The Nainital Bank Limited vs M/s Rudra AutoTech Engineering Private Limited

Preliminary

Collation of claims by RP

Evaluation and Voting.

VIII. DETAILS OF THE PROPOSED RESOLUTION/TRANSACTION STRUCTURE

The applicant Shri Raman Sibal proposes to settle the dues of the corporate debtor at Rs 8,02,00,000/- including all CIRP costs which would be cleared at priority basis. We place the financial factor for clearing the settlement of dues of all financial and operational creditors as per IBC 2016 and CIRP Regulations at Rs 7,62,21,000/- excluding CIRP costs. The settlement is proposed according to regulation 37 of IBC 2016. The settlement is proposed within 60 days from the effective date i.e. date of order from Adjudicating Authority Hon'ble NCLT. The proposed settlement would be funded by the applicant from his own personal savings or as follows:

- Cash accruals generated from ongoing business i.e Buildwell Constructions - FDRs in the name of the applicant and his wife - Unsecured Loans from relatives and friends - Investment in stocks and mutual funds in Demat Account - If required Loan against Property from any bank can be raised against his other owned property.

A. Proposal for Resolution Debt Amount

The Resolution Debt of the corporate debtor is being offered to be settled by the applicant upfront is as follows:

Item No. 16: To discuss and vote upon the resolution plan submitted by Raman Sibal C/O Buildwell Construction in terms of Section 30(4) of the Code ranked as H1.

The COC discussed the resolution plan submitted by Raman Sibal C/O Buildwell Construction and after discussion resolution plan put for approval through voting of members of COC.

Resolution:

To consider and if found fit, to pass with or without modification the following Resolution

"RESOLVED THAT pursuant to Section 30(4) of the Insolvency and Bankruptcy Code, 2016 and rules there under, approval of the Committee of Creditors be and is Khor hereby accorded to approve the resolution plan along with the addendum submitted by Raman Sibal C/O Buildwell Construction in the corporate insolvency resolution process of Rudra Auto Engineering Private Limited.

"RESOLVED FURTHER THAT pursuant to Regulation 39(4) of the Insolvency and Bankruptcy (Insolvency Resolution Process) Regulation, 2016 and other applicable provisions of the Insolvency and Bankruptcy Code, 2016 and in accordance with rules and regulations made there under, approval of member of Committee of Creditors be and is hereby accorded for making application to the Adjudicating Authority i.e. Hon'ble NCLT, Allahabad Bench by Resolution Professional for submission of the resolution plan as approved by the COC".

"RESOLVED FURTHER THAT, Mr. Satyendra Prasad Khorania, Resolution Professional of the Company appointed by the Committee of Creditors be and is hereby authorized to do all such acts, deeds and things as may be considered necessary to give effect to the above resolution including issue of Letter of Intent as per the Request for Resolution Plan to the Successful Resolution Applicant upon approval of its resolution plan by the Committee of Creditors."

“...

21.

That the Successful Resolution Applicant has deposited the Performance Security as required under Regulation 36B (4A) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulation, 2016 of Rs. 50 lacs on 27.06.2025 as the last date of submission is 29.06.2025.

...”

Details of Resolution Plan/Payment Schedule:

I. Background of SRA

GROUP COMPANIES AND CORPORATE STRUCTURE

II. CAUSES OF DEFAULT OF THE CORPORATE DEBTOR

III. Compliance With Requirement of Section 29A of the Code

I, Raman Sibal, son of Harish Chandra Sibal aged 65 years resident of 358, Awas Vikas, Ward No-19, Rudrapur, Udham Singh Nagar, Uttarakhand-263153, the Deponent, do hereby solemnly affirm, state and declare as under:

(1)

Our expression of interest is unconditional and-

a)

That it meets the criteria specified by the committee under clause (h) of sub-section (2) of section 25;

b)

and relevant records in evidence of meeting the criteria under clause (a);

c)

That it does not suffer from any ineligibility under section 29A to the extent applicable;

d)

and relevant information and records to enable an assessment of ineligibility under clause (c);

e)

That it shall intimate the resolution professional forthwith if it becomes ineligible at any time during the corporate insolvency resolution process;

f)

That every information and records provided in expression of interest is true and correct and discovery of any false information or record at any time will render the applicant ineligible to submit resolution plan, forfeit any refundable deposit, and attract penal action under the Code; and

g)

That I shall maintain confidentiality of the information and shall not use such information to cause an undue gain or undue loss to itself or any other person and comply with the requirements under sub-section (2) of section 29

(2)

I do not suffer from any of the ineligibility mentioned under section 29A of the Insolvency and Bankruptcy Code, 2016 which are as follows:

a)

Is an undischarged insolvent;

b)

is a wilful defaulter in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 at the time of submission of the resolution plan has an account, or an account of the corporate debtor under the management or control of such person or of whom such person is a promoter, classified as non-performing asset with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949(10 of 1949) 3 [ or the guidelines in accordance 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:

i.

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: ii. 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. iii. Explanation: - For the purposes of this proviso, 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 conversion or substitution of debt into equity shares instruments convertible into equity. iv. Shares, or completion of such transactions as may be prescribed prior commencement date. to the insolvency

v.

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, classified as non-performing asset and such account was acquired pursuant to a prior resolution plan approved under this Code, then, the provisions of this clause shall not 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 this Code;].

(d)

has been convicted for any offence punishable with imprisonment-

a)

for two years or more under any Act specified under the Twelfth Schedule; or

b)

for seven years or more under any other law for the time being force: in

i.

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:

ii.

Provided further that this clause shall not apply in relation into a connected person referred to in clause (iii) of Explanation 1;]

(e)

is disqualified to act as a director under the Companies Act, 2013 (18 of 2013):

i.

Provided that this clause shall not apply in relation to a connected person referred to in clause (iii) of Explanation 1;] (is prohibited by the Securities and Exchange Board of India from trading in securities or accessing the securities markets;

(g)

has been a promoter or in the management or control of a corporate debtor in 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 this Code:

i.

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 pt otherwise contributed to the preferential transaction, undervalued transaction, extortionate credit transaction or fraudulent transaction;] has executed [a guarantee in favour of a creditor in respect of a Corporate debtor against which an application for insolvency resolution made by such creditor has been admitted under this Code2[and such guarantee has been invoked by the creditor and remains unpaid in full or part];

(l)

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

Has a connected person not eligible under clauses(a)to(i).,

i.

Explanation I-For the purposes of this clause, the expression "connected person" means-

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

c. 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

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

i.

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:

ii.

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, or completion of such transactions as may be prescribed] prior to the insolvency commencement date;

iii.

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:

iv.

a scheduled bank;

v.

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; vi. any investment vehicle, registered foreign institution al 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 (Transferor Issue of Security by a Person Resident Outside India) Regulations, 2017 made under the Foreign Exchange Management Act, 1999 (42 of 1999); vii. an asset reconstruction company registered with the Reserve Bank of India under section 3 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); viii. an Alternate Investment Fund registered with the Securities and Exchange Board of India; ix. such categories of persons as may be notified by the Central Government.]

IV. FORM H

30.

Applicant/Resolution Professional has submitted a compliance Certificate in terms of prescribed "Form H" under regulation 39 (4) of the CIRP Regulations furnishing all the particulars relating to the CIRP of the Corporate Debtor including the details of resolution plan as approved by the CoC. Form-H has been attached in Annexure-IA-/18 at page 293-308 of the instant application along with the Resolution Plan approved by the CoC. As stated in Form-H, Fair Value and Liquidation are Rs. 8,74,48,926 and Rs. 6,68,04,478 respectively.

RESOLUTION PLAN AMOUNT IN TERMS OF SECTION 30(2) OF THE CODE.

31.

As per the CoC approved Resolution plan, the Applicant/Resolution Professional has submitted relevant information with regard to the amount claimed, amount admitted and the amount proposed to be paid by the SRA as Resolution Plan Value/ The resolution applicant would be like to place financial amount of Rs 8,02,21,000/- (seven crore fifteen lakh rupees only) including all the CIRP costs towards the settlement of dues of financial and operational creditors of the Corporate Debtor after being selected as successful applicant.

32.

The Applicant also proposes to settle all the dues of the corporate debtor in the ratio proportionately to the total amount offered for settlement.

33.

An overview of the amounts proposed to be paid towards the corporate insolvency resolution of the Corporate Debtor pursuant to the implementation of the proposed resolution plan is set out below:

a)

Payment towards CIRP costs- Rs 40,00,000/-

b)

Operational creditors settlement amount- Rs 21,000/-

c)

Upfront cash recovery to financial creditors- Rs 7,62,00,000/-

d)

Upfront payment towards outstanding employee dues- No Dues Pending

e)

Equity upside to financial creditors- NA

f)

Fresh capital infusion- Rs 50,00,000/-

(a)

The Financial Outlay of proposed resolution plan are as under:- DETAILS OF THE SETTLEMENT PLAN TO VARIOUS CREDITORS:

Sl. No.	Parameters	Amounts Payable (INR Crore)	Source of Funds	Description of Proposal
1	Upfront Cash Recovery for Financial Creditors	7.62 crores	1. Cash Accruals from ongoing business of the applicant 2. Unsecured Loans from Family 3. Personal Savings in form of FDRs and bank balance.	Refer to para VII
2	NPV based on evaluation matrix, as provided in the RFP	7.62 crores	The applicant aims to pay the upfront cash recovery for financial creditors within 60 days from effective date.	Refer to para VII
3	Equity allotment to Financial Creditors	NA	NA	Refer to para VII

TREATMENT OF OTHER STAKEHOLDERS (OTHER THAN FINANCIAL CREDITORS)

Sl. No.	Parameters	Amounts Payable (INR Crore)	Source of Funds	Description of Proposal
4(a)	Operational creditors, excluding employees and workmen	0.0021 crores	1. Cash Accruals from ongoing business of the applicant 2. Unsecured Loans from Family 3. Personal Savings in form of FDRs and bank balance.	Refer to para VII
4(b)	Employees and workmen	NA	NA	NA
4(c)	Other creditors	NA	NA	NA

DETAILS OF FRESH CAPITAL INFUSION:

Sl. No.	Parameters	Amounts Payable (INR Crore)	Source of Funds	Description of Proposal
1	Upfront fresh capital infusion for improving operations and enhancing revival prospects of the Corporate Debtor	Rs. 0.50 crores	Cash Accruals of ongoing business.	Refer para VII

(b)

Estimated Total Amount proposed to be brought in the Corporate Debtor for the turnaround of the Corporate Debtor: -

S. No	Particulars	Amount (in Rs.)
A	CIRP Cost within 60 days from the effective date	40,00,000
B	Upfront cash payment to the Secured Financial Creditors to be paid within 60 working days from effective date	7,62,00,000

C	Operational Creditor (Upfront payment within 60 working days from effective date	21,000
C	Total Upfront Cash Payment as part of Resolution Plan (A+B+C)	8,02,00,000
D	Statutory Dues	-
E	Workmen/Employees	-
F	Capital Infusion (within 60 days from the Effective Date)	50,00,000
G	Total Fund Required(C+G)	8,52,21,000

VII. SOURCES OF FUNDS:

34.

The Resolution Applicant hereby undertakes that every information and records provided in connection with or in the resolution plan is true and correct and discovery of false information and record at any time will render the Resolution Applicant ineligible to continue in the corporate insolvency resolution process, forfeit any refundable deposit, and attract penal action under the Code.

35.

In the form of equity/ other sources from promoters/investors/ shareholders contribution /Subordinate Debt/ internal accruals of the broken period of the corporate debtor etc. The applicant's means of finance for contribution would be as follows:

Particulars	Amount (in Rs.)

Share Capital Infused by allotment of fresh equity shares of Rs 10/- each among family members: Raman Sibal (applicant)- 4,55,000 shares Saurabh Sibal (son of applicant)- 22,500 shares Bina Sibal (wife of applicant)- 22,500 shares	50,00,000
Unsecured Loans from Self, Friends and Relatives	7,52,21,000
TOTAL	8,02,21,000

36.

The applicant aims to successfully completing the funding of contribution within 60 days from the effective date and also aim to settle the creditors as soon as the approval from Hon'ble NCLT is granted in our favour.

37.

The applicant's financial worthiness can be proven by following attachments:

i. Applicant and his wife's Capital Balance as on 31.03.2024 from his ongoing business Buildwell Constructions i.e. RAMAN SIBAL- Rs 62,78,934.09/-BINA SIBAL- Rs 1,57,15,584.39/-

ii.

Cash accruals from his ongoing business from Balance Sheet as on 31.03.2024 is Rs 1,65,15,289.51/- which are expected to grow @ 10% in this current fiscal year going to Rs 1,81,66,818.46/-.

38.

The Resolution Applicant has good net worth so, the fund will be arranging from their own fund and if it will need for the funds the RA will take unsecured loan from their relatives as mentioned in the point proposal for funding by the Successful Applicant.

COMPLIANCE OF THE SUCCESSFUL RESOLUTION PLAN WITH VARIOUS PROVISIONS:

39.

The Applicant has submitted the details of various compliances as envisaged by the Code and the CIRP Regulations which a Resolution Plan is required to adhere to as follows: -

a) Compliance with Section 30(2) of the Code:

Section 30(2) of Insolvency and Bankruptcy Code, 2016	Compliance under Resolution Plan	Relevant Page Number of Application
Section 30(2)		Page no. 285 of the resolution plan and page no. 33 of the resolution plan.
(a) Plan must provide for payment of CIRP cost in priority to repayment of other debts of the CD in the manner specified by the Board.	Provided in clause XIV of the resolution plan
(b)(i) Plan must provide for repayment of debts of OCs in such manner as may be specified by the Board which shall not be less than the amount payable to them in the event of liquidation u/s 53.	Provided in clause XIV of the resolution plan	Page no. 286 of the resolution plan and page no. 34 of the resolution plan.
(b)(ii) Plan must provide for payment of debts of financial creditors who do not vote in favour of the resolution plan in such manner as may be specified by the Board which shall not be less than the amount to be paid to such creditors, in accordance with the order of priority in sub-section (1) of section 53 in the event of liquidation of the corporate debtor	Provided in clause XIV of the resolution plan	Page no. 286 of the resolution plan and page no. 34 of the resolution plan.
(c) Management of the affairs of the Corporate Debtor after approval of the Resolution Plan.	Provided in clause XIV of the resolution plan	Page no. 282 of the resolution plan and page no. 30 of the resolution plan.
(d) read with Regulation 38(2)(c) Term of the plan, implementation schedule and Supervision	Provided in clause XIV of the resolution plan	Page no. 283 of the resolution plan and page no. 31 of the resolution plan.

(e) Plan does not contravene any of the provisions of the law for the time being in force.	Provided in clause XIV of the resolution plan	Page no. 286 of the resolution plan and page no. 34 of the resolution plan.
(f) Plan conforms to such other requirements as may be specified by the Board	Provided in clause XIV of the resolution plan	Page no. 286 of the resolution plan and page no. 34 of the resolution plan.

Measures provided in Resolution Plan in terms of Regulation 37 of CIRP Regulations.

Regulation 37 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016	Relevant Clause of Resolution Plan	Page No. of Resolution Plan and Application
a) transfer of all or part of the assets of the corporate debtor to one or more persons;	Provided in clause XIV of the resolution plan that RA is not proposing to transfer any asset of the CD.	Not Applicable
b) sale of all or part of the assets whether subject to any security interest or not;	Provided in clause XIV of the resolution plan that RA is not proposing to sell any asset of the CD under the proposed resolution plan. However, RA reserves its right to sell off any non-core assets of the CD.	Page no. 287 of the application and page no. 35 of the resolution plan.
ba) restructuring of the corporate debtor, by way of merger, amalgamation and demerger;	Not provided	Not Applicable
c) the substantial acquisition of shares of the corporate debtor, or the merger or the consolidation of the corporate debtor with one or more persons;	Provided in clause XIV of the resolution plan that after the effective date, the entire existing equity share capital of the Corporate Debtor shall stand cancelled, extinguished, and annulled upon issuance	Page no. 287 of the application and page no. 35 of the resolution plan.

	of fresh equity shares to the Resolution Applicant in accordance with this Resolution Plan.
ca) cancellation or delisting of any shares of the corporate debtor, if applicable;	Not Applicable	Not Applicable
d) satisfaction or modification of any security interest;	Provided in clause XIV of the resolution plan that the Security Interest (mortgage hypothecation/pledge/lien/encumbrance) of any creditor on the assets of the Corporate Debtor, if any, including the corporate guarantee of CD shall be satisfied on the full payment as per the resolution plan.	Page no. 287 of the application and page no. 35 of the resolution plan.
e) curing or waiving of any breach of the terms of any debt due from the corporate debtor;	N.A	Not Applicable
f) reduction in the amount payable to the creditors;	All the liabilities of the CD shall be reduced to amount proposed in the resolution plan	Page no. 287 of the application and page no. 35 of the resolution plan.
g) extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor;	All the liabilities of the CD shall be paid only in accordance with this resolution plan.	Page no. 287 of the application and page no. 35 of the resolution plan.
h) amendment of the constitutional documents of the corporate debtor	Provided in clause XIV of the resolution plan that RA may propose any amendment in the constitutional documents of the corporate debtor if required so. RA shall assess the requirements after reinstatement of operations of the CD and if required shall apply for the same.	Page no. 287 of the application and page no. 35 of the resolution plan.
i) issuance of securities of the corporate debtor, for cash, property, securities, or in exchange for claims	NA	Not Applicable

or interests, or other appropriate purpose;
j) change in portfolio of goods or services produced or rendered by the corporate debtor;	NA	Not Applicable
k) change in technology used by the corporate debtor; and	Provided in clause XIV of the resolution plan that the Resolution Applicant shall assess the condition of existing machinery and equipment. Invest in new technology and machinery if needed to improve efficiency or product quality.	Page no. 287 of the application and page no. 35 of the resolution plan.
l) Obtaining necessary approvals from Central and State Governments and other authorities.	Provided in clause XIV of the resolution plan that the Resolution Applicant shall seek necessary approval within 12 months from the effective date.	Page no. 287 of the application and page no. 35 of the resolution plan.
m) Sale of one or more assets of corporate debtor to one or more successful resolution applicant submitting resolution plans for such assets; and manner of dealing with remaining assets.	NA	NA

Mandatory Compliance of Resolution Plan in terms of Regulation 36, 38 & 39 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, is summarized as under:

Regulation 36, 38 & 39 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016	Relevant Clause of Resolution Plan	Relevant Page Number of Resolution Plan and Application
36B (4A) The request for resolution plans shall require the resolution applicant, in case its resolution plan is approved under sub-section (4) of section 30, to provide a performance security within the time specified therein and such performance	Provided in clause VII the resolution applicant has deposited 50 lakhs as the performance	Page no. 15 of the Resolution Plan and Page no. 267 of the Application.

security shall stand forfeited if the resolution applicant of such plan, after its approval by the Adjudicating Authority, fails to implement or contributes to the failure of implementation of that plan in accordance with the terms of the plan and its implementation schedule.	security on 27.6.2025 read with para no. 21 of the Application.
38 (1A) Dealing with interests of all stakeholders including financial creditors and operational creditors	Provided in clause XIV of the resolution plan.	Page No. 282 of the application and page no. 30 of the resolution plan.
38 (1B) (i) Whether the Resolution Applicant or any of its related parties has failed to implement or contributed to the failure of implementation of any resolution plan approved under the Code. (ii) If so, whether the Resolution Applicant has submitted the statement giving details of such non-implementation?	Provided in clause XIV of the resolution plan.	Page No. 282 of the application and page no. 30 of the resolution plan.
38 (2)(a) Term of plan and its implementation schedule	Provided in clause XIV and XIII of the resolution plan. RA proposes to implement the plan in 60 days from the effective date.	Page No. 282 of the application and page no. 30 of the resolution plan.
38 (2)(b) Management and control of the business of corporate debtor during term of resolution plan	Provided in clause XIV of the resolution plan.	Page No. 282 of the application and page no. 30 of the resolution plan.
38 (2)(c) Adequate means for supervising its implementation	Provided in clause XIV of the resolution plan.	Page no. 283 of the application and page no. 31 of the resolution plan.
38 (2)(d) Manner of pursuing avoidable transaction Application	Provided in clause XIV of the resolution plan.	Page no. 284 of the application and page no. 32 of the resolution plan.

38 (3)(a) it addresses the cause of default;	Provided in clause XIV of the resolution plan.	Page no. 284 of the application and page no. 32 of the resolution plan.
38 (3)(b) it is feasible and viable;	Provided in clause XIV of the resolution plan.	Page no. 284 of the application and page no. 32 of the resolution plan.
38 (3)(c) it has provisions for its effective implementation;	Provided in clause XIV of the resolution plan.	Page no. 285 of the application and page no. 33 of the resolution plan.
38 (3)(d) it has provisions for approvals required and the timeline for the same;	Provided in clause XIV of the resolution plan.	Page no. 284 of the application and page no. 32 of the resolution plan.
38 (3)(e) the resolution applicant has the capability to implement the resolution plan	Provided in clause XIV of the resolution plan.	Page no. 284 of the application and page no. 32 of the resolution plan.
39 (1)(a) An Affidavit by the Resolution Applicant stating that it is eligible under Section 29A to submit Resolution Plan	Provided in Annexure No. IA/20 of this application	Page no. 312-317 of the application
39 (1)(c) An undertaking by the Resolution Applicant that every information and records provided in connection with or in the Resolution Plan is true and correct and discovery of every false information and record at any time will render the applicant ineligible, forfeit the Earnest Money and attract penal action under the Code.	Provided in clause XIV of the resolution plan.	Page no. 288 of the application and page no. 36 of the resolution plan.

DETAILS ON MANAGEMENT AND IMPLEMENTATION AS PER THE RESOLUTION PLAN.

40.

The Resolution Plan also provides for details of management and control, implementation, and supervision and these terms of the Resolution Plan which is set out in clause- XIII and clause-XIV of the Resolution Plan.

WAIVERS, RELIEFS AND EXEMPTIONS

41.

The SRA has sought/ prayed for the reliefs, waivers and concessions as enumerated under clause VIII of the Resolution Plan approved by the CoC. 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.

STATUS OF PREFERENTIAL, UNDERVALUED, FRAUDULENT AND EXTRAORDINARY (PUFE) TRANSACTIONS AND HOW THESE ARE DEALT IN RESOLUTION PLAN.

42.

It is provided in clause XVI of the resolution plan that RA hereby agrees that in the event of any transaction being avoided/set aside by the Adjudicating Authority in terms of Sections 43, 45, 47, 49, 50 or 66 of the IBC and any amount received by the Resolution Professional of the Company as a result thereof, shall be for the benefit of the Secured Financial Creditors (in accordance with Section 53 of Code). Further all the expenses to pursue the above said litigations shall be borne and taken care by the Secured Financial Creditors only.

XIV DETAILS OF MONITORING COMMITTEE:

XV. EFFECTIVE DATE

ANALYSIS & FINDINGS

ORDER