IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH (Exercising powers of Adjudicating Authority under The Insolvency and Bankruptcy Code, 2016)

I.A. (CA) No. 10/2022 in C.P. (IB) No. 51/BB/2018 (filed under Section 60 (5) of the Insolvency & Bankruptcy Code, 2016 Read with Rule 11 of the National Company Law Tribunal Rules, 2016)

IN THE MATTER OF:

1. Mr. Farooq Ali Khan Suspended Director of Associate Décor Limited No. 21, Benson ‘A’ Cross Road, Ward No.2, Mudhol, Bagalkot, Benson Town Post, Bengaluru – 560046 …Applicant Versus

1. Mr. Alok Kailash Saksena Resolution Professional of Associate Decor Limited C/o Desai Saksena and Associates, 1st Floor, Laxmi Building, Sir Phirozshah Mehta Road, Fort, Mumbai – 400001 … Respondent No.1/Resolution Professional

2. Associate Décor Limited Having its Registered Office at:

Plot No. 1, Phase IV, KIADB Industrial Estate, Malur Kolar, Karnataka– 563130 …Respondent No.2/Corporate Debtor

3. Punjab National Bank (Formerly Oriental Bank of Commerce)

Maker Tower, F – wing Cuffe Parade, Mumbai– 400005 ...Respondent No.3/ Member of CoC

4. Union Bank of India Bharat House, Ground Floor Near Bombay Stock Exchange Fort Mumbai – 400001 …Respondent No.4/Member of CoC

5. Bank of Baroda, Corporate Financial Services Branch

1st Floor, 3 Walchand Hirachand Marg Ballard Pier, Mumbai – 400001 …Respondent No.5/Member of CoC

6. Mohammed Enterprises (Tanzania) Ltd., Corporate Office: 20th Floor, Golden Jubilee Towers, Ohio Street, P.O Box 20660 Dar es Salaam, Tanzania …Respondent No.6/ Resolution Applicant

7. Insolvency and Bankruptcy Board of India

7th Floor, Mayur Bhawan, Shankar Market, Connaught Circus, New Delhi – 110001 … Respondent No.7/ Regulator

8. Indian Institute of Insolvency Professionals of ICAI ICAI Bhawan, 8th Floor, Hostel Block, A-29, Sector-62, NOIDA, UP – 201309 … Respondent No.8 IN THE MAIN MATTER OF: PUNJAB NATIONAL BANK (earlier Oriental Bank of Commerce)

Regd. Office: 14th Floor, Large Corporate Branch Maker Tower, F wing Cuffe Parade, Mumbai- 400005. …. Financial Creditor Versus ASSOCIATE DECOR LIMITED, Regd. Office: Plot No. 1, Phase 4, KIADB Industrial Estate, Malur Kolar, Karnataka- 563130 …. Corporate Debtor Order delivered on: 12.01.2026 CORAM: Shri Sunil Kumar Aggarwal, Hon’ble Member (Judicial)

PARTIES/COUNSELS PRESENT:

For the Applicant: Shri C.K. Nandakumar, Sr. Counsel with Mr. Sivaramakrsihnan and Shri Vinay Kumar For the SRA: Shri Srinivasa Raghavan, Sr. Counsel A/W Mr. Vishnu Shriram and Ms. Pankhuri Jain For the CoC: Mr. Tushar Mehta, Ld. Solicitor General of India, Mr Arvind Nayar, Sr. Adv. with Mr. Madhav Kanoria, Mr. Sharan Kukreja, Ms Srideepa Bhattacharyya, Ms. Neha Shivhare& Ms Abhijna Somashekara For the RP Ms. Lakshmi Iyengar, Sr. Counsel withShri Ajay Shankar Rao, Shri Abhyankar Panth O R D E R

1. The present Application has been filed on 06.10.2022 on behalf of Mr. Farooq Ali Khan (“Applicant/Suspended Director”) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “IBC/Code’) against the Respondents inter alia seeking the following reliefs a. Declare that the Respondent No 1 , i.e., Mr. Alok Kailash Saksena as a Resolution Professional of the Corporate Debtor has acted in gross violation of law and refer to IBBI, Respondent No 7 and IIPCICAI, Respondent No 8 for initiation of action for Professional Misconduct for his act of violation of law and consequently to direct the Respondent No. 3, 4 and 5 to consider the replacement of Resolution Professional in the place of Respondent No. 1;

b. Declare that the decision of COC, Respondent Nos 3 ,4 and 5 in approving the Resolution Plan of the sole Resolution Applicant is not in accordance with law;

c. Reject the Resolution Plan submitted by the Respondent No 6 as not in accordance with law d. Direct the 1st Respondent to suitably revise the Information Memorandum and the consequential Expression of Interest in the corporate insolvency resolution process of the 2nd Respondent Company after taki