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IN THE NATIONAL COMPANY LAW TRIBUNAL, BENGALURU BENCH [Through Physical hearing/VC Mode (Hybrid)]

ITEM No.04 IA.Nos. 586/2024, 587/2024, 689/2024, 720/2024,735/2024, IA(IBC) (Plan) 03/2025, IA Nos.929/2025, 163/2026 in CP. (IB) No. 32/BB/2023 IN THE MATTER OF:

M/s Religare Finvest Ltd … Petitioner Vs M/s Stellence Pharmscience Pvt Ltd … Respondent Petition under Section 7 of I&B Code, 2016 Order delivered on: 27.10.2026 CORAM:

SHRI. SUNIL KUMAR AGGARWAL HON’BLE MEMBER (JUDICIAL)

SHRI. RADHAKRISHNA SREEPADA HON’BLE MEMBER (TECHNICAL)

PRESENT:

For the Petitioner : Shri Shashank Nagendran For Tata Capital Limited : Ms Anuparna Bordoloi The Resolution Professional: Naveen Kumar Jain ORDER.

I.A. (IBC) (Plan) No.3/2025:

1. This application has been filed by Mr. Naveen Kumar Jain (Resolution Professional of the Corporate Debtor’) on 19.05.2025 under Section 30(6) read with Section 31 of the Insolvency and Bankruptcy Code, 2016 and Regulation 39(4) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 seeking approval of the Resolution Plan of the Corporate Debtor submitted by Dr. Mukesh Kumar Agarwal (Successful Resolution Applicant/SRA), and approved by the Committee of Creditors in its 19th CoC meeting held on 15.04.2025 with 100% voting share.

2. Post commencement of CIRP, CoC was constituted by the RP. The details of the creditors, the distribution of voting share among them and the position of voting for the Resolution Plan is as under (Para 6 of Form H):

Sl. Name of Creditor Voting Voting for Resolution Share Plan (Voted for/ (%) Dissented/Abstained)

1. Religare Finvest Limited 54.99 Voted For 2. Agnus Capital LLP 20.08 Voted For 3. Tata Capital LLP 18.38 Voted For 4. Hydra Active Pharma Sciences Private Limited 6.55 Voted For Total 100.00

3. The details of stakeholders and the amounts provided for them under the Resolution Plan is given in Para 7B of Form H, as under:

Amount(s)

Amount Amount Realizable Amount Stakeholder Claimed Admitted Amount under Provided Payment Type (In Rs.) (In Rs.) the Plan to schedule (In Rs.) amount claimed (%)

Secured Financial Creditors Creditors not Nil Nil Nil Nil Within 30 having a days from right to vote the under sub- effective section (2) of date.

section 21 Dissenting Nil Nil Nil Nil Assenting 35,07,29,329.32 35,07,29,329.32 27,60,00,000 78.69 Unsecured Financial Creditors (a)Creditors Nil Nil Nil Nil Within 15 not having a days from right to vote the under sub- effective section (2) of date.

section 21 - Dissenting Nil Nil Nil Nil - Assenting 12,73,17,437 12,73,17,437 1,35,00,000 0.60 Operational Creditors (i) 70,90,906.00 70,90,906.00 8,70,675.10 12.28 Within 13 Government days from (ii) PF Dues 1,03,22,596 1,03,22,569 1,03,22,596 100 the

4. At this juncture it is necessary to refer to sec 30(2). The Provisions of Section

30(2) of the I&B Code, 2016 are as follows:

Section 30(2). “The resolution professional shall examine each Resolution Plan received by him to confirm that each Resolution Plan –

(a) provides for the payment of insolvency resolution process costs in a manner specified by the Board in priority to the 3 [payment] of other debts of the corporate debtor;

(b) provides for the payment of debts of operational creditors in such manner as may be specified by the Board which shall not be less than-

i.) the amount to be paid to such creditors in the event of a liquidation of the corporate debtor under section 53; or ii.) the amount that would have been paid to such creditors, if the amount to be distributed under the Resolution Plan had been distributed in accordance with the order of priority in sub-section (1) of section 53, whichever is higher, and provides for the payment of debts of financial creditors, who do not vote in favour of the Resolution Plan, in such manner as may be specified by the Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liqui