NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH (COURT-II), CHANDIGARH (An Application under sections 30 (6) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of The National Company Law Tribunal Rules, 2016)

In the matter of IA(IBC)/1683/(CH)/2023 Mr. Deepankur Sharma IRP/Acting RP Vishal Rice Exports Pvt. Ltd.

Resident of:

272, 2nd Floor, Sector 37-A, Chandigarh …Applicant In the matter of CP(IB) No. 449/Chd/Pb/2019 (An Application under section 9 of the Insolvency & Bankruptcy Code, 2016)

IN THE MATTER OF:

Mr. Dinesh Kumar Jain Proprietor of M/s P.L. Foods …Operational Creditor Versus Vishal Rice Exports Private Limited ...Corporate Debtor Order delivered on: 21.04.2026 CORAM: MR. KHETRABASI BISWAL, MEMBER (JUDICIAL)

MR. KAUSHALENDRA KUMAR SINGH, MEMBER (TECHNICAL)

Present:-

For the Applicant/RP : Mr. Vaibhav Sahni, Advocate Ms. Swati Vashisth, Advocate Mr. Deepankur Sharma, RP in Person ORDER

1. The present Application has been filed on 25.06.2023 by Mr. Deepankur Sharma, Interim Resolution Professional/ Acting Resolution Professional (hereinafter referred to as the “Applicant”) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code” or “IBC”), seeking approval of the Resolution Plan of M/s Kasturi Lal Ashok Kumar (hereinafter referred to as the “Successful Resolution Applicant” or “SRA”), in respect of Vishal Rice Exports Pvt. Ltd. (hereinafter referred to as the “Corporate Debtor”) which has been approved by the Committee of Creditors (hereinafter referred to as the “COC”) in the

11th Meeting dated 15.05.2023 with 80.63% voting share.

2. The averments made by the Applicant/Resolution Professional in the present application and as presented by the Ld. Counsel are summarized as under:-

i. The Corporate Debtor is a private limited company registered under the erstwhile Companies Act, 1956 and incorporated on 26.02.2008 having its registered office is at Super Market, Samana, Punjab. It has been engaged in the business of Rice Mill having its plant at Village Tulewal, Tehsil Samana, District Patiala, Punjab-

147101. It offered products to leading global Rice brands.

ii. The Corporate Debtor was admitted in the Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Code on 12.10.2022. Mr. Deepankur Sharma was appointed as Interim Resolution Professional (IRP) for the Corporate Debtor by this Tribunal vide order dated 12.10.2022.

iii. The Constitution of the COC and the voting share of the respective Members has been as under:-

iv. As against the total claim received at Rs. 14,91,34,586.21/-, the IRP had admitted the claim to the extent of Rs. 14,39,83,495.93/-

v. Pursuant to publication of Form G for inviting of Expression of Interest (EOI) on 10.12.2022 in the course of the CIRP, 4 EOIs were received from Prospective Resolution Applicants (PRAs). After perusing the documents submitted by them, the Applicant published a provisional list of Prospective Resolution Applicant on 03.01.2023 consisting of one eligible Prospective Resolution Applicant and three ineligible PRAs. Thereafter, the Applicant published the Final List of prospective resolution applicants in the matter of the Corporate Debtor on 13.01.2023 consisting of one eligible prospective resolution applicant and three ineligible prospective Resolution Applicant. The Applicant received only one resolution plan from the prospective resolution applicant which was discussed by the members of COC along with the Resolution applicant in several COC meetings i.e. 6th 7th, 8th, 9th and 10th COC meetings. RP has raised few clarifications and observation on the plan which was shared with the prospective resolution applicant. On which the Resolution Applicant submitted a Revised Resolution Plan. The Resolution Applicant in addition to the Resolution Plan only elaborated the "Treatment of the Personal Guarantor of the Corporate Debtor and Treatment of Government Dues in the scenario of additional claim admitted by the Adjudi