,Valuer 1,,Valuer 2,,Average,
,Fair Value,Liq Value,Fair Value,Liq Value,Fair Value,Liq Value
L&B,"2,01,00,000","1,51,00,000","2,21,28,700","1,54,90,090","2,11,00,000","1,52,50,000
P&M,"18,19,007","11,82,406","19,09,560","13,36,690","18,64,283.5","12,59,549
SFA,"2,62,189.30","2,09,751.44","2,34,751.44","1,87,801.15","2,48,470.37","1,98,776.295
Sr No.,Particulars,"Amount
Admitted/Â Â Claim
Amount (INR)","Settlement
Value  offered
(INR)",Terms of Payment,,
1.,CIRP Cost,At Actual,At Actual,"To be paid within 60
days from the date of the
of theÂ
order Hon’ble
NCLT approving the
Resolution Plan",,
2.,Secured,"68,68,83,153.40","5,85,00,000","To be paid within 150
days from the order of
the NCLT approving
the Resolution plan",,
A,"Employee and
Workmen dues","12,13,629","12,136.29","To be paid within 150
days from the date of the
order of the NCLT
approving the
Resolution Plan",,
B,"Operational
Creditor","18,51,981","18,519.81","To be paid within 148
days from the date of the
order of the NCLT
approving the
Resolution Plan",,
C,"Statutory Dues
(Income Tax
Department)","6,59,27,003","3,29,635.02","To be paid within 150
days from the date of the
order of the NCLT
approving the
Resolution Plan",,
C1,ESIC,"15,76,422","7,882.11","To be paid within 150
days from the date of the
order of the NCLT
approving the
Resolution Plan",,
Section,Mandatory Provision,"Compliance in the Plan
Section/Clause/Page No.",,,,
30(1),"Affidavit of eligibility provided by the
Resolution Applicant",YES,,,,
30(2)(a),Payment of CIRP Cost,Part 7 sub part A at page 25,,,,
30(2)(b),"Priority payment to the debt of
operational creditor",Part 7 sub part E on page 38,,,,
30(2)(b)(ii),Priority payment to dissenting FC,Part VII sub part D at page 37,,,,
30(2)(c),"Provides for the management and affairs
of the Corporate Debtor",Part XV at page 53,,,,
30(2)(d),"Implementation and supervision of
resolution plan",Part XVII at page 60,,,,
30(2)(e),"Do not contravene any provision of law
for time being in force",Part XXV at Page 74-75,,,,
31(1),"Resolution Plan has provision for
effective solution",Part VII at Page 21,,,,
Name,Claim amount,Settlement Amount,Period of payment,,,
Clix Capital Services
Pvt. Ltd.","58,54,559","1,17,091.18","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Gemini Dyeing &
Printing Mills Pvt.
Ltd","55,00,000","55,000","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Kamlesh Jayantilal
Shah","6,75,000","6,750","To be paid within 150
Days from the date of",,,
,,,"the order of the
NCLT approving the
Resolution Plan",,,
Dhruv Gupta,"8,59,325","8,593.25","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Namrata Ahuja,"16,41,250","16,412.50","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Akshay Ahuja,"25,63,800","25,638.00","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Haresh Girdharilal
Chhabria","1,28,18,618","1,28,186.18","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Mulchand
Dipchand Shah","12,46,670","12,466.70","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Priyanka Gupta,"8,51,225","8,512.25","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Dilip Gaba,"15,25,725","15,257.25","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Rekha
Mulchandani","12,17,860","12,178.60","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Sumatilal M. Shah,"10,85,536","10,855.36","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Tex Weaves India,"86,49,500","86,495","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Hanisha Gaba,"5,17,080","5,170.80","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Dhiren Kapadia,"33,74,300","33,743","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Aditya Birla
Finance Ltd.","24,66,185","49,323.70","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Dhani Loans
Consumer Finance","6,42,437","12,848.74","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
India Infoline
Finance Limited","9,85,951","19,719.02","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Magma Fincorp
Limited","17, 84,298","35,685.96","To be paid within 150
Days from the date of
the order of the
NCLT approving the
Resolution Plan",,,
Sl. No.,Particulars,Description,,,,
1,Name of the CD,"Grey’s Exim Private
Limited",,,,
2,Date of Initiation of CIRP,"27/06/2023.
Order was received by the IRP
on 05/07/2024.",,,,
3,Date of Appointment of IRP,27/06/2023,,,,
4,Date of Publication of Public Announcement,07/07/2023,,,,
5,Date of Constitution of CoC,28/07/2023,,,,
6,Date of First Meeting of CoC,03/08/2023,,,,
7,Date of Appointment of RP,03/08/2023,,,,
8,Date of Appointment of Registered Valuers,14/08/2023,,,,
9,Date of Issue of Invitation for EoI,05/09/2023,,,,
10,Date of Final List of Eligible Prospective Resolution Applicants,30/07/2023,,,,
11,Date of Invitation of Resolution Plan,20/10/2023,,,,
12,Last Date of Submission of Resolution Plan,"20/11/2023.
Extended till 20.12.2023 with
the approval of CoC.",,,,
13,Date of Approval of Resolution Plan by CoC,24.06.2024,,,,
14,Date of Filing of Resolution Plan with Adjudicating Authority,03.07.2024,,,,
15,Date of Expiry of 180 days of CIRP,24/12/2023,,,,
16,Date of Order extending the period of CIRP,15/01/2024,,,,
Sl. No.,Name of Creditor,Voting Share (%),"Voting for Resolution Plan (Voted for /
Dissented / Abstained)",,,
1.,Bank Of Baroda,99.31%,Voted For,,,
2.,Kotak Mahindra Bank,00.69%,Dissented,,,
(1),(2),(3),(4),(5),(6),(7)
1,"Secured
Financial
Creditors","(a) Creditors not
having a right to
vote under sub-
section (2) of
section 21",,,,
,,"(b) Other than (a)
above:
(i) who did not
vote in favour of
the resolution
Plan
(ii) who voted in
favour of the
resolution plan","68,68,83,153.40","68,68,83,153.4
0","5,85,00,000",8.51%
,,Total[(a) + (b)],"68,68,83,153.40","68,68,83,153.4
0","5,85,00,000",8.51%
2,"Unsecure
d
Financial
Creditors
(Unsecur
ed FC
having
personal
guarante
e have","(a) Creditors not
having a right to
vote under sub-
section (2) of
section 21","2,94,42,178","2,94,33,308","5,88,843.56",2%
,,"(b) Other than (a)
above:
(i) who did not
vote in favour of","47,58,035","47,58,035","95,160.70",2%
Total[(a) + (b)],"8,92,39,564","72,10,74,496","13,59,532.39",1.52%,,
(a) Related Party
of Corporate
Debtor",,,,,,
,,"Part XV at Page
53
Part XVII at
Page 60
Covering Letter
and Declaration
at Part XXV at
Page 74-
75","Yes
Yes
No",,,
Section
30(4)","Whether the Resolution Plan
(a) is feasible and viable, according to the CoC?
(b) has been approved by the CoC with 66% voting share?",,"Yes
Yes",,,
Section
31(1)","Whether the Resolution Plan has provisions for its effective
implementation plan, according to the CoC?",,Yes,,,
Regulati
on38 (1)
(a)
Regulati
on 38 (1)
(b)","Whether the amount due to the operational creditors under the
resolution plan has been given priority in payment over financial
creditors?]
Priority payment to financial creditor who did not vote in favor of
resolution plan","Part VII Page 24
and Page 38
Part VII Page 37",Yes,,,
Regulati
on
38(1A)","Whether the resolution plan includes a statement as to how it has
dealt with the interests of all stakeholders?",Part IX Page 44,Yes,,,
Regulati
on 38(2)","(a) Whether the Resolution Plan provides:
(a) the term of the plan and its implementation schedule?
(b) for the management and control of the business of the corporate
debtor during its term?
(c) adequate means for supervising its implementation?","Part XVI Page
56
Part XVII Page
60","Yes
Yes
Yes",,,
38(3),"Whether the resolution plan demonstrates that â€
(a) it addresses the cause of default?
(b) it is feasible and viable?
(c) it has provisions for its effective implementation?
(d) it has provisions for approvals required and the timeline for the
same?","VÂ
Part Para 3
Page 18-
19
IVÂ
Part Para f
page 16
Part VII. Page 60
Part XXI Page
69-
70","Yes
Yes
Yes
Yes",,,
,"(e) the resolution applicant has the capability to implement the
resolution plan?","Sources of Fund
at Page 61. The
RA will
implement the
Plan along with
an investor.",Yes,,,
39(2),"(b) Whether the RP has filed applications in
respect of transactions observed, found or
determined by him?",,No,,,
Regulati
on 39(4)","Provide details of performanceÂ
(c) security
received, as referred to in sub-regulation (4A)
of regulation 36B.]","Received PBG of
INR 52,97,910/-",,,,
35. The Applicant had further filed IA 4541 of 2024 for seeking condonation of delay for including claims which are received later of 90 days or issue,,,,,,
of RFRP, which was allowed vide order dated 03.10.2024 and IA 4310 of 2024 seeking extension for 26 days beyond 345 days, which was allowed",,,,,,
vide order dated 19.09.2024.,,,,,,
36. The Resolution Professional has filed an additional affidavit dated 27.01.2025 that the Performance Bank Guarantee to be issued by the,,,,,,
Successful Resolution Applicant in favor of Financial Creditor shall be valid till the term of the Resolution Plan and can be invoked only upon failure in,,,,,,
implementation of the Resolution plan.,,,,,,
37. In K Sashidhar v. Indian Overseas Bank & Others (in Civil Appeal No.10673/2018 decided on 05.02.2019) the Hon’ble Apex Court held that,,,,,,
if the CoC had approved the Resolution Plan by requisite percent of voting share, then as per section 30(6) of the Code, it is imperative for the",,,,,,
Resolution Professional to submit the same to the Adjudicating Authority (NCLT). On receipt of such a proposal, the Adjudicating Authority is",,,,,,
required to satisfy itself that the Resolution Plan as approved by CoC meets the requirements specified in Section 30(2). The Hon’ble Apex Court,,,,,,
further observed that the role of the NCLT is ‘no more and no less’. The Hon’ble Apex Court further held that the discretion of the,,,,,,
Adjudicating Authority is circumscribed by Section 31 and is limited to scrutiny of the Resolution Plan “as approved†by the requisite percent of,,,,,,
voting share of financial creditors. Even in that enquiry, the grounds on which the Adjudicating Authority can reject the Resolution Plan is in reference",,,,,,
to matters specified in Section 30(2) when the Resolution Plan does not conform to the stated requirements.,,,,,,
38. In view of the discussions and the law thus settled, the instant Resolution Plan meets the requirements of Section 30(2) of the Code and",,,,,,
Regulations 37, 38, 38 (1A) and 39 (4) of the Regulations. The Resolution Plan is not in contravention of any of the provisions of Section 29A of the",,,,,,
Code and is in accordance with law. The same needs to be approved. Hence, ordered.",,,,,,
39. The Resolution Plan is hereby approved. It shall become effective from this date and shall form part of this order with the following directions:,,,,,,
i. It shall be binding on the Corporate Debtor, its employees, members, creditors, including the Central Government, any State Government or",,,,,,
any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force is due, guarantors and",,,,,,
other stakeholders involved in the Resolution Plan.,,,,,,
ii. The approval of the Resolution Plan shall not be construed as waiver of any statutory obligations/liabilities of the Corporate Debtor and shall,,,,,,
be dealt by the appropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the",,,,,,
Authorities concerned in light of the Judgment of Supreme Court in Ghanshyam Mishra and Sons Private Limited v/s. Edelweiss Asset,,,,,,
Reconstruction Company Limited, the relevant paragraphs of which are extracted herein below:",,,,,,
“95. (i) Once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the",,,,,,
claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees,",,,,,,
members, creditors, including the Central Government, any State Government or any local authority, guarantors and other",,,,,,
stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part",,,,,,
of the resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in,,,,,,
respect to a claim, which is not part of the resolution plan;",,,,,,
(ii) 2019 Amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective,,,,,,
from the date on which the Code has come into effect;,,,,,,
(iii) consequently, all the dues including the statutory dues owed to the Central Government, any State Government or any",,,,,,
local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the",,,,,,
period prior to the date on which the adjudicating authority grants its approval under Section 31 could be continued.â€,,,,,,
iii. The Memorandum of Association (MoA) and Articles of Association (AoA) shall accordingly be amended and filed with,,,,,,
the Registrar of Companies (RoC), Mumbai, Maharashtra for information and record.",,,,,,
iv. The Resolution Applicant, for effective implementation of the Plan, shall obtain all necessary approvals, under any law",,,,,,
for the time being in force, within such period and subject to following of procedure as may be prescribed. It is clarified that",,,,,,
the authorities shall not withhold the approval/consent/extension for the reason of insolvency of the Corporate Debtor or,,,,,,
extinguishment of their dues upto approval of Resolution plan in terms of the approved plan. Any relief or concession as,,,,,,
sought on the plan shall be subject to the provisions of the relevant Act.,,,,,,
v. The moratorium under Section 14 of the Code shall cease to have effect from this date.,,,,,,
vi. 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.",,,,,,
vii. 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.,,,,,,
viii. The Applicant shall forthwith send a certified copy of this Order to the CoC and the Resolution Applicant, respectively",,,,,,
for necessary compliance.,,,,,,
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