DIVISION BENCH M-1

COURT - II

IA(IB)/646(KB)2022

in

CP(IB)/1684(KB)2018

CORAM: 1. HON’BLE MEMBER(J), SHRI LABH SINGH 2. HON’BLE MEMBER(T), MS REKHA KANTILAL SHAH

ORDER SHEET OF THE HEARING ON 4^TH DECEMBER 2025

JAYANTA BANERJEE

IN THE MATTER OF VS

INCAB INDUSTRIES LIMITED

UNDER SECTION SEC. 30

Appearances (via video conference/physically) Mr. Shaunak Mitra, Adv. ] For the RP

Mr. Siddhanth Makkar, Adv.

CORRIGENDUM ORDER

1. This matter was not on Board today and was taken upon

mentioning.

2. Ld. Counsel states that in the Order dated 3^rd December, 2025

in the appearance section the names of the Counsel for the RP have not been mentioned, even though they had signed the attendance sheet. Accordingly, the following name shall be

added in the appearance section.

(i) Mr. Shaunak Mitra, Adv.

(ii) Mr. Siddhanth Makkar, Adv.

3. The rest of the order remains unchanged.

Rekha Kantilal Shah Labh Singh

Member (Technical) Member (Judicial)

And I.A (IB) No. 646/KB/2022 In C.P (IB) No. 1684/KB/2018 IN THE MATTER OF:

JAYANTA BANERJEE ……Operational Creditor VERSUS INCAB INDUSTRIES LIMITED ……Corporate Debtor AND I.A (IB) No. 646/KB/2022 Application under section 30(6) and section 31 of the Insolvency & Bankruptcy Code, 2016 read with regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 for approval of Resolution Plan.

IN THE MATTER OF:

MR. PANKAJ KUMAR TIBREWAL, Resolution Professional of Incab Industries Limited.

…… Applicant / Resolution Professional and I.A.(IB) No. 646/KB/2022 In C.P.(IB) No. 1684/KB/2018 Versus Mahendra Bakthawar Shah, Suspended Director ……… Respondent No. 1 CORAM:

Shri. Labh Singh : Hon’ble Member (Judicial)

Ms. Rekha Kantilal Shah : Hon’ble Member (Technical)

APPEARANCES:

Mr. D.N. Sharma, Adv. ] For SRA Mr. Orijit Chatterjee, Adv. ] Ms. Safura Ahmed, Adv. ] Mr. Aishi Chatterjee, Adv. ] Date of Pronouncement: 03/12/2025 and I.A.(IB) No. 646/KB/2022 In C.P.(IB) No. 1684/KB/2018 Table of Contents and I.A.(IB) No. 646/KB/2022 In C.P.(IB) No. 1684/KB/2018

O R D E R

Per: Rekha Kantilal Shah, Member (Technical)

1. This Application has been preferred by Mr. Pankaj Kumar Tibrewal, Resolution Professional (“RP”) of the Corporate Debtor, Incab Industries Limited under section 30(6) and 31 of the IBC, 2016 (for brevity “IBC”) and read with Regulation 39(4) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulation, 2016 (for brevity “CIRP Regulation”) for submission and final approval of the Resolution Plan submitted by the Resolution Applicant i.e., Vendanta Limited.

2. The Committee of Creditors (“CoC”) at its 22nd meeting convened on 23.06.2022 and voting held on 24.06.2022, with 99.37% majority, approved the revised Resolution Plan dated 22.06.2022, annexed at pages 529-626 to the application, submitted by Vendanta Limited, hereinafter referred to as “Successful Resolution Applicant” (“SRA”). Thereafter, the RP/Applicant issued Letter of Intent (“LoI”) dated 25.06.2022 requiring the SRA to submit the Performance Security which was unconditionally accepted by Vedanta Limited on 30.06.2022 and issued Performance Guarantee of Rs. 54.50 crores.

and I.A.(IB) No. 646/KB/2022 In C.P.(IB) No. 1684/KB/2018 The Particulars of the Corporate Debtor

3. The Corporate Debtor- Incab Industries Limited (U27108WB1920PLC003641) is a private limited company registered with the Registrar of Companies, Kolkata, incorporated on 12.12.1920, having registered office at 9 Hare Street, Kolkata, West Bengal- 700001, carrying business of manufacturing of Basic Iron and Steel.

Initiation of Corporate Insolvency Resolution Process (CIRP)

4. Company Petition in CP (IB) No. 1684/KB/2018 was filed by Jayanta Banerjee, Operational Creditor against Incab Industries Limited, Corporate Debtor to initiate Corporate Insolvency Resolution Process (“CIRP”) under section 9 of IBC, 2016 which was admitted vide order dated 07.08.2019.

5. In the 5th CoC Meeting held on 05.12.2019,