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Antanium Holdings Pte. Ltd., (Formerly known as Triterras Holdings Pte. Ltd.) Singapore v/s M/s. Sujana Universal Industries Limited, Through its Resolution Professional, Ramakrishnan Sadasivan & Another


Company & Directors' Information:- SUJANA UNIVERSAL INDUSTRIES LIMITED [Active] CIN = L29309TG1986PLC006714

Company & Directors' Information:- A V S R HOLDINGS PRIVATE LIMITED [Active] CIN = U67120TG2005PTC045117

Company & Directors' Information:- T T G INDUSTRIES LIMITED [Active] CIN = U27209TN1987PLC014169

Company & Directors' Information:- V I P INDUSTRIES LIMITED [Active] CIN = L25200MH1968PLC013914

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U14100DL1996PLC129067

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U19111DL1996PLC129067

Company & Directors' Information:- A L M INDUSTRIES LIMITED [Active] CIN = U74110DL1996PLC129067

Company & Directors' Information:- S R K INDUSTRIES LIMITED [Active] CIN = L17121MH1991PLC257750

Company & Directors' Information:- S R INDUSTRIES LTD [Active] CIN = L29246PB1989PLC009531

Company & Directors' Information:- F E INDUSTRIES PRIVATE LIMITED [Active] CIN = U36100PB2003PTC026482

Company & Directors' Information:- N K INDUSTRIES LIMITED [Active] CIN = L91110GJ1987PLC009905

Company & Directors' Information:- K L R INDUSTRIES LIMITED [Active] CIN = U28939TG2002PLC038416

Company & Directors' Information:- T S I INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U18101HR1997PTC034478

Company & Directors' Information:- S R HOLDINGS LIMITED [Active] CIN = U65993TN1988PLC083659

Company & Directors' Information:- S R HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TN1988PTC083659

Company & Directors' Information:- B L A INDUSTRIES PRIVATE LIMITED. [Active] CIN = U10200MH1964PTC162314

Company & Directors' Information:- A B HOLDINGS PRIVATE LIMITED [Active] CIN = U70102KA2006PTC040894

Company & Directors' Information:- SUJANA HOLDINGS LIMITED [Active] CIN = U70102TG2005PLC046136

Company & Directors' Information:- S K A HOLDINGS LIMITED [Active] CIN = U65993DL1981PLC012592

Company & Directors' Information:- S K A HOLDINGS LIMITED [Active] CIN = L65993DL1981PLC012592

Company & Directors' Information:- G J HOLDINGS PRIVATE LIMITED [Active] CIN = U51100DL2004PTC126687

Company & Directors' Information:- G J HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL2004PTC126687

Company & Directors' Information:- R B T INDUSTRIES LIMITED [Active] CIN = U24118UP1990PLC011820

Company & Directors' Information:- H G I INDUSTRIES LIMITED [Active] CIN = L40200WB1944PLC011754

Company & Directors' Information:- R P INDUSTRIES PRIVATE LIMITED [Active] CIN = U27100GJ2011PTC075812

Company & Directors' Information:- D D INDUSTRIES LIMITED [Active] CIN = U74899DL1974PLC007169

Company & Directors' Information:- A G INDUSTRIES PVT LTD [Active] CIN = U27300HR1991PTC031378

Company & Directors' Information:- H. J. INDUSTRIES (INDIA) PRIVATE LIMITED [Active] CIN = U17120GJ2010PTC060769

Company & Directors' Information:- U F M INDUSTRIES LIMITED [Active] CIN = L15311AS1986PLC002539

Company & Directors' Information:- P P HOLDINGS LTD [Active] CIN = U65993PN1981PLC025916

Company & Directors' Information:- G R S INDUSTRIES LIMITED [Active] CIN = U00000PB2005PLC029159

Company & Directors' Information:- T S L INDUSTRIES LIMITED [Active] CIN = L65999WB1994PLC065255

Company & Directors' Information:- M F B INDUSTRIES LIMITED [Active] CIN = U31401TN1989PLC018274

Company & Directors' Information:- A C M E INDUSTRIES LIMITED [Dormant under section 455] CIN = U19119DL1992PLC048914

Company & Directors' Information:- V S P INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ2005PTC011820

Company & Directors' Information:- M N INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100TG2012PTC079737

Company & Directors' Information:- G I INDUSTRIES PRIVATE LIMITED [Active] CIN = U15312PB2010PTC033806

Company & Directors' Information:- E T C INDUSTRIES LIMITED [Active] CIN = U31200MP1995PLC009281

Company & Directors' Information:- UNIVERSAL CORPORATION LIMITED [Active] CIN = U74899DL2000PLC103817

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Active] CIN = U74899DL1991PTC045572

Company & Directors' Information:- E A P INDUSTRIES LTD [Active] CIN = U25206WB1956PLC023072

Company & Directors' Information:- G S D HOLDINGS PVT LTD [Strike Off] CIN = U70109WB1990PTC048518

Company & Directors' Information:- S R V E INDUSTRIES LIMITED [Active] CIN = U03210TZ2006PLC012577

Company & Directors' Information:- S T HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1979PTC021588

Company & Directors' Information:- Z H INDUSTRIES PRIVATE LIMITED [Active] CIN = U45200DL2014PTC265453

Company & Directors' Information:- M C HOLDINGS PRIVATE LIMITED [Active] CIN = U67190DL2009PTC190957

Company & Directors' Information:- P AND P INDUSTRIES LIMITED [Strike Off] CIN = U21010MH1992PLC068885

Company & Directors' Information:- N G INDUSTRIES LTD [Active] CIN = L74140WB1994PLC065937

Company & Directors' Information:- J S K HOLDINGS PVT LTD [Active] CIN = U67120WB1994PTC065660

Company & Directors' Information:- S L INDUSTRIES P. LTD. [Active] CIN = U15331WB1989PTC047543

Company & Directors' Information:- P R HOLDINGS LIMITED [Active] CIN = L27310AS1983PLC007154

Company & Directors' Information:- P R HOLDINGS LIMITED [Active] CIN = L27310DL1983PLC314402

Company & Directors' Information:- AMP INDUSTRIES LIMITED [Active] CIN = L51909AS1985PLC002332

Company & Directors' Information:- G R A HOLDINGS PVT LTD [Active] CIN = U70101WB1992PTC055865

Company & Directors' Information:- T R A T INDUSTRIES LIMITED [Active] CIN = U25199KL1996PLC010148

Company & Directors' Information:- B R INDUSTRIES LIMITED [Active] CIN = U74899DL1995PLC067120

Company & Directors' Information:- H. V. R. INDUSTRIES PRIVATE LIMITED [Active] CIN = U27100DL2010PTC200428

Company & Directors' Information:- M. K. UNIVERSAL PRIVATE LIMITED [Active] CIN = U70109DL2006PTC154153

Company & Directors' Information:- B S S HOLDINGS PVT LTD [Active] CIN = U67120WB1992PTC056874

Company & Directors' Information:- N M INDUSTRIES PRIVATE LIMITED [Active] CIN = U74120DL2008PTC175664

Company & Directors' Information:- H M HOLDINGS PRIVATE LIMITED [Active] CIN = U65993ML2005PTC007956

Company & Directors' Information:- N R C INDUSTRIES LIMITED [Active] CIN = U51909PB1985PLC006558

Company & Directors' Information:- S N L INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U17115RJ1994PTC008053

Company & Directors' Information:- S M H HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TG2006PTC049309

Company & Directors' Information:- J V INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1994PTC057081

Company & Directors' Information:- M M HOLDINGS PVT LTD [Active] CIN = U70109WB1993PTC058147

Company & Directors' Information:- A R INDUSTRIES PVT LTD [Active] CIN = U27101HR1995PTC032569

Company & Directors' Information:- D V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1992PTC049221

Company & Directors' Information:- D J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1992PTC067448

Company & Directors' Information:- G V G INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ1980PTC006887

Company & Directors' Information:- C D INDUSTRIES LIMITED [Active] CIN = U27100MH1996PLC101277

Company & Directors' Information:- R S M P HOLDINGS PRIVATE LIMITED [Active] CIN = U67190MH1995PTC088443

Company & Directors' Information:- G V INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U74900TG2014PTC096387

Company & Directors' Information:- G S M INDUSTRIES PRIVATE LIMITED [Active] CIN = U02001DL2002PTC117443

Company & Directors' Information:- B G INDUSTRIES LTD [Active] CIN = U26921ML1980PLC001830

Company & Directors' Information:- P K INDUSTRIES PRIVATE LIMITED [Active] CIN = U51900DL2012PTC241654

Company & Directors' Information:- M D INDUSTRIES PRIVATE LIMITED [Active] CIN = U91110GJ1994PTC022025

Company & Directors' Information:- V A G HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC057817

Company & Directors' Information:- L C INDUSTRIES PRIVATE LIMITED [Active] CIN = U15122UP2013PTC055697

Company & Directors' Information:- R M G INDUSTRIES PRIVATE LIMITED [Active] CIN = U18100TG1993PTC016220

Company & Directors' Information:- R. S. D. INDUSTRIES PRIVATE LIMITED [Active] CIN = U51909DL2008PTC177504

Company & Directors' Information:- G. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15435MH2005PTC151817

Company & Directors' Information:- I W D W INDUSTRIES LTD. [Strike Off] CIN = U30099WB1990PLC050177

Company & Directors' Information:- K E HOLDINGS PRIVATE LIMITED [Active] CIN = U70101TN2013PTC089953

Company & Directors' Information:- P A S INDUSTRIES INDIA PRIVATE LIMITED [Active in Progress] CIN = U17121TZ2005PTC012171

Company & Directors' Information:- H N H INDUSTRIES LIMITED [Strike Off] CIN = U27203CH1995PLC017489

Company & Directors' Information:- V AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1990PTC039251

Company & Directors' Information:- M K J INDUSTRIES PRIVATE LIMITED [Active] CIN = U19111UP1989PTC010468

Company & Directors' Information:- S S F INDUSTRIES LIMITED [Active] CIN = U25190BR1988PLC003160

Company & Directors' Information:- P B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29120MP1994PTC008840

Company & Directors' Information:- R & M INDUSTRIES PRIVATE LIMITED [Active] CIN = U24297TN1972PTC006185

Company & Directors' Information:- A M INDUSTRIES LTD [Active] CIN = U21012WB1977PLC030854

Company & Directors' Information:- A AND S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17117DL1995PTC064137

Company & Directors' Information:- M C INDUSTRIES LTD [Active] CIN = U27106WB1993PLC058995

Company & Directors' Information:- D R INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100WB2011PTC160058

Company & Directors' Information:- K C HOLDINGS PRIVATE LIMITED [Active] CIN = U65990MH1981PTC024688

Company & Directors' Information:- A TO Z HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1987PTC028294

Company & Directors' Information:- V R HOLDINGS PRIVATE LIMITED [Active] CIN = U70102KA2009PTC051724

Company & Directors' Information:- H S INDUSTRIES PRIVATE LIMITED [Active] CIN = U23209MH2020PTC348174

Company & Directors' Information:- R. L. F. INDUSTRIES LIMITED [Active] CIN = U51909DL1983PLC015262

Company & Directors' Information:- U K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24241WB1988PTC044355

Company & Directors' Information:- M G I INDUSTRIES PVT LTD [Active] CIN = U27310GJ2006PTC048707

Company & Directors' Information:- A D INDUSTRIES PRIVATE LIMITED [Active] CIN = U18101WB2008PTC131561

Company & Directors' Information:- V J INDUSTRIES PRIVATE LIMITED [Active] CIN = U29253KA2009PTC050226

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PLC039217

Company & Directors' Information:- V T INDUSTRIES PVT LIMITED [Active] CIN = U29150WB1985PTC039217

Company & Directors' Information:- G R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U34300PB1996PTC018671

Company & Directors' Information:- M. K. INDUSTRIES PRIVATE LIMITED [Active] CIN = U15549WB2008PTC130116

Company & Directors' Information:- R S V INDUSTRIES PRIVATE LIMITED [Active] CIN = U52399MH2008PTC180489

Company & Directors' Information:- K. A. INDUSTRIES PRIVATE LIMITED [Active] CIN = U14220JH2008PTC013409

Company & Directors' Information:- D K INDUSTRIES LIMITED [Active] CIN = U45202CH1994PLC014627

Company & Directors' Information:- J B HOLDINGS LIMITED [Strike Off] CIN = U91110ML1995PLC004396

Company & Directors' Information:- UNIVERSAL INDIA LTD [Amalgamated] CIN = U17222WB1990PLC048613

Company & Directors' Information:- R K S INDUSTRIES PRIVATE LIMITED [Active] CIN = U20211WB1997PTC086009

Company & Directors' Information:- D G INDUSTRIES PVT LTD [Active] CIN = U36942WB1946PTC013526

Company & Directors' Information:- R I L INDUSTRIES PRIVATE LIMITED [Active] CIN = U70101DL1993PTC052678

Company & Directors' Information:- I S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29100GJ2009PTC057308

Company & Directors' Information:- B M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17000MH1997PTC109621

Company & Directors' Information:- H M B INDUSTRIES PVT LTD [Active] CIN = U24297GJ1996PTC070418

Company & Directors' Information:- A G B INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U21012TZ2008PTC014753

Company & Directors' Information:- K B R INDUSTRIES PRIVATE LIMITED [Active] CIN = U27107DL1996PTC079915

Company & Directors' Information:- R V S INDUSTRIES PRIVATE LIMITED [Active] CIN = U17111TZ1995PTC006398

Company & Directors' Information:- B N INDUSTRIES PRIVATE LIMITED [Active] CIN = U67120AS1994PTC004273

Company & Directors' Information:- A J INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2004PTC145040

Company & Directors' Information:- S N A G INDUSTRIES LIMITED [Strike Off] CIN = U00000PB1995PLC016158

Company & Directors' Information:- S. A. A INDUSTRIES PRIVATE LIMITED [Active] CIN = U01549TZ1997PTC007927

Company & Directors' Information:- K K S K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19201TZ1997PTC007687

Company & Directors' Information:- C R I INDUSTRIES PRIVATE LIMITED [Amalgamated] CIN = U29120TZ2002PTC010129

Company & Directors' Information:- A C T INDUSTRIES PRIVATE LIMITED [Active] CIN = U74899DL1984PTC018724

Company & Directors' Information:- P G T HOLDINGS LIMITED [Strike Off] CIN = U74899DL1994PLC057886

Company & Directors' Information:- G B INDUSTRIES PRIVATE LIMITED [Active] CIN = U29220PN2011PTC139883

Company & Directors' Information:- S D B INDUSTRIES LIMITED [Active] CIN = U27107MP1996PLC010394

Company & Directors' Information:- M M INDUSTRIES PRIVATE LIMITED [Active] CIN = U31300CT2008PTC020916

Company & Directors' Information:- A C INDUSTRIES PVT LTD [Active] CIN = U29299WB2006PTC109474

Company & Directors' Information:- K M INDUSTRIES PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U74899DL1991PTC043295

Company & Directors' Information:- C J INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U25209MH1998PTC116707

Company & Directors' Information:- N P INDUSTRIES LTD [Strike Off] CIN = U15549PB1989PLC009426

Company & Directors' Information:- S M HOLDINGS PRIVATE LIMITED [Active] CIN = U65990MH2011PTC225004

Company & Directors' Information:- M S R HOLDINGS LIMITED [Active] CIN = U85110KA1995PLC018599

Company & Directors' Information:- J. L. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29141MP2008PTC020731

Company & Directors' Information:- I K INDUSTRIES PRIVATE LIMITED [Active] CIN = U24100MH2010PTC199474

Company & Directors' Information:- H. D. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U27310MH2011PTC216080

Company & Directors' Information:- V N C A HOLDINGS PRIVATE LIMITED [Active] CIN = U74999TN2011PTC081684

Company & Directors' Information:- R. D. G. INDUSTRIES PRIVATE LIMITED [Active] CIN = U26960DL2008PTC182480

Company & Directors' Information:- R B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U28999DL2008PTC177248

Company & Directors' Information:- S C HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74899DL1986PTC025017

Company & Directors' Information:- H & H INDUSTRIES PRIVATE LIMITED [Active] CIN = U34100DL2010PTC204604

Company & Directors' Information:- M J INDUSTRIES PRIVATE LIMITED [Active] CIN = U15203KA2011PTC060675

Company & Directors' Information:- B R V INDUSTRIES PRIVATE LIMITED [Active] CIN = U32301UP1995PTC018704

Company & Directors' Information:- A. G. INDUSTRIES LIMITED [Strike Off] CIN = U25201UP1994PLC017291

Company & Directors' Information:- B R INDUSTRIES LIMITED [Strike Off] CIN = U15204AS1993PLC003930

Company & Directors' Information:- I P M INDUSTRIES LIMITED [Active] CIN = U25200DL1995PLC068554

Company & Directors' Information:- M R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900UP2008PTC036443

Company & Directors' Information:- R D I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900DL1995PTC065508

Company & Directors' Information:- S G HOLDINGS PVT LTD [Active] CIN = U70109WB1986PTC040839

Company & Directors' Information:- J G INDUSTRIES LTD [Active] CIN = L15141WB1983PLC035931

Company & Directors' Information:- K C A HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC066204

Company & Directors' Information:- V G INDUSTRIES PRIVATE LIMITED [Active] CIN = U15139JK2015PTC004570

Company & Directors' Information:- S N J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120DL1997PTC084488

Company & Directors' Information:- H P HOLDINGS LIMITED [Strike Off] CIN = U67120HP1997PLC019474

Company & Directors' Information:- S N INDUSTRIES PRIVATE LIMITED [Active] CIN = U29211UP1951PTC002319

Company & Directors' Information:- K L N HOLDINGS PRIVATE LIMITED [Active] CIN = U65990TG1986PTC006344

Company & Directors' Information:- M R HOLDINGS LIMITED [Active] CIN = U67120MH1978PLC020559

Company & Directors' Information:- K G INDUSTRIES PVT LTD [Active] CIN = U29130WB1951PTC019868

Company & Directors' Information:- N S INDUSTRIES PRIVATE LIMITED [Under Process of Striking Off] CIN = U74120UP2012PTC053986

Company & Directors' Information:- W W I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29300MH1997PTC112589

Company & Directors' Information:- RESOLUTION UNIVERSAL INDUSTRIES PRIVATE LIMITED [Active] CIN = U74900WB2015PTC204946

Company & Directors' Information:- J T HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1979PTC021585

Company & Directors' Information:- B M D HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U51909TN1995PTC031179

Company & Directors' Information:- H K R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013032

Company & Directors' Information:- R J HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013033

Company & Directors' Information:- K D R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013034

Company & Directors' Information:- D U INDUSTRIES PRIVATE LIMITED [Active] CIN = U29230GJ2016PTC091588

Company & Directors' Information:- P D R HOLDINGS PVT LTD [Amalgamated] CIN = U67120WB1996PTC077248

Company & Directors' Information:- UNIVERSAL E P PRIVATE LIMITED [Active] CIN = U74899DL1982PTC013400

Company & Directors' Information:- W A HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1997PTC084687

Company & Directors' Information:- W D HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1997PTC084667

Company & Directors' Information:- B V R INDUSTRIES PRIVATE LIMITED [Active] CIN = U28999CT2020PTC010570

Company & Directors' Information:- S R P INDUSTRIES LIMITED [Amalgamated] CIN = U00061BR1984PLC002023

Company & Directors' Information:- A K HOLDINGS PRIVATE LIMITED [Active] CIN = U74899UP1986PTC037306

Company & Directors' Information:- J R D HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059769

Company & Directors' Information:- C S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U85110KA1995PTC018441

Company & Directors' Information:- R A HOLDINGS LIMITED [Strike Off] CIN = U17119GJ1986PLC037333

Company & Directors' Information:- A G UNIVERSAL PRIVATE LIMITED [Active] CIN = U25200DL2008PTC178400

Company & Directors' Information:- W. M. F. HOLDINGS PRIVATE LIMITED [Active] CIN = U70101CT2011PTC022482

Company & Directors' Information:- A V HOLDINGS PVT LTD [Active] CIN = U51109WB1992PTC054035

Company & Directors' Information:- K B R HOLDINGS PRIVATE LIMITED [Active] CIN = U67120TG1998PTC030518

Company & Directors' Information:- E K HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC040323

Company & Directors' Information:- N R HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1993PTC060077

Company & Directors' Information:- B P A HOLDINGS PVT LTD [Strike Off] CIN = U74990DL1982PTC013326

Company & Directors' Information:- V V HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1994PTC060480

Company & Directors' Information:- THE UNIVERSAL INDUSTRIES LIMITED [Active] CIN = U74899DL1947PLC001185

Company & Directors' Information:- D D B HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1992PTC055592

Company & Directors' Information:- M D HOLDINGS PRIVATE LIMITED [Active] CIN = U67120DL2001PTC111221

Company & Directors' Information:- V H A HOLDINGS PRIVATE LIMITED [Converted to LLP and Dissolved] CIN = U65993DL2003PTC120147

Company & Directors' Information:- K E F HOLDINGS LTD [Amalgamated] CIN = U67120WB1988PLC045280

Company & Directors' Information:- C P INDUSTRIES PVT LTD [Strike Off] CIN = U29303MP1949PTC000846

Company & Directors' Information:- A P HOLDINGS PVT LTD [Active] CIN = U65993PN1981PTC025915

Company & Directors' Information:- N. R. HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1993PTC140612

Company & Directors' Information:- J B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999MH2013PTC245506

Company & Directors' Information:- S J V INDUSTRIES LTD [Amalgamated] CIN = U15421WB1982PLC035521

Company & Directors' Information:- M B HOLDINGS LTD. [Not available for efiling] CIN = U70109WB1986PLC041226

Company & Directors' Information:- J S R HOLDINGS PRIVATE LIMITED [Active] CIN = U45200KA2006PTC040195

Company & Directors' Information:- K M HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC064343

Company & Directors' Information:- V V INDUSTRIES PVT LTD [Strike Off] CIN = U99999DL1980PTC010427

Company & Directors' Information:- K K INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U65100DL1982PTC013046

Company & Directors' Information:- A T C INDUSTRIES LTD [Strike Off] CIN = U27109AS1984PLC002201

Company & Directors' Information:- N V INDUSTRIES PVT LTD [Active] CIN = U51909WB1953PTC020952

Company & Directors' Information:- R R UNIVERSAL PRIVATE LIMITED [Active] CIN = U52100MH2013PTC243592

Company & Directors' Information:- A S H HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL2004PTC125403

Company & Directors' Information:- C M HOLDINGS PVT LTD [Strike Off] CIN = U45203WB1986PTC041627

Company & Directors' Information:- A TO Z INDUSTRIES PVT LTD [Strike Off] CIN = U31908AS1987PTC002804

Company & Directors' Information:- M H HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1995PTC067392

Company & Directors' Information:- I K HOLDINGS LTD [Strike Off] CIN = U70101WB1951PLC019703

Company & Directors' Information:- C & R HOLDINGS PVT. LTD. [Active] CIN = U65929WB1991PTC051376

Company & Directors' Information:- L K INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291MH2012PTC233546

Company & Directors' Information:- J J HOLDINGS LTD [Amalgamated] CIN = U65993WB1980PLC032736

Company & Directors' Information:- K G HOLDINGS PVT LTD [Active] CIN = U65929WB1987PTC042868

Company & Directors' Information:- G S C INDUSTRIES PRIVATE LTD [Active] CIN = U92114DL1956PTC002616

Company & Directors' Information:- B & T HOLDINGS PRIVATE LIMITED [Active] CIN = U74920DL2007PTC171796

Company & Directors' Information:- B & J INDUSTRIES PRIVATE LIMITED [Active] CIN = U25199GJ2020PTC114151

Company & Directors' Information:- G G INDUSTRIES PRIVATE LIMITED [Active] CIN = U27320UP1969PTC003282

Company & Directors' Information:- H D HOLDINGS PVT LTD [Amalgamated] CIN = U51109WB1991PTC051415

Company & Directors' Information:- N AND N HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1990PTC040846

Company & Directors' Information:- K S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31909MH1960PTC011707

Company & Directors' Information:- M P HOLDINGS PRIVATE LIMITED [Under Process of Striking Off] CIN = U67120DL1997PTC088350

Company & Directors' Information:- N G C M (INDUSTRIES) LTD [Dissolved] CIN = U19209WB1979PLC032019

Company & Directors' Information:- B P HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1989PTC038274

Company & Directors' Information:- K P R HOLDINGS PRIVATE LIMITED [Active] CIN = U74900TZ2011PTC017467

Company & Directors' Information:- U AND V HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65999TN2005PTC057659

Company & Directors' Information:- B AND B HOLDINGS PRIVATE LIMITED [Active] CIN = U70101AS1999PTC005674

Company & Directors' Information:- P R INDUSTRIES PVT LTD [Active] CIN = U21014DL1971PTC005738

Company & Directors' Information:- M. G. HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120DL2010PTC198226

Company & Directors' Information:- R K I INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U29190DL2012PTC233413

Company & Directors' Information:- D G HOLDINGS PRIVATE LIMITED [Active] CIN = U65110DL1998PTC094466

Company & Directors' Information:- I R HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74120DL2008PTC185743

Company & Directors' Information:- S I HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74120DL2008PTC186043

Company & Directors' Information:- C J G HOLDINGS INDIA PRIVATE LIMITED [Active] CIN = U70101KL2010PTC038559

Company & Directors' Information:- M S V INDUSTRIES PRIVATE LIMITED [Active] CIN = U29309TN2020PTC138957

Company & Directors' Information:- R K INDUSTRIES PVT LTD [Strike Off] CIN = U25202AS1988PTC003132

Company & Directors' Information:- U P L HOLDINGS PVT LTD [Strike Off] CIN = U67120OR1990PTC002414

Company & Directors' Information:- N N HOLDINGS PVT LTD [Strike Off] CIN = U65999WB1990PTC048493

Company & Directors' Information:- O M K HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1995PTC072914

Company & Directors' Information:- M K HOLDINGS (INDIA) PRIVATE LIMITED [Strike Off] CIN = U65993TN1996PTC036985

Company & Directors' Information:- K I HOLDINGS PVT LTD [Strike Off] CIN = U67120MH1981PTC024069

Company & Directors' Information:- S G R INDUSTRIES PVT LTD [Strike Off] CIN = U25199WB1948PTC016397

Company & Directors' Information:- D R HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1982PTC013031

Company & Directors' Information:- R R HOLDINGS PRIVATE LIMITED [Active] CIN = U74899DL1983PTC017127

Company & Directors' Information:- G J HOLDINGS PVT LTD [Not available for efiling] CIN = U65993PB1985PTC006327

Company & Directors' Information:- G K S INDUSTRIES PVT LTD [Strike Off] CIN = U24119OR1982PTC001128

Company & Directors' Information:- B M K INDUSTRIES PRIVATE LIMITED [Active] CIN = U17100MH1948PTC006398

Company & Directors' Information:- M G L HOLDINGS PRIVATE LIMITED [Active] CIN = U65993TN1994PTC029354

Company & Directors' Information:- K R INDUSTRIES INDIA PRIVATE LIMITED [Active] CIN = U25190KA2012PTC062367

Company & Directors' Information:- K V R HOLDINGS PRIVATE LIMITED [Active] CIN = U65191KA2012PTC063353

Company & Directors' Information:- R N M HOLDINGS P LTD. [Active] CIN = U65921WB1990PTC050174

Company & Directors' Information:- M D HOLDINGS PVT LTD [Strike Off] CIN = U67120CH1983PTC005399

Company & Directors' Information:- R V HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U74899DL1989PTC036577

Company & Directors' Information:- B J HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH1982PTC028820

Company & Directors' Information:- T C G INDUSTRIES PRIVATE LIMITED [Converted to LLP] CIN = U13200MH1958PTC011079

Company & Directors' Information:- R S HOLDINGS PVT LTD [Active] CIN = U70109WB1986PTC040255

Company & Directors' Information:- Y K INDUSTRIES PRIVATE LIMITED [Active] CIN = U19115UP2012PTC051151

Company & Directors' Information:- E S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74999TN2012PTC086119

Company & Directors' Information:- I B INDUSTRIES LTD. [Strike Off] CIN = U28992WB1990PLC050469

Company & Directors' Information:- A D HOLDINGS PVT LTD [Strike Off] CIN = U65993WB1976PTC030525

Company & Directors' Information:- S P HOLDINGS PVT LTD [Strike Off] CIN = U65993WB1988PTC044540

Company & Directors' Information:- R A HOLDINGS PVT LTD [Strike Off] CIN = U70200WB1986PTC040138

Company & Directors' Information:- V I INDUSTRIES LTD [Strike Off] CIN = U36934WB1951PLC019890

Company & Directors' Information:- A HOLDINGS PVT LTD [Strike Off] CIN = U70101WB1962PTC025617

Company & Directors' Information:- K T R HOLDINGS PVT LTD [Strike Off] CIN = U67120WB1993PTC059078

Company & Directors' Information:- B I HOLDINGS PVT LTD [Strike Off] CIN = U65922WB1988PTC043690

Company & Directors' Information:- J M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U05002UP1952PTC002456

Company & Directors' Information:- E TO E HOLDINGS INDIA PRIVATE LIMITED [Active] CIN = U65999KA2008PTC047780

Company & Directors' Information:- PTE INDIA PRIVATE LIMITED [Strike Off] CIN = U25209MH2001PTC132898

Company & Directors' Information:- L F INDUSTRIES PRIVATE LIMITED [Active] CIN = U17291UP2015PTC068602

Company & Directors' Information:- M A HOLDINGS PRIVATE LIMITED [Active] CIN = U26106UP2003PTC027990

Company & Directors' Information:- P RAMAKRISHNAN & COMPANY PRIVATE LIMITED [Active] CIN = U74999TN2013PTC091075

Company & Directors' Information:- A K S INDUSTRIES PVT LTD [Active] CIN = U27201WB1946PTC013433

Company & Directors' Information:- G L HOLDINGS PRIVATE LIMITED [Dormant under section 455] CIN = U74996KA2008PTC044867

Company & Directors' Information:- V M V INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U26990GJ2013PTC076945

Company & Directors' Information:- S K INDUSTRIES LIMITED [Under Process of Striking Off] CIN = U29248PN1948PLC001948

Company & Directors' Information:- A AND M HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67190TG1995PTC021464

Company & Directors' Information:- K V S HOLDINGS PVT LTD [Strike Off] CIN = U65993WB1993PTC060850

Company & Directors' Information:- S P INDUSTRIES PVT LTD [Strike Off] CIN = U20232AS1980PTC001853

Company & Directors' Information:- V K HOLDINGS PRIVATE LTD [Strike Off] CIN = U27924DL1987PTC027924

Company & Directors' Information:- Q AND A HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH2000PTC127319

Company & Directors' Information:- S K HOLDINGS PVT. LTD [Strike Off] CIN = U99999UP1988PTC010231

Company & Directors' Information:- V N R INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U21090AP2012PTC081525

Company & Directors' Information:- A K INDUSTRIES PVT LTD [Active] CIN = U51109WB1944PTC011764

Company & Directors' Information:- V A HOLDINGS PVT LTD [Strike Off] CIN = U67120KL1986PTC004442

Company & Directors' Information:- UNIVERSAL PRIVATE LIMITED [Active] CIN = U45202PB1984PTC001388

Company & Directors' Information:- S R HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65993TN1980PTC008388

Company & Directors' Information:- M T R HOLDINGS PRIVATE LIMITED [Active] CIN = U67110KA2007PTC042600

Company & Directors' Information:- K INDUSTRIES PVT LTD [Strike Off] CIN = U99999KA1946PTC000938

Company & Directors' Information:- G I P INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U52605MH2015PTC263962

Company & Directors' Information:- C. L. INDUSTRIES PRIVATE LIMITED [Active] CIN = U27109RJ2014PTC045306

Company & Directors' Information:- C S A HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65990MH1995PTC092555

Company & Directors' Information:- R. A. M INDUSTRIES PRIVATE LIMITED [Active] CIN = U17120MH2014PTC254820

Company & Directors' Information:- K N Z HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH1998PTC117331

Company & Directors' Information:- S H HOLDINGS PRIVATE LIMITED [Active] CIN = U67120MH2001PTC131041

Company & Directors' Information:- S. B. INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U74900PN2012PTC144181

Company & Directors' Information:- D L HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67100TN2012PTC083929

Company & Directors' Information:- P C T HOLDINGS PRIVATE LIMITED [Active] CIN = U70101TZ2004PTC010971

Company & Directors' Information:- A & P INDUSTRIES PRIVATE LIMITED [Active] CIN = U36935TG2014PTC095781

Company & Directors' Information:- C & N INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U40200TG2014PTC095187

Company & Directors' Information:- B S B INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U45200TG2013PTC088059

Company & Directors' Information:- M J P HOLDINGS PRIVATE LIMITED [Active] CIN = U74900TG2015PTC098835

Company & Directors' Information:- R A R INDUSTRIES PRIVATE LIMITED [Active] CIN = U74900TG2016PTC103684

Company & Directors' Information:- K S A B INDUSTRIES PRIVATE LIMITED [Active] CIN = U51909WB2012PTC181903

Company & Directors' Information:- P H HOLDINGS PVT LTD [Active] CIN = U67120WB1985PTC039369

Company & Directors' Information:- S V S INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U36100JK2013PTC003808

Company & Directors' Information:- J D S HOLDINGS PRIVATE LIMITED [Active] CIN = U65993DL1993PTC053637

Company & Directors' Information:- M R S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120DL2001PTC113197

Company & Directors' Information:- R D M INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U31100DL2013PTC252294

Company & Directors' Information:- J S M S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U45201DL2002PTC117110

Company & Directors' Information:- R M G HOLDINGS PVT LTD [Active] CIN = U67120MP1987PTC004209

Company & Directors' Information:- B R HOLDINGS PRIVATE LIMITED [Amalgamated] CIN = U74899HR1994PTC064054

Company & Directors' Information:- K R UNIVERSAL PRIVATE LIMITED [Active] CIN = U74999HR2014PTC052725

Company & Directors' Information:- INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U00349KA1947PTC000501

Company & Directors' Information:- P R S HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120KA2010PTC052295

Company & Directors' Information:- A V K INDUSTRIES INDIA PRIVATE LIMITED [Strike Off] CIN = U52100KA2012PTC066761

Company & Directors' Information:- V. A. R. INDUSTRIES PRIVATE LIMITED [Active] CIN = U18209DL2020PTC369202

Company & Directors' Information:- U K J INDUSTRIES PRIVATE LIMITED [Active] CIN = U21094DL2020PTC370720

Company & Directors' Information:- I N C INDUSTRIES PRIVATE LIMITED [Active] CIN = U74999MH2020PTC350470

Company & Directors' Information:- O S INDUSTRIES PRIVATE LIMITED [Active] CIN = U40109PN2021PTC197839

Company & Directors' Information:- 9 INDUSTRIES PRIVATE LIMITED [Active] CIN = U26999GJ2021PTC122053

Company & Directors' Information:- P. S. W. INDUSTRIES PRIVATE LIMITED [Active] CIN = U24290BR2021PTC053712

Company & Directors' Information:- S V INDUSTRIES PVT LTD [Strike Off] CIN = U27104WB1960PTC024715

Company & Directors' Information:- J INDUSTRIES PVT LTD [Strike Off] CIN = U18101OR1960PTC000388

Company & Directors' Information:- M AND D HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U67120MH1981PTC025882

Company & Directors' Information:- UNIVERSAL INDUSTRIES (INDIA) PRIVATE LIMITED [Strike Off] CIN = U99999MH1940PTC003203

Company & Directors' Information:- A T HOLDINGS PRIVATE LIMITED [Under Process of Striking Off] CIN = U74899DL1994PTC057216

Company & Directors' Information:- B P K INDUSTRIES PRIVATE LIMITED [Strike Off] CIN = U99999MH1960PTC011841

Company & Directors' Information:- UNIVERSAL PVT LTD [Not available for efiling] CIN = U51909PB1948PTC001338

Company & Directors' Information:- J AND S HOLDINGS PVT LTD [Strike Off] CIN = U67120RJ1996PTC012114

Company & Directors' Information:- T & M INDUSTRIES LIMITED [Liquidated] CIN = U99999TN1956PLC002904

Company & Directors' Information:- S K V HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U65993DL1981PTC012910

Company & Directors' Information:- INDUSTRIES (INDIA) PRIVATE LIMITED [Under Process of Striking Off] CIN = U51109BR1946PTC000228

Company & Directors' Information:- S M K S HOLDINGS PVT LTD [Strike Off] CIN = U45400WB1990PTC048498

Company & Directors' Information:- M A INDUSTRIES PVT LTD [Strike Off] CIN = U15412WB1950PTC019030

Company & Directors' Information:- PROFESSIONAL HOLDINGS PVT LTD [Strike Off] CIN = U65991TN1991PTC020255

Company & Directors' Information:- S J P HOLDINGS PRIVATE LIMITED [Strike Off] CIN = U99999GJ1981PTC004682

Company & Directors' Information:- INDUSTRIES INDIA PRIVATE LIMITED [Under Process of Striking Off] CIN = U60200BR1946PTC000035

Company & Directors' Information:- K INDUSTRIES LIMITED [Not available for efiling] CIN = U99999MH1946PTC005438

Company & Directors' Information:- B M K INDUSTRIES PVT LTD [Active] CIN = U99999MH1948PTC006393

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Under Process of Striking Off] CIN = U99999MH1948PTC006932

Company & Directors' Information:- UNIVERSAL CORPORATION LIMITED [Strike Off] CIN = U99999MH9999PLC007536

Company & Directors' Information:- S K INDUSTRIES PVT LTD [Active] CIN = U15142PN1948PTC006932

Company & Directors' Information:- V B C INDUSTRIES LTD. [Not available for efiling] CIN = U99999AP2000PTC910431

    Company Appeal (AT) (CH) (Ins) No. 07 of 2021

    Decided On, 17 May 2021

    At, National Company Law Appellate Tribunal

    By, THE HONOURABLE MR. JUSTICE M. VENUGOPAL
    By, JUDICIAL MEMBER & THE HONOURABLE MR. KANTHI NARAHARI
    By, TECHNICAL MEMBER

    For the Appellant: Rajashekar Rao, Senior Advocate, Abhishek Jenesenan, Advocate. For the Respondents: T. Ravichandran, Advocate.



Judgment Text

(Chennai Bench)(Virtual Mode)M. Venugopal, J.I.A.No.20 of 2021 in Company Appeal AT(INS) No.07/20211. Heard the Learned Counsel for the Petitioner/Appellant in I.A.No.20/2021 in Company Appeal AT(INS)No.07/2021. According to the Learned Counsel for the Petitioner/Appellant, although the ‘Adjudicating Authority’ (National Company Law Tribunal, Hyderabad Bench, Hyderabad) has passed the ‘Impugned Order’ in I.A.No.868/2020 in Company Petition (IB) No.186/9/HDB/2019 on 24.12.2020, the same was uploaded on the website of the ‘Adjudicating Authority’ on 19.01.2021. As such, the ‘impugned Order’ was made available at a later date. That apart, there has occasioned a delay of 15 days in preferring the instant ‘Company Appeal’, because of the prevailing circumstances, on account of the ‘on-going’ pandemic of COVID-19 in the country, which is neither wilful nor wanton but due to the aforesaid reasons. This ‘Tribunal’, on being subjectively satisfied as to the reasons ascribed for the delay of 15 days that has occasioned in preferring the present Company Appeal (AT) (INS) 07 of 2021, condones the delay of 15 days to secure the ends of justice and allows the I.A.No.20/2021 in Company Appeal AT(INS) No.07/2021. No costs.Background:2. The Appellant/Successful Resolution Applicant has filed the ‘Instant Appeal’ being aggrieved with the Order dated 24.12.2020 passed by the ‘Adjudicating Authority’ (National Company Law Tribunal, Hyderabad Bench, Hyderabad in I.A.No.868/2020 in C.P.(IB)No.186/9/HDB/2019 filed by the Resolution Professional of the 1st Respondent) under Section 30(6) of the I & B Code R/W Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.3. The ‘Adjudicating Authority’ (National Company Law Tribunal Hyderabad Bench, Hyderabad) while passing the Impugned Order dated 24.12.2020 in I.A.No.868/2020 in C.P.(IB)No.186/9/HDB/2019 had interalia at paragraphs 21 and 22 had observed the following:“21. Counsel for RP filed a memo dated 09.11.2020 and 24.11.2020, enclosing proof of service of notices sent to the Principal Commissioner of Income Tax through email and through speed post. However, there was no representation on their behalf. Section 79 of the Income Tax Act, 1961 provides that carry forward and set off of losses in a closely held company shall be allowed only if there is a continuity in the beneficial owner of the shares carrying not less than 51% of the voting power, on the last day of the year or years in which the loss was incurred. However, clause (c) of sub-section (2) to the said section provides that nothing contained in this section shall apply to accompany where a change in the shareholding takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016, after affording a reasonable opportunity of being heard to the jurisdictional principal Commissioner or Commissioner. In the instant case, notices were served to the Principal Commissioner of Income Tax through email and through speed post, but there has been no response. We, therefore, hereby direct that in terms of Section 79(2)(c) of the Income Tax Act, 1961, assessed tax losses of the Corporate Debtor shall be allowed to be carried forward as per provisions of law.22. However, the Resolution Plan approved shall not construe any waiver to any statutory obligations/liabilities arising out of the approved Resolution Plan and shall be dealt in accordance with the appropriate Authorities as per relevant Laws. This Adjudicating Authority is of the considered view that if any waiver is sought in the Resolution Plan, the same shall be subject to approval by the concerned Authorities. The same view has also been held by Hon’ble Principal Bench, NCLT in the case of Parveen Bansal Vs. Amit Spinning Industries Ltd. In CA No.360(PB) 2018 in CP No.(IB) 131 (PB)/2017.and ultimately allowed the ‘Application’ by issuing certain clarification(s) and observations mentioned therein.Appellant’s Submissions:-4. The Learned Counsel for the Appellant contends that the ‘Impugned Order’ of the ‘Adjudicating Authority’ to the extent that it refuses and denies allowing and granting the necessary and critical conditions for implementation of the ‘Resolution Plan’ and waiver thereof, contrary to the Provisions of the I & B Code.5. According to the Appellant, the ‘Adjudicating Authority’ had committed an error in appreciating that the ‘Resolution Plan’ was approved by the ‘Committee of Creditors’ with the majority of 80.64% thereby meaning that the ‘Committee of Creditors’ in its ‘Commercial Wisdom’ approved the conditions imposed by the ‘Appellant’ for the implementation of the ‘Resolution Plan’6. The grievance of the Appellant is that the ‘Adjudicating Authority’ had committed an error by placing an additional paragraph 22 of the ‘Impugned Order’, as a result thereof, the financial viability of the plan has been seriously affected by opening of the plan towards ‘undecided claims’. It is also represented on behalf of the Appellant that the ‘Appellant’ does not have a finality towards the liabilities of the ‘Corporate Debtor’.7. The Learned Counsel for the Appellant takes a plea that in the instant case, the total debt amount of the 1st Respondent (Corporate Debtor) was INR 1956.75 Crores and the ‘Liquidation Value’ was INR 3869 Crores and in this backdrop, the Resolution amount proposed under the ‘Resolution Plan’ is INR 101.50 Crores and that if Paragraph 22 of the Impugned Order dated 24.12.2020 in I.A.No.868/2020 in C.P.(IB) No.186/9/HDB/2019 is applicable, there is a probable ‘Income Tax Liability’ and on account of ‘write off’ a debt amount which is getting extinguished as per the Resolution Plan : INR 466.97 Crores (25.17% x 1885.25 Crores). Hence, it is the contention of the Learned Counsel for the Appellant that if this aspect, is not clarified, hits at the very root of the economic viability of the ‘Resolution Plan’ and for which reason alone, the ‘Committee of Creditors’ in its ‘Commercial Wisdom’ had approved the ‘Resolution Plan’ with certain specific conditions. Accordingly, this liability which would be in the nature of ‘Operational Debt’ should also stand extinguished with the approval of the ‘Resolution Plan’ by the Learned ‘Adjudicating Authority’ in the light of the ratio laid down by the Hon’ble Supreme Court in the Judgment dated 13.04.2021 in Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited, (Civil AppealNo.8129/2019) reported in 2021 SCC Online SC 313.8. The Learned Counsel for the Appellant vehemently comes out with a plea that it is impossible for the Appellant to implement the plan along with the additional condition mentioned in Para 22 of the ‘Impugned Order’ and in any event, Para 22 of the ‘Impugned Order’ seeks to bring alive claims of Statutory Authorities who did not participate in the ‘Resolution Process’ and therefore cannot be permitted to belatedly open issues that are deemed to be settled upon approval of the ‘Resolution Plan’.9. The Learned Counsel for the Appellant projects an argument that the ‘Adjudicating Authority’ cannot venture into commercial aspects of a ‘Resolution Plan’ once approved. Also that, the Learned Counsel for the Appellant refers to the Judgment of the Hon’ble Supreme Court dated 24.03.2021 in Jaypee Kensington Boulevard Apartments Welfare Association & Ors. Vs NBCC (India) Ltd. & Ors. (Civil Appeal No.3395 of 2020, Judgment dated 24.03.2021 wherein it is held that if the ‘Adjudicating Authority’ finds in shortcoming in the ‘Resolution Plan’ vis-a-vis the specified parameters, it will only send the ‘Resolution Plan’ back to the ‘Committee of Creditors’, for re-submission and cannot interfere with commercial aspects. [Vide Paragraphs 65.1, 66, 67, 67.1, 67.2, 67.4, 67.5, 69, 72, 73, 74.2, 74.3, 75.2, 77, 77.1, 77.5, 127, 209, 216(A)].10. Advancing his arguments, the Learned Counsel for the Appellant points out that in the ‘Adjudicatory Process’ pertaining to a ‘Resolution Plan’ under the I & B Code, there is no scope for interference with the Commercial Aspects of the decision of the ‘Committee of Creditors’ and in fact, there is no scope for substituting any commercial term of the ‘Resolution Plan’ approved by the ‘Committee of Creditors’.11. The Learned Counsel for the Appellant submits that the ‘Adjudicating Authority’ had not appreciated the decision of the Hon’ble Supreme Court in ‘Committee of Creditors of Essar Steel India Limited v Satish Kumar Gupta (2019, SCC Online SC, 478), wherein it is observed and held that the Resolution Applicant cannot be faced with the ‘undecided’ claims after the ‘Resolution Plan’ is approved as this would amount to a hydra head popping up which would throw into uncertainty amount payable by a prospective Resolution Applicant who successfully takes over the business of the Respondent No.1.12. According to the Learned Counsel for the Appellant, the Hon’ble Supreme Court had clearly held that all the claims must be submitted to and determined by the ‘Resolution Professional’ so that the prospective ‘Resolution Applicant’ knows as to what has to be paid in order that it may then, take over and run the business of the Respondent No.1. Further, the idea behind the same is that the ‘Resolution Applicant’ starts running the business of the Respondent No.1 as a fresh slate and therefore, should not be burdened with any such liabilities which were not envisaged prior to take over of Business.13. The Learned Counsel for the Appellant contends that the ‘Adjudicating Authority’ had failed to take note of the fact that any ‘Statutory Authority’ which had any dues to recover from the 1st Respondent could have participated in the ‘CIRP’ and filed its claim form with a ‘Resolution Professional’ and when the same was not done, making the Appellant liable for obligations and/or liabilities would be an extraneous one.14. The Learned Counsel for the Appellant points out that the ‘Adjudicating Authority’ had failed to appreciate that the ‘impugned order’ to the extent that it refuses to grant the conditions sought for by the ‘Appellant’ in Clause 9.1 of the ‘Resolution Plan’ would lead to wide spread absurdity resulting in miscarriage of justice.Appellant’s Decisions:15. The Learned Counsel for the Appellant cites the judgment of the Hon’ble Supreme Court dated 13.04.2021 in Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited (Civil Appeal No.8129 of 2019) reported in 2021 SCC Online SC 313, wherein at Paragraph 95 it is held that “once a resolution plan is duly approved by the ‘Adjudicating Authority’ under Subsection (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 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”.16. The Learned Counsel for the Appellant relies on the Judgment of this Tribunal dated 24.01.2020 in Santosh Wasantrao Walokar v Vijaykumar v Iyer (Company Appeal(AT) INS No.871-872 of 2019, reported in 2020 SCC Online at NCLAT 128, wherein at Paragraph 30(ii) it is held that “the conditional plans are to be approved by the National Company Law Tribunal in the event the same have been accepted by the Committee of Creditors.”.17. The Learned Counsel for the Appellant points out the Order of the National Company Law Tribunal, Hyderabad dated 17.10.2019, in Indian Opportunities Pvt. Ltd. & Vistra ITCL (India)Ltd. v Sai WardhaPower Generation Ltd, CP (IB) No.275/7/HDB/2018 wherein the Tribunal granted reliefs as prayed for in the ‘Resolution Plan’ in regard to the ‘Waiver from collection of stamp duty and fees applicable in relation to the Resolution Plan and its implementation and other dues of the Corporate Debtor in respect of all Government bodies/authorities for the period prior to the effective date.18. The Learned Counsel for the Appellant seeks in aid of the Order of the Hon’ble Andhra Pradesh High Court in the case of Leo Edibles v the Tax Recovery Officer (Central Income Tax Department, Hyderabad and others) [W.P.No.8560/2018 dated 26.07.2018] wherein it is observed that the Tax Department cannot claim any priority in payment from Liquidation assets merely because the IT Department has issued attachment order prior to initiation of Liquidation Proceedings in the following manner:“As rightly pointed out by Mr.Vadeendra Joshi, learned Counsel, Section 178(6) of the Act of 1961 starts with a non-obstante clause but by virtue of the amendment made thereto, vide Section 247 of the Code, exclusion of the said provision in so far as liquidation proceedings under the Code are concerned forms an exception to Section 178(6) of the Act of 1961, Learned Counsel would also point out that the provisions of Section 220 and 222 of the Act of 1961 do not start with any non-obstante clause and therefore, they would necessarily be subject to the overriding effect of the Code, by virtue of Section 238 thereof. We find merit in this submission. It may be noted that Section 36(3)(b) of the Code indicates in no uncertain terms that the liquidation estate assets may or may not be in possession of the Corporate Debtor, including but not limited to encumbered assets. Therefore, even if the order of attachment constitutes an encumbrance on the property, it still does not have the effect of taking it out of the purview of Section 36(3)(b) of the Code. The said order of attachment therefore cannot be taken to be a bar for completion of the sale effected by the fifth respondent under the provisions of the Code.”19. While rounding up, the Learned Counsel for the Appellant submits that the ‘Adjudicating Authority’ has travelled beyond the scope of his jurisdiction, while saddling an additional condition and opening up the plan towards ‘undecided claims’ and hence, prayed that the ‘Resolution Plan’ may be permitted to be implemented without the conditions mentioned in Para 22 of the impugned Order.First Respondent’s Contentions:20. The Learned Counsel for the 1st Respondent contends that the Paragraph 21 of the order of the ‘Adjudicating Authority’ had recorded the memo filed by the 1st Respondent on 09.11.2020 and 24.11.2020 respectively. Further, after recording the contents of the Memo and the Notice issued by the 1st Respondent to the Income Tax authorities, the ‘Adjudicating Authority’ had granted relief under Section 79(2)(c) of the Income Tax Act, 1961. Moreover, the ‘Adjudicating Authority’ at Paragraph 22 of the Order had observed that the ‘Resolution Plan’ shall not consider any ‘Waiver’ to any ‘Statutory Obligations/ Liabilities’ arising out of the approved ‘Resolution Plan’ and has followed the whole that the same shall be subject to the approval to be granted by the ‘Authority’.21. The Learned Counsel for the 1st Respondent points out that in regard to the reliefs claimed by the ‘Resolution Applicant’ under Section 28(iv) 41(1), 56, 115(j)(b) and 170 of the Income Tax Act, the department had raised their objections.Evaluation:22. At the outset, this Tribunal pertinently points out that the ‘Resolution Plan’ dated 16.07.2020 in respect of the 1st Respondent/Sujana Universal Industries Ltd. (Suil) at Sl.No.9 ‘Conditions’ to implementation of this Plan at Sl.No.9.1 reads as under:“9.1 Grant of certain reliefs is critical for the implementation of this Resolution Plan, and the Resolution Applicants shall not be obligated to implement this Plan unless the following critical conditions are satisfied, or waived by the Resolution Applicants:(i) The NCLT shall have approved this Plan in accordance with its terms.(ii) Without prejudice to the rights available to the Corporate Debtor to otherwise carry forward its accumulated Tax losses, the Corporate Debtor shall have been allowed the right to carry forward and set off the losses incurred in any year prior to the NCLT Approval Date against the income of the any of the present and future years after NCLT Approval Date, in terms of Section 79(2)(c) of the Income Tax Act, 1961.”23. Also that Sl.Nos.9.1(iv) (v) & (vi) ‘Conditions to implementation of the Plan for Resolution of 1st Respondent proceed as under:(iv) “NCLT shall have directed the CBDT to grant the relief under Section 28(iv), Section 41(1), Section 56, Section 115 JB, and Section 170 or any other applicable provision, against any Income Tax liability arising due to Capital Reduction in the Corporate Debtor, write off/write down/write back of Outstanding Financial Debt and various other liabilities including liabilities pertaining to all the Financial Creditors, Workmen and Employees, Operational Creditors, Other Creditors, etc. (to the extent applicable under Applicable Laws) without any impact on carried forward loss and waive all liabilities whether crystalized or not in respect of Taxes (including interest and penalty) with respect to the period prior to the NCLT Approval Date.(v) NCLT shall have directed the CBDT/DOR to grant the following exemptions / Waivers (i) from applicability of Section 281 of the Income Tax Act, 1961 including obtaining no objection certificate from Income tax authorities in respect of all the pending proceedings and dues (including interest and penalty) of the Company arising for periods up to the NCLT Approval Date (including such proceedings and dues for periods prior to the NCLT Approval Date that may crystalize subsequent to the NCLT Approval Date). Further, CBDT/DOR shall restrict/ restrain from treating any transactions contemplated in this plan as being void or non-complaint with any provisions of the Income Tax Act, 1961; and (ii) from all Tax Liabilities(including interest and penalty) and Tax proceedings arising in respect of periods up to the NCLT Approval Date, including such Liabilities / Proceedings for periods up to the NCLT Approval Date that may crystalize subsequent to the NCLT Approval Date in respect of on-going or potential income Tax litigations at all levels.(vi) The Resolution Applicants shall be permitted to apply and obtain fresh Goods and Services Tax (GST) registration Number or any other new registration (including but not limited to ESI, PF Importer Exporter Code (IEC), TAN, Professional Tax) or new license for the Corporate Debtor, as may be required, in place of the existing GST registration, or any other existing registrations or existing licenses. Any pending proceedings / dues (including interest and penalty) towards GST liability, or any other Statutory Liability/Dues, which shall be considered to have been waived / exempted in the manner prescribed in the above Clause.”24. It comes to be known that the final ‘Resolution Plan’ was put up for due consideration by the ‘Committee of Creditors’ in the meeting that took place through ‘Video Conferencing’ on 15.09.2020. In reality, the said ‘Resolution Plan’ was approved by 80.64% of the voting share of the ‘Committee of Creditors’. Besides this, the ‘Resolution Applicant’ had confirmed that ‘Resolution Plan’ duly complied with the requirements of the I & B Code and Regulations made thereunder. Based on the approval of ‘Resolution Plan’ by the ‘Committee of Creditors’ under Section 30(4) of the Code, as the successful ‘Resolution Plan’, the ‘Applicant’ projected an application under Section 30(6) of the Code, before the ‘Adjudicating Authority’ praying for its approval as per ingredients of Section 31(1) of the Code and Regulation 39(4) of the CIRP Regulations.25. An ‘Adjudicating Authority’ is required to take a decision in accordance with Section 31 of the I & B Code, 2016 and can go through the reasoning either to accept or reject one or other suggestion or objection and may express its own decision. As a matter of fact, the ‘Committee of Creditors’ ought to record reasons while approving or rejecting one or other ‘Resolution Plan’.26. The ‘Adjudicating Authority’ is to record analytical subjective satisfaction which is a precondition before according an ‘Approval’ to the ‘Resolution Plan’. In short, the ‘Approval’ of ‘Resolution Plan’ is to be judged with utmost care, caution, circumspection and diligence. The threadbare examination of the scheme is to be studied astutely before arriving at a subjective satisfaction by the ‘Adjudicating Authority’.27. Be it noted that a ‘Resolution Applicant’ cannot object to the ‘Committee of Creditors’ decision. It is the ‘Committee of Creditors’ which will approve or disapprove a ‘Resolution Plan’ given the statutory parameters of Section 30 of the Code. An ‘Adjudicating Authority’ acts in a ‘Quasi-Judicial’ fashion and can determine the ‘Resolution Plan’.28. Section 32 of the I & B Code speaks of filing of an Appeal. Two main grounds for preferring an Appeal under Section 61(3) of the Code are(i) The Approved plan is in violation of the Provisions of any Law for the time being in force(ii) There was/has been material irregularity in the exercise of powers by the ‘Resolution Professional’. The ‘Right of Appeal’ is available even if the Approved Plan does not breach the Provisions of the I & B Code but violates any Law for the time being in force. The other grounds for Appeal in Clause (i) to (v) of Section 61 pertain mainly to compliance issues, such as non-consideration of claim of ‘Operational Creditor’ not providing for ‘Insolvency Process Costs’ in priority order or not complying with any other criteria specified by the Board.29. According to the amended Regulation 37 of the ‘Insolvency Resolution Process Regulations’ for ‘Corporate Persons’ 2016 (amended on 06.02.2018) a ‘Resolution Plan’ shall provide for the measures, as may be necessary for ‘Insolvency Resolution of Corporate Debtor’ for maximisation of value of its assets including but not limited to the matters specified in this Regulation.30. Regulation 39 of the ‘Insolvency Resolution Process’ for ‘Corporate persons’ Regulations, 2016 (as amended by IBBI [3rd amendment] Regulations, 2017 and IBBI amended Regulation enjoins that a ‘Resolution Applicant’ shall endeavour to submit a ‘Resolution Plan’ prepared in accordance with the Code, etc.31. As per Regulation 39(2), the ‘Resolution Professional’ shall present the ‘Resolution Plans’ that meet the requirements of the ‘Code’ and these Regulations to the ‘Committee’ for its consideration. In fact, Regulation 39(2) amended by the Board (Insolvency Resolution Process for Corporate Persons’) [3rd Amendment] Regulations, 2017, says that the ‘Resolution Professional’ shall submit to the ‘Committee’ all ‘Resolution Plans’ which comply with the requirements of the Code and Regulations made thereunder together with the details of transactions under Section 43, 45, 50 and 66.32. The Regulation 39(3) of the Board says that the ‘Committee’ may approve any ‘Resolution Plan’ with such modifications as deems fit. It cannot be forgotten that the ‘Plan’ is binding on all the affected parties who shall be bound to undertake the actions set out in the Plan.33. Before the ‘Adjudicating Authority’ (NCLT, Hyderabad), the Assistant Commissioner of Income Tax Circle 3(1), Hyderabad in F.No.ACIT, Circle-3(1), Hyd/NCLT/2020-21 in the communication dated 02.12.2020 (in respect of the Resolution Plan’ of the 1st Respondent/M/s.Sujana Universal Industries Ltd., [PAN:AACC58630H] had stated as under:“On perusal of the records, it was found that the assessee company has carried forward Business losses to the tune of $3,05,47,311/- and unabsorbed depreciation to the tune of Rs.247,19,38,479/-.As per Section 79(2)(c) of the Income Tax Act, carry forward of the loss may be allowed to accompany where a change in the shareholding takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016.As per Para 11.1, Clause-11, 12 at Page 59, it is mentioned that CBDT Shall grant an exemption to the company from

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the requirement of amounts in respect of Taxes, including tax deductible at source (TDS) being withhold from payments made to the Company for a period of 1 year from the NCLT approved. As no such provision has been allowed either in the Income Tax Act or Insolvency and Bankruptcy Code, 2016, such exemption may not be granted regarding deduction of TDS.”and in respect of any other reliefs sought during the course of ‘Resolution’ the ‘Income Tax Department’, had stated that it may be approved subject to the Provisions of the Income Tax Act.34. Suffice it for this ‘Tribunal’ to point out that the reliefs sought for by the ‘Resolution Applicant’ under Section 28(iv) 41(1), 56, 115(j)(b) and 170 of the Income Tax Act, the Income Tax Department has raised their objections, as made mention of in the ‘Reply’ of the 1st Respondent before this ‘Tribunal’ in the ‘Instant Appeal’.35. Be that as it may, considering the respective contentions advanced on either side, in the light of qualitative and detailed discussions mentioned supra and notwithstanding the fact that a plea is taken on behalf of the ‘Appellant’ before this ‘Tribunal’ that the ‘Adjudicating Authority’ (National Company Law Tribunal, Hyderabad Bench, Hyderabad), in the ‘Impugned Order’ in IA No.868/2020 in CP(IB)No.186/9/HDB/2019 dated 24.12.2020 has travelled beyond the purview of its Jurisdiction while imposing an additional condition in Paragraph 22 to the effect that “However, the Resolution Plan approved shall not construe any waiver to any statutory obligations/liabilities arising out of the approved Resolution Plan and same shall be dealt in accordance with the appropriate Authorities as per relevant Laws. This Adjudicating Authority is of the considered view that if any waiver is sought in the Resolution Plan, the same shall be subject to approval by the concerned Authorities. The same view has also been held by Hon’ble Principal Bench, NCLT in the case of Parveen Bansal Vs. Amit Spinning Industries Ltd. In CA No.360 (PB) 2018 in CP No.(IB) 131 (PB)/2017.” and therefore, the same is to be setaside, this ‘Tribunal’ comes to a resultant conclusion that the said ‘Observations’ are not in the form of ‘imposition of an additional condition’ thereby opening up the plan in regard to the ‘undecided claims’, because of the reason that the ‘Adjudicating Authority’ is within its limits to express its views/opinion(s). The ‘Instant Appeal’ Sans merits.Conclusion:36. In fine, the Instant Company Appeal (AT)(INS)No.07 of 2021 is dismissed. No cost. IANo.18 of 2021 (Stay Application) and I.A.No.19 of 2021 (seeking to exempt the Appellant from filing Certified copy of the Impugned Order’ dated 24.12.2020) are closed.
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