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The resolutions put to vote were not approved with requisite majority by the CoC

The e-voting of the Twenty-First Meeting of the CoC of the Corporate Debtor was concluded at 5.00 PM on August 18 2023. The following resolutions were put for e-voting however the same did not get requisite majority of the CoC:1. To approve the estimated liquidation cost of the Corporate Debtor for a period of 1 year amounting to Rs. 95.00 Lakh and the contribution plan of the said estimated net liquidation cost by the CoC members in terms of Regulation 39B of the CIRP Regulations subject to Corporate Debtor undergoing liquidation;2. In terms of Regulation 39C the CoC recommends that the assets or group of assets of the Corporate Debtor can be sold on a slump sale basis or individual basis rather than selling the Corporate Debtor as a going concern basis subject to corporate debtor undergoing liquidation;3. To fix the fees of the Liquidator of the Corporate Debtor in terms of Regulation 4(2) of the Liquidation Regulations subject to Corporate Debtor undergoing liquidation.

The Nineteenth Meeting of CoC of the Corporate Debtor was concluded at 5. 00 PM on August 18 2023. Further the following resolutions were put for voting and the same were approved with requisite majority by the CoC:1. Distribution of resolution plan submitted by one of the resolution applicant as non-responsive and subsequent forfeiture of the Earnest Money Deposit submitted by them;2. Declaration of Resolution Plan Proceeds amongst the Financial Creditors/ Members of CoC in the ratio of 40: 60 i.e. 40 % towards secured financial creditors and 60% towards Unsecured Financial Creditors;3. Out of the 3 (three) Compliant Resolution Plan(s) that were put for e-voting one compliant resolution plan has been approved by the CoC with the requisite majority which is subject to approval by the Honble NCLT Mumbai Bench.4. Ratification of cost incurred from April 07 2023 till June 05 2023 related to the Corporate Insolvency Resolution Process.

The Twenty-Second Meeting of the CoC of the Corporate Debtor was held on June 20 2023. Further we wish to inform the Exchange that the CoC has decided and approved the following agenda item:1. Corporate Insolvency Resolution Process of the Corporate Debtor be extended by a period of 30 days from June 25 2023 and thereby directed the Resolution Professional to file an appropriate application before the Honble National Company Law Tribunal Mumbai Bench seeking an approval of the same.

The Twenty-First Meeting of the CoC of the Corporate Debtor was held on June 16 2023. Further we wish to inform the Exchange that the CoC has decided to E-Vote on the agenda item as mentioned below:1. Matter of meeting the Liquidation Cost Assessment of Sale as a going concern and Liquidator Fees in terms of Regulation 39B 39C and 39D of the CIRP Regulations respectively subject to Corporate Debtor undergoing liquidation.The E-voting shall conclude on June 21 2023 at 5.00 PM. The final E-voting results shall be communicated to the Exchange.