Mr. Hasti Mal Kachhara

The Company Petition CP(IB)/26(MP)2024 filed by Nirmal Kumar Jain & Ors., the Financial Creditor/Home Buyers, was admitted by this Adjudicating Authority U/s 7 of IBC, vide Order dated 16.10.2024, by inter-alia initiating CIRP against the Corporate Debtor by appointing the Applicant as the Interim Resolution Professional etc.

Public Announcement: Accordingly, the Applicant made a public announcement on 18.10.2024 in newspapers namely i.e., Freepress Journal (English Newspaper) and Naidunia (Hindi Newspaper) thereby inviting claims from the creditors of the Corporate Debtor, in terms of Regulation 6(1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations"). The last date for submission of claim was specified as 01.11.2024.

Verification of claims and constitution of CoC: Pursuant to the Public Announcement, the Applicant received claims from a class of creditors, being homebuyers, in Form CA wherein they selected and/or nominated their Authorized Representative, as well as from other Financial Creditors, including Related Parties. The Applicant duly verified and collated all claims submitted. The Committee of Creditors (“CoC”) was constituted on 01.11.2024, comprising the Unsecured Financial Creditors belonging to a Class of Creditors. The CoC at this stage comprised solely of Unsecured Financial Creditors in a class (Homebuyers). The details of members and voting percentage is as follows:

Further, the Applicant filed IA No. 461 of 2024 on 06.11.2024 under Section 60(5) of the Code for placing on record the report of constitution of the CoC as on 01.112024. The same was taken on record vide order dated 13.11.2024.

Nomination of Authorised representative by Home buyers: For the class of homebuyers under Section 21(6A)(b) of the Code read with Regulation 16A of the CIRP Regulations, the majority of creditors nominated Mr. Vikas Gopichand Khiyani as the Authorized Representative from amongst the three proposed professionals. Accordingly, the Applicant filed IA No. 460 of 2024 on 06.11.2024 seeking approval of his appointment, which was allowed vide order dated 13.112024 passed by this Hon’ble Adjudicating Authority.

First CoC Meeting and IRP as RP confirmation: The first CoC meeting was held on 11.11.2024 and the Applicant was appointed as the Resolution Professional of the Corporate Debtor.

Appointment of valuers: In compliance with Regulations 27 and 35 of the CIRP Regulations, the following Registered Valuers were appointed to determine the Fair Market Value and Liquidation Value of the Corporate Debtor. The details of appointed registered valuers is as follows:

Third CoC Meeting and Expression of Interest (EOI): The Applicant submits that in terms of the provisions of section 25(2)(h) of the Code read with regulation 36A(1) of the CIRP Regulations, 2016, invitations in Form ‘G’ for Expressions of Interest (“EoI”) from potential resolution applicants were issued. Form ‘G’ was published on 11.12.2024 for submission of resolution plans for the Corporate Debtor. The last date for receipt of EoIs was 26.12.2024. This was published in Free Press Journal (English Language) (Indore edition) and Nai Dunia (Regional Language) (Indore edition).

The Applicant submits that in response to the invitation for EoI, upto the last date, i.e., 26.12.2024, 3 EoI were received, and as per the timelines, the Provisional List was issued on 02.01.2025 and thereafter the final List of Prospective Resolution Applicant was issued on 13.01.2025 consisting a total of 3 PRA’s. The details of which are as follows:

Further, in the 3rd CoC Meeting held on 15.01.2025, discussion and deliberation on approval of Evaluation Matrix and Request for Resolution Plan ("RFRP") was held, post which the CoC members approved the RFRP and Evaluation Matrix.

Appeal filed before Hon’ble NCLAT to set aside the CIRP order and NCLAT orders: In the meantime, one of the shareholders Ms. Jayashree Agnihotri, had filed two appeals bearing Company Appeal (AT)(Insolvency) Nos. 2112 and 2113 of 2024 before the Hon'ble National Company Law Appellate Tribunal (NCLAT), seeking to set aside the impugned orders dated 16.10.2024, passed by the Adjudicating Authority, Indore Bench, in CP(IB)-26(MP)/2024 and IA No. 386 of 2024. A third appeal was also filed by suspended management Mr. Ashok Kumar Jain bearing no. Company Appeal (AT) (Insolvency) No. 2335 of 2024 assailing the Order of Admission in CP(IB)-26(MP)/2024.

The Applicant submits that in the appeals preferred by the Shareholders and Suspended Board of Directors ('SBOD') before the Hon’ble NCLAT, vide its order dated 31 January 2025, an interim stay on further CIRP was ordered that “no further steps be taken in the CIRP of the Corporate Debtor by the RP. RP shall also not incur any further expenses in the CIRP of the Corporate Debtor”.

The Applicant submits that after completion of pleadings and hearings all the side, the Hon'ble NCLAT has dismissed the 3 Appeals and hence the stay on the further CIRP was vacated vide the Final order passed by the Hon’ble NCLAT dated 20 .05.2025. On account of the stay on further CIRP as ordered by the Hon ble NCLAT, the same resulted in a stay for a period of 109 days (from 31 January 2025 to 19 May 2025).

Fourth CoC and Exclusion of period from the CIRP of CD: The Applicant submits that during the 4th CoC meeting held on 29.05.2025, a Resolution seeking exclusion of 109 days between 31.01.2025 (date of stay granted by the Hon'ble NCLAT) and 20.05.2025 (date of dismissal of appeals/ stay vacated by the Hon'ble NCLAT) from the CIRP period of Corporate Debtor was put for consideration. The said resolution was put for vote, and the same was approved with the requisite Majority of more than 66% votes in favour. Accordingly, IA No. 236 of 2025 was filed seeking exclusion of 109 days before this Hon'ble Adjudicating Authority, wherein this Hon'ble Court was pleased to grant the said exclusion vide order 06.06.2025.

The Applicant submits that pursuant to the order dated 20.05.2025 passed by the Hon’ble NCLAT upholding the CIRP proceedings, the process of consideration of Resolution Plans was continued.

Reconstitution of CoC: The Applicant further submits that additional claims were received from certain creditors and were duly verified and admitted based on the information and documents furnished by the respective creditors, as well as the financial records of the Corporate Debtor as on 20.05.2025. In view of admission of the said claims, the CoC was reconstituted. Accordingly, the Applicant filed IA No. 233 of 2025 on 03.06.2025 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“Code”), seeking to place on record the report regarding re-constitution of the CoC as on 20.05.2025. The said application was allowed by this Hon’ble Tribunal vide order dated 14.07.2025.

It is further submitted that no claims were received from Operational Creditors, Employees, Workmen or Government Authorities despite public announcement.

Seventh CoC and first discussion on Resolution Plan submitted by PRA’s: The applicant submitted that after Hon'ble NCLAT upheld CIRP Proceedings vide order dated 20.05.2025, a total of three Prospective Resolution Applicants (PRAs) as also mentioned above submitted their Resolution Plans by the due date of 08.06.2025. All plans were received within the stipulated timeline. The Resolution Plans were opened during the 6th CoC meeting held on 17.06.2025 in the presence of the respective PRAs. Thereafter, during the 7th CoC meeting held on 27.06.2025, discussions were held with one PRA, while the other two PRA sought time to join on next day i.e. 28.06.2025. On 28.06.2025 detailed discussions and negotiations were undertaken with the other two PRA, following which the CoC members decided that the revised final resolution plans, after considering the points and concerns of the CoC, shall be submitted by 30.06.2025.

Eight CoC and second Discussion and Approval of the revised Resolution Plan All three revised Resolution Plans were received within the revised timeline. During the 8th CoC meeting held on 03.07.2025, all three Resolution Plans were placed before the Committee of Creditors for consideration and voting along with other relevant agenda items in terms of the provisions of the Code. The CoC evaluated each of the plans. Pursuant thereto, the e-voting window was opened on 04.07.2025 and concluded on 08.07.2025. Upon conclusion of e-voting, the Resolution Plan of Mr. Rajendra Hirani secured 100% voting share of the voting members of the CoC. A copy of minutes along with voting result is placed at Annexure 16 of the application.

Issuance of Letter of Intent to SRA: Pursuant to approval of the Resolution Plan and declaration of Mr. Rajendra Hirani as the Successful Resolution Applicant (‘SRA’), the Resolution Professional, with the approval of the CoC and on behalf of the Corporate Debtor, issued a Letter of Intent (LoI) on 09.07.2025. The said Letter of Intent was unconditionally accepted by the SRA. A copy of the LoI dated 09.07.2025 is annexed as ‘Annexure 19’ of the main application.

Compliance u/s 29A: The Applicant submits that the SRA submitted the affidavit under Section 29A of the Code, which is annexed at ‘Annexure 17’ of the main application. The final Resolution Plan dated 30.06.2025, along with all annexures thereto, submitted by Mr. Rajendra Hirani is annexed as ‘Annexure 18 (colly)’ of the main application.

Reports of valuers: The Registered Valuers submitted their valuation reports determining the Fair Market Value and Liquidation Value as follows:

Land & Building

Securities & Financial Assets

The applicant has confirmed that based on the accounting records of the corporate debtor, there was a potential transaction falling u/s 43 of the code. The RP took steps to and necessary efforts, upon which he was able to recover the entire amount of 9.59 lacs in to the CIRP. A perusal of Form - H also confirms the same.

The Corporate Insolvency Resolution Process (CIRP) was initiated against Pushp Ratna Realty Private Limited (Corporate Debtor) on 16 October 2024, being the insolvency commencement date and the date of appointment of the Interim Resolution Professional. The original period of 180 days from the insolvency commencement date was due to expire on 14 April 2025. During the pendency of the CIRP, the Hon’ble NCLAT granted a stay on 31.01.2025, which remained in operation until 20.05.2025, when the appeals were dismissed and the stay was vacated. Consequently, a period of 109 days stood excluded from the CIRP timeline. The said exclusion of 109 days has already been allowed by the Hon’ble Adjudicating Authority.

Upon giving effect to the aforesaid exclusion, the revised 180th day of the CIRP falls on 01.08.2025. No extension beyond 180 days (as revised) was required. In view of the above, the present application has been filed within the revised CIRP period and is well within the timeline prescribed under Section 12 of the Insolvency and Bankruptcy Code, 2016. Accordingly, the application is within limitation and is maintainable in law.

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

Key Features of the Resolution Plan: The revised Resolution Plan, submitted by Mr. Rajendra M Hirani on 30.06.2025 and approved by the Committee of Creditors (CoC) with 100% voting share on 08.07.2025 is designed to ensure the revival of Pushp Ratna Realty Private Limited as a going concern, in alignment with the objectives of Section 30 of the Insolvency and Bankruptcy Code, 2016 (IBC).

Acquisition as a Going Concern: The Plan prioritizes on the acquisition of corporate debtor as going concern.

Proposed Strategy of Resolution Applicant: ^The strategy of the Resolution Applicant, as reflected in the approved Resolution Plan, is to assume control and possession of all assets of the Corporate Debtor upon approval of the Plan, including immovable properties, movable assets, inventories, receivables and investments. The Resolution Applicant proposes to monetise identified non-core assets and investments and utilise the proceeds, along with infusion of requisite working capital, for payment to creditors and revival of the Corporate Debtor. The Plan contemplates completion of the pending real estate project by leveraging the existing land parcel and securing all necessary statutory approvals, including those from planning authorities, RERA and the Municipal Corporation, which are estimated to be obtained within 10–12 month.

The Resolution Applicant, having substantial experience in the real estate sector, proposes to recommence construction post regulatory approvals and complete the semi-constructed as well as remaining towers in accordance with the timelines stipulated in the Resolution Plan. An estimated amount of approximately ₹35 Crores has been factored towards approvals, construction costs, marketing, finance costs, administrative expenses and structural rectification, and the Resolution Applicant has undertaken to infuse additional working capital, as and when required, to ensure timely completion of the project and fulfilment of commitments to homebuyers and other stakeholders.

CoC’s Commercial Wisdom: The 100% voting approval reflects the CoC’s collective business judgment, which is paramount under the IBC, as held in K. Sashidhar v. Indian Overseas Bank [(2019) 12 SCC 150, Para 62]. The CoC’s resolution balances the interests of stakeholders, prioritizing financial creditors’ recovery while preserving the Corporate Debtor’s economic value, in line with Section 30(4)(a).

Regulatory Compliance: The CoC ensured that the Plan complies with Section 30(2) requirements, including priority payment of CIRP costs, settlement of creditor dues, and provisions for management and implementation.

Details of Resolution Plan/Payment Schedule: The Applicant submits the relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the Resolution Applicant, i.e., Rajendra Hirnai under the said Resolution Plan is tabulated as under:

What is inferred from the above-mentioned table is as follows:

Effective date: The Resolution Plan defines “Effective Date” as – Effective Date /NCLT Approval Date/ "E" shall refer to the date of approval by NCL T and final order is available to the Resolution Professional in case of any appeal being preferred before higher authorities in which case the Effective Date shall be the date on which the Hon'ble NCLAT/High Court/ Supreme Court of India passes appropriate order. This has been referred to as "E" at relevant places in this Resolution Plan.

Sources of Funds and Implementation Schedule: Details provided at Exhibit 3.2.:

WAIVERS / RELIEFS / CONCESSIONS SOUGHT UNDER CLAUSE:

We have heard the submissions advanced by the Learned Counsel for the Resolution Professional and perused the entire material available on record, including the Resolution Plan submitted by Mr. Rajendra Hirani, the minutes of the Committee of Creditors meetings, voting results, Form-H, valuation reports, performance security documents, affidavits filed under Section 29A of the Insolvency and Bankruptcy Code, 2016, and the Additional Affidavit filed pursuant to directions of this Adjudicating Authority.

The Resolution Plan was placed before the Committee of Creditors in its 8th CoC Meeting held on 03.07.2025. Upon conclusion of the e-voting process on 08.07.2025, the Resolution Plan submitted by Mr. Rajendra Hirani was approved with 100% voting share of the voting members of the Committee of Creditors. The minutes reflect that the CoC deliberated upon the financial proposal, project completion mechanism, feasibility, implementation schedule and funding structure before approving the Plan.

It is settled law that this Adjudicating Authority does not sit in appeal over the commercial wisdom of the Committee of Creditors. The scope of judicial review under Section 31 of the Code is confined to examining whether the Resolution Plan satisfies the requirements laid down under Section 30(2) of the Code and the applicable Regulations. The commercial decision of the CoC, taken after due deliberation and with requisite majority, is not to be interfered with unless it contravenes any provision of law.

Upon examination of the Resolution Plan and the compliance affidavit filed by the Resolution Professional, we are satisfied as under:

CIRP Costs: The Plan provides for payment of Insolvency Resolution Process Costs in priority to all other debts, in accordance with Section 30(2)(a) of the Code at actuals

Operational Creditors: It is recorded that no claims were received from Operational Creditors, employees, workmen, or statutory authorities pursuant to the public announcement. Accordingly, no distribution arises under this category.

Financial Creditors: There are no dissenting Financial Creditors. The Resolution Plan has been approved by the CoC with 100% voting comprising of 16.82% voting share of Unsecured financial creditors and 83.18% voting share of Unsecured financial creditors belonging to class of creditors (Homebuyer’s). The distribution to them has been structured in accordance with the commercial decision of the CoC. The CoC considered the valuation reports (Fair Value and Liquidation Value) before approving the Plan. The approval with 100% voting share reflects satisfaction regarding feasibility and viability.

Management and Control: The Plan provides for transfer of management and control of the Corporate Debtor to the Successful Resolution Applicant upon approval of the Plan and constitution of the Monitoring Committee.

Implementation & Supervision: The Plan contains a detailed implementation schedule and monitoring mechanism. Performance Security equivalent to 10% of the Plan Value has been furnished and converted into Fixed Deposit in compliance with the RFRP.

No Contravention of Law: Nothing has been brought on record to suggest that the Resolution Plan contravenes any provision of law for the time being in force.

Value Offered: The Resolution Plan provides for payment to the stakeholders of the Corporate Debtor in accordance with the terms approved by the Committee of Creditors. It is noted that the value offered under the Resolution Plan amounting to INR 25,00,86,790 is higher than the liquidation value of the Corporate Debtor, which has been determined at INR 21,17,50,000/- as per the details provided in the application. Accordingly, the Resolution Plan ensures value maximization and has been approved by the Committee of Creditors with the requisite voting share.

The Resolution Plan also conforms to other IBBI Regulations as given hereunder:

a. The resolution plan adequately deals with the interest of all stakeholders of the corporate debtor. Thereby, the Resolution Plan is in compliance with Regulation 38(1A) of the CIRP Regulations.

b. It is submitted that neither the Resolution Applicant nor any of its related parties have at any time failed to implement or contributed to the failure of implementation of any other resolution plan which was approved by the Adjudicating Authority. Thereby, the Resolution Plan is in compliance with Regulation 38(1B) of the CIRP Regulations.

c. The term of the Resolution Plan and its implementation schedule is given in Exhibit 3.8 at page 36-37 of the Resolution Plan. It provides for proposed payment to the various Stakeholders within 60 days from the approval of the Resolution Plan by the Adjudicating Authority. For ready reference the implementation schedule is reproduced herein below:-

d. The Resolution Plan addresses the cause of default; is feasible and viable; has provisions for its effective implementation; contains provisions for approval required and the timeline for the same. Further, that the resolution applicant has the capability to implement the Resolution Plan. Thus, Regulation 38(3) of the CIRP Regulations has been complied with.

Accordingly, the Plan satisfies the mandatory requirements of Section 30(2) of the Code read with Regulations 38 and 39 of the CIRP Regulations

It is pertinent to record that IA (Plan) No. 3 of 2025 was last listed on 07.01.2026, when this Adjudicating Authority directed the Applicant to place on record:

In compliance with the aforesaid direction, the Resolution Professional filed an Additional Affidavit placing on record:

Net Worth Certificate duly issued by a Chartered Accountant certifying the net worth of the Resolution Applicant of INR 41,96,53,138 as on 31.03.2024 (Annexure–1 of the Affidavit).

Experience Certificate and documentary evidence demonstrating the Successful Resolution Applicant’s experience in the real estate sector. It is stated that Mr. Rajendra Hirani has been associated as a Partner with various real estate entities including Darshan Properties, Darshan Legacy and Darshan Group, under which multiple real estate projects such as Promesa Fremont, Promesa Midtown, Darshan Inara and Promesa Castor have been launched. Relevant project brochures have been annexed (Annexure–2 Colly.);

Project Completion Timelines, With regard to the same, the Successful Resolution Applicant has intimated that the existing project of the Corporate Debtor as envisaged under the approved Resolution Plan is proposed to be completed as under:

The Net Worth Certificate evidences the financial capability of the Resolution Applicant to implement the Resolution Plan. The experience documents demonstrate technical expertise and sectoral experience in the development and execution of real estate projects.

The Additional Affidavit has been filed only in compliance with the specific direction of this Bench and does not alter the commercial terms already approved by the Committee of Creditors with 100% voting share. We are satisfied that the Successful Resolution Applicant possesses adequate financial strength, technical capability and domain experience to implement the Resolution Plan effectively.

In Exhibit 3 (as also mentioned in para 4.11 of this order), Exhibit 4 and Exhibit 5 of the Resolution Plan, the SRA has sought the reliefs and concessions. The stated effect of the Resolution Plan and reliefs & concessions as prayed for shall be available in accordance with the principle laid down by Hon’ble Supreme Court in case of Ghanshyam Mishra and Sons Private Limited v/s. Edelweiss Asset Reconstruction Company Limited {(2021) 13 S.C.R 737} & Municipal Corporation of Greater Mumbai vs. Abhilash Lal and Ors. (2019) ibclaaw.in 480 NCLAT. Further, it is clarified and ordered that -

a. The Plan seeks waivers from procedural requirements under the Companies Act, 2013, such as those under Section 66 for future capital reduction, and extinguishment of all liabilities not covered by the proposed payments. These reliefs are consistent with the IBC’s clean slate principle, as upheld in Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta [(2020) 8 SCC 531].

b. The Income Tax Department shall be at liberty to examine the tax implications arising from the proposals contained in the plan, in terms of Section 2(24), Section 28 and Section 56 of the Income Tax Act, 1961 read with GAAR provisions thereunder.

c. The Applicant shall file necessary forms and pay prescribed fees, if any, in terms of provisions of the Companies Act, 2013 in relation to reduction in capital and issuance of fresh capital, however, the Registrar of Companies shall waive the additional fees, if any, payable on such filing.

d. The SRA may approach prescribed authorities for waiver/reduction in fees, charges, stamp duty, and registration fees, if any arising from actions contemplated under the Resolution Plan and such request shall be subject to the relevant law/statute and adherence to the procedure prescribed thereunder.

e. The SRA may file appropriate application, if required, for renewal of all Business Permits, rights, entitlements, benefits, subsidies and privileges whether under applicable Law, contract, lease or license granted in favour of the Corporate Debtor or to which the Corporate Debtor is entitled to or accustomed to, which have expired on the Effective Date, and follow the dues procedure prescribed for the purpose upon payment of prescribed fees. The contract with third parties shall be subject to consent of such parties. It is clarified that continuance of approvals shall not be refused on account of extinguishment of any dues under Code and extension or renewal thereof shall not be denied on account of past insolvency of the Corporate Debtor. No action shall lie against the Corporate Debtor for any non-compliances arising prior to the date of approval of Resolution Plan, however, such non-compliances shall be cured, if necessitated to keep the approval in force, after approval of the plan within period stipulated in the Resolution Plan. The Compliances under the applicable law for all the statutory appointments by the Corporate Debtor shall be completed within 12 months, where after, the necessary consequence under respective law may follow.

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

g. The carry forward of losses and unabsorbed depreciation shall be available in accordance with the provisions of Income Tax Act, and the Income Tax Department shall be at liberty to examine the same.

h. An application for compounding/condoning shall be filed in accordance with the procedure specified in respective law or concerned authority, however, no fine or penalty shall be imposed for non-compliances till the date of approval of this Plan or such further period as is permitted in terms of this Order.

ROC shall update the records and reflect the Corporate Debtor as ‘Active’ upon filing of pending returns/forms after payment of normal fees (not additional fee). In case such filing is not permitted by the e-filing portal, the ROC shall accept such forms/returns in physical format and manage to upload the same by back-end without requiring payment of additional filing fees leviable for the period upto approval of Resolution Plan. The Corporate Debtor shall be exempted from using the words “and reduced”.

j. The Resolution Applicant, the Corporate Debtor and the assets of the Corporate Debtor forming part of Resolution plan shall have immunity, privileges and protection as is available in the form and manner stated in Section 32A of the Insolvency and Bankruptcy Code, 2016.

k. The relief, concession or waiver contemplated in the approved Resolution Plan under any of its part shall be available to the Corporate Debtor only to the extent as enumerated above and such relief, concession or waiver shall not extend to its subsidiaries, joint-ventures or associates/affiliates, who have not been subjected to resolution in the present CIRP process of Corporate Debtor. However, it is clarified that no claim or action shall lie against the Corporate Debtor in relation to any financial or any kind of obligation of subsidiaries, joint-ventures or associates/affiliates, whether past or arising in future.

The proviso to Sub-Section (1) of Section 31 of the Code, 2016 states that before passing any order for approval of the resolution plan, the Adjudicating Authority should also satisfy that the resolution plan has provisions for its effective implementation. In view of the discussions and findings as made hereinabove, we are satisfied that Resolution Plan in question meets the requirements as referred to in Sub-Section (2) of Section 30 of the IBC and the Resolution Plan also contains the provisions for its effective implementation, and in the result.

It is clarified and observed that any relief, concession or waiver sought in the Resolution Plan, which has not been specifically dealt with in sub-paras (a) to (k) of para 5.9 hereinabove, or which is not permissible in terms of the law laid down by the Hon’ble Supreme Court in Ghanshyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited and the decision in Municipal Corporation of Greater Mumbai v. Abhilash Lal & Ors., or is otherwise contrary to the provisions of the Insolvency and Bankruptcy Code, 2016 read with the applicable Regulations, shall be deemed to have been rejected.

Further, The Resolution Applicant to give an undertaking that the submission of the Resolution Plan is unconditional, and the granting or refusal of the relief/concessions will not affect the implementation of the Plan.

It is pertinent to observe that the Resolution Plan provides for payment of 100% of the admitted claims of the creditors, as placed on record.

Hence, IA (Plan) 03 (MP) of 2025 is allowed, and the Resolution Plan is approved under Section 31(1) of the IBC, subject to the following consequential directions: -

The SRA shall implement the Plan within 60 days from the date of this order and in timelines as detailed in plan, subject to no stay in pending appeals before the NCLAT or the Supreme Court.

In the event of a stay by the NCLAT or Supreme Court, the RP shall inform this Tribunal within 7 days, and the implementation timeline shall be extended by the duration of the stay, subject to further orders from this Tribunal or the appellate authority.

The SRA shall obtain the necessary approval from statutory authorities within a period of 12 months as required under the provisions of law.

The RP shall constitute the Implementation and Monitoring Committee and the reconstituted Board as per the Plan, ensuring a seamless transition of management control within in period or as agreed.

All liabilities not covered by the Plan’s payments are extinguished on the Effective Date, i.e., on approval of the Plan, and all securities, guarantees, and encumbrances are transferred to the SRA or his nominee, as per the Plan’s terms.

The SRA shall comply with all statutory filings and approvals required post-implementation, including filings with the Registrar of Companies and other authorities.

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

The Applicant shall supervise the implementation of the Resolution Plan and file status of its implementation before this Authority from time to time, preferably every quarter.

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.

As a result, the Application bearing IA(IBC)(PLAN)3/2025 stands allowed & disposed of.