Ravindra Kumar Goyal

The case is fixed for the pronouncement of the order. The order is pronounced in the open court, vide separate sheet.

This application is filed by the Resolution Professional of Fairdeal Multifilament Private Limited (for brevity, “Corporate Debtor”) under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016 (for brevity, the “Code”) r.w. Regulation 39(4) of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 seeking the following prayers:

ii) It is submitted by the applicant that an application bearing IA No. 450 of 2023 was filed by the IRP namely Sachin Naveen Sinha seeking, inter alia, to remove the deadlock in the CIRP and appoint the IRP as Resolution Professional of the CD and for directing the CoC members and Unsecured Financial Creditors to cooperate with the IRP for smooth functioning of CIRP. That, in view of the consent of both the sides of the CoC for appointment of new RP from IBBI approved panel of RP and, in view of the powers vested under Rule 11 of the NCLT Rules, 2016, this AA vide order dated 09.10.2023 had appointed M/s. Fintech Restructuring LLP as RP in the matter. Copy of the order dated 09.10.2023 passed by this Tribunal in IA No. 450 of 2023 appointing M/s. Fintech Restructuring LLP as the RP of CD ("erstwhile RP") is annexed in the application as Annexure-[B].

iii) That application bearing IA(Plan) No. 18 of 2024 was filed by the erstwhile RP seeking approval of resolution plan of the CD and, an application bearing IA No. 900 of 2024 was preferred by one Manoj Zabbarraj Shanklecha and Mr. Zabbarraj Shanklecha for inter alia, setting aside the constitution of CoC and for quashing and setting aside the 15th meeting of CoC held on 02.04.2024 along with its voting result whereby the resolution plan was approved by the CoC. Further, an application bearing IA No. 576 of 2024 was filed by the erstwhile RP for condonation of delay and for extending the time limit by 30 days from 31.03.2024 to 30.04.2024 for completion of the CIRP of the CD.

iv) It is stated that this AA vide common order dated 03.09.2024, the said IAs had rejected the resolution plan submitted by M/s. Parth Poly Coat Yarn Private Limited and were further of the opinion that the erstwhile RP i.e., Fintech Restructuring LLP had not discharged their duty in line with the provisions of the IB Code, 2016 and its respective Regulations. In view of the same, this AA had removed the erstwhile RP and appointed the Applicant herein as the RP of the CD. Copy of the order dated 03.09.2024 passed by this AA appointing the Applicant herein as the RP of the CD is annexed as Annexure-[C].

vi) It is submitted that pursuant to the order dated 03.09.2024 the Applicant took physical possession of the plant of the CD situated at Block No. 49, NR Gopinath Industrial Park, Chacharwadi, Vasana, Ahmedabad, Sanand, Gujarat, India, 382110 on September 10, 2024. Further, the security agency was also changed by the Applicant herein and took the custody of the plant.

vii) It is stated that the Applicant had also reconstituted CoC and the report of the same was filed by the Applicant before this Adjudicating Authority vide IA No. 1715 of 2024. That this AA vide order dated 06.12.2024 passed in IA No. 1715 of 2024 was pleased to allow the said IA. Copy of the report of the Applicant in relation to the reconstitution of CoC is annexed in the application as Annexure-[D] and copy of the order dated 06.12.2024 passed by this Tribunal in IA No. 1715 of 2024 is annexed as Annexure-[E].

viii) Further, the Applicant herein convened 19th CoC meeting on 13.09.2024 wherein the Applicant apprised the CoC about the order dated 03.09.2024 passed by this AA and apprised the CoC about the actions taken by the Applicant from the order dated 03.09.2024 till the holding of the 19th CoC meeting. ix) It is stated that the discussion with regard to reissuance of Form-G and Eligibility Criteria had also taken place in the said meeting and resolution regarding the same was passed by the CoC. Copy of the minutes of the 19th CoC meeting dated 13.09.2024 is annexed in the application as Annexure-[F].

xi) It is submitted that 20th CoC meeting of the CD was held on 07.10.2024 wherein, the Applicant informed the CoC about the development in the process and informed the CoC about the issuance of Form-G. Further, the name/ summary of the Prospective Resolution Applicants ("PRAs") were also shared by the Applicant with the CoC members.

xii) It is stated that the Applicant herein has also prepared Information Memorandum of the CD. Copy of the Information memorandum the CD is annexed in the application as Annexure-[H].

xiii) It is submitted that the resolution with regard to Evaluation Matrix and Evaluation of Resolution Plans and Request for Resolution Plan ("RFRP") was also passed by the CoC. Copy of the minutes of the 20th CoC meeting held on 07.10.2024 is annexed in the application as Annexure-[I]. Copy of the Evaluation Matrix and Request for Resolution Plan is annexed in the application as Annexure- [J].

xiv) It is further stated that the Applicant herein has also prepared the final list of Eligible Resolution Applicants. Copy of the Final List of Eligible Resolution Applicants is annexed in the application as Annexure-[K].

xv) It is stated that pursuant to the interest received from prospective resolution applicants, the Applicant had received 4 resolution plans. That the status of the receipt of four resolution plans as on 14.11.2024 was presented before the CoC in the 21st CoC meeting held on 18.11.2024.

xvi) It is stated that the CoC in the said 21st CoC meeting dated 18.11.2024 unanimously decided to not to extend deadlines for submission of resolution plan and decided to open four resolution plans received by RP from PRAs.

xvii) The applicant submits that thereafter, in the 21st CoC meeting held on 18.11.2024, four plans (two hard copies and two soft copies) were opened and the Applicant therein presented before CoC members the amount offered by PRAs to the creditors. The Applicant in the said CoC meeting stated that he will conduct due diligence of the PRAs and legal vetting of the resolution plans and will present resolution plan before CoC members in the next CoC meeting scheduled for 25.11.2024 and the Applicant will also ask the PRAs to present their plan in detail before the CoC in the next CoC meeting scheduled on 25.11.2024.

xviii) That the CoC in the said CoC meeting also discussed regarding extension of CIRP period by further 90 days. That the CoC by 71.17% majority voted in favour of the resolution for extension of CIRP period by further 90 days. In view of the same, the Applicant had filed an application bearing IA No. 1858 of 2024 before this Adjudicating Authority seeking extension of CIRP period by further 90 days from 03.12.2024. Copy of the minutes of the 21st CoC meeting held on 18.11.2024 along with its voting result is annexed in the application as Annexure-[L].

xix) The applicant submits that 22nd CoC meeting of the CD was held on 25.11.2024 wherein the Applicant had invited all the resolution applicants and detailed discussion between the CoC members and the PRA had taken place. Thereafter, for maximizing the benefit for all the stakeholders of the corporate debtor, the CoC was of the view that it is better to give one opportunity to PRAs to revise their financial proposals. Accordingly, it was decided to give the timelines for submitting revised financial proposal by 28.11.2024 and next CoC meeting was decided to be held on Friday 29.11.2024 to discuss the revised financial proposal. Copy of the minutes of the 22nd CoC meeting held on 25.11.2024 is annexed in the application as Annexure-[M].

xx) It is stated that the 23rd meeting of the CoC was held on 29.11.2024 wherein revised financial proposals submitted by the PRAs were discussed in detail with CoC members and PRAs. That the Applicant in the said 23rd CoC meeting held on 29.11.2024 had asked the CoC members that as envisaged in regulation 39(1A) the resolution plan can be modified only once and CoC has a right to use a challenge mechanism to enable resolution applicants to improve their plans in which one plan is considered as base plan and all bidders are asked to bid considering the base plan. The CoC members present in the said meeting unanimously decided to not to exercise their right to use a challenge mechanism and to give PRAs one opportunity to submit their revised resolution plan and additional time was granted till 02.12.2024 till 7:30 pm.

xxi) It is that the Applicant in the said 23rd CoC meeting held on 29.11.2024 also made it clear to all PRAs that if no revised plan is received by the date, the earlier original plan will be taken as final and will be proceeded as per IB Code. The Applicant further requested and reminded the timeline of the CIRP and requested all members to support in timely voting and all issues for which CoC members took a note. Copy of the minutes of the 23rd CoC meeting held on 29.11.2024 is annexedin the application as Annexure-[N].

xxii) It is submitted that the 24th CoC meeting was held on 03.12.2024 wherein it was apprised to the CoC members that one of the PRAs namely Consortium of Sonal Yogeshbhai Shah with Shubhlaxmi Trading had withdrawn from the process of submitting the resolution plan and the other PRA namely Consortium of Zabbaraj Sanklecha with Manoj Zabbaraj Sanklecha had not given a revised resolution plan.That since they had not submitted the revised resolution plan and accordingly initial plan was to be considered, the initial resolution plan was not be put for voting since the same was conditional plan and non-compliant with the provisions of IB Code.

xxiii) It is submitted that the Applicant had received revised resolution plan from two PRAs i.e., Parth Poly Coat Yarn Private Limited and Aureate Tradde Private Limited. That both the plans were opened and presented during the said 24th CoC meeting held on 03.12.2024. The CoC members had detailed discussions on both the plans. The Applicant in the said CoC meeting stated that he will evaluate both the plans as per evaluation matrix approved by CoC and will put for voting in next CoC. The CoC members presented in the meeting unanimously decided that next CoC will be held on December 07, 2024 04:00 P.M.

xxiv) That the discussion with regard to the Tie Breaker Formula was also held in the 24th CoC meeting held on 03.12.2024 wherein all the CoC members presented in the meeting had decided that in case of receipt of equal votes, the PRA who will receive higher Evaluation Matrix Scores will be considered as successful. Copy of the minutes of the 24th CoC meeting held on 03.12.2024 is annexed in the application as Annexure-[O].

xxv) It is submitted that the 25th meeting of the CoC was held on 07.12.2024 wherein the Applicant informed that he has evaluated the revised plans received from two PRAs i.e., Parth Poly Coat Yarn Private Limited and Aureate Tradde Private Limited as per Evaluation Matrix. Further, the Applicant apprised the CoC that pursuant to Regulation 39 sub regulation (3) of IBBI (CIRP) Regulations, 2016, the CoC shall evaluate the resolution plans as per Evaluation Matrix, record its deliberation by the way of the feasibility and viability of each resolution plan and vote on such resolution plans simultaneously.

xxvi) It is stated that both the resolution plans submitted by Parth Poly Coat Yarn Private Limited and Aureate Tradde Private Limited were put up for voting and the voting period was from 09.12.2024 at 01:31 PM to 11.12.2024 at 07.00 PM.

xxvii) Meanwhile, application bearing IA No. 1858 of 2024 which was filed by the Applicant herein seeking extension of CIRP period was listed on 11.12.2024 wherein, this AA was pleased to extend the CIRP period upto 21.12.2024 and the Applicant was directed to complete the CIRP of the CD within the said extended period. Copy of the CIRP extension order dated 11.12.2024 passed by this AA is annexed in the application as Annexure-P.

xxviii) It is stated that the voting on the resolution plan was concluded on 11.12.2024 wherein, CoC members with 69.32% of voting had voted in favour of the resolution plan submitted by Aureate Tradde Private Limited and CoC members with 80.00% of voting had voted in favour of the resolution plan submitted by Parth Polycoat Yarn Private Limited. That, since plan from Parth Polycoat Yarn Private Limited had received higher votes which is more than the requisite votes, the said resolution plan was approved. Copy of the minutes of the 25th CoC meeting held on 07.12.2024 along with the voting results is annexed in the application as Annexure-[Q]. Copy of the resolution plan submitted by Parth Polycoat Yarn Private Limited ("Successful Resolution Applicant"/ "SRA") duly approved by the CoC ("Successful Resolution Plan"/ "approved resolution plan") is annexed in the application as Annexure-[R] and copy of the requisite documents including Affidavit under Section 29A submitted by SRA is annexed in the application as Annexure-[S].

xxix) It is submitted that pursuant to the approval of resolution plan of SRA, the Applicant issued Letter of Intent dated 12.12.2024 to SRA. Copy of the Letter of Intent dated 12.12.2024 issued by Applicant to SRA which has been accepted by SRA on 13.12.2024 is annexed in the application as Annexure-[T].

Following are the Salient Features of the Resolution Plan submitted by the SRA and approved by the CoC of the Corporate Debtor:-

ii) Rs. 3 Crores is envisaged towards working capital/ Capex for business (within 6 months).

iii) The Resolution Plan provides for the implementation schedule. [@Clause 7.2 of the approved resolution plan]

iv) It provides for Financial Proposal for all stakeholders as per Regulation 38(1A) of CIRP Regulations, 2016. [@Clause 7.3 of the approved resolution plan]

vi) The SRA proposes to pay to all those financial creditors who did not vote in favour of the resolution plan, in priority over financial creditors who voted in favour of the plan in compliance of Regulation 38 of CIRP Regulations, 2016.

vii) The SRA proposes to make an upfront payment of INR 9,13,00,000/- to satisfy the claims of the Secured Financial Creditors within a period of 55 days from the approval date of the resolution plan.

viii) The SRA proposes to make an upfront payment of INR 21,00,000/- to satisfy the claims of Unsecured Financial Creditors within a period of 55 days from the approval date of the Resolution Plan. It is proposed that the upfront cash payment to be made on the pro-rata basis of total admitted claim amount of unsecured financial creditors as on date of approval of this plan, considering share of each of the claimant in the group of unsecured financial creditors. y Date.

ix) For Operational Creditors, the upfront cash payment amount payable to the Operational Creditors under this clause 7.3.5 shall be given priority in payment over the Financial Creditors in compliance of CIRP regulation 38. So, priority shall be given for the payment of upfront amount to Operational creditors Statutory Claim of Government departments, Operational Creditors-Employees and Operational Creditors-Others, over financial creditors.

xi) It provides for NCLT approval date actions (@Clause 7.4.2 of the approved resolution plan)

- Extinguishment of Share Capital by Existing Shareholders and Issuance of new Share. - Discharge of the existing board and constitution of new Board of Directors. - Other Immediate Transactions.

xii) It provides for the implementation of resolution plan (@Clause 7.5 of the approved resolution plan)

xiii) It provides for the management and control of the company during the term of the resolution plan (@Clause 7.6 of the approved resolution plan)

xiv) It provides for the revival plan (@Clause 7.9 of the approved resolution plan)

xv) It demonstrates feasibility and viability (@Clause 7.10 of the approved resolution plan)

xvi) It provides for supervising implementation of plan (@Clause 7.11 of the approved resolution plan)

xvii) Effects on approval of resolution plan (@Clause 7.12 of the approved resolution plan)

xviii) Any relief requested to be granted by the NCLT to Resolution Applicant shall not be construed as conditional to the implementation of the Resolution Plan.

xix) Declarations regarding mandatory requirements under the Code and CIRP Regulations (@Clause 7.17 of the approved Resolution Plan)

xx) Eligibility details in relation to each of the resolution applicants and connected persons under section 29A (@Clause 7.18 of the approved resolution plan).

The Applicant submits that, in terms of the Code, he has carried out his responsibilities diligently to protect and preserve the value of the property of the Corporate Debtor and manage the affairs of the Corporate Debtor.

The Applicant submits that the approved Resolution Plan is compliant with the requirements of section 30(2) of the Code read with Regulation 38 of the CIRP Regulations, 2016 and the Resolution Applicant is eligible to submit Resolution Plan. The Compliance Certificate (Form-H) issued by the Applicant is annexed in the application as Annexure-[U].

It is submitted that the Resolution Plan submitted by the SRA has been duly considered by the CoC of the CD in its commercial wisdom, and pursuant to detailed discussions, deliberations as well as negotiations, the CoC in its commercial wisdom has found the Successful Resolution Plan to be feasible and viable in terms of the requirements under the Code and the CIRP Regulations.

It is submitted that the object of the Code is resolution and maximization of value of stakeholders vis-à-vis liquidation and the Applicant is bound by the commercial wisdom of the members of the CoC. The Resolution Plan value is substantially higher than Liquidation value of the corporate debtor. The Applicant has therefore filed the present Application. The Applicant craves leave of this Adjudicating Authority to add, alter or amend the contents of the present Application.

The summary of Financial Proposal for all the Stakeholders is reproduced below:

The Implementation Schedule and the list of activities to be undertaken as part of the Resolution process is reproduced in the following chart:-

With respect to the preferential, undervalued, fraudulent and extortionate (“PUFE”) transactions, it is stated that: -

With respect to the Performance Security, it is stated that:-

The amounts provided for the stakeholders under the Resolution Plan is as under:

*RA proposing full payment against PF dues of INR 65,135.

**RA is proposing full payment against gratuity dues of the employees of INR 91,940.

Source of Funds: The means of Finance of the above mentioned amountsas mentioned in the plan is reproduced as under:-

The interests of existing shareholders have been altered by the Resolution plan as under:

The compliances of the Resolution Plan is stated to be as under:-

It is further noted that the Applicant/Resolution Professional has placed on record an additional affidavit dated 27.01.2025, filed vide Inward Diary No. D-497, being a declaration affidavit under Section 29A of the Code, in respect of the proposed Directors of the Successful Resolution Applicant. As per the averments made therein, the SRA has proposed the appointment of two new Directors, namely:

Relief and Concession:

Government, State Government or Statutory Authorities, upon the payments being made as per this Resolution Plan or if the same are settled during the judicial process, all claims and/or dues shall stand settled and to the extent of the remaining dues, shall stand extinguished and no proceedings on the basis of any such claims or dues shall be carried out or survive or continue against the Corporate Debtor. No creditor including Governmental Authority shall have any further right or claim against the Corporate Debtor, in respect of any claim or dues prior to the NCLT approval date of this resolution plan.Granted 49.Any liability of tax, interest or penalty under GST Act, whether known or unknown, assessed or unassessed, due or contingent, disputed or undisputed, particularly which might arise due to non-payment to operational creditors by erstwhile management of the corporate debtor, shall stand extinguished upon approval of this resolution plan. Hence, due to action or non-action of past management no GST liability shall come upon the corporate debtor or the Resolution Applicant.Granted 50.The Resolution applicant has fully taken care of all the statutory liabilities / demands etc against the corporate debtor, which are being informed through Information Memorandum or till submission of this resolution plan and the same are provided for in the table of upfront cash payment. The resolution applicant is proposing full settlement of any and all dues against the payment of proposed distribution.Granted Other Commercial Laws 51.The Adjudicating authority shall direct relevant Government departments to: (a) Refund all duties/ taxes paid under protest by the corporate debtor in respect of tax related litigations and (b) continue with tax credits and state incentives available to the Corporate Debtor. (c) There will not be any set off of dues of one department with the credits of the other government department. The Resolution Applicant envisages the Income Tax, Excise, Customs, VAT, GST, Stamp Duty, SEBI, etc as separate departments.(a) Denied (b) Directed to approach concerned authority. (c) Granted 52.Central Board of Direct Taxation ("CBDT"), Central Board of Indirect Taxes ("CBIC"), Customs, Value Added Tax authorities, State Governments TaxDirected to approach the concerned authority who authorities to grant the reliefs / exemptions / waivers from applicability of Sections 41, 79, 170, 281 and any other sections of the Income Tax Act, 1961, for the purposes of implementation of this Resolution Plan;may consider the same in terms of objectives of IBC, 2016. 53.Central Board of Indirect Tax and Customs ('CBIC') to grant GST credit of corporate debtor filed through Transitional form without any adjustments made during CIRP Period.Directed to approach the concerned authority who may consider the same in terms of objectives of IBC, 2016. 54.Corporate Debtor and/or the Resolution Applicant and/or its Affiliates shall not in any manner be implicated in, or in any manner be adversely affected by, or have any liability in relation to any investigations, proceedings, orders or any matters, whether known or unknown, relating to the past management or the promoter group or holding companies, associate companies and/or group companies of the Corporate Debtor and the assets and properties of the Corporate Debtor shall not be attached pursuant to any such investigations;Granted 55.Notwithstanding the terms of relevant agreements, NCLT shall direct that prior approval of the counterparties shall not require to obtained for the change in control / constitution of the company pursuant to the terms of the Resolution Plan and such counter parties (i) shall waive all objections/liabilities of the company arising after intimation of CIRP Process/Bankruptcy Proceeding involving the company, Appointment of RP in respect of the implementation of this resolution plan.Granted 56.That the NCLT be pleased to give or issue necessary directions, instructions to the CBDT, Central Board of Indirect Taxes, Customs, and Value Added Tax authorities to exempt income / gain/ profits, if any, arising as a result of giving effect to the Resolution Plan and from being subjected to income tax in the hands of the Corporate Debtor and/or the Resolution Applicant and/or any such person who is participating in the implementation of the Resolution Plan on behalf of the Resolution Applicant under the provisions of Value Added Tax, Customs, Octroi, Excise duty, Service Tax, Goods & Service Tax, Income Tax Act, 1961 including but not limited to any income tax and Minimum Alternate Tax (MAT) liability arising on account of theDenied Standalone Capital Reduction in Corporate Debtor, write off / write down of current amounts due to employees, vendors and other Operational Creditors, value of assets, value of inventories, write back / reduction of any debt etc. without any impact on brought forward tax and book loss / depreciation and waive all liabilities whether crystallized or not in respect of Taxes (including interest and penalty) arising in respect of periods upto the NCLT Approval Date; 57.NCLT's approval order shall be a directions to all statutory departments, courts, tribunals or any other forums to terminate and withdraw all notices, assessments, appellate or other proceedings pending or likely to be pending in any department, court, tribunal or any other forums against the Company, in relation to any period prior to the NCLT Approval Date and all consequential liabilities, if any, shall, stand extinguished and be considered as not payable by the Company on approval of this resolution plan by the NCLT and any re-assessment, revision or other proceedings would be deemed to be barred in relation to any period prior to the NCLT Approval Date, by virtue of the order of the Adjudicating AuthorityGranted approving this resolution plan and the Company and new management shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto. 58.All suits, writ petition, revision, claim, Litigation, disputes or other proceedings of whatsoever nature against the Company by any of the existing creditors or statutory department like Income Tax, GST, Sales Tax, PF, ESIC or any Labour laws, Municipal Corporation of Greater Mumbai etc. are filed /pending before any Court or any authority under any Act the same shall be terminated on the effectiveness of the resolution plan and the rights, obligations and liabilities of the creditors under the resolution plan shall be governed by the terms of this resolution plan. The proceedings in the above clause means legal proceedings against the company which may arise directly/indirectly from non-payment of dues by the Company.Granted 59.No claim other than the claims mentioned in the Resolution Plan shall be allowed and/or paid towards any statutory dues, including without limitation, (1) GST, (2) VAT, (3) TDS, (4) Contractor TDS, (5) Salary TDS, (6) Professional TDS, (7) Works Contract Tax, (8) Professional Tax,Granted (9) Excise, (10) Employees' professional tax, (11) penalties/dues towards any government scheme, (12) Scheme of incentives, (13) Cess, (14) Service tax, (15) Statutory Licenses (16) Any custom dues (17) Any other statutory due/s which may have accrued but not disclosed in the books of account of the Corporate Debtor. 60.Principal Dues: The principal outstanding of the statutory dues as stated hereinabove shall be waived in totality and necessary directions may be passed to the concerned authorities directing them to waive off the said dues.Granted 61.Interest, Penalty and Demurrages Dues: To waive penal interest, simple interest, compound interest, damage charged if any (whether provided or not provided in the books of Corporate Debtor) as the liability of the Company as on the date of approval of this Resolution Plan.Granted 62.That the Corporate Debtor and/or RA shall not be required to make any separate application before the NCLT under the provisions of the IBC and that the approval of this Resolution Plan by the Hon'ble NCLT shall be treated as if the necessary approvals required to have been obtained under the Companies Act, including consent of shareholders orGranted creditors of the Corporate Debtor and applications to any other appropriate authority, as required under the Companies Act, together with the process laid under the Companies Act, have been obtained and duly complied with; Creditors to Withdraw all proceedings 63.All other legal proceedings be it of civil or criminal nature pending against the company shall be deemed to have abated forever against the company and no liability shall ever arise upon the company, petitioner company or the new management in respect thereof. Further, all creditors of the Corporate Debtor shall withdraw all legal proceedings commenced including all criminal proceedings, proceedings under Section 138 of the Negotiable Instruments Act, 1881 and proceedings under SARFAESI and RDDBFI after making upfront payment to the Financial Creditors as per Resolution Plan.Granted 64.All present and future, claims, dues, liabilities, amounts, arrears, dividends or obligations owed or payable by the Company to the Existing Promoters or any subsidiary, associate company, related party, joint ventures, affiliate of the Company or any such entity or person controlled by the Existing Promoters (or any lenders or financial creditors of such persons) or any holder of any securities (whether convertible into equity shares or not) of the Company prior to the Approval Date whether admitted or not, due or contingent, asserted or unasserted, crystallized or uncrystallized, known or unknown, secured or unsecured, disputed or undisputed, whether or not set out in the balance sheets of the Company or the profit and loss account statements of the Company or the List of Creditors, shall, in accordance with Regulation 37 of the CIRP Regulations, be deemed to be written off in full and be permanently extinguished on and from the date of payment of Upfront Payment by the Resolution Applicant by virtue of the order of the Adjudicating Authority approving this Resolution Plan.Granted 65.Any recovery out of transactions in terms of Sections 43, 45, 47, 49, 50 or 66 of the Code after the Approval Date, shall be distributed between the Unsecured Financial creditors and the Resolution applicant in the 20% and 80% respectively after deducting related legal expenses incurred by RA from the amount of actual recovery.Granted Criminal Liability

Upon approval of the Resolution Plan by Hon'ble NCLT, all actions taken against the corporate debtors including actions taken by Income tax department, Provident Fund authorities etc. shall stand released and insulated for any further action by these authorities. Any Proceedings, enquiries or investigations initiated against the Corporate Debtor including any Proceedings pursuant to which its assets have been attached/are in the process of being attached by any Governmental Authority, relating to the period prior to the NCLT Approval Date, shall immediately, irrevocably and unconditionally stand extinguished and settled by virtue of the order of the NCLT approving this Resolution Plan and such asset of the Corporate Debtor shall stand released from such attachment and the Corporate Debtor or the Resolution Applicant shall at no point of time be, directly or indirectly, held responsible or liable in relation thereto, in accordance with the provisions of Section 32A of the Code. RA demand total immunity as per Sec 32A of the Code.

Granted, in terms of Section 32-A.

IA(Plan)/1/AHM/2025 in CP(IB)/111(AHM)/2022 shall stand disposed of accordingly.

The Monitoring Committee is directed to file a status report after 90 days from the approval of the Resolution Plan.

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