financial and operational creditors, workers and employees of the corporate debtor in the specified forms till 27 February 2021. Form A was also published in the website of the IBBI.

The Hon’ble NCLAT vide order dated 26 February 2021 directed the IRP not to constitute the Committee of Creditors. After dismissal of the appeal on 29 November 2021, the Applicant verified the claims and constituted the Committee of Creditors (“CoC”) and the report on the consti

The CoC was constituted with sixteen Financial Creditors. A report of the constitution of the CoC, was filed before the Adjudicating Authority on 07 December 2021.

The Applicant states that a total of eleven CoC meetings have been held during CIRP period, as follows:

The amounts claimed and admitted are summarised below:

The Applicant submits that in terms of the provisions of section 25(2)(h) of the Code read with regulation 36A(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, invitations in Form 'G' for Expressions of Interest (EoI) from potential resolution applicants was issued on 28 January 2022 in Economic Times, (English) and Business Standard (English) newspapers of All India edition and Sanmarg (Hindi), Lokmitra (Gujarati), Hosa Digantha (Kannada) and Ekdin (Bengali) newspapers. The last date for receipt of EoI was 12 February 2022.

The notice was also published on the website of the Insolvency and Bankruptcy Board of India (IBBI).

The Applicant submits that in response to the invitation for EoI published on 28 January 2022, the RP received seventeen EoIs.

The RP then shared the Information Memorandum, Evaluation Matrix and Request for Resolution Plan (RFRP) with the Prospective Resolution Applicants.

The last date for submission of Resolution Plan was 01 April 2022, which was extended till 21 April 2022.

The Resolution Plans were opened before the CoC in its 5th CoC meeting and the Resolution Plans were placed for discussion before the CoC in its 6th CoC meeting and the CoC requested for further revision in the Resolution Plans.

In the 8th CoC meeting, all the Resolution Applicants were called for negotiation and bidding. The Resolution Applicants submitted their revised Resolution Plans as discussed in the 8th CoC meeting.

The Resolution Plans were put for e-voting on the 11th CoC meeting held on 17 August 2022, the e-voting concluded on 24 September 2022.

The Resolution Plan submitted by Tega Industries Limited was approved with 99.787% voting share. The Resolution Professional issued the letter of Intent on 26 September 2022^{11.Pp. 171-174 of the I.A.}.

In accordance with regulation 36B(4A) of the CIRP Regulations, the Successful Resolution Applicant submitted Performance Bank Guarantee of Rs.17.80Crore being 10% of the resolution amount issued by Axis Bank Ltd. vide no. 11640100016411 dated 30 June 2022 and valid upto 30 June 2023^{22.Annexure L at Pp. 175-176 of the I.A.}.

The Applicant has filed a Compliance Certificate in prescribed form, i.e., Form 'H' dated 14 October 2022 in compliance with regulation 39(4) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.^{33.Annexure N at Pp. 182-194 of the I.A.}

The Applicant has submitted details of various compliances as envisaged within the Code and the CIRP Regulations which a Resolution Plan should adhere to, which is reproduced hereunder:

The Resolution Applicant has submitted affidavit of eligibility under section 29A of the Code, affirmed on 21 April 2022^{44.Annexure G at Pp. 85-88 of the I.A.}.

The Applicant submits that the Resolution Applicant had filed a Resolution Plan on 21 April 2022 which was further amended on 30 July 2022.

The relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the Resolution Applicant, i.e., Tega Industries Limited under the said Resolution Plan is tabulated as under:

The Resolution Plan defines “Transfer Date” as “shall mean a date identified by the Resolution Applicant, for the purpose of implementation of this Resolution Plan, which shall be a date no later than 60 (sixty) days from the Sanction Date, subject to: (a) the Resolution Plan becoming effective in terms of Section 3.6.10; (b) there being no stay on such approval from a court/tribunal of competent jurisdiction; (c) the Resolution Professional having certified the (i) final CIRP Cost payable by the Resolution Applicant in terms of Section 3.2.1 of this Resolution Plan; and (ii) the liquidation value payable to the Dissenting Financial Creditors; and/or (d) there is no pending proceeding which, in the reasonable opinion of the Resolution Applicant, would have a material impact on the implementation of this Resolution Plan or any part thereof”.

Details on Management/Implementation and Reliefs as per the Resolution Plan – Salient Features

The Resolution Plan also provides for –

a. Management of company after resolution in Clause 5 of Resolution Plan.

b. Term of the resolution plan in Clause 4.2 of Resolution Plan.

c. Implementation and Supervision of the resolution plan in Clause 5.2 of the Resolution Plan.

The Reliefs, Exemptions and Waivers sought by the Resolution Applicant from the Adjudicating Authority are set out below for the successful implementation of the Resolution Plan. The orders thereon are indicated against each.

Sl. No.Relief, concessions and approvals sought Resolution Plan of Castal Extrusion Private Limited [IA (IB) No. 277/KB/2021 in CP (IB) No. 438/KB/2018]. Right over immovable assets 27.The acquisition of the Corporate Debtor shall be subject to the Resolution Applicant getting title of land owned by the Corporate Debtor and title of such properties (whether or not movable) that are attached to such immovable properties or and title of such movable properties lying on such immovable properties. 28.In relation to any alleged transfer of any economic interest or other beneficial interest by the corporate debtor to any party in the past pertaining to the land parcels where the title and ownership is still lying with the Corporate Debtor, the Resolution Applicant shall have a right to terminate/ cancel such arrangement without any liability (monetary or otherwise) on the Corporate Debtor/ Resolution Applicant. Also, any agreement, MOU, transfer of rights or contract that hampers the assets/rights of Corporate Debtor shall be considered void if the same has not been registered/ presented before the concerned authority up to the Transfer Date. It may be noted that approval for similar waiver had already been allowed by Kolkata bench of the Adjudicating Authority in In Re. Resolution Plan of Bansal Alumex Private Limited [IA(IB)235 /KB/2022 in CP(IB)No.1204/KB/2019]. Release of Security Deposit provided by Corporate Debtor 29.Approval of the Resolution Plan by the Adjudicating Authority will be treated as specific order for waiver / release of any kind of security deposits provided by the Corporate Debtor including but not limited to various government authorities, corporates, private person, government departments (Income Tax Department, Customs Department, Excise Department, Service Tax Department, Pollution Board, etc.), etc., under Applicable Law or Sl. No.Relief, concessions and approvals sought otherwise for any reason whatsoever, where the relevant arrangement is being discontinued or terminated. Effect on past liabilities 30.Upon approval of this Resolution Plan by the Adjudicating Authority, all liabilities (including without limitation, for any penalty, interest, fines or fees) (admitted/ verified/ filed or not) or obligations of the Corporate Debtor, in relation to: (A) any investigation, inquiry or showcause, whether civil or criminal; (B) any non-compliance of provisions of any laws, rules, regulations, directions, notifications, circulars, guidelines, policies, licenses, approvals, consents or permissions; (C) change of control, transfer charges, unearned increase, compensation or any other such liability whatsoever under any contract, agreement, lease, license, approval, consent, privilege or permission to which the Corporate Debtor or its subsidiaries, joint ventures or associates are entitled; (D) any leasehold rights or freehold rights to movable or immovable properties in the possession of the Corporate Debtor; (E) any contracts, agreements or commitments made by the Corporate Debtor; whether admitted or not, due or contingent, asserted or unasserted, crystallised or uncrystallised, known or unknown, secured or unsecured, disputed or undisputed, present or future, whether or not set out in the balance sheets of the Corporate Debtor or the profit and loss account statement of the Corporate Debtor, in relation to any period prior to the completion date or arising on account of the acquisition of control by the Resolution Applicant over the Corporate Debtor pursuant to this Resolution Plan shall be written off in full and shall stand permanently extinguished and the Corporate Debtor shall at no point of time be directly or indirectly held responsible or liable in relation thereto. It may be noted that approval for similar waiver had already been allowed by Kolkata bench of the Adjudicating Authority in In re: Resolution Plan of Jharkhand Mega Food Park Pvt Ltd. [IA (IB) No.842/KB/2021 in CP (IB) No.1231/KB/2019]. Consents and Approval

Sl. No.Relief, concessions and approvals sought 31.As the Resolution Applicant is required to takeover the Corporate Debtor’s business on a ‘going concern’ basis, all consents, licenses, approvals, clearances, 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 continue to remain valid, notwithstanding any provision to the contrary in their terms or on account of change of management/ownership of the Corporate Debtor, and provided that in case of consents, licenses, approvals, rights, entitlements, benefits and privileges that have expired or lapsed, notwithstanding that they may have already lapsed or expired due to any breach, non-compliance or efflux of time, be deemed to continue without disruption for the benefit of the Corporate Debtor, till the implementation of the Resolution Plan, as envisaged or such other period as required under Applicable Law. The name of new management will be endorsed on all such rights and entitlements as may be required only to the extent necessary for operating the Corporate Debtor. 32.All Government Authorities: (i) to provide reasonable time period of at least 12 (twelve) months after the Transfer Date in order to enable Resolution Applicant to assess the status of the business permits / statutory approvals and ensure that the Corporate Debtor is compliant with the terms of such business permits / statutory approvals and Applicable Law; (ii) should not initiate any investigations, actions or proceedings in relation to such non-compliances; (iii) should co-operate with the Corporate Debtor to renew / obtain such permits / approvals; (iv) permit the Resolution Applicant to continue to operate the business of the Corporate Debtor pending such permits / approvals at least till a period of 12 (twelve) months from the Transfer Date; and (v) to not charge any charges, penalty, interest, etc., till the time such permits / approvals are received.

Sl. No.Relief, concessions and approvals sought It may be noted that approval for similar waiver had already been allowed by Kolkata bench of the Adjudicating Authority in In re: Resolution Plan of Jharkhand Mega Food Park Pvt Ltd. [IA (IB) No.842/KB/2021 in CP (IB) No.1231/KB/2019]. Contracts and Agreements 33.In the interest of keeping the Corporate Debtor as a ‘going concern’, unless otherwise specified in the Resolution Plan, all contracts and agreements shall continue to remain valid and notwithstanding any lapse, non-compliance, breach or expiry of underlying terms of such contracts and agreements or requirement of prior approval upon change of control; these contracts and agreements shall be deemed to continue without disruption and without any further acts, deeds, cost, penalty, etc., for the benefit of the Corporate Debtor for their original tenure including subsequent tenures wherever the Corporate Debtor is entitled for renewals. 34.Any change in the management of the Corporate Debtor shall not affect the validity and enforceability of any agreement, lease deed, contract, etc. executed by the Corporate Debtor with various parties, authorities, companies, etc. save and except the provisions and scope of alterations/modifications/amendments as also such reliefs and concessions provided to the Resolution Applicant and the Corporate Debtor under this Resolution Plan. 35.The Resolution Applicant will, after the Transfer Date, make an assessment of whether it wants to continue with or terminate the contracts / agreements entered into by the Corporate Debtor. It is clarified that in case the Resolution Applicant terminates any such old contract / agreements, no termination payments or liquidated damages shall be payable by the Resolution Applicant or Corporate Debtor on account of such termination. 36.Status quo of the agreements in relation to all its existing empanelment, inter alia including in railways and defence shall be maintained.

Sl. No.Relief, concessions and approvals sought Encumbrances 37.On and with effect from the Transfer Date, all Encumbrances, security interest, liens and /or attachments including pursuant to Applicable Law and particularly Sections 281 of the Income Tax Act and Section 81 of the Central Goods and Services Tax Act created or suffered to exist over the assets of the Corporate Debtor or over the securities of the Corporate Debtor, whether by contract or by Applicable Law, whether or not in favour of Persons receiving settlements under this Plan or those who have provided debt to any third party, shall stand unconditionally and irrevocably released and all enforcement proceedings commenced by any Person over any of the assets of the Corporate Debtor or any subsidiary or over any securities of the Corporate Debtor shall stand released and reversed, without the requirements of any further deed or action on part of the Resolution Applicant or the Corporate Debtor Utilities 38.All the electricity, water and other utilities in relation to the existing units of the Corporate Debtor shall be continued and any request for reconnection shall be allowed without any reconnection charge or fresh security deposit Inquiries and Investigations 39.Upon approval of this Resolution Plan by the Adjudicating Authority, 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, any 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 Transfer Date or arising on account of the acquisition of control by the Resolution Applicant Sl. No.Relief, concessions and approvals sought over the Corporate Debtor pursuant to this Resolution Plan shall stand withdrawn or dismissed and all liabilities or obligations in relation thereto, whether 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 Transfer Date. Upon approval of this Resolution Plan by the Adjudicating Authority, all new inquiries, investigations, 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 admitted against the Corporate Debtor in relation to any period prior to the acquisition of 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 Resolution Plan. It may be noted that approval for similar waiver had already been allowed by Kolkata bench of the Adjudicating Authority in In re: Resolution Plan of Jharkhand Mega Food Park Pvt Ltd. [IA (IB) No.842/KB/2021 in CP (IB) No.1231/KB/2019]. Prior non-compliances, breaches and defaults 40.Upon approval of the Resolution Plan by the Adjudicating Authority, all non-compliances, breaches and defaults of the Corporate Debtor for the period prior to the Transfer Date (including but not limited to those relating to tax), shall be deemed to be waived by the concerned Governmental Authorities. Immunity shall be deemed to have been granted to the Corporate Debtor from all proceedings and penalties under all Applicable Laws for any non-compliance for the period prior to the Transfer Date and no interest/penal implications shall arise due to such Sl. No.Relief, concessions and approvals sought noncompliance/ default/breach prior to the Transfer Date. Notwithstanding the generality of the foregoing, breaches, contraventions or non-compliances of the Applicable Laws shall be deemed to be permanently extinguished by virtue of the order of the Adjudicating Authority approving this Resolution Plan, and the Corporate Debtor or the Resolution Applicant shall at no point of time, directly or indirectly, have any obligation, Liability or duty in relation thereto. 41.The lenders (including Secured Financial Creditors) of the Corporate Debtor shall regularize all the loan accounts of the Corporate Debtor and shall ensure that the asset classification of such loan accounts is 'standard' in their books with effect from the Transfer Date. It may be noted that approval for similar waiver had already been allowed by Kolkata bench of the Adjudicating Authority in In Re. Resolution Plan of Marsons Limited [IA (IB) No. 118/KB/2021 In C.P. (IB) No. 628/KB/2018] and In Re. Resolution Plan of Basu & Co. Road Contractors Private Limited [IA (IB) No. 64/KB/2022 In C.P. (IB) No. 2050/KB/2019]. 42.The past performance of the Corporate Debtor should not be considered when the Corporate Debtor applies for credit rating with any agency/bank/financial institutions. Compliances under Companies Act 43.The Corporate Debtor, pursuant to the provisions of this Resolution Plan and the authority contained therein, shall cause its board of directors to take steps for implementation of the provisions of the Resolution Plan, which inter alia includes – (i) execution of appropriate loan agreement, modifications of previous documents for creating security and filing of appropriate forms under Company Law or other laws, with, amongst others, the Registrar of Companies and Ministry of Corporate Affairs or other statutory authorities; (ii) issuance of shares and instruments as provided in the Resolution Plan; and (iii) other compliances as per the governing law. The Corporate Debtor shall file the order of the Adjudicating Authority approving this Resolution Plan with Sl. No.Relief, concessions and approvals sought the Registrar of Companies and Ministry of Corporate Affairs or any other regulatory authority, instead of resolution of board or the shareholders of the Corporate Debtor that were otherwise required for actions that are affected through an order of the Adjudicating Authority approving this Resolution Plan, and that shall be sufficient compliance by the Corporate Debtor. 44.The directors of the reconstituted Board shall not be liable for any past non-compliances with the provisions of applicable laws by the erstwhile Board of Directors of the Corporate Debtor. 45.Approval of this plan shall be deemed approval for removal of Directors from the record of the Corporate Debtor as appearing on the MCA portal/ website/ income tax web site/ Any Indirect tax website. Certified copy of the order approving Resolution Plan shall be a direction on such statutory authorities to do the needful. Taxation 46.The Corporate Debtor and Resolution Applicant be exempted from the applicability of the provisions of Sections 28, 41, 43B, 45, 56, 79, 179, 269-SS, 269-T, 281 and other applicable provisions of the Income-Tax Act, 1961 for the purposes of implementation of this Resolution Plan. 47.The Corporate Debtor or the Resolution Applicant shall not, at any point of time, be held financially liable under the provisions in relation to the Liability of the Corporate Debtor as per Section 170 of the Income Tax Act, 1961 in respect of any transaction carried out before the Transfer Date or contemplated under the Resolution Plan. 48.Necessary directions, instructions be issued to the CBDT and other relevant Tax authorities to waive/exempt the applicability of Sections 56 and 50CA of the Income Tax Act, 1961 in respect of reduction of capital of the Existing Shareholders of the Corporate Debtor, issuance of shares by the Corporate Debtor and increase of authorised share capital in terms of Resolution Plan, and any of these transactions shall not result in any tax incidence in the hands of the Corporate Debtor or the Resolution Applicant under the aforesaid sections whether on account of valuation or otherwise.

On hearing the submissions made by the Resolution Professional, and perusing the record, we find that the Resolution Plan has been approved with 99.787% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for revival of the Corporate Debtor. By and large, all the compliances have been done by the RP and the Resolution Applicant for making the plan effective after approval by this Bench.

On perusal of the documents on record, we are satisfied that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

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 Code.

We have perused the reliefs, waivers and concessions as sought and as given in Clauses 6 and 7 at Pages 95 to 109 of the Resolution Plan. While some of the reliefs, waivers and concessions sought by the Resolution Applicant come within the purview of the Code while many others fall under the power and jurisdiction of different government authorities/departments This Adjudicating Authority has power to grant reliefs, waivers and concessions only in relation to the Code and the Companies Act 2013 (within the powers of the NCLT) for achieving the objective of the Code. No reliefs, waivers and concessions that fall within the domain of other government department/authorities are granted. The reliefs, waivers and concessions that pertain to other governmental authorities/departments shall be dealt with the respective competent authorities/forums/offices, Government or Semi Government of the State or Central Government with regard to the respective reliefs, waivers and concessions. The competent authorities including the Appellate authorities may consider grant such reliefs, waivers and concessions keeping in view the spirit of the Code.

The Resolution Plan should be consistent with extant law. The Resolution Applicant shall make necessary applications to the concerned regulatory or statutory authorities for renewal of business permits and supply of essential services, if required, and all necessary forms along with filing fees etc. and such authority shall also consider the same keeping in mind the objectives of the Code, which is essentially the resolving of the insolvency of the Corporate Debtor.

The reliefs sought with respect to subsisting contracts/agreements can be granted, and no blanket orders can be granted in the absence of the parties to the contracts and agreements.

With respect to the waivers with regard to extinguishment of claims which arose Pre-CIRP and which have not been claimed are granted in terms of Ghanashyam Mishra and Sons Pvt Ltd v Edelweiss Asset Reconstruction Company Ltd,^{55.2021 SCC OnLine SC 313 decided on 13.04.2021.} wherein the Hon'ble Supreme Court has held that 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 Govt, any State Govt or any local authority, guarantors and other stakeholders. We place reliance on the recent judgement of Hon'ble High Court of Rajasthan in the matter of EMC v. State of Rajasthan wherein it has been inter-alia held that :

On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of 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. The Hon'ble Supreme Court also held that all the dues including the statutory dues owed to the Central Govt, any State Govt or any local authority, if not part of the resolution plan, shall stand 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.

With respect to the waivers sought in relation to guarantors, the judgment of Lalit Kumar Jain v Union of India & ors,^{66.2021 SCC OnLine SC 396 decided on 21.05.2021.} wherein the Hon'ble Supreme Court held in para 133 that sanction of a resolution plan and finality imparted to it by section 31 does not per se operate as a discharge of the guarantor's liability shall apply.

With respect to the reliefs and waivers sought for all inquiries, litigations, investigations and proceedings shall be granted strictly as per the section 32A of the Code.

In case of non-compliance of this order or withdrawal of Resolution Plan, the payments already made by the Resolution Applicant shall be liable for forfeiture.

Subject to the observations made in this Order, the Resolution Plan dated 22 April 2022, is hereby APPROVED by this Bench. The Resolution Plan shall form part of this Order. The Resolution Plan thus approved shall be binding on the Corporate Debtor and other stakeholders involved in terms of section 31 of the Code, so that revival of the Debtor Company shall come into force with immediate effect.

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

The Resolution Professional shall submit copies of 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.

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

A copy of this Order is to be submitted to the Registrar of Companies, West Bengal.

The Resolution Professional shall stand discharged from his duties with effect from the date of this Order, save and except the duties envisaged in the Resolution Plan.

The Resolution Professional is further directed to handover all records, premises/factories/documents to the Resolution Applicant to finalise the further line of action required for starting of the operation. The Resolution Applicant shall have access to all the records and premises of the corporate debtor through the Resolution Professional to finalise the further line of action required for starting of the operation.

I.A. (IB) No. 1214/KB/2022 in the main Company Petition, i.e., C.P. (IB) No. 131/KB/2020 shall stand disposed of accordingly.

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

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