M/s. India Factoring & Finance Solutions Private Limited vs M/s. Altech Infrastructure Private Limited

"a)

Allow the present Application;

b)

Pass an Order for the approval of the Resolution Plan submitted by M/ s Sunrise Industries as approved by the members of the CoC;

c)

Pass any such other order(s) as this Hon'ble Tribunal may deem fit in the interest of justice."

“That the approved Resolution Plan provides for the following payments to the creditors of the Corporate Debtor:

Particulars	Amount
Resolution Plan Value:	10,00,00,000
CIRP Cost ( company is a Going Concern and CIRP cost being met from Operational Income)	0
Payment to Secured financial Creditors:	9,04,00,000
Workmen's & Employees priority dues:	108,753
Unsecured financial creditors	400,000
Operational Creditors	10,000
Operational Creditors (Statutory Dues )	19,43,000
EPFO Dues	21,38,247
Working Capital & Contingencies	50,00,000

13.

That in addition to the aforesaid, the Resolution Applicant has also proposed to infuse an amount of INR 50,00,000 in the form of Working Capital, as and when the need arises. Furthermore, the Regulatory Fee under Regulation 31A of the CIRP Regulations has also been proposed to be borne by the Resolution Applicant over and above the amounts proposed under the Resolution Plan.”

ANNEXURE C

SECTION 29A of IIIC

I PAWAN KUMAR GUPTA S/O Shri Ram Karan Gupta, aged about 49 years, currently residing at J-23, RBI Enclave Parchim Vihar, New Delhi-110063 and having Author No. 393078626660 on behalf of SUNRISE INDUSTRIES having registered office at J-23, RBI Enclave Parchim Vihar, New Delhi-110063 pursuant to authorization of the Partners of the Sunrise Industries dated 19-07-2019 (as Power of Attorney Enclosed Herewith) do solemnly affirm and state to committee of creditors ("CoC") of Altech Infrastructure Private Limited ("Corporate Debtor") and the resolution professional of the Corporate Debtor ("IBP") as follows:

1.

That I Pawan Kumar Gupta duly authorised and competent to make and affirm the instant affidavit for and on behalf of the Sunrise Industries in terms of power of attorney dated 19-07-2019. The said document is true, valid and genuine to the best of my knowledge, information and belief.

2.

That the Applicant or any person acting jointly with the Applicant or in concert with Applicant or any person who is a 'connected person' (as defined under the Insolvency and Bankruptcy Code, 2016 ("Code")), listed herein as 'Annexure F':

A Prospective Resolution Applicant will not be eligible to submit the foregoing for any person acting jointly or in concert with him/her/At:

1.

is an undischarged insolvent;

2.

is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949

3.

at the time of submission of the resolution plan has an account, or an account of a corporate debtor under the management or control of such person or of whom such person is a promoter, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 or the guidelines of a financial sector regulator issued under any other law for the time being in force, and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolvency resolution process of the corporate debtor;

Provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of resolution plan;

Provided further that nothing in this clause shall apply to a resolution Applicant where such applicant is a financial entity and is not a related party to the corporate debtor.

Constitution I- For the purposes of this proviso, the expression "related party" shall not include a financial entity, regulated by a financial sector regulator, if equity shares or instruments convertible into equity shares, prior to the insolvency commencement date.

Explanation II.—For the purposes of this clause, where a resolution applicant has an account, or an account of a corporate debtor under the management or control of such person or of whom such person is a promoter, directed by performing asset and such account was acquired pursuant to a prior resolution plan approved under the Code, then the provisions of this clause shall apply to such resolution applicant for a period of three years from the date of approval of such resolution plan by the Adjudicating Authority under the Code;

4.

has been convicted for any offence punishable with imprisonment—

I. for two years or more under any Act specified under the Twelfth Schedule of the Code; or

II. for seven years or more under any law for the time being in force;

Provided that this clause shall not apply to a person after the expiry of a period of two years from the date of his release from imprisonment.

Provided further that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I.

5.

is disqualified to act as a director under Companies Act, 2013.

Provided that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation I.

6.

is prohibited by the Securities Exchange Board of India from trading in securities or accessing the securities market;

7.

has been a promoter or in the management or control of the Company or which a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place and in respect of which an order has been made by the Adjudicating Authority under the Code.

Provided that this clause shall not apply if a preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction has taken place prior to the acquisition of the corporate debtor by the resolution applicant pursuant to a resolution plan approved under this Code or pursuant to a scheme or plan approved by a financial sector regulator or a court, and such resolution applicant has not otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction;

8.

is executed a guarantee in favor of a creditor in respect of a corporate debtor within an application for insolvency resolution made by such creditor in order to be admitted under this Code and such guarantee has been invoked by the creditor and remains unpaid in full or part.

9.

subject to any disability, corresponding to clauses (a) to (b), under any law in a jurisdiction outside India; or

10.

has a connected person not eligible under clauses (a) to (i)

Explanation I — For the purposes of this clause, the expression 'connected person' means—

(i)

any person who is the promoter or in the management or control of the resolution applicant; or

(ii)

any person who shall be the promoter or in management or control of the business of the corporate debtor during the implementation of the resolution plan; or

(iii)

the holding company, subsidiary company, associate company or related party of a person referred to in clauses (i) and (ii);

Provided that nothing in clause (iii) of Explanation I shall apply to a resolution applicant where such applicant is a financial entity and is not a related party of the corporate debtor;

Provided further that the expression 'related party' shall not include a financial entity, regulated by a financial sector regulator, if it is a financial creditor of the corporate debtor and is a related party of the corporate debtor solely on account of conversion or substitution of debt into equity shares or instruments convertible into equity shares, prior to the insolvency commencement date;

Explanation II—For the purposes of this section, 'financial entity' shall mean the following entities which meet such criteria or conditions as the Central Government may, in consultation with the financial sector regulator, notify in this behalf, namely: —

a)

a scheduled bank;

b)

any entity regulated by a foreign central bank or a securities market regulator or other financial sector regulator of a jurisdiction outside India which jurisdiction is compliant with the Financial Action Task Force Standards and is a signatory to the International Organisation of Securities Commissions Multilateral Memorandum of Understanding;

c)

any investment vehicle, registered foreign institutional investor, registered foreign portfolio investor or a foreign venture capital investor, where the terms shall have the meaning assigned to them in regulation 2 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2017 made under the Foreign Exchange Management Act, 1999 (42 of 1999);

d)

an asset reconstruction company register with the Reserve Bank of India under section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002);

e)

an Alternate Investment Fund registered with Securities and Exchange Fund of India;

categories of persons as may be notified by the Central Government.

Sec 29A Undertaking has to be in the form of an affidavit on a stamp paper of appropriate amount as per the stamp act applicable to the state of execution

SOLEMNLY AFFIRMED AT New Delhi

ON THIS THE New Delhi, on this the 29th November 2022

VERIFICATION:

I, Pawan Kumar Gupta authorized Person of Sunrise Industries Applicant, authorized by the General Power of Attorney for giving such affidavit, the deponent above named, on behalf of Sunrise Industries, having registered office at J-23, 8th Enclave, Paschim Vihar New Delhi-110063 do hereby verify and state that the contents of the above affidavit are true to the best of my knowledge and nothing material has been concealed therein.

Verified at New Delhi, on this the 29th November 2022

a. Constitution of Committee for monitoring and supervision of resolution plan:

This is envisaged in the Resolution Plan to constitute a monitoring committee comprises of a representative of the CoC, Resolution Applicant along with the resolution professional Mr. Anand Sonbhadra for supervision and monitoring of implementation of the Resolution Plan for the term of the Resolution Plan. The monitoring committee/entity, constituted, shall have inter alia the following responsibilities:

i.

To supervise the implementation of the Resolution Plan and ensure that the Resolution Plan is implemented as approved without any deviations; ii. To ensure timely disbursement of funds to the financial and other creditors, as per the payment terms set out above; iii. To ensure that approvals, to the extent required for implementation of the Resolution Plan, are applied for and obtained in a timely manner. iv. To bring to the notice of NCLT, any deviations/violations, of the Resolution Plan, by any person;

v.

To provide regular updates to the NCLT, as and when required

b. Remuneration to the members of the monitoring committee

The resolution plan envisages for payment of fee to the chairperson be Rs. 100, 000/- per month + applicable taxes (if any). All incidental/out of pocket expenses shall be paid and will be reimbursed as per actual/s.

No other fee shall be borne by Resolution applicant.

c. Management and Control of the CD after approval of the Resolution plan

The resolution applicant shall take over the management of Company on approval of the Resolution Plan by the Adjudicating Authority and Resolution Professional shall be discharged from his duties. The Resolution Applicant proposes to appoint the following directors of the Corporate Debtor after the approval of the Resolution Plan:

1.

Mr. Pawan Kumar Gupta or any person as may be nominated by the Resolution Applicant.

2.

Mr. Parveen Kumar Gupta or any person as may be nominated by the Resolution Applicant.

1.

Any and all liabilities, apart from specifically proposed under this plan, shall stand permanently extinguished and annulled.

2.

The share capital of the Corporate Debtor shall be issued/stand transfer to the Resolution applicant or any of its nominee as decided by them and who are Sec 29A compliant. The Resolution Applicant shall be exempt from any procedural requirement under any law for the time being in force by virtue of the order passed by the Hon'ble NCLT.

3.

Any and all financial liabilities/ claims:

(i)

arising out of the legal proceedings initiated before any forum by or on behalf of the Creditors, to enforce any rights or claims against the Company or enforce or invoke any security interest over the assets of the Company (or any guarantees/ undertaking/ surety by the Company);

(ii)

on account of any violation or breach of any agreement of the Company, prior to the approval Date;

(iii)

on account of all the outstanding negotiable instruments issued by the Company (including demand promissory notes, post-dated cheques and letters of credit, etc.);

(iv)

on account of any corporate guarantees (whether contingent or crystallized), indemnities and all other forms of credit support provided by the Company prior to the Approval Date;

(v)

on account of any form of security provided by any person (including the Existing Promoter Group) for and on behalf of, and/ or in order to secure any obligations of the Company (whether by way of hypothecation, pledge, mortgage, guarantee or otherwise);

(vi)

arising out of termination of all agreements executed with any person/ entity or any and all Persons associated with the Existing Promoter Group in any manner whatsoever or relatives of the Existing Promoter Group who are employees of the Company or holds any managerial/ supervisory/ any other position in the Company by the Monitoring Agency; and Are hereby fully and finally settled and discharged against payment of NIL consideration. Any and all financial liabilities/ claims with respect to such claims shall stand extinguished and annulled.

4.

The CBDT shall exempt income / gain / profits, if any, arising as a result of giving effect to this Plan from being subjected to tax under the provisions of the Income-tax Act, 1961.

5.

All contractual arrangements of the Corporate Debtor shall continue to be applicable, for the benefit of the Corporate Debtor, although the Resolution Applicant reserved the right to modify/terminate such contractual arrangements.

6.

All government schemes, subsidies, benefits, policies as applicable to the Corporate Debtor shall continue to be applicable to the Corporate Debtor, unless otherwise provided in this Plan.

7.

All lease, licenses, intellectual property rights (in the form of Trademarks, wordmarks, Copyright or in any other form) and any approvals of the government & Industrial Development Authority held by the company, which if had expired prior to the effective date or which will expire within a period of one-year (12 months) thereafter, shall be renewed/extended by the relevant Governmental Authorities without penalties and interest by virtue of the Resolution Plan order passed by the Hon'ble Adjudicating Authority and the company shall be permitted to continue to operate its business and assets in the manner that all the approvals and licenses are valid, until renewal/extension of such licenses and approvals. Further, the relevant Governmental Authorities will provide a minimum period of one Year of time after the effective date in order for the Applicant to assess the status of the licenses and governmental Approvals required by the company and to procure or renew the same.

8.

Industrial Development Authority / Department/ Authorities/ bodies, etc. will allow the change in management and shareholding of the AIPL/Corporate Debtor without any fee/charges/cost/penalty and after making necessary changes in their records will issue NOC and other required permissions for the same on the basis of resolution Plan approved by Hon'ble Adjudicating Authority.

9.

That any claim or demands of any Industrial Development Authority/Company/ Department against the Resolution Applicant towards any dues and demands (like Lease, Premium, interest, compensation and any other charges) pending for the period prior to the insolvency commencement date shall hereby fully and finally settled and discharged against payment of NIL consideration.

10.

The Development Authority/Corporation/Department/other authorities /bodies will allow modifications/alteration/additions in the project plan as per the current applicable policies without any additional cost/fee/charges.

1.

11. All MAT credit of the Company will continue with the Company (on a going concern basis) and will be available for the benefit of the Resolution Applicant.

2.

12. The Corporate Debtor or the Resolution Applicant shall not, at any point of time, be held financially liable under provisions in relation to the liability of the Corporate Debtor as per provisions of Section 170 of the Income-tax Act, 1961 in respect of any transactions carried out before the Effective Date or contemplated under this Resolution Plan or an account of any action taken pursuant to this Resolution Plan including acquisition of control by the Resolution Applicant over the Corporate Debtor pursuant to this Resolution Plan.

3.

13. The Resolution Applicant, or the Corporate Debtor shall not be liable to pay any Taxes (direct or indirect) whatsoever arising (directly or indirectly on such entity) as a result of the actions taken by the Corporate Debtor prior to the Effective Date. It may also be clarified that any Tax Liabilities pertaining to any period or action prior to the Effective Date, whether assessed or unassessed, by the relevant Tax Authorities shall be deemed to have been extinguished and written-off on the Effective Date.

4.

14. All notices, assessments, appellate or other proceedings pending or threatened in relation to the Company, in relation to any period prior to the effective Date shall stand terminated and withdrawn and all consequential liabilities, if any, shall stand extinguished and be considered as not payable by the Company by virtue of the order of the Adjudicating Authority approving this Resolution Plan and any re-assessment, revision or other proceedings under the provisions of an Income Tax and Indirect tax laws would be deemed to be barred in relation to any period prior to the effective Date, by virtue of the order of the Adjudicating Authority approving this Resolution Plan and the Company, the Resolution Applicant shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto.

5.

15. Any Requirement to obtain waiver from any Tax Authorities including in terms of Sec 79 of the IT Act is considered to have granted upon approval of this Resolution Plan on the Effective date.

6.

16. All financial liabilities (including any contingent liabilities) relating to any investigations, inquiries, show-cause notices, causes of action, suits, claims, disputes, litigations, arbitrations or other judicial or regulatory or administrative proceedings shall be deemed to be extinguished or written-off.

17.

The Corporate Debtor or the Resolution Applicant shall not, at any point of time, be held liable for any financial/Civil/Criminal liabilities for any of the corporate guarantee, if given, by the Corporate Debtor prior to the Effective Date.

18.

The change in shareholding of the Corporate Debtor pursuant to this Resolution Plan shall not lead to lapse of any brought forward losses of the Corporate Debtor and provisions of Section 79 of the Income-tax Act, 1961 are not applicable.

19.

The Corporate Debtor shall be entitled to carry forward and set-off all the brought forward book losses and unabsorbed depreciation as shown in the books of account and considered in the returns of income filed under the Income-tax Act, 1961.

20.

The Resolution Applicant or the Corporate Debtor shall not be liable to pay any tax whatsoever as a result of any related party transactions entered by Corporate Debtor prior to the Effective Date under.

21.

The CBDT/CBEC to provide relief to the CD from all direct Tax/indirect litigations pending at different levels and provide waiver from all Tax dues including interest and penalty on such litigations.

22.

All the unsecured loans given by the Corporate Debtor to any third party will continue with the Corporate Debtor and will be available for benefit of the Resolution Applicant. The Resolution Applicant, after the Effective Date, shall be entitled to recover all the amounts that are payable by the Corporate Debtor (including the unsecured loans) to any third party.

23.

All accounts of the CD shall stand regularised and their asset classification shall be "standard" for the purposes of all Applicable Laws from the plan effective dates and the cibil of the CD partners and directors will be standard without effective any cibil record.

24.

All Governmental Authorities to grant any relief, concession or dispensation as may be required for implementation of the transactions contemplated under the Resolution Plan in accordance with its terms and conditions.

25.

All required Approval(s)/ Permission(s)/ Licence(s)/ Certificate(s)/ No Objection Certificate(s) or any other similar document either expired or unexpired, issued by any Government Authority or Statutory Body shall be deemed to be effective and continue for a term of minimum of one Year from the date of approval of the Resolution Plan by the Adjudicating Authority.

26.

The relevant government authorities shall not initiate any investigation, actions or proceedings against the RA, or the new management (upon acquisition of CD) including the board of directors in relation to any non-compliance with applicable laws by the CD pertaining to any period up to approval date.

27.

All Governmental Authorities to waive the Non-Compliances of the CD prior to the Plan Effective Date, including but not limited to Companies Act 2013, the Industrial Disputes Act, 1947, the relevant shops and establishment acts and rules, circulars and regulations of each of the above legislations along with any other Act applicable on the Corporate Debtor.

28.

All Governmental Authorities to grant any relief, concession or dispensation as may be required for implementation of the transactions contemplated under the Resolution Plan in accordance with its terms and conditions.

29.

The relevant government authorities shall not initiate any investigation, actions or proceedings against the RA, or the new management (upon acquisition of CD) including the board of directors in relation to any non-compliance with applicable laws by the CD pertaining to any period up to approval date.

30.

The Resolution Applicant will be entitled for all immunities as provided under the provisions of I & B Code, 2016 and related regulations but not limited to immunities given vide section 32A of the I & B code, 2016.

31.

In case any amount is due to be received against any acquisition of any part/partial of the land/unit/asset of the corporate debtor by any Government/ Statutory Authorities/ any other person prior to the Effective Date then such recoveries/compensation will be routed to the account of Corporate Debtor for its use as decided by the Resolution Applicant.

32.

A peaceful, hassle free, undisputed and clear (i.e. free from any illegal possession of any kind) physical possession of all the assets (including the land parcels in Bhiwadi as mentioned in the IM), movable (including vehicles) or immovable (including properties), of the Corporate Debtor appearing in the books of account or not, mentioned in the IM or Not shall be given to the Resolution Applicant immediately on approval of the Resolution Plan.

33.

The RA shall reserve the right to take the appropriate legal action against the lease holder with whom it has a MOU/Agreement signed for getting the lease rent, royalty charges, etc.

34.

As per IM there are no employees and workmen in the company on the date of submission of resolution plan. The Resolution Applicant therefore shall be free to appoint its own resources including manpower, labour and workforce and shall not be bound by any Government authority to appoint any of the old employee/workmen.

35.

After the approval of resolution plan, the resolution applicant will appoint Statutory and other auditors from list of eligible audit firms.

36.

It is clarified that the existing/post shareholders, managers, directors, officers employees, workmen or other personnel of the Company shall continue to be liable for all the claims, demand, obligations, penalties etc.

(i)

arising out of any proceedings, inquiries, investigations, orders, show causes, notice, suits, litigation etc. (including those arising out of any orders passed by the NCLT pursuant to Sections 43, 45, 49, 50, 66, 68, 70, 71, 72, 73 and 74 of the IBC), whether civil or criminal, pending before any authority, court, tribunal or any other forum prior to the plan effective date; or

(ii)

that may arise out of any proceedings, inquiries, investigations, orders, show cause, notices, suits, litigation etc. (including any orders that may be passed by the NCLT pursuant to Sections 43, 45, 49, 50, 66, 68, 70, 71, 72, 73 and 74 of the IBC), whether civil or criminal, that may be initiated or instituted post the approval of the Resolution Plan by the NCLT on account of any transactions entered into, or decisions or actions taken by the existing shareholders, managers, directors, officers, employees, workmen or other personnel of the Company. The Company or the resolution Applicant shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto.

37.

Further, any recoveries by the Corporate Debtor / Resolution applicant from the erstwhile promoters / directors or other entities against avoidance transactions (PUFE transactions under IBC, 2016) shall be vested with the Committee of Creditors and the expenses for pursuing/follow-up the pending Applications after the Approval date shall be borne by the Committee of Creditors themselves.

38.

Where the Resolution Applicant becomes the Successful resolution applicant on approval of its given Resolution Plan by the COC, the process participation deposit and the EMD (Paid along with the submission of the Resolution Plan) provided shall be adjusted towards payment as per clause II (a) of the RFRP.

39.

RA have a right to make a prepayment as proposed in the Resolution plan with the discount rate is 8%.

OTHER RELIEFS SOUGHT

1. From Ministry of Corporate Affairs/ ROC/ NCLT

- (i) NCLT shall pass appropriate order to ensure that the timeline for making payment to any of the Creditors starts on the date of approval of this Plan by NCLT. - (ii) The MCA and/ or the NCLT shall waive any non-compliance by the Company with respect to the provisions of the Companies Act, 2013 (including provisions mentioned in Chapter VII, IX & X) and the rules, regulations and circulars issued thereunder, relating to the period prior to the effective date. - (iii) The Ministry of Corporate Affairs and, or, NCLT shall exempt compliance with the provisions of Chapter XV of the Companies Act, 2013 (and the corresponding rules issued under the Companies Act, 2013), in respect of schemes of arrangement contemplated under this Plan. - (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 applicable and payable in relation to this Plan and its implementation. - (v) NCLT shall direct that the Company shall not be liable for any non-compliance, breach, etc. during the period prior to the effective date and for failure to take or obtain any approvals, consents, permits from any of the governmental authorities. - (vi) Any veto rights or any other preferential rights associated with existing shareholders shall stand extinguished/ cancelled and the approval of the shareholders shall be deemed to have been given for effecting such revision of agreements, constitutional documents such as memorandum of association, articles of association, on approval of this Plan by the NCLT.

2. SEVERABILITY AND RIGHT TO MODIFY

(i)

In the event it is determined that any provisions of the Resolution Plan is unenforceable either on its face or as applied to any Claims or transaction and/or in the event any provision of the Resolution Plan becomes invalid for reasons other than by breach of any party, Resolution Applicant may apply to the Adjudicating Authority for appropriate modification of such provisions of the Resolution Plan, to satisfaction of the Adjudicating Authority, and such invalidity and/or unenforceability of the provision of the Resolution Plan shall not render the whole Resolution Plan ineffective unless otherwise directed by the Adjudicating Authority by order.

(ii)

The Resolution Applicant has made every possible effort to prepare and submit the Resolution Plan strictly in accordance with the various provisions of the Code and as per the terms mentioned by the Resolution Professional. However, if there are any inadvertent inadequacy/ shortcomings defects in the Resolution Plan, the Resolution Applicant shall be given an opportunity for rectifying and removal of such inadequacy/ shortcomings/ defects so observed.

“14. Moratorium. –

(1)

Subject to provisions of sub-sections (2) and (3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely: -

(a)

...

(b)

...

(c)

...

(d)

the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor.

Explanation.- For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a licence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;”

'16. However, the resolution plan shall not be construed as waiver to any statutory obligations/liabilities arising out of the approved resolution plan and the same shall be dealt in accordance with the appropriate authorities concerned as per relevant laws. We are of the considered view that if any waiver is sought in the resolution plan, the same shall be subject to approval by the concerned authorities. The same view has been held by the Hon'ble Supreme Court in Ghanshyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstruction Company Limited and Embassy Property Development case (supra)."

"Adjudicating Authority has already referred to the Judgment of the Hon'ble Supreme Court in the matter of 'Ghanshyam Mishra & Sons Private Limited' Vs. 'Edelweiss Asset Reconstruction Company Limited', in Civil Appeal No. 8129 of 2019, which clearly laid down that all claims which have not been dealt in the Resolution Plan does not survive after the approval of Resolution Plan.

6.

Insofar as statutory waivers and concessions, Adjudicating Authority has rightly observed that SRA to file appropriate necessary application before the necessary Forum/Authority in order to avail the relief and the concession.

7.

The Resolution Plan having been approved it is always open for the Applicant to make an appropriate application before the Statutory Authority for grant of such relief as permissible after approval of the Resolution Plan.

8.

It goes without saying that all past liabilities which are not dealt with in the Resolution Plan stand extinguished by view of the Judgment of the Hon'ble Supreme Court in 'Ghanshyam Mishra & Sons Private Limited' (Supra) which is a well settled law."