Small Industries Development Bank Of India vs Sambandh Finderve Private Limited

SUMMARY OF THE CORPORATE INSOLVENCY RESOLUTION PROCESS:3 ➤ Public Announcement:3 ➤ Collation of Claim and Constitution of Committee of Creditors:3 ➤ List of Creditors:4 ➤ Appointment of Registered Valuers and Transaction Auditor:6 • Valuation of the Corporate Debtor:7 • Observations in Transaction Audit Report:8 ➤ Publication of Invitation of Expression of Interest:8 ➤ Evaluation, Voting and issuance of LoI:17 SALIENT FEATURES OF THE RESOLUTION PLAN:19 ➤ Brief introduction of the Resolution Applicant:19 ➤ Financial proposal as envisaged in the plan:19 Distribution of Proceeds from Recovery of PUFE Transactions:21 Feasibility and Viability of the Plan:21 ➤ Proposed Capital Restructuration and Merger of the Corporate Debtor with the SRA as proposed in the plan:23 ➤ Implementation of the Resolution Plan:23 FINDINGS AND OBSERVATIONS:24 ➤ Compliance of Section 30(1) and 30(2) of the Code:27 ➤ Compliance u/s 29 A, Regulation 39(4) ,35A and 38 of CIRP Regulations:28 ➤ Proposal of Merger between the Successful Resolution Applicant and the Corporate Debtor:29 ➤ Reliefs, Waivers and Concessions sought in the plan:30 SUB-JUDICE APPLICATIONS BEFORE THIS ADJUDICATING AUTHORITY FILED BY OR AGAINST THE CORPORATE DEBTOR:44 FINAL ORDER48

PER: DEEP CHANDRA JOSHI, M(J) AND BANWARI LAL MEENA, M(T):

This application is filed by Saridendu Jena Resolution Professional (hereafter 'RP/Applicant') of SAMBANDH FINSERVE PRIVATE LIMITED (hereinafter 'Corporate Debtor/CD') bringing on record the Resolution Plan approved by Committee of Creditors (hereinafter 'CoC') under Section 30(6) of the Insolvency Bankruptcy and Code,2016 (hereinafter 'IBC/ the Code') read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process of Corporate Persons) Regulations, 2016 (hereinafter 'CIRP Regulations/Regulations') seeking approval of resolution plan as approved by the CoC u/s 31(1) of the Code.

The Corporate Debtor was admitted into CIRP vide order dated 05.09.2024 for a default of Rs. 47,74,79,929/- and Saridendu Jena was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor in conformity with Section 16 of IBC.

In compliance with section 15 of IBC read with Regulation 6(1) of CIRP Regulations the IRP published a public announcement in Form A on 07.09.2024 in English Daily newspaper "Times of India" and Vernacular newspaper (Odia) "Prameya" wherein the last date to file claims against the corporate debtor was indicated to be 19.09.2024

The IRP, within the stipulated time as provided in Form-A, received 3 claims and the IRP as mandated by section 18(b) read with Regulation 13(1) of CIRP regulation collated and provisionally admitted the claim and prepared a list of creditors as required under Regulation 13(2)(d). Subsequently the CoC was constituted u/s 21(1) read with section 18(1)(c) of IBC,2016 with 25 members and as per regulation 17(1) of CIRP Regulations a report certifying the Constitution of CoC was filed before the Tribunal through IA(IB) No. 290/CB/2024 which was taken on record vide order dated 05.02.2024. But subsequently claims of other creditors were admitted by the Applicant and as on date of the present application there were 32 CoC memebers

The 1st CoC meeting was held on 04.10.2024 wherein the IRP was confirmed as RP. The RP on 15.10.2024 in accordance with Regulation 27 of CIRP Regulations appointed 2 (two) IBBI registered valuers, i.e. Mr. Manish Ku Jhunjhunwala (SFA) having registration no. IBBI/RV/06/2019/11426 and Mr. Rahul Parasrampuria having registration no. IBBI/RV/06/2019/11426 for the purpose of valuation and verification of the 'Security and Financial Assets' of the Corporate Debtor and appointed 2 (two) IBBI registered valuers i.e. Mr. Manish Kumar Khanduja having registration no. IBBI/RV/02/2019/12299 and Mr. Abhisekh Shukla having registration no. IBBI/RV/02/2020/12763 for the purpose of valuation of 'Plant & Machinery' of the Corporate Debtor. The RP on 10.10.2024 also appointed Prasanta Das & Co, Chartered Accountants as Transaction Auditor having registration no. 058451 for the purpose of conducting an audit of the accounts of the Corporate Debtor.

The Consolidated Valuation of all the assets of the Corporate Debtor based on the Valuation reports submitted by the appointed valuers is as follows:

- Average fair Value- Rs.30,63,20,102/- - Average Liquidation Value - Rs.30,40,88,957/-

The summary of the Valuation Reports submitted by the appointed valuers are as follows:

The Transaction Audit Report showed certain transactions barred u/s 66 of IBC,2016 and in respect of that the applicant had filed application in the form of IA (IB) No. 71/CB/2025, which is pending before this Adjudicating Authority:

On 05.11.2024, the RP as per Regulation 36A (1) of CIRP regulations published Form-G i.e. Invitation for expression of interest and the last date for submitting Expression of Interest (EoI) was 20.11.2024. In response to the Form-G, the RP received 12 EoIs out of which only one was found to be eligible. In the 3rd CoC meeting held on 29.11.2024, the RP suggested waiving off the eligibility requirements in order to accept the ineligible PRAs but the same was not approved by the CoC.

In the 4th CoC meeting held on 05.12.2024 the eligibility criteria was revised by the CoC and revised EoI was approved by the CoC in the 4th CoC Meeting and Form-G was Re-Published on 10.12.2024 and the last date for receiving the EoIs was rescheduled to 25.12.2024.

The RP in response to the Revised Form-G received EoIs from 13 PRAs all of them were found eligible as per the revised eligibility criteria and the PRA list was approved by the CoC in the 6th CoC meeting held on 10.01.2025. The CoC approved the Evaluation Matrix (EM) prepared by the CoC in the same meeting.

The List of PRAs as approved by the CoC is as follows:

The 7th CoC meeting was held on 30.01.2025 wherein the CoC approved the Request for Resolution Plan Document (RFRP). The Last date for submission for the resolution Plan as per RFRP was 23.02.2025. In the same meeting the CoC also resolved to seek an extension of 90 days to complete the CIRP process and in pursuance of that IA(IB) No. 56/CB/2025 was filed by the RP which was allowed by this Adjudicating Authority vide order dated 04.03.2025 and the CIRP period was extended from 04.03.2025 to 30.06.2025.

In the 8th CoC meeting held on 27.02.2025, the RP apprised the CoC that 4 PRAs have sought extension of time for submitting the resolution plans and the same was put for voting by the RP before the CoC but the same was not approved by the CoC.

In the 9th CoC meeting held on 07.03.2025 RP opened the plans received from 2 PRAs i.e. (1) Yaduka Agrotech Pvt Ltd and (2) Cimmco Vinimay Pvt. Ltd. The RP verified the plans to ensure its compliance with the RFRP and the defects thus noticed were communicated to the Resolution Applicants. In the 10th CoC Meeting held on 03.04.2025 the plans submitted by both the Resolution Applicants (RAs) were discussed and deliberated upon by the CoC members and negotiations were undertaken with the RAs. The RAs subsequently made changes in their plans in pursuance to their negotiations and resubmitted the same.

In the 11th CoC meeting held on 17.04.2025 both the plans were put to vote before the CoC and the voting was kept open till 28.04.2025 which was subsequently extended up to 05.05.2025 and further up to 10.05.2025. The voting was further extended up to 13.05.2025 upon the request of UCO Bank. The voting was concluded on 13.05.2025 and Yaduka Agrotech Pvt Ltd was declared as the Successful Resolution Applicant.

The applicant has filed Revised Form-H under Regulation 39(4 vide affidavit dated 19.12.2025 of the CIRP Regulations,2016 wherein at Para 9 it has certified the compliance of the mandatory provisions of the code and its applicable Regulations.

The applicant in the 11th CoC Meeting had put the 2 Resolution Plans received from the 2 PRAs. The CoC deliberated on the plans and recorded its deliberations in the said meeting. The plan was put to vote between 17.04.2025 and 13.05.2025 wherein the plan submitted by Yaduka Agrotech Pvt Ltd was approved by CoC with 75.98% votes. The Adjudicating Authority vide its order dated 22.08.2025 allowed the application filed by RP in IA(IB) No. 91/CB/2025 directing the admission of claim filed by Northern Arc Capital Limited (NACL) and its inclusion into CoC and subsequently CoC was reconstituted.

Pursuant to the Adjudicating Authority's Order in this present application, NACL submitted a letter dated 10.10.2025 expressing unconditional assent to the Resolution Plan approved earlier by the CoC'. The letter of assent was tabled before the 15th CoC meeting held on 15.10.2025, wherein members took note and acknowledged NACL's concurrence. The RP accordingly filed IA(IB) 324/CB/2025 through which he filed a revised Form H, incorporating NACL's claim and distribution share, and also submitted a comparative CoC constitution sheet showing voting strength before and after NACL's inclusion. The revised voting share is as follows:

Before NACL's inclusion, the voting share in favour of the Resolution Plan was 75.98%. After inclusion, the assenting votes stands at 66.19% (without NACL's vote) and 79.07% (with NACL's assent).

The Plan submitted by the SRA is a comprehensive financial proposal for settling the claims against the Corporate Debtor and to revive the Corporate Debtor's business. The Plan proposes a resolution amount of Rs.31,95,88,957/- against the total admitted claim of Rs. 641,00,09,877.75 (Six Hundred Forty-One Crores and Nine Thousand Eight Hundred Seventy-Seven Rupees and Seventy-Five Paisa) leading to recovery of 4.99% percent of the admitted claim.

The plan is submitted jointly by Yaduka Agrotech Private Limited which was established in 2006 and operates in fruits and vegetables supply chain. It operates in B2B market, carrying out sale and purchase of Seeds, Wholesale Fruits & Vegetables (F&V), Food, and Agriculture Tech-driven sectors.

The Resolution Applicant in compliance with Regulation 38 the SRA has identified the reason for default to be an inefficient credit disbursement system and non-payment of the dues to various creditors.

The plan submitted was approved by the CoC with 79.07 %vote in its 11th CoC Meeting proposes a total Resolution Amount of Rs. 31,95,88,957/- to settle the claims of all the Creditors of the Corporate Debtor. Out of the total plan amount Rs.16,14,15,407 will be paid out of the realisable assets of the CD which are in form Cash, Cash Equivalents including Fixed Deposits of and Rs. 1,45,00,000/- will be paid by the SRA agaisnt the claim of creditors and Rs. 10,00,000/- towards Capital Infusion.

The total realisable value (Plan Amount subtracted by CIRP Cost) towards creditors is Rs. 30,85,80,182/-. As per the RP the total CIRP Cost as on the date of the submission of final Form-H is Rs 1,00,08,775/-. The Realisable amount will be paid in two stages – (i) Rs. 1,45,00,000/- will be as upfront cash within 30 days from the Effective Date and (ii) Rs.16,14,15,407/- that is in Fixed Deposits and are under attachment. The distribution of the resolution amount is as under:

This Resolution Plan does not contemplate the assignment of personal guarantee in favor of the Resolution Applicant and the secured financial creditors will retain full rights over all corporate and/or personal guarantees that may have been executed in its favor as well as rights over collateral securities held by it.

The plan proposes NIL amount for contingent claims that might arise

As per the plan the proceeds, if any, out of the proceedings arising out of PUFE transactions pursued by the Successful Resolution Applicant, shall be distributed amongst the CoC members and the SRA will claim no right out of it.

The Resolution Applicant, is primarily engaged in the wholesale trade of agricultural products. The SRA plans to achieve synergy by acquiring the Corporate Debtor by leveraging its existing supply chain, market knowledge, and established networks within the agricultural sector. This will enable the RA to diversify and integrate microfinance services, especially in rural and underserved areas, where agricultural financing and financial inclusion are key growth areas. RA will also hire experience man power to operate the business of the corporate debtor. The SRA has also stated in the plan that it has the capacity and ability to manage the cash flow efficiently leading to an effective and efficient working capital management. The SRA will bring the Plan amount from its internal sources (existing funds) to fulfil its obligations as per the terms of the Resolution Plan and the sound financial health of the SRA is evident from opinion report from the Bank with the Plan.

The revival of the business of the Corporate Debtor the SRA needs the approval of the Reserve Bank of India to carry on the business of the NBFC MFI. To meet the criteria of the RBI, the Plan envisages the merger of the Corporate Debtor with the SRA so that Corporate Debtor could obtain the license of the NBFC MFI from the Reserve Bank of India. After obtaining the license from the Reserve Bank of India, The SRA intends to combine the Micro Finance Credit with Agriculture Sector to achieve the synergy. Plan envisages that Corporate Debtor which is an NBFC will be merged into the SRA in terms of this Plan and that will enable to meet the criteria of the Reserve Bank of India to obtain the license of the NBFC MFI and it will also bring the operational synergy for better credit disbursement in the Agricultural sector. The RA intends to obtain the approval from the Reserve Bank of India within 6 months or such other reasonable time as may be required.

> Proposed Capital Restructuration and Merger of the Corporate Debtor with the SRA as proposed in the plan:

The existing issued, subscribed and paid-up share capital of the Corporate Debtor including preference shares, if any, shall be cancelled as part of the order of the Adjudicating Authority approving this plan. The SRA has proposed that the approval of the Resolution plan shall be deemed to be an order of share reduction u/s 66 of the Companies Act,2013. Subsequently the SRA will infuse capital of Rs. 10,00,000/- divided into 1,00,000 equity shares of Rs. 10/- each which will be issued to persons compliant with section 29A of the Code. The Plan also proposes that the approval of the plan shall be a deemed order approving the issuance of new equity shares in terms of section 42 & 62(1)(c) of the Companies Act, 2013.

The Plan in situ contains a scheme of merger of the SRA (being the transferor company) with the CD (being the transferee company) as allowed under Regulation 37 of CIRP Regulations.

The 'Implementation Period' of the resolution plan as is 60 days as per Clause 3.5.2 of the plan.

Upon the approval of the plan, as per Clause 3.4.1 of the plan a Monitoring committee will be constituted for implementing the Resolution plan comprising of 3 members:

a. One representative of the Resolution Applicant.

b. One representative of the Financial Creditor.

c. The Resolution Professional.

The Corporate Debtor is transferred as a Going Concern entity along with its Business Operations and Trade Name along with all the Tangible or Intangible assets in terms of this Plan. The CoC or Resolution Professional will hand over peaceful physical possession of all the assets of the Corporate Debtor against the final payment, within a week from the date of the payment. The representative of RA will conduct the inspection of physical assets as per IM and take possession of all the assets. Further, the RA will also depute his own security for the safety of the assets of CD from the effective date or prior, if feasible, with the permission of CoC.

At Clause 3.4.5 of the Plan during the term of the plan, the affairs of the corporate debtor will be managed by the Monitoring Committee. The term of the Monitoring committee will cease to exist on the closing date i.e. date of making of complete payment to all the creditors and receipt of all document, data, and control of the CD by the SRA.

We have heard the Ld. counsel appearing for the applicant and have perused the plan presented before us and the accompanying documents. At the very outset it is clarified that this Adjudicating Authority is bound by the judgement of the Hon'ble Supreme Court of India in K. Sashidhar vs. Indian Overseas Bank and Ors. reported in (2019) 12 SCC 150: MANU/SC/0189/2019, wherein it is held that:

Further, the Hon'ble Apex Court in Jaypee Kensington Boulevard Apartments Welfare Association and Ors. vs. NBCC (India) Ltd. and Ors. reported in (2022) 1 SCC 401: MANU/SC/0206/2021 at Para 216, has laid down that:

Further, in Committee of Creditors of Essar Steel India Limited vs. Satish Kumar Gupta reported at (2020) 8 SCC 531: MANU/SC/1577/2019, the Hon'ble Apex Court has propounded that:

Reinforcing the above, the Hon'ble Apex Court in Vallal RCK vs. Siva Industries and Holdings Limited reported in MANU/SC/0753/2022, has held that:

The compliance of Section 30(1) and 30(2) of the Code is given in Para-No. 9 of Form H. The same is being further examined as under:

a. Section 30(1): Yes, affidavit dated 22.02.2025 is filed by the SRA

b. Section 30(2)(a): The Resolution Plan (Clause 3.2 at Page 15 of the Resolution Plan) states that the Resolution Applicant shall make payment of the actual CIRP cost incurred (even if it exceeds the estimated costs) and approved by the COC in priority over payments to any other Creditors.

c. Section 30(2)(b): The Resolution plan at (Clause 3.2 Pg. No. 15 of the Resolution Plan) states that Operational creditors will being paid as per Section 53 of the Code.

d. Section 30(2)(c): Clause 3.4.5 of the Plan during the term of the plan, the affairs of the corporate debtor will be managed by the Monitoring Committee

e. Section 30(2)(d): In the Resolution plan it has been envisaged that an Monitoring Committee comprising 3 (three) Persons will be constituted to supervise the implementation of the plan.

f. Section 30(2)(e): The RP through Form-H has certified that the Resolution Plan does not contravene any of the provisions of the law for the time being in force.

g. The Applicant/RP has issued a certificate dated 22.02.2025 certified that the Successful Resolution Applicant is eligible under Section 29A of the Code to submit the resolution plan, and the contents of the said affidavit are in order.

h. As per the requirement of Regulation 39(4) of the CIRP Regulations for performance security, it is stated by the RP that the SRA has provided a Performance Bank Guarantee of Rs.75,00,000/- dated 20.05.2025 (valid up to 21.05.2027)

j. A perusal of Regulation 38 would clearly show that by virtue of mandatory contents of the resolution plan as discussed in the preceding paragraphs in relation to Section 30 and Section 31 of the Code, the requirement of Regulation 38 also stands fulfilled. Thus, the resolution plan fulfils all the requirements of Regulation 38 of the CIRP Regulations.

The Applicant along with the application u/s 30 of the Code has also filed a Scheme of Amalgamation/Merger ("Scheme") proposed between the SRA and the Corporate Debtor. Regulation 37 of IBBI (Insolvency Resolution Process of Corporate Persons) Regulations,2016 allows a resolution plan may provide for a scheme or merger/amalgamation/demerger.

The Scheme so attached proposes the SRA i.e. Yaduka Agrotech Limited as the "Transferor Company" which by operation of the scheme will in its entirety get merge into the Corporate Debtor i.e. Sambandh Finserve Private Limited being the "Transferee Company". It is noted that the Scheme proposes that upon the Scheme coming into effect the SRA i.e. Transferor company will stand dissolved however but it also proposes that the amalgamated entity so formed will be known by the name of the Transferor Company and not the Transferee Company and it also proposes 'Name Change' of the CD/Transferee Company to Yaduka Agrotech Limited in all the constitutional Documents of the Transferee Company. It is also unclear as to why although the scheme proposes the dissolution of the Transferor Company by virtue of Clause 14 of the scheme but wants to keep alive the identity of the Transferor Company by replacing the name of the Transferee Company with the Transferor Company as per Clause 19 of the Scheme. The objective of such proposal is not adequately explained in the Scheme and hence necessary explanations is required from the Applicants of the Scheme and representation is required in this regard from the RoC as well before the proposal is sanctioned.

It is further noted that by virtue of the CIRP of the CD, the necessary consent/Approval required from the various stakeholders of the CD is deemed to have been received by the plan and Scheme being approved by the CoC. However as per applicable provisions of the Companies Act, necessary approval/consent is also required in respect of the Scheme from the creditors and shareholders of the Transferor Company/SRA and such consent affidavits by the stakeholders of the Transferor Company have not been brought on record.

Furthermore, although Regulation 37 does allow the Plan to propose a scheme of merger to enable the successful resolution of the CD but that does not waive away the requirements as provided u/s 230-232 of the Companies Act,2013 and the applicable rules. The applicable rules make it imperative to take into account the representations of the various regulatory authorities which regulates both the Transferor and Transferee Companies before approving any scheme of amalgamation and no such representations or comments by the regulatory authorities on the Scheme have been brought on record by the applicants.

It is also noted that the Transferee Company/CD is a NBFC regulated by RBI and as per the Scheme and proposals made in the plan the SRA seeks to obtain license from the RBI to carry out banking activities after taking over the CD and in that regard the representation from RBI in regard to the proposed scheme of amalgamation becomes indispensable.

Hence in light of such observations and the fact that the implementation of the plan is not dependent on the approval of the scheme, we are not inclined at this stage to approve the proposed Scheme.

We have perused the reliefs, waivers and concessions as sought in the Resolution Plan. This Adjudicating Authority has the power to grant only such reliefs, waivers and concessions that are directly in tune with the I&B Code and the Companies Act (within the powers of the NCLT). The reliefs, waivers and concessions that pertain to other governmental authorities/departments may be dealt with by the respective competent authorities/forums/offices, Government or Semi-Government of the State or Central Government concerning the respective reliefs, waivers, and concession, whenever sought for. The competent authorities including the Appellate authorities may consider granting such reliefs, waivers and concessions keeping in view the spirit of the I&B Code, 2016 and the Companies Act, 2013.

The Resolution plan seeks certain reliefs, waivers, and concessions for implementation of the resolution plan. It is stated in the plan the denial of the reliefs, waiver or concession sought in the plan shall not affect the implementation of the plan, whatsoever. In the interest of brevity, the reliefs, waivers, and concessions sought and the direction of the Adjudicating Authority in respect of such are enumerated hereinbelow:

SUB-JUDICE APPLICATIONS BEFORE THIS ADJUDICATING AUTHORITY FILED BY OR AGAINST THE CORPORATE DEBTOR:

During preparation of this order, it was observed that multiple interlocutory applications either filed against the Corporate Debtor or by the Corporate Debtor (through the RP i.e. the present Applicant) are pending before this Adjudicating Authority in relation to the main petition i.e. C.P (IB) No.27/CB/2023. The list of pending interlocutory applications are as follows:

Upon perusal of the documents on record, we are satisfied that the Resolution Plan, submitted by Yaduka Agrotech Pvt Ltd is in accordance with sections 30(2) and 31 of the I&B Code, 2016 and complies with regulations 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

As far as the question of granting time to comply with the statutory obligations or seeking approvals from authorities is concerned, the Resolution Applicant is directed to do so within one year from the date of this order, as prescribed under section 31(4) of the I&B Code.

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

Further it is seen from records that one application i.e. IA (IB) No. 71/CB/2022 has been filed by the RP u/s 66 of the Code for a recovery of approximately Rs.340 Crores which will be pronounced separately and in light of Hon'ble Delhi High Court's judgement in Tata Steel BSL Vs Venus Recruiters reported at 2023/DHC/000257 there is no bar on approval of the resolution plan while applications challenging avoidable transactions are pending.

In the light of the enumerations and observations made in this Order supra, we hereby APPROVE and FINALLY SANCTION the Yaduka Agrotech Pvt Ltd, the Successful Resolution Applicants.

The application seeking merger of the SRA with the CD is not Allowed due to reasons recorded above but the SRA is at liberty to file fresh Application after Successful completion of Resolution.

The Resolution Plan shall form part of this Order and shall be read along with this order for implementation. The Resolution Plan thus approved shall be binding on the on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government, or any local authority in terms of Section 31 of the I&B Code, so that the revival of the Corporate Debtor Company shall come into force with immediate effect without any delay.

The Moratorium imposed under section 14 of the Code by virtue of the order initiating the CIR Process, shall cease to have effect from the date of this order.

The Resolution Professional shall submit the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record and also return them to the Resolution Applicant or New Promoters.

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

A copy of this Order is to be submitted to the Registrar of Companies (RoC) to whom the company is registered, by the Resolution Professional.

A copy of this Order be served upon the Insolvency and Bankruptcy Board of India (IBBI) by the RP.

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

The Resolution Professional shall stand discharged from his duties with effect from the date of this Order. However, he is required to comply with our direction given in respect of PUFE application.

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

In terms of the view above, the interlocutory application being I.A. (IB) (Plan) No. 3 /CB/2025 is ALLOWED AND DISPOSED OF accordingly.

Certified copy of the orders, if applied for with the Registry, be supplied to the parties upon compliance with all requisite formalities.