Jayesh Sanghrajka vs Chandak Realtors Private Limited

PER: MS. LAKSHMI GURUNG, MEMBER (JUDICIAL)

This I.A. is filed by the Resolution Professional ('the Applicant') of Aaditri Constructions Pvt Ltd ('the Corporate Debtor' / 'Aaditri') under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 ('the Code') read with Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulations'), wherein the Resolution Applicant whose plan has been approved by CoC by 100% voting, has been arrayed as Respondent herein, seeking sanction of the resolution plan in following terms:

We notice that Annexure 11, as per the Index of the application which runs from Page No. 58 to 171. But as per the Resolution Plan submitted by the Resolution Applicant it has table of contents which runs from internal Pages 1- 70 only of the Resolution Plan. After that there are certain annexures annexed to the Plan which are not in the table. It appears scheme of Amalgamation is inserted from Page No 140 to 169 and has no mention in the table of contents of the Resolution Plan. Thereafter there is one more page inserted which seeks eleven prayers, as follows: -

The Corporate Debtor was admitted into Corporate Insolvency Resolution Process ('CIRP') vide order dated 28.03.2023 and the Applicant was appointed as the Interim Resolution Professional ('IRP').

The Corporate Debtor is in the business of real estate development and undertook specific projects through special purpose vehicles ('SPV'). One such SPV was a Limited Liability Partnership by the name of Radius & Deserve Builders LLP ('Radius') in which corporate debtor held 98.98% share of profits.

Radius was awarded three Letters of intent ('LOI') from the Slum Rehabilitation Authority under slum rehabilitation schemes under the provisions of the Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971, for the redevelopment of three slum rehabilitation schemes - one in the year 2013 and two in the year 2018. While the LOI issued on the 24.07.2013, was subsequently revoked by the Slum Rehabilitation Authority, the remaining two Letters of Intent are still valid which are valuable development projects with significant revenue potential.

The IRP made a public announcement under Regulation 6 of the IBBI (CIRP) Regulations, 2016 on 02.04.2023 to invite claims and constituted the Committee of Creditors. The first CoC was held on 02.05.2023. The members of the CoC did not confirm the IRP as the RP in this meeting. Following are CoC members:

The Second CoC meeting was held on 24.05.2023 and the Applicant appointed 2 Registered Valuers for conducting valuation of the assets of the Corporate Debtor. The fair market value and Liquidation value are mentioned in the Form H.

Subsequently, Radius was also admitted into CIRP by order dated 24.11.2023 and the Applicant herein was appointed as its Resolution Professional ('RP'). Thus, the Applicant is the RP of both corporate debtor and Radius. In view of the subsequent development, fresh Form G was published on the 07.12.2023. The detailed invitation for expressions of interest disclosing that Radius, was also undergoing CIRP and that resolution applicants should submit resolution plans accordingly. The last date to submit Resolution Plan was 20.02.2024.

The first extension application No. 4412 of 2023 seeking the extension of 90 days was allowed vide order dated 06.10.2023. The Applicant had also filed application I.A. 3480 of 2024 seeking exclusion of 183 days from 28.03.2023 to 27.09.2023, which was allowed vide order dated 03.01.2024. Thus, CIRP period stood extended upto 26.06.2024.

Pursuant to publication of Form G on 07.12.2023, the Applicant issued provisional list of Prospective Resolution Applicant (PRAs) on 02.01.2024 and subsequently the final list of PRAs was issued as on 17.01.2024. With the prior approval of CoC, the Applicant published Request for Resolution Plan ("RFRP"), Information Memorandum ("IM") and Evaluation Matrix ('EM') on 25.01.2024.

With the approval of CoC in the Eleventh meeting held on the 20.06.2024, extension of 35 days in the CIRP period, from 26.06.2024 till 31.07.2024, was sought in I.A. 3480 of 2024 and allowed vide order dated 05.07.2024 of this tribunal.

In the Twelfth CoC meeting held on the 25.07.2024 the revised resolution plan submitted by the Respondent dated 18.07.2024 was discussed at length and the Respondent was asked to make further revisions. Though notice to convene the Thirteenth CoC meeting on 29.07.2024 was circulated, request was made from one of the financial creditors, seeking adjournment of CoC meeting and e-voting, Hence, the same was adjourned and the RP filed an application I.A. 3963 of 2023 seeking extension of CIRP period by 22 days i.e. till 22.08.2024 which was allowed vide order dated 20.03.2025.

In the Thirteenth meeting of the CoC was convened on 19.08.2024. The revised resolution plan of the Respondent was discussed and considered and the Respondent accordingly agreed to incorporate the suggestions of the members of the CoC and submit a further revised resolution plan on or before the 20.08.2024. The Thirteenth meeting of the CoC of the Corporate Debtor was thereafter adjourned to 20.08.2024, at 7 pm. On 20.08.2024, the revised Resolution Plan submitted by the Respondent was put to vote which was approved by 100% votes of the CoC members on 22.08.2024.

M/s Chandak Realtors Private Limited, the Resolution Applicant (Chandak) was incorporated in 1986 under the provisions of the Companies Act, 1956. Its registered address is at 807-808, Hubtown Solaris, 8^th Floor, N.S. Phadke Marg, Opposite Teli Gully, Near Regency Hotel, Andheri (E), Mumbai - 400069. It is a part of Chandak Group which is primary engaged in real estate development activity operating in the Mumbai Metropolitan and Suburban Region.

It is pertinent to note that the LOI dated 24.07.2013 issued in favour of the corporate debtor by the Slum Rehabilitation Authority was revoked by and was later issued in favour of the Resolution Applicant. Therefore, the Resolution Applicant already has the right of redevelopment of the project under the slum rehabilitation scheme which was earlier with the Corporate Debtor. Further, the Resolution Applicant shall be liable for all the obligations under the provisions of the Maharashtra Slum Areas (Improvement, Clearances and Redevelopment) Act, 1971 and for the free sale component, the Resolution Applicant shall be governed by the provisions of RERA.

The Resolution Applicant has furnished Performance Bank Guarantee of Rs. 50,00,000 No. 0544NDDG00156325, valid till 08.09.2025 and shall be extendable till the entire term of Resolution Plan. The statement is taken on record and forms part of the Resolution Plan.

It is pertinent to note that vide order dated 25.11.2024, the Hon'ble National Company Law Tribunal, Principal Bench was pleased to transfer C.P. No 592 of 2022 under Rule 16(d) of NCLT Rules, 2016, pertaining to Radius to Court No. III from Court No. IV because the resolution plans are inextricably connected with each other.

The two major financial creditors namely Vistra ITCL India Limited ('Vistra') and JC Flower Asset Reconstruction Private Limited ('JCF') are common financial creditors of both Aadtiri and Radius. While Vistra is offered a minimum amount of Rs.169,50,00,000/- (Rupees One Hundred Sixty-Nine Crores and Fifty Lakhs Only) in the resolution plan of Aadtiri, JCF's entire claim will get settled under the Resolution Plan of Radius. Nothing is offered to JCF under the resolution plan of Aadtiri and similarly nothing is offered to Vistra under the resolution plan of Radius. The extract/abridged proposal to financial creditors under resolution plan of Aadriti is as under:

Summary of Financial Proposal

The Applicant has filed Additional Affidavit dated 01.11.2025 placing on record revised Form H dated 01.11.2025. Some of the important clauses of Form H are set in below:

Steps taken by concerned parties post approval of resolution plan by AA: As per Clause 5 of the Section 5 of the Plan, the Resolution applicant will take necessary approvals from the concerned authorities under all applicable laws.

Details of Income Tax losses carry forward under Section 79(2) (c) of Income Tax Act, 1961 if any: Not Applicable

Amount of Regulatory fee payable (0.25%) to the Board under Regulation 31 A-:

As per the approved Resolution Plan, the CIRP Costs are to be borne by the members of the Committee of Creditors (CoC). The CIRP costs incurred by the Resolution Professional, including the fee of 0.25% on the realisable value payable to the creditors in accordance with Regulation 31A of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, and the corresponding amount payable to the IBBI, have already been approved by the members of the CoC in the 13th meeting held on 22nd August 2024.

Status of Preferential, Undervalued, Fraudulent and Extortionate transactions and how these are dealt in the resolution plan, if any:

There was a delay in the receipt of the Transaction Audit report due to non-co-operation from the erstwhile management non-availability of information, complexities involved and the queries raised by the Transaction Auditor. On the receipt of the Transaction Audit Report, the same was circulated to the members of the CoC and the Resolution Applicant for their review and inputs. On receipt of the inputs, the revised Transaction Audit Report has been submitted by the Transaction Auditor and the RP shall file the avoidance application in due course.

If resolution Plan submitted by suspended directors/ promoters of CD, Any PUFE applications against the suspended directors are pending, if so the details of the same- Not Applicable.

Details of other IAs pending against the Corporate Debtor: Not Applicable

Whether the Resolution Plan is subject to any contingency/ condition -No.

The Resolution Plan has been filed 513 days after the commencement of CIRP (in terms of Section 12 of the Code).

During the course of the hearing, it was noticed that the admitted government dues are miniscule amounting to Rs.1,120 and upon request, RA has agreed to pay entire admitted dues to the government. Hence the realizable value of the plan shall be Rs. 169,50,01,120/-.

The SRA has submitted an Affidavit under Section 29A of the Code along with the Resolution Plan which is annexed to the Application as Annexure 17 stating that Resolution Applicant nor any other person who is a connected person (as defined under the IBC) are ineligible under Section 29 A of the IBC. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the Code and is in accordance with law.

Salient Features

Closing Date & Effective Date

As per the resolution plan:

- a) 'Closing Date' means the date falling on the expiry of 30 (thirty) business days from the NCLT Approval Date. - b) 'Effective Date' shall mean the date on which the Resolution Plan is approved by Adjudicating Authority.

Timeline of Implementation of Resolution Plan

It is proposed in the Resolution Plan, that the payment of CIRP costs and all other mandatory payments shall be paid by CoC in priority by the CoC on the closing date. Further, all actions in relation to settlement of Creditors shall be completed on the closing date.

On the Closing Date, all the existing Directors of the Corporate Debtor, without any further action being required on the part of any Person, shall be deemed to have resigned from the Board of the Corporate Debtor, and the Board of the Corporate Debtor will be reconstituted to comprise such individuals as may be identified or nominated by the Resolution Applicant ("Reconstituted Board"), and will be responsible for the supervision of the day to day affairs of the Corporate Debtor and to oversee the management of the affairs of the Corporate Debtor.

Scheme of Amalgamation of RA with the Corporate Debtor:

The Resolution plan has also proposed a Scheme of Amalgamation between the corporate debtor as Transferor Company and Resolution Applicant as Transferee Company.

Definitions of Effective Date, Appointed Date in the Scheme of Amalgamation:

The Resolution Plan envisages a Scheme of Amalgamation of the Corporate Debtor with the Resolution Applicant and claimed waiver from compliance under the requirements of the Companies Act, 2013 for the proposed Merger being part of restructuring of the corporate debtor.

Section 5 (26) of the Insolvency and Bankruptcy Code is as under:

Regulation 37 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 is as under –

Conjoint reading of Section 5(26) with explanation and the Regulation 37 indicates that a plan may envisage a scheme of amalgamation. Hence there is no impediment in permitting such resolution plan which provides for a Scheme of amalgamation. This Tribunal, while exercising its powers under Section 30 of the Code as the ‘Adjudicating Authority’ for approval of a resolution plan is also competent to approve a Scheme of Amalgamation as per the terms of the Resolution Plan, qua the corporate debtor.

It is also pertinent to refer to Section 31(1) of the Code extracted below:

Section 31(1) of the Code provides that once a resolution plan is approved by the Adjudicating Authority then it binds the members and the creditors of the corporate debtor.

The Circular No. IBC/01/2017 dated 25.10.2017 issued by the Ministry of Corporate Affairs ('MCA Circular') would be relevant here. The relevant extract of the said circular is reproduced below:

Further, the creditors of the corporate debtor shall be bound by the resolution plan and therefore their approval to the scheme of amalgamation is also deemed to be in place. The relevant paragraphs of the Circular No. IBC/01/2017 are reproduced herein under:

Conjoint reading of section 31 of the Code and the MCA Circular, it is clear that approval of the shareholders of the Corporate Debtor for the scheme of Amalgamation is deemed to have been given without convening the meetings of the shareholders. Further CoC of the corporate Debtor has approved the Plan and on approval of the resolution plan by the Adjudicating Authority, all creditors are bound by such resolution plan. Therefore, there is no iota of doubt, the further consent/resolutions of the members and the creditors of the corporate debtor are not required for approval of the scheme of amalgamation which is provided under the Resolution Plan and duly approved by the Adjudicating Authority.

However, there are no provisions under the Code or the Companies Act or under MCA Circular that the requirement of sending notices to the statutory authorities like the Central Government, the Income Tax authorities, RBI, SEBI, Registrar of Companies, the Official Liquidator or sectoral regulators for seeking their representation for the proposed scheme of amalgamation in terms of Section 230(5) of the Companies, Act 2013 is also exempt.

Secondly, the deemed approval for the scheme of amalgamation is in relation to the members and creditors of the Corporate Debtor and not the members and Creditors of the Resolution Applicant. Therefore, the scheme of amalgamation as provided under the resolution plan shall be subject to the prescribed procedure contemplated under the Companies Act, 2013, however, the meetings of shareholders and creditors of Corporate Debtor shall stand dispensed with as their approval is deemed under the provisions of the Code.

The Resolution Plan has provided for issue of new equity shares which is subject to Capital Reduction as mentioned in Clause 5 of the Resolution Plan (For acquiring the Corporate Debtor as going concern) shall inter-alia undertake the following; -

The Resolution Applicant and/or its Affiliates or Nominee shall subscribe to, and the Corporate Debtor shall issue equity shares for Equity Infusion of such amount and on such terms as the Resolution Applicant deems fit.

The existing pre-CIRP shareholding (including the equity share capital and preference share capital (if any) of the Corporate Debtor on the CIRP Commencement Date) of the Promoters / Promoter Group and all other existing shareholders in the Corporate Debtor and all debts and claims converted into capital of the Corporate Debtor under this Resolution Plan (except the equity shares allotted to the Resolution Applicant pursuant to the Equity Infusion into the Corporate Debtor) ("Corporate Debtor Shareholding") shall be permanently cancelled and permanently extinguished pursuant to the Capital Reduction (as defined below). All claims or entitlements of the shareholders of the Corporate Debtor (other than the Resolution Applicant and/or its Affiliates / Nominees, as the case may be) shall stand permanently extinguished.

The Corporate Debtor Shareholding shall be entirely cancelled and permanently extinguished ("Capital Reduction"), for NIL consideration. The Capital Reduction of the Corporate Debtor shall be effected as an integral part of the Resolution Plan by the NCLT order without any further act, deed or instrument. Implementation of the Resolution Plan in terms of the NCLT order shall be deemed to be due compliance of all provisions of Applicable Law in this regard and there shall be no requirement to add "and reduced" in the name of the Corporate Debtor. The Corporate Debtor is undergoing CIRP; therefore, the existing value of the share capital of the Corporate Debtor is NIL.

The Capital Reduction shall not require any payment by the Corporate Debtor or the Resolution Applicant to any existing shareholders of the Corporate Debtor. The Capital Reduction shall not require the consents of any of the creditors of the Corporate Debtor or approval of any of the shareholders of the Corporate Debtor, or any other person having security interest over such shares and the approval of the NCLT (pursuant to Section 31 of the Code) to the Resolution Plan shall constitute approval of the reduction of share capital and shall be binding on the Corporate Debtor and its stakeholders (including all its Creditors, statutory authorities and shareholders).

As far as cancellation and extinguishment of the existing share capital is concerned, there are no issues. However, we have noticed at various places in the plan and financial proposal that for all shortfall payments to the creditors including Government authorities, (which stand extinguished under the resolution plan), the RA has proposed issuance of new equity shares which are subject to simultaneous cancellation of the shares by way of capital reduction. It is clarified that any action which the corporate debtor seeks which is post approval of the resolution plan must comply with the provisions of law including Income Tax Act, Companies Act and other applicable law for the time being in force. Therefore, issue of new shares and reduction of share capital as provided under the resolution plan is approved however, their treatment would be subject to the applicable laws, taxation and compliances.

On perusal of the Resolution Plan, we find that the Resolution Plan provides for the following:

Payment of CIRP Cost as specified under Section 30(2)(a) of the Code.

Treatment of Debts of Operational Creditors as specified under Section 30(2)(b) of the Code.

For management of the affairs of the Corporate Debtor, after the approval of Resolution Plan, as specified under Section 30(2)(c) of the Code.

The implementation and supervision of Resolution Plan by the RP and the CoC as specified under Section 30(2)(d) of the Code.

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), 39 (4) of the Regulations.

The Resolution Plan is not conditional.

In K Sashidhar v. Indian Overseas Bank & Others (2019) 12 SCC 150, the Hon'ble Apex Court has 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). 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). 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 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) when the Resolution Plan does not conform to the stated requirements.

In Committee of Creditors of Essar Steel India Limited through Authorised Signatory Vs. Satish Kumar Gupta & Ors (2020) 8 SCC 531, the Hon’ble Apex Court further laid down that the Adjudicating Authority would not have power to modify the Resolution Plan which the CoC in their commercial wisdom has approved.

In view of the law laid down by Hon’ble Supreme Court, the commercial wisdom of the COC is to be given paramount importance for approval of the resolution plan. As the Resolution Plan meets the requirements of the Code and the Regulations thereunder the Resolution Plan submitted by Chandak Realtors Private Limited is hereby approved with the following directions:

The Additional Affidavit’s dated 10.10.2024 01.11.2025, clarifications and undertakings and by the RA and RP which are taken on record, shall form part of the Resolution Plan.

The resolution plan shall be binding on the Corporate Debtor, shareholders and creditors, including the Central Government, any State Government or any local authority.

The Resolution Applicant shall keep the Performance Bank Guarantee of Rs. 50,00,000 valid till the entire term of Resolution Plan.

The Resolution Applicant will be governed by and comply with the provisions of Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971 for slum project and RERA for free sale component.

The scheme of amalgamation as provided under the resolution plan shall be subject to the prescribed procedure contemplated under the Companies Act, 2013, however, the meetings of shareholders and creditors of Corporate Debtor shall stand dispensed with as their approval is deemed under the provisions of the Code.

The Monitoring Committee shall supervise the implementation of the Resolution Plan and shall review operational performance of the Corporate Debtor.

The Resolution Professional is directed to handover all records, premises / documents to Resolution Applicant for starting of the operation as contemplated under the Resolution Plan. The Resolution Applicant shall have access to all the records premises / documents through Resolution Professional to finalise further line of action for starting of the operations.

Though, it is certified by the Resolution Professional that the Resolution Plan does not contravene any provision of law for the time being in force in terms of Section 30(2)(e) of the Code, however, as an abundant caution, it is made clear that in case of any inconsistency between any law for the time being in force and the provisions of this Resolution Plan, the provisions contained in the law shall prevail unless relaxed in terms of this Order.

The RA has additionally sought certain reliefs and waivers under Section 7 of the Resolution Plan. It is expressly made clear that all reliefs, waivers and dispensations that fall within the domain of other government authorities are not granted and the same shall be dealt with by the respective competent authorities/ fora/ offices, Government (State or Central). The Corporate Debtor has to approach the competent authorities concerned under the law for such reliefs and the authorities to consider in accordance with law.

We may refer to the observations made by Hon'ble NCLAT in Shanti International vs Ram Singh Setia, Liquidator of Gajanan Solvex Ltd. in Company Appeal (AT) (Insolvency) 1063 of 2025 in following terms:

Though the above observations were made in the context of reliefs and waivers sought by successful bidder in the liquidation process, but the same is equally true with the reliefs and waivers sought in the resolution plan.

It is hereby clarified that in terms of the Judgement of Hon'ble Supreme Court in the matter of Ghanshyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited, on the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims which are not part of Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of a claim which is not a part of the Resolution Plan.

It is further clarified that any benefit arising out of the Resolution Plan shall not be deemed to be automatically granted. The Resolution Applicant shall approach the competent authorities under the applicable law for availing such benefits and concessions as may be permitted under the law.

Any exemption/ waiver/reduction sought for in relation to the payment of registration fees, charges, stamp duty, taxes and fees arising out of the actions contemplated under the Resolution Plan is not granted but the Resolution Applicant is at liberty to approach Competent Authorities for such request if permitted under the law.

Approval of the Resolution Plan shall not be a ground for termination of any existing consents, approvals, licenses, concessions, authorizations, permits or the like that has been granted to the Corporate debtor or for which the Corporate Debtor has made an application for renewal, grant permissions, sanctions, consents, approvals, allowances, exemptions etc.

For past non-compliances of the Corporate debtor under applicable laws the Resolution Applicant shall not be liable for any liabilities and offences committed prior to the commencement of CIRP and as stipulated under Section 32A of IBC, 2016.

No orders levying any tax, demand or penalty from the Corporate Debtor in relation to period prior to commencement of CIRP shall be passed by any authority and such demand, if created, shall not be enforceable as having extinguished in terms of approved Resolution Plan.

The carry forward of losses and unabsorbed depreciation shall be subject to the provisions of Income Tax Act or Rules made thereunder, and the Income Tax Department shall be at liberty to examine the same.

Further, the concerned indirect tax authorities shall be at liberty to examine the carry forward of input tax credit available under Indirect Tax laws.

The Applicant shall file necessary forms and pay prescribed fees, if any, in terms of provisions of the Companies Act, 2013 in relation to issuance of fresh capital and reduction in share capital. Issue of new shares and reduction of share capital as provided under the resolution plan is subject to the treatment in accordance with the applicable laws, taxation and compliances.

Application for compounding/condoning shall be filed in accordance with the procedure specified in respective law or concerned authority, however, Resolution Applicant shall not be responsible for past non-compliances till the date of approval of this Plan.

The ROC shall update the records upon filing of pending returns/forms after payment of normal fees (without 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 do the needful. The Corporate Debtor shall be exempted from using the words “and reduced”.

With regard to other concessions and reliefs, most of them are subsumed in the reliefs granted above. The relief which is not expressly granted above, shall not be construed as granted. The exemptions if any sought in violation of any law in force, it is hereby clarified that such exemptions shall be construed as not granted.

Any amount realized out of the action taken against other persons for avoidance transactions under the IBC, 2016 also Unauthorized Transaction post CIRP order, shall be appropriated towards the unsatisfied claims of Financial Creditors.

The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with the concerned Registrar of Companies (RoC), for information and record. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, in accordance with law for the time being in force.

The moratorium under Section 14 of the Code shall cease to have effect from this date.

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.

The Applicant shall forthwith send a certified copy of this Order to the CoC and the Resolution Applicant, respectively for necessary compliance.

The grant or non-grant of reliefs under the Resolution Plan will not affect the implementation of the Resolution Plan and the same should not be viewed as conditionalities to the implementation of the Resolution Plan or any timelines for such implementation.

This Plan has to be read along with I.A. 72 of 2024 of CP. 592 of 2022 titled as Amit Infra Logic (India) Pvt Ltd vs Radius & Deserve Builders LLP.

In result, the Resolution Plan with value of Rs. 169,50,01,120/- is hereby approved with directions in para 44 and 45 above.

Accordingly, I.A. 73 of 2024 is disposed of.