ORDER

Per: Coram Brief Background

1. The present Application is filed by Mr. Ravi Sethia, (“Applicant/Resolution Professional”) of Morarjee Textiles Limited (“Corporate Debtor”) under Section 30(6) of the Insolvency and Bankruptcy Code, 2016 (“Code”) for seeking approval of the Resolution Plan dated 02.01.2025 r/w addendum dated 05.02.2025 and clarification dated 31.03.2025 (collectively referred to as "Resolution Plan"), submitted by Shrinivas Spintex Industries Private Limited (“Successful Resolution Applicant/SRA”) and for passing order/appropriate direction that this Tribunal may deem fit in the present matter. The Resolution Plan has been approved by 75.61% in the 22^nd CoC meeting held on 04.02.2025 and adjourned to 05.02.2025.

2. The Corporate Debtor is a Public Limited Company under the Companies Act, 1956 incorporated on 09.10.2013 bearing CIN L52322MH1995PLC090643. Its registered office is at 242, Floor-G-1, New Mahalaxmi Silk Mill, Harishchandra L Nagoankar Marg, Mathuradas Mills Compound, Lower Parel, Mumbai, Maharashtra-400013.

3. The Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor commenced upon admission of CP (IB) / 1318 (MB) 2022 filed under Section 7 of the Code by this Tribunal on 09.02.2024, wherein Mr. Ravi Sethia was appointed as the Interim Resolution Professional (“IRP”).

4. Pursuant thereto, the Applicant issued the public announcement in prescribed ‘Form A’ on 12.02.2024, in Financial Express (English & All India Edition) and Loksatta (Marathi & Maharashtra Edition) inviting claims from creditors. The Applicant, after verifying the claims of creditors received by him, constituted the Committee of Creditors (“CoC”) of the Corporate Debtor in accordance with Section 21 of the Code.

5. The first meeting of the Committee of Creditors (“CoC”) was convened on 13.03.2024. The CoC in its third meeting held on 15.05.2024 resolved to appoint the applicant as the Resolution Professional of the CD.

6. In furtherance of the CIRP, the Applicant published Form-G inviting Expressions of Interest on 01.05.2024 and subsequently published an amended Form-G on 23.05.2024 in Financial Express (English & All India Edition) and Loksatta (Marathi & Mumbai, Pune, Nashik & Nagpur Edition). Thereafter, the final list of Prospective Resolution Applicants ("PRAs") was issued on 02.07.2024, comprising 33 PRAs. The Information Memorandum, Evaluation Matrix, and Request for Resolution Plan ("RFRP") were issued to the PRAs on 02.07.2024. The last date for submission of Resolution Plans was initially fixed as 19.07.2024 as per the amended Form-G. Upon multiple requests for extension of time received from the PRAs, and having regard to the level of interest demonstrated, the CoC resolved to extend the last date for submission of Resolution Plans to 27.08.2024.

7. Three PRAs, namely: (i) Dev Land & Housing Pvt. Ltd. ("DLH"); (ii) Nirmal Ujjwal Credit Co-operative Society Ltd. ("NUCCSL"); and (iii) Shriniwas Spintex Pvt. Ltd. ("SSPL"), submitted their respective Resolution Plans along with an Earnest Money Deposit ("EMD") of Rs.5,00,00,000/- (Rupees Five Crores Only) each.

8. The said plans were opened and deliberated upon in the 7^th CoC Meeting held on 29.08.2024. After detailed discussion on the commercial aspects of the Resolution Plans, the CoC granted time until 11.11.2024 for submission of revised plans. Within the said period, SSPL and NUCCSL duly submitted their revised Resolution Plans; DLH, however, communicated that its original offer be treated as its final offer and that it would not be submitting any revised plan. The revised plans were opened, discussed at length, and considered in the 13^th CoC Meeting held on 12.11.2024.

9. NUCCSL suo motu submitted a further revised Resolution Plan on 30.11.2024. In accordance with Clause 1.6.2 of the RFRP, the CoC unanimously resolved to seek improved Resolution Plans from the other two PRAs and granted time until 02.01.2025 for submission thereof.

10. The Applicant, vide e