Allowed

In the matter of Sri Ganesh Sponge Iron Pvt. Ltd. Ia No. 94-CB-2021 in Tp No. 26-CTB-2019 [earlier Cp (B) No. 934-KB-2018]

NCLT1 Nov 2021earlier CP (B) No. 934-KB-2018

Case brief

AI extract

What is this about?

In this insolvency and bankruptcy petition, the NCLT Cutoff Bench approved the revised resolution plan for Sri Ganesh Sponge Iron Pvt Ltd. The plan was approved by a consortium of Kashvi entities after CoC voting. The Tribunal directed implementation within the statutory timeline.

What did the court decide?

Approval of the Revised Resolution Plan dated 28.11.2019 as revised on 05.08.2021; cessation of moratorium; discharge of Resolution Professional.

In the matter of Sri Ganesh Sponge Iron Pvt. Ltd. Ia No… — Insolvency and Bankruptcy | NCLT (2021)

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IN TIIE NATIONAL COMPAI{Y LAW TRIBUNAL CUTTACK BENCH CUTTACK

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IA No. 94/CB/2021

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TP No. 26/CTB/2019 [earlier^{CP (B) No. 934lKB /20181}

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In the matter of,

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An Application under Section 30 (6) Read with Section 31 of the Insolvency and Bankruptcy Code 20L6Read with Regulation 39 (4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 20t6;

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And

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In the matter of,

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Sagu India Holding Limited Financial Creditor Versus In the matter of, Sri Ganesh Sponge Iron Pw. Ltd ... Corporate Debtor In the matter of,

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Avishek Gupta, Resolution Professional of Sri Ganesh Sponge Iron Pvt. Ltd. Applicant

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Coram: Shri Rajasekhar V.K. : Member (Judicial) Shri Satya Ranjan Prasad : Member (Technical) Appearances (thro ugh video conferencing) : For the Applicant : Mr. Tanmay Mishra, Advocate Mr. Somjeet Das, Advocate Mr. Avishek Gupta, RP

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i' at! L.-., Li

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACI( BENCII

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lA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]} In Re: Resolution Plan of Sri Ganesh Sponge^{lrctn Pvt Ltd}

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Order reserved ollli 20,09,2021 Order pronounced on: 01.11,2021

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ORDER

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Per: Rajasekhar V.K. Member (ludicial)

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1, Preliminary

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1.1. IA^(IBC) No.94lCB /2021was filed on 4th September 2021(tbrough e-filing portal and on 8fr Septembet 202t print copy of the same was subsequently filed) by the Resolution Professional of the Corporate Debtor - Sri Ganesh Sponge Iron Private Limited - under Section 30 (6) read with Section 31 of the Insolvency and Bankruptcy Code 2016 Read with Regulation 39@) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

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1.2. The underlying CP (IB) No.934/I3/20t8 was filed by Sagu India Holding Limited, the Financial Creditor under Section 7 of the Insolvency and Bankruptry Code, 2016 which was admitted and Corporate Insolvency Resolution Process (CIRP) was initiated on 18th February 2019, and rhe Applicant herein, Mr. Avishek Gupta [Reg. No. IBBI/IPA-003/IPN000135/2017-2018/114991 was appointed as Interim Resolution Professional (IRP).

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1.3. In terms of Section 13 of the Code read with Regulation 6 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations 2016, the Applicant duly made a public announcement in Form A on 21't February 2019 in The Times of India (English) and Dharitri Balasore Edition-Odia,

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t.4. The initial proceedings of the CIRP was done by the IRP and vide order dated 4fr June 2019, this Adjudicating Authority confirmed the name of the Applicant as the Resolution Professional (RP).

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACI( BENCH

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IA No.94lCB12021in TP No. 26lCTBl2019 [earlier^{CP (rB) No. 934ll(B/2018]} In Re: Resolution Plan of SriGanesh Sponge lron Pvt Ltd

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1.5. A11 the received claims were collated by the Resolution Professional. Form G was also published. Subsequently ten EoIs were received among which Kashvi Power & Steel Pvt. Ltd. & Kashvi Intemational Pvt. Limited (in consortium) were declared as the successful Resolution Applicant.

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1.6. The Resolution Plan as revised was approved by the CoC and was pending for approval before this Adjudicating Authority. Pending such approval of NCLT, some applications were filed by Financial Creditors and the erstwhile management of the Corporate Debtor on various grounds with respect to the CIRP proceedings, which were heard and disposed of. In one of the applications filed by a Financial Creditor - SREI Equipment Finance Limited - an order was passed on 28'h Jvly 202t, directing the Resolution Professional to admit their entire claim which was complied with, and a revised List of Creditors was subsequently filed by the Resolution Professional.

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1.7. A revised Information Memorandum was issued and subsequently a revised Resolution plan dated 28th November 20t9 thereafter revised on 5'h August 2021was submitted on 5tr August 2021lrir accordance with the timelines set out by the Hon'ble NCLT in its orders.

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2, Collation and proposed settlement of Claims

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2.1. The claims existing as on the date of hearing are as follows:

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Nameofthe Financial Creditor	Typesof	Creditors	Amount Admitted (r)	Total Payments proposed(t)
StateBankof	Secure	dFinancial	go,lg,gg,7	26,83,56,064.5
India	Creditor		4t	0
SREIEquipment FinanceLimited	Secured Creditor	Financial	6,77,07,58 6	2,01,43,935.50

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s& ,,,

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IN THENATIONAL COMPANY I-AW TRIBUNAL CUTTACK BENCH

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IA No.94lC812021 in TP No. 26lCTBl20l9

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[earlier^{CP (lB) No. 934lKBi20l8]}

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ln Re: Resolriion Plan of Sri Ganesh Sponge lron Pvt Ltd

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Name of the Financial Creditor	Typesof Creditors	Amount Admitted ({)	Total Payments proposed(t)
Sagu lndia HoldingLimited	UnsecuredFinancial Creditor	9,52,70,17 4	50,00,000
Simec Indus ResourcesPrivate Limited	UnsecuredFinancial Creditor	12,97,76,6 54	65,00,000
Paymenttowards IRPCosts			CIRPcoston acfualsason dateoffinal approvalby NCLT
Forstatutorydues inlieuofletter receivedfrom EPFO, andother costs			15,00,000
TotaI		llgr40,g4, 155	30,15,00,000
plusCIWcostonac	tualbasis

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3, CIRP Process & Compliances

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3.1. The applicant states rhat a total of 9 CoC meetings have been held during the CIRP period as follows:

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Meeting		Dateofmeeting
	l'tCoCMeeting	19'hMarch,20L9
	2'oCoCMeeting	18'hApril,2019

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g dt--

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IN THE NA'IIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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IA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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3'd CoCMeeting	2dMay,2019
4thCoCMeeting	4thJune,20L9
5'hCoCMeeting	30thJuly,2019
6'hCoCMeeting	2"dNovember,2019
7thCoCMeeting	8thNovember,2079
8'hCoCMeeting	20thNovember,2019
9thCoCMeeting	12thAugustz)2l

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3.2. The CIRP of the Corporate Debtor was initiated on 18'h February 20t9. After time extension granted by the Hon'ble Tribunal for 90 days and further 30 days, the last date of CIRP of the corporate debtor was 16tr December 2019.

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3.3. The Applicant submits ttrat CoC was informed about the Fair Market Value and Liquidation Value of the Corporate Debtor as per the Valuation Report.

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4, Salientfeatares of the approved Resolution Plon

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4.t. The successful Resolution Applicant namely Kashvi Power & Steel Pvt. Ltd. & Kashvi Intemational Pvt. Limited (in consortium) have provided for payment of CIRP cost and payment to other stakeholders of the Corporate Debtor as per the provision of the Code.

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Payment & Distribution

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5.1. The Resolution Applicant shall pay an amount of {30 crore along with actual CIRP cost plus t15 lakh towards statutory dues within thirty days of approval of the Resolution Planby the AdjudicatingAuthority, towards fulI and frnal settlement of the claims against the admitted claims of the Financial Creditors for the purpose of takeover of the corporate debtor as a going concem.

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IN ]'HE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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IA No.94lCBl202l in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]} In Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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5.2. The Resolution Applicant has proposed^payment of a sum of t30 crore^plus acttral CIRP costs plus a further sum of t15 lakh towards statutory dues as upfront payment within thfuty days of approval of the Resolution Plan by the Adjudicating Authority. Out of this, a sum of <28,85,00,000/- would be provided for disribution to secured financial creditors (Srei Equipment Finance Limited & State Bank of India) and {1,15,00,000/- to unsecured financial creditors (Sagu India Holding Limited & Simec Indus Resources Private Limited). Upon payment of the amount towards full and final settlement of the dues to the Financial Creditors and takeover of the Corporate Debtor as a going concem, the Corporate Debtor shall be discharged of a1l its liabilities and obligations.

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6, E-roting on the Revised Resolation Plan dated 28th Noyember 2019 subsequently reyised on Sth August 2021

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6.1,. As decided in the 9th CoC Meeting the e-voting was held during the period from 13th August 2021to 25'h August2l2l, at which the Financial Creditors State Bank of India and SREI Equipment Finance Limited voted in favour of the Resolution Plan. Financial Creditors Sagu India Holding Limited and Simec Indus Resources Pvt. Ltd. abstained from voting. Hence, the revised Resolution plandated28fr November 20L9 and subsequently revised on 5th August 2021was approved by CoC with 81.21% shares of the total voting shares.

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6,2. The Resolution Plan submitted by the Resolution Applicant proposes to take over the Corporate Debtor as a going concem.

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Measures required for the implementation of Resolution Plan in terms of Regulation 37 of CIfuP Regulations:

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7.7. The Resolution Applicant has confirmed the compliance of Regulation 37 of Insolvency and Bankruptcy Board of India (Insolvency Resolution

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IN THE NATIONAL COMPANY LAW'TRIBUNAL CUTTACK BENCT]

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lA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]} ln Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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Process for Corporate Persons) Regulations, 20L6, which includes the following clauses:

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(a) Transfer of all or part of the assets of the corporate debtor to one or flrore pefsons;

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A11 the assets of the Corporate Debtor shall remain with the Corporate Debtor. None of the assets of the corporate debtor is^proposed to be transferred in the Resolution Plan.

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(b) Sale of all or part of the assets whether subject to any secarity interest or notl Al1 the assets of the Corporate Debtor whether subject to any security interest or not shall remain with the Corporate Debtor. None of the assets of the corporate debtor is proposed to be sold in the Resolution Plan.

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(c) The substantial acquisition of shares of the cotporate debtor, or the n erger or consolidation of the corporute debtor with ofle or fitore persorrs; The existing equity shares of the Corporate Debtor will be extinguished in fulland new equity shares will be issued to the Resolution Applicants in the manner andratio mentioned in Step 2 ofPartV of the Plan.

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(ca) Cancellation or delisting of any shares of the cotporate debtor, if applicable;

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Not Applicable

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(d) Satisfoction or modification of any security interestl

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As mentioned in Sub Para 4.2,9 of Para C of Part IfI of the Plan, the security documents of the Corporate Debtor held with the financial creditors wiIlbe released and redelivered to the Resolution Applicants on approval of the Plan and on payment of the last instalment of the amount proposed tobepaidto the Financial Creditors.

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(e) Curing or wafuing of any breach of the terms of any debt due from the corporate debtor;

Not Applicable.

eN.

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IA No.94lCB12021in TP No. 26lCTBl20l9 [earlier^{CP (lB) No. 934lKB/2018]} In Re; Resolution Plan of Sri Ganesh Sponge lron Pvt^Ltd

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(fl Redaction in the affionnt payable to the creditors

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The Resolution Applicants proposes for takeover of the Corporate Debtor as a going concern by paying about 25,L2% of the total amount of claims of financial creditors as admitted by the Resolution Professional. The same is specified inPara3 ofPartfl ofthe Resolution Plan.

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k) Ertension of a maturity date or a change in interest rate or other terms of a debt duefrom the Corporate Debtorl Not Applicable.

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(h) Amendment of the constitutional documents of the corporate debtor; Not Applicable.

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(i) fssue ofsecurities ofthe corporate debtorrfor cash, property, securities, or in erchangefor claims or interests, or other appropriate paryose; Not Applicable.

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1. Change in portfolio of goods or seruices produced or rendered by the Corporate Debtor The Resolution Applicant does not propose for any change in goods or services produced or rendered by the Corporate Debtor.

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(k) Change in technologt used by the Corporate Debtor The Resolution Applicant does not propose any change in technology used by the Corporate Debtor.

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(t) Obtaining necessary approvalsfrom the Central and State Goyernments and other authorities, NotApplicable.

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Daails on Management / hnplementation and Relief as per the Resolation PlanSalient Features

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8.1. The Resolution Plan also provides for -

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(a) Terms of the Plan and its Implementation Schedule in Part lllParu4on page22 of the Plan;

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9d'

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IA No.94lCBl202l in TP No. 26lCTBl2019 fearlier^{CP (lB) No. 934lKB/2018]} In Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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(b) Mechanism regarding Management, Control & Supervision of affairs of Corporate Debtor in Part III Para 6 onpage23 of the Plan;

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(d) Timeline & steps of event towards Implementation of Proposed Plan in Part V on page 42 of thePlan

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9, The compliance of the reyised Resolution Plan is as under: 9.t. The Applicant has submitted the details of various compliances and mandatory contents of Resolution Plan in terms of the Code and the CIRP Regulations, as follows:

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Section ofthe Code/ Regulati onNo.	Requirementwithrespect Resolution Plan	Clauseofthe Resolution Plan	Complia nce(Yes /No)
2s(2)(h)	WhethertheResolution Applicantmeetsthecriteria approvedbythe CoChaving regardtothe complexityand scaleofoperations ofbusiness oftheCD?	ClauseC of sectionAofPartI AtPageNo.11	Yes
Section 294	WhethertheResolution Applicantiseligible to submit resolutionplan?	Clause6.1.3of partllAt23	Yes
Section 30(1)	WhethertheResolution Applicant hassubmittedan affidavit statingthatitis eligible?	Attached Separately	Yes
Section	WhethertheResolutionPlan-
30(2)	(a)providesforthepayment	Clause1of section	Yes

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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IA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (IB) No. 934lKB/2018]}

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ln Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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Section ofthe Code/ Regulati onNo.	Requirementwithrespect to Resolution Plan	Clauseofthe Resolution Plan	Complia nce(Yes /No)
	ofinsolvencyresolution processcosts?	CofPartIIIat pageNo.32
	(b)providesforthepayment of the Operational Creditors?	Clause3of section CofPartIIIat pageNo.32	Yes
	(c)providesforthepayment tothe FinancialCreditors whodid notvoteinfavour oftheresolutionplan?	page34,35-point no.4.2.5@)	Yes
	(d)provides for the managementoftheaffairs of the Corporate Debtor?	Clause6of PartII AtPage23	Yes
	(e)provides for the implementationand supervisionof the resolutionplan?	Page24point6.2, page22point4	Yes
	(f)contravenesarlyofthe provisionsofthelawfor thetimebeinginforce?	Clause8of PartII AtPage25	Yes
Section	WhethertheResolutionPlan-
30(4)	(a)isfeasibleandviable, according to theCoC?	Clause 11ofPart IIAtPage25	Yes
	(b) hasbeenapprovedbythe CoCwith66%voting share?		Yes
Section	Whetherthe Resolution Plan	Point 12atPage	Yes

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IN THE NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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IA No.94lCB12021 in^'fP No" 26lCTBl20l9 [earlier^{CP (lB) No. 934lKB/2018]}

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ln Re; Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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Section ofthe Code/ Regulati onNo.	Requirementwithrespect to Resolution Plan	Clauseofthe Resolution Plan	Complia nce(Yes /No)
31(1)	hasprovisionsforitseffective implementationplan, accordingtotheCoC?	26
Regulati on 35A	Where the resolution professionalmadea determinationifthe corporate debtorhas beensubjectedto anyffansactionofthenature covered under sections43,45, 50or66,beforeonehundred andfifteenthdayofthe insolvencycommencement date, underintimation tothe Boardl	NA	NA
Regulati on38 (1)	WhethertheResolutionPlan fundsthatwillbe usedtopay t	identifies specific he-	sourcesof
	(a)insolvencyresolution processcosts?	Step2atPage43 and44	Yes
	(b)liquidation valuedue to operationalcreditors?		Yes
	(c)liquidation valuedue todissentingfinancial creditors?		Yes
Regulati on 38(1A)	Whether theresolutionplan includesastatementastohow ithas dealtwiththeinterests ofallstakeholders?	Clause7ofPartII AtPage24&25	Yes
Regulati	WhethertheResolutionPlan p	rovides-

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IA No.94lCB12021in TP No. 26lCTBl20t9 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re; Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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Section	Requirementwithrespect	Clauseofthe	Complia
ofthe Code/ Regulati onNo.	Resolution Plan	Resolution Plan	nce(Yes /No)
on38(2)	(a)thetermoftheplanand its implementationschedule?	Point4atPage22 andpoint6at page23	Yes
	(b)forthemanagementand controlofthebusinessof thecorporatedebtor duringitsterm?	Point 6atPage23	Yes
	(c)adequatemeansfor supervising its implementation?	Clause4page22 andclause6page 23	Yes
Regulati	WhethertheResolutionPlan p	rovides-
on38(2)
	(a)thetermoftheplanand its implementationschedule?	Point4atPage22 andpoint6at page23	Yes
	(b)forthemanagementand controlofthebusinessof thecorporatedebtor duringitsterm?	Point 6atPage23	Yes
	(c)adequatemeansfor supervising its implementation?	Clause4page 22 andclause6page 23	Yes
Regulati	WhethertheResolutionPlan p	rovides-
on38(2)	(a)thetermoftheplanand its implementationschedule?	Point4atPage22 andpoint6at page23	Yes
	(b)forthemanagementand controlofthebusinessof	Point 6atPage23	Yes

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IA No.94lCB12021 in TP No. 26lCTBl2019

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[earlier^{CP (lB) No. 934lKBi2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge lrctn Pvt Ltd

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Section ofthe Code/ Regulati onNo.	Requirementwithrespect to Resolution Plan	Clauseofthe Resolution Plan	Complia nce(Yes /No)
	thecorporatedebtor duringitsterm?
	(c)adequatemeansfor supervising its implementation?	Clause4page22 andclause6page 23	Yes
38(3)	WhethertheResolution Pland	emonsffates that-
	(a)itad&essesthecauseof defal.uJ0	Clause9PartII AtPage25	Yes
	(b)itis feasible andviable?	Clause 11ofPart IIAtPage25	Yes
	(c)ithasprovisionsforits effectiveimplementation?	Clause 12atPage 26	Yes
	(d)ithasprovisionsfor approvals requiredandthe timeline forthesame?	Clause13 page 26 andpartYl	Yes
	(e)theresolutionapplicants hasthecapabilityto implementtheresolution plarfl	Point74page26	Yes
3e(2)	Whetherthe RPhasfiled applicationsinrespectof transactions observed, found ordeterminedbyhim?	NA	NA

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10, Waivers, Reliefs, Eremptions and Ertinguishment of Claims / Entitlements:

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eF -/

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IA No.94lCB12021 i:n TP No. 26lCTBl2019 [earlier^{CP (lB) No.934iKB/201 8]} ln Re; Resolution Plan of SriGanesh Sponge lron Pvt Ltd

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10.1. The reliefs and concessions sought by the Resolution Applicant from the Adjudicating Authority are set out below for the successful implementation of the Resolution Plan. The orders thereon are indicated against each.

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
1.	CompaniesAct,RoC/MCA
(a)	Theapprovalofthe PlanbytheNCLT shall be deemedwaiveralltheprocedural requirementsintermsofapplicable provisionsofCompaniesAct,2013for thepurposeofpromptexecutionand implementation oftheResolutionPlan.	Grantedinso faras internalapprovalsare concerned.However, allproceduralfilings shallbecarriedout withthe^{jurisdictional} RoCand thefilingfee shallbepaid.
(b)	IntermsoftheCode,approvalofthe shareholdersofthe CorporateDebtorto the ffansactions contemplated underthe Planshall bedeemedtohavebeengiven ontheapproval ofthe PlanbytheNCLT, includingfortheincreaseinauthorised capitalandanyrestructuringofshare capitaland/or foranyform ofcorporate restructuringtobeundertaken.	Grantedinso faras intemalapprovalsarc concerned.However, allproceduralfilings shallbecarciedout withthe^{jurisdictional} RoCandthe.filingfee shallbepaid.
(c)	The approval ofthe PlanbyNCLTshal1 constituteadequateandfinalapprovalof NCLTfor allactionsand purposesof the planincludingextinguishmentofthe existing share capitaloftheCorporate Debtor asper theprovisionsofthe CompaniesAct,20L3.	Grantedinso faras internalapprovalsare concerned.However, allproceduralfilings shallbecarriedout withthe^{jurisdictional} RoCand thefilingfee shallbepaid.
(d)	The RegistrarofCompanies, Cuttack to takeonrecord and implement thePlan,	Itisnotthe^jobofthe Registrar of

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9d-

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IA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	upon approval ofthe PlanbyNCLT ina timelymanner, consideringthewaivers andexemptionsrequiredfrom complianceofthevarious provisionsof theCompaniesAct,2013as definedin the order of theNCLT.	Companieseitherto take onrecordthePlan, ortoimplementthe same.Thisclauseis singularly indicativeof the fact that-(i)the framersofthePlan,(ii) the Resolution Professional;and(iii) theCoC;havenot reallyexaminedit clausebyclausetosee howthe Planwouldbe implemented.
)	RBI
(a)	Al1accountsoftheCorporateDebtor shallstandregvlarisedandtheirasset classification shall be"standard"forthe purposesofallRBIApplicableLaws upon paymentoflastandfinalinstalment anduponissueofthecertificateof consummationby theResolution Professional.Therecords/scoreof Banks/CIBIL shouldaccordinglybe upgradedtoreflectsuchreclassification ofaccountofthe CorporateDebtorfrom NPAtoStandard.	Granted,in viewof the "CleanSlate"Theory propoundedbythe Hon'ble Supreme CourtinGhanashyam MishraandSons^y. Edelweiss Asset ReconstructionCompany Limited.l
(b)	A11creditorsofthe CorporateDebtorto withdrawall legalproceedings commencedagainsttheCorporate Debtorinrelationtoclaimsunder SARFAESI,RDDBFIActorany other legalproceedingswitharLyauthority within30(thtuty) daysofthe Approval	Granted,but strictlyin termsofsection 32Aof theIBC,andtothe exclusionof the personalliabilityofthe erstwhilepromoters anddirectorsforany

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| 2021 SCC Online SC 3 13 dated 13.04.2021

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IN TT{E NATIONAL COMPANY LAW TRIBUNAL CUTTACK BENCH

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IA No.94lCBl202l in TP No. 26lCTBl2019

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[earlier^{CP (lB) No. 934ll(B/2018]}

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ln Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	Date.TheResolutionApplicants undertaketopaythecreditorsthe amount committed underthe planto take-overthe CorporateDebtorasgoing concern.TheCorporateDebtororthe ResolutionApplicantsshallnotbe held liable to pay any amount tothe creditors pursuant to theinvocationbythecreditor ofanyCollateralsecurity/Personal Guarantee/ CorporateGuarantee offered to themtosecurethedebt avatled bytheCorporateDebtoreitherbutnot limited to by the Promoter/Directors/Anyotherthkd parties,Associate/Subsidiary/Group/ Related Concernorfromanyother entitiesbutnotfromtheCorporate DebtorandResolutionApplicants towardsrecoveryofbalanceclaim amount.	actspriortoinitiation ofthe CIRP.
(c)	A11 theoutstandingnegotiable insffuments issuedbytheCorporate Debtorincludingdemandpromissory notes, post-datedchequesandlettersof credit,shallstand terminatedandthe CorporateDebtor'sliabiliryundersuch insffumentsshall stand extinguished.	Granted.
3.	Taxes(Direct &Indirect)
(a)	Therelevanttaxauthoritiestoconsider providingrelieffrom applicability ofand paymentoftaxes anddutiesunder provisionsofDirecttaxlawsandall Indirect Tax laws which mayarise asa resultofimplementationofthePlan eitherontheResolution Applicantsor	This is forthe appropriateauthorities toconsider.

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IA No.94lCBl202l in TP No. 26lCTBl20t9 fearlier^{CP (lB) No. 934lKB/20181}

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In Re: Resohtion Plan of Sri Gane,sh Sponge Iron Pvt Ltd

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sl. No.	'Waivers,ReliefsandExemptions soughtfromNCLT	Ordersthereon
	the Corporate Debtorwhoislikelytobe impacted duetoimplementationofthe Plan.
(b)	TheCentralBoardofDirectTaxes shall: (a)considerthat thechangein shareholding of the CorporateDebtor pursuanttothe Planshallnotleadto lapseofbrought forwardlossesofthe Corporate Debtor;and (b)provide relieftotheCorporateDebtor fromallpastlitigationspendingat different levels and providewaiver fromallTaxduesincludinginterest andpenaltyonsuchlitigations pendingpriortotheinsolvency commencementdate.	This is forthe appropriateauthorities toconsider.
(c)	Anywrittenoff liabilityarisingout of settlementoffinancialcreditors, sundry creditors and export obligations shallbe freatedasgeneral reserve andshall notbe subjecttoanykindof tax.	This is forthe appropriateauthorities toconsider.
4	Other Goverrment Approvals
(a)	A11relevantGovernmental Authorities to continuetomakeavatTabletheBusiness Permitstothecorporatedebtor til1the implementationoftheresolutionplan andpending such ffansferofBusiness Permitsthebusinessmay continuebeing carriedoutasbeingcaniedoutpriorto theInsolvencyCommencement Date.	Granted.
(b)	SincetheResolutionApplicantshave beenprovidedwithnegligible informationinrelationtotheBusiness Permitsandtheircurrentstatus,itis	Itisfortheresolution applicanttoarmitself with whatever information is

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IA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (IB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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sl. No.	'Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	probablethatcertainBusinessPermitsof theCorporateDebtor havelapsed, expired,suspended,cancelled,revoked orterminatedortheCorporate Debtor hasNon-Compliancesinrelationthereto. Accordingly,all Governmental Authoritiesthathave issued orgrantedor renewedsuchBusinessPermitsto providereasonabletime periodafterthe dateofimplementationoftheresolution planinorderfortheResolution Applicantstoassessthestatusofthese BusinessPermitsandensurethatthe CorporateDebtor is compliantwiththe termsofsuchBusinessPermitsand ApplicableLawwithout initiatingany investigations, actionsorproceedingsin relation tosuchNon-Compliancesandto permittheResolutionApplicantsto continuetooperatethebusinessofthe CorporateDebtorascarried outpriorto theInsolvencyCommencementDate.	required,priorto submissionofthe resolutionplan.Once theresolutionplanis submitted,it isno defencetoclaimthat only "negligible information"hasbeen provided.Thisis nobody else's responsibilitybutthat of theResolution Applicant's. Havingsaid,that, section31(4)ofthe Insolvency & BankruptcyCode providesaone-year window from thedate ofapprovalofthe resolutionplanto obtain necessary approvalsunderany law.Thesuccessful resolutionapplicantis expectedtokeepthese timelinesinmind.
5.	GeneralWaivers,Reliefs&Exemptions
(a)	Uponimplementationoftheresolution plan,allrights, titlesandbenefitsrelating tothemovableandimmovable properties of the CorporateDebtorshallbevestedin theCorporateDebtorfueeofanytitle, defectsorEncumbrances.	Acompanycanown immovableproperties inits ownname.Ifthe corporate debtorhas right, titleandinterest insuchimmovable properties,it shall

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IA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re; Resolution Plan of Sri Ganesh Sponge Iron Pvt Ltd

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
		continuetohave them eYenunderthenew management.
(b)	A11liabilities(whether contingentor crystallised)inrelationtoany formsof creditsupport providedtothecorporate debtorandcorporateguarantees, indemnities providedbytheCorporate Debtorprior to thedateof implementationoftheresolutionplan shall stand extinguished.	Granted interms of the judgmentof the Hon'ble Supreme CourtinGhanashyam MishraandSons^y. Edelweiss Asset ReconstructionCompany Limited,2
(c)	TheCorporateDebtorshall beentitled to modifforterminate contracts(including contractswithpartiesthatwererelatedparties oftheCorporateDebtorpriortotheInsoluenqt CommencementDate)whichimpose onerousconditionshinderingthe restructuring forthe CorporateDebtor.	Withoutidentification ofsuch conffactsand howthey constitutean onerousburdenonthe corporate debtor,itis notpossibletogrant carteblanchetothe corporatedebtorto terminate such conffacts.
(d)	A1lpowersofattorneyorauthorities executedbytheerstwhileBoardofthe CorporateDebtoron orpriorto thedate of implementation oftheresolution plan shallstandrevoked,cancelledandshall bevoid. TheResolutionApplicants undertakestopaythecreditorsthe amountcommitted underthe planfor take-overoftheCorporateDebtoras goingconcern. TheCorporateDebtor or theResolution Applicants shallnotbe heldliabletopayanyamounttothe creditors pursuanttotheinvocation by	Granted.

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2 2021 SCC Online SC 3 I 3 dated 13 .04.2021

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IA No.94lCB12021 in TP No. 26lCTBl2019 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re: Resolution Plan of SriGanesh Sponge lron^PvtLtd

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	thecreditorofanyCollateral security/ PersonalGuarantee/ Corporate Guarantee offeredtothemtosecurethe debtavarTedbytheCorporate Debtor eitherbutnotlimitedto bythe Promoter/Directors/Anyotherthird parties,Associate/Subsidiary/Grovp/ RelatedConcernorfromanyother entitiesbutnotfromtheCorporate DebtorandResolutionApplicants towardsrecoveryofbalanceclaim amount andallpowerofattorneyor authorities to thatextent shallstand.
(e)	TheNCLTtoproviderelieftothe CorporateDebtor from the execution/enforcementofanyaward, decree,order,^judgementagainstthe CorporateDebtorinanycountrybyany forumoflawlcourt.	Anyclaimarisingout ofanyawatd,decreeor judgment,iftheydo notform partofthe ResolutionPlan,shal1 standextinguishedin termsofthe^judgment ofHon'bleSupreme CourtinGhanashyam MishraandSonsv, Edelweiss Asset ReconstructionCompany Limited.3
1	TheResolutionProfessional issueda noticeinviting allpotentialclaimants to submit their proofsof Claim.The notice waspublishedinnewspapersin accordancewithApplicableLaw. PursuanttothatnoticetheResolution Professionalmayhavereceivedletters fromPersonswhoseClaims havenot	Thisisnot inthenature of awaiveror concession,butmerely astatementoffact. Further,anyclaim arisingoutofarry award,decreeor judgment,iftheydo

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3 2021 scc online sc 313 datad 13.Q4.2021

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C-4.

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IA No.94lCBl202l in TP No. 26lCTBl20l9

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[earlier^{CP (IB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	beencrystallisedasoftheInsolvency Commencement Date. The Planisbeing proposedinorder to resfructuretheassets and liabilitiesoftheCorporateDebtor andforthebest interestsofstakeholders oftheCorporateDebtortotheextent possible.Withthatobjective,the Resolution Applicantsassumesthatall Personsthat have anyClaimsagainst the CorporateDebtorhavefiled their Claims ar.dtheverifiableClaims havebeen admittedbythe ResolutionProfessional anddisclosedintheInformation Memorandum.Accordingly,the Resolution Applicantsandthe Corporate Debtor shallhavenoresponsibilityor liability inrespectofany Claimsagainst theCorporateDebtorattribrfiabletothe periodprior to thedateof implementationoftheresolutionplan otherthan anypaymentstobemade underinPartIII(Proposalforallkindsof CreditorsoftheCorporateDebtor).The Resolution Applicantsundertakesto pay thecreditorstheamountcommitted undertheplan to take-over the Corporate Debtorasgoingconcern. TheCorporate DebtorortheResolutionApplicants shallnotbeheld liabletopayanyamount tothecreditors pursuanttothe invocationbythecreditorofany Collateral security/Personal Guarantee/Corporate Guarantee offered to themtosecurethedebtavarTedbythe CorporateDebtoreitherbut not limited tobythePromoter/Diectors/Anyother	notform partofthe ResolutionPlan,shall standextinguished in termsofthe^judgment ofHon'bleSupreme CourtinGhanashyam Mishraibid.

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IA No.94lCBl202l in TP No. 26lCTBl2019 fearlier^{CP (lB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge^{lronPvt Ltd}

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sI. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	thirdparties,Associate/Subsidiary /Grorp/Related Concernorfromany otherentitiesbutnot ftomtheCorporate DebtorandResolutionApplicants towardsrecoveryofbalanceclaim amount.
2	Onandwitheffectfrom thedateof implementationoftheresolution^plan, the guarantors,indemnityprovidersand likepersonsthathaveprovided guarantees,indemnities, co-borrowing or likearrangements forand onbehalfofthe CorporateDebtor, includinginorder to securetheDebtavailedofbythe CorporateDebtor,shall notbeentitled to exercise orenforceanysubrogationrights (orsimilarrights)inrespectofsuch arcarLgements,even where suchrights have aheadybeenexercised.Onandwith effectfromthedateofimplementationof the resolutionplan, allrightsand claims (whethercontingentorotherwise)of whatsoevernafixeoftheExisting Promotersagainstthe Corporate Debtor shall standirrevocablyand unconditionally extinguishedin perpetuity.	Granted interms of the judgmentofHon'ble SupremeCourtin GhanashyamMishra ibid.
3	As ofthedateofimplementationofthe resolutionplan,anyDebtowedbythe CorporateDebtor whichisbarred by limitationunder ApplicableLaw,shall immediately,irrevocablyand unconditionallystandextinguished, waivedandwithdrawn onandfromthe dateofimplementationoftheresolution plan, andnoPersonshall haveany	Iftheclaimisbarredby limitation,then thereis noquestion of recovery ofsuchadebtunder law.

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lA No.94lCB12021in TP No. 26lCTBl2019

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[earlier^{CP (rB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge^{lronPvt Ltd}

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sl. No.	'Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	further rightsorClaimsagainstthe CorporateDebtor rnregardtothat.The Resolution Applicantsundertakesto^pay thecreditorstheamountcommitted undertheplan totakeover the Corporate Debtorasgoingconcem.TheCorporate DebtorortheResolutionApplicants shallnotbe heldliableto payanyamount tothecreditors pursuanttothe invocationbythecreditorofany Collateral security/PersonalGtarantee/ CorporateGuaranteeofferedtothem to securethedebt availedbytheCorporate Debtoreitherbut not limited tobythe Promoter/ Directors/Anyother third parties,Associate/Subsidiary/Group/ RelatedConcemorfromarLy other entitiesbutnotfrom theCorporate DebtorandResolutionApplicants towardsrecoveryofbalanceclaim amount.
4	AnyEncumbrance,whetherover immovable, movableassets,fixed depositsorcashorarlyother rightsor privilegesandincludingwithout limitation,security, letterofcredit, bank glratarfieeorpledge providedby CorporateDebtortothefinancial creditors,thatwascreated/granted/ arrangedinconnectionwithany Financial DebtorOperationalDebtor anyotherdebtorobligationofthe CorporateDebtor,atarlytimepriorto the Approval Date,shallautomatically bereleasedandallliabilitiesand obligationsoftheCorporateDebtor in	Grantedinterms of the judgmentofHon'ble SupremeCourtin GhanashyamMishra ibid.

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IA No.94lCBl202l in TP No. 26lCTBl20l9

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[earlier^{CP (lB) No. 934lKB/2018]}

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In Re; Resolution Plan of Sri Ganesh Sponge lron Pvt^Ltd

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SI. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	relationtosuch Encumbranceorother form ofcollateral(includingthosecreated/ arrangedbytheCorporateDebtorasa guarantororathirdpartysecuity providerin relationtoitssubsidiaries,jointventures, relatedpartiesorassociates,ifany)shall standpermanently extinguishedartd releasedontheapprovalofthe ResolutionPlanbytheNCLT. Alltitledeedsandotherdocuments (indudingcharge documents,tf any)heldby the FinancialCreditorsoranytrustee/ agenton theirbehalfinrelationtothe ExistingEncumbrancesshallbe immediately retumedtotheCorporate Debtorasperthe termssetout inPart-V (TimelineandStepsofEventstowards ImplementationoftheProposedPlan).No existing Encumbrance shall beenforced byanycreditor after ApprovalDateor otherwiseand all existingproceedings/ enforcementactionshall beimmediately withdrawn. TheResolutionApplicantsundertake to pay the creditors the amount committed undertheplan totakeover the Corporate Debtorasgoingconcem.TheCorporate DebtorortheResolutionApplicants shallnotbeheld liable to pay anyamount tothecreditors pursuanttothe invocationbythecreditorofany Collateral security/PersonalGuarantee/ Corporate Guarantee offeredtothem to securethedebt availedbytheCorporate Debtoreitherbut not limitedto bythe Promoter/Directors,/Anyother third

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IA No.94lC812021 in TP No. 26/CTB|2019 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Ganesh Sponge^{lronPvt Ltd}

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	parties,Associate/Subsidiary/Group/ RelatedConcemorfromanyother entitiesbutnotfrom theCorporate DebtorandResolutionApplicants towardsrecoveryofbalanceclaim amount.
5	A11liabilities(whether contingentor crystallised)inrelationtoanycorporate guarantees,indemnitiesandallother formsofcreditsupportincludingthose availedbyCorporateDebtoronaco- borrowerafiaiagement,alongwith,any thtrdpartyprovidedbytheCorporate DebtorpriortotheImplementation Date, andallcontingentliabilities disclosedinthe annual audited financial statementsoftheCorporateDebtorand liabilitieswhicharenotinnoticeof CorporateDebtorornotacknowledged bytheCorporateDebtor, shallstand extinguishedanddischarged onandwith effectfromthe ImplementationDate,at aNilvalue. TheResolution Applicants undertaketopaythecreditorsthe amount committed underthe planto take-overoftheCorporateDebtoras goingconcern. TheCorporateDebtor or theResolution Applicantsshallnotbe heldliabletopay anyamounttothe creditorspursuanttotheinvocationby thecreditorofarLyCollateral security/PersonalGuarantee/Corporate Guarantee offeredtothemtosecurethe debtavatledbytheCorporateDebtor eitherbutnotlimitedto bythe Promoter/Directors/Anyotherthird	Grantedinterms of the judgmentofHon'ble SupremeCourtin GhanashyamMishra ibid,

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IA No.94lCBl202l in TP No. 26lCTB|2j19 [earlier^{CP (lB) No. 934lKB/2018]}

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In Re: Resolution Plan of Sri Canesh Sponge lron^Pvt Ltd

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sl. No.	'Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	parties,Associate/Subsidiary/Group/ Related Concernorfromanyother entitiesbutnotfrom theCorporate DebtorandResolutionApplicants towardsrecoveryofbalanceclaim amount.
6	ThepaymenttoPersonscontemplatedin PartIII(Proposalforallkinds of Creditorsof theCorporateDebtor)shallbethe CorporateDebtor'sandResolution Applicant'sfulIandfinalperformance andsatisfactionofall itsobligations to such Persons andallClaims(including,for the avoidanceof doubt, anyunverifiedportion oftheirClaim)ofsuch Persons againstthe Corporate Debtorshall standirrevocably andunconditionallysettledand extinguishedinperpetuityuponsuch discharge.TheResolutionApplicant undertakestopaythecreditorsthe amount committedundertheplanfor takeoveroftheCorporateDebtoras goingconcern. TheCorporateDebtor or theResolutionApplicantsha1lnotbe held liabletopay anyamounttothe creditorspursuanttotheinvocation by thecreditorofanyCollateral security/ PersonalGuarantee/ Corporate Guarantee offeredtothemtosecurethe debtavatledbytheCorporute Debtor eitherbutnotlimitedtobythePromoter/ Directors/Anyother thfudparties, Associate/Subsidiary/Group/Related Concemorfromany otherentitiesbut notfrom theCorporateDebtorand	Granted interms of the judgmentofHon'ble SupremeCourtin GhanashyarnMishra ibid.

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IA No.94iCB12021in TP No. 26lCTBl2019

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[earlier^{CP (lB) No. 934lKB/2018]}

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ln Re: Resolution Plan ofSri Ganesh Sponge lron Pvt Ltd

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sl. No.	Waivers,ReliefsandExemptions soughtfromNCLT	Ordersthereon
	ResolutionApplicanttowardsrecovery of balanceclaimamount.
7	Onandwitheffectfrom thedateof implementationoftheresolution plan,all theoutstanding negotiableinstruments issuedby the CorporateDebtororbyany Persononbehalf oftheCorporateDebtor includingdemand promissorynotes, post-datedchequesand lettersofcredit, shall standterminatedand the Corporate Debtor'sliabilityundersuchinsffuments shallstand extinguished.The Resolution Applicantundertakes to pay the creditors theamount committedundertheplanfor takeoveroftheCorporateDebtoras goingconcern. TheCorporateDebtoror theResolutionApplicantshal1notbe heldliabletopay anyamounttothe creditors pursuanttotheinvocation by thecreditorof anyCollateral security/PersonalGuarantee/Corporate Guarantee offeredtothemtosecurethe debtavarledbytheCorporateDebtor eitherbut notlimitedto bythe Promoter/Directors/Anyotherthird parties,Associate/Subsidiary/Group/ Related Concernorfromanyother entitiesbutnotfromtheCorporate DebtorandResolutionApplicant towardsrecoveryofbalanceclaim amount.	intermsofthe judgmentofHon'ble SupremeCourtin GhanashyamMishra ibid.Thisshallbe restrictedto the corporate debtorunder the successful resolutionapplicants, andshall haveno applicationtothe liabilityof the erstwhile promoters and directorsof the corporate debtor.
8	Upon theapprovalofthe Planbythe NCLTunderSection 31of theCode,all pendingproceedingsrelatingtothe winding-upoftheCorporateDebtorshall	Granted.

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IA No.94lCB12021in TP No. 26lCTBl2019

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[earlier^{CP (lB) No. 934lKB/2018]}

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In Re; Resolution Plan of Sri Ganesh Sponge lron Pvt^Ltd

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sl. No.	'Waivers,ReliefsandExemptions soughtfromNCLT	Orders thereon
	stand irrevocablyandunconditionally abatedinperpetuity.
9	Onandwitheffectfromthe ImplementationDate,allsecurities convertibleorexchangeableintoEquity Sharesandallrightstosubscribe to EquityShares,includingconvertible debentures,convertiblepreference shares,convertibleloans(whether compulsoilyorpartiallyconvertibleornot), warrants,subscriptionrightsunder shareholders agreements enteredinto by theExistingPromotersifany, shall stand immediatelyextinguished andsettled.	Granted.

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11, Findings

¶231

11.1. On hearing the submissions made by the Ld. Counsel for the Resolution Professional, and perusing the record, we find that the Resolution Plan has been approved with 8t.21% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for revival of the Corporate Debtor. By andlarge, allthe compliances have been done by the Resolution Professional and the Successful Resolution Applicant for making the plan effective after approval by the Adjudicating Authority.

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17.2. On perusal of the documents on record, we are also satisfied that the Resolution Plan is in accordance with sections 30 and 31 of the IBC and also complies with regulations 37, 38 and 39 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 20L6. No circumstances exist that militate against grant of approval for the revised Resolution Plan dated 28ft November 2019 as revised on 5ft August 2021 and approved thereafter by the CoC.

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9d.^'/

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IA No.94iCB12021 in TP No. 26lCTBl20l9 [earlier^{CP (lB) No. 934lKB/2018]} In Re; Resolution Plan ofSri Ganesh Sponge lron Pvt^Ltd

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12, Orders

¶238

1,2.1. Therefore, subject to the observations made in this Order, we hereby accord our approval to the Resolution Plan. The approved Resolution Plan shall form part of this Order.

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L2.2. As far as the question of granting time to comply with the statutory obligations/seeking sanctions from governmental authorities is concemed, the Resolution Applicant is directed to do the same within one year as prescribed under section 31(4) of the Code.

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12.3. The Resolution Plan is binding on the Corporate Debtor and other stakeholders involved so that revival of the Debtor Company shall come into force with immediate effect.

¶241

L2.4. In case of non-compliance of this order or withdrawal of Resolution Plan, the CoC shall forfeit *re EMD amount aheady paid by the Resolution Applicant.

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12.5. The Moratorium imposed under section 14 shall cease to have effect from the date of this order.

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12.6. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order. However, he sha1l perform his duties in terms of the Resolution Plan as approved by this Adjudicating Authority.

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12.7. The Resolution Professional is further directed to hand over all the records collected during the commencement of the proceedings to the Insolvency & Bankruptcy Board of India for their record and also retum to the Resolution Applicant or New Promoters.

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12.8. Liberfy is hereby gtanted for moving any Application if required in connection with implementation of this Resolution Plan.

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IA No.94lCBl202l in TP No. 26lCTBl20l9 [earlier^{CP (lB) No. 934lKB/2018]} ln Re: Resolution Plan of Sri Ganesh Sponge lron Pvt Ltd

¶250

t2.9. The Registry is directed to forward a copy of this Order to the Registrar of Companies, Odisha, interalia for updating the MasterData of the Corporate Debtor.

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12.1,0. The Resolution Professional shall stand discharged from his duties with effect from the date of this Order.

¶252

L2.11. The Resolution Professional is further dnected to handover all records, premises/factories/documents to the Resolution Applicant to finalise the further line of action required for starting of the operation. The Resolution Applicant shall have access to all the records, premises, factories and documents through the Resolution Professional to finalise the further line of action required for starting of the operation.

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12.L2. IA (18) No.94lCTB/2021in TP No. 26ICTB/20L9 and the main Company Petition, i.e., TP No. 26/CTB/2019 [earlier, CP (IB) No. 934lKB /20L81 shall stand disposed of accordingly.

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L2,L3, The Registry is directed to send e-mail copies of the order forthwith to all the parties and their Ld. AuthorizedRepresentative for information and for taking necessary steps.

¶255