Bloom Dekor Ltd

Total plan funding, as printed

Rs 4,33,00,810 plus unpaid CIRP costs

Upfront amount, as printed

Rs. 2,00,00,000/- towards Financial Creditors (Related Party) restructuring, upfront within 30 days from approval of NCLT, per Clause 2.2.1.2

Payout horizon as printed

Working capital/Capex up to Rs. 4,00,00,000/- within 90 days of the effective date; Financial Creditor (Related Party) restructuring payment within 30 days from approval of NCLT

Plan term as printed

implementation within a period of approximately ninety days from the Effective Date

CIRP cost, as printed

At Actuals (Unpaid CIRP Cost including Priority debt)

Cirp cost treatment

entire CIRP Costs proposed to be paid in priority and in full, in accordance with Section 30(2)(a) of the Code

Performance security

Performance Bank Guarantee, if any (amount not specified in the extracted text)

Performance security instrument

BG

Body of order · 7 rows

1. Seq

   1

   Beneficiary

   CIRP Cost (including Priority debt)

   Amount as printed

   At Actuals

   Timing as printed

   in full, in priority to other debts

2. Seq

   2

   Beneficiary

   Financial Creditors (Unsecured Unrelated)

   Amount as printed

   Rs. 26,68,750/-

   Timing as printed

   in full as claimed

3. Seq

   3

   Beneficiary

   Financial Creditors (Related Party) - restructuring

   Amount as printed

   Rs. 2,00,00,000/-

   Timing as printed

   upfront within 30 days from approval of NCLT, per Clause 2.2.1.2

4. Seq

   4

   Beneficiary

   Operational Creditors (Workmen and Employees)

   Amount as printed

   Rs. 21,18,060/-

   Timing as printed

   in full as claimed and admitted

5. Seq

   5

   Beneficiary

   Operational Creditors (Others including Government Dues)

   Amount as printed

   Rs. 1,85,14,000/-

6. Seq

   6

   Beneficiary

   Corporate Debtor (Working capital/Capex infusion)

   Amount as printed

   Upto Rs. 4,00,00,000/-

   Timing as printed

   within 90 days of the effective date

Entity type

consortium

Consortium members

1. Dr. Sunil Gupta
2. Mr. Karan Singh Wilkhoo (Investing partner with Resolution Applicant)

Promoter / former management

Yes

Related party finding

one of the Resolution Applicants, Sunil Gupta, is the promoter of the Corporate Debtor/Bloom Dekor; the Resolution Professional has stated in Form H that he is eligible to submit the plan under Section 240A of the IBC and that clauses (c) and (h) of Section 29A do not apply to the Resolution Applicant

MSME Section 240A route

Yes

Sources of funds

amount proposed under the Resolution Plan to be brought by infusing equity; new promoters to subscribe to 30,00,000 new equity shares; conversion of assigned debt of approximately Rs. 8.13 Crores into equity shares at a premium; induction of fresh equity capital

Post plan management

existing Board of Directors to stand replaced; new Board comprising nominees of the Resolution Applicant and independent directors to assume management and control

Operational creditors

Workmen and Employees: claimed/admitted Rs. 21,18,060/-, proposed to be paid in full; Others including Government Dues: claimed/admitted Rs. 8,23,83,181/-, proposed Rs. 1,85,14,000/-

Workmen employees

admitted dues of workmen and employees amounting to Rs. 21,18,060/- are proposed to be paid in full as claimed and admitted

Litigation carveout

all claims, liabilities and obligations against the Corporate Debtor, whether admitted, contingent, crystallised, uncrystallised, known or unknown, which are not provided for in the Resolution Plan, shall stand extinguished upon approval of the Plan under Section 31 of the Code; pending proceedings, demands, notices and claims are proposed to be dealt with in terms of the Resolution Plan

Assets description

manufacturing and marketing of decorative laminates, doors, plywood and allied products, sold on a B2B basis

Going concern status

the Plan seeks to preserve the Corporate Debtor as a going concern, protect employment and maximize value of its assets

Interim resolution professional

CA Vineeta Maheshwari

RP replaced the IRP

No

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2023-12-06

   Plans received

   3

   Outcome

   plans rejected, re-issued

Applicants considered

1. Name

   Dr. Sunil Gupta and Mr. Karan Singh Wilkhoo

   Stage reached

   approved

   Plan value as printed

   Rs 4,33,00,810 plus unpaid CIRP costs

   Vote pct

   100

   Outcome note

   Initial resolution plan approved by CoC with 100% voting share on 06.05.2024; plan-approval application (IA (Plan) No. 24 of 2024) remanded to CoC for reconsideration after objections by Mishtann Foods Limited (order dated 16.07.2024); appeal to NCLAT (Company Appeal (AT)(Ins.) Nos. 1401-1402 of 2024) withdrawn 13.01.2026, reviving the remand order; revised Resolution Plan submitted 14.04.2026/15.04.2026, legally vetted, and approved by CoC via postal ballot with 100% voting share on 25.04.2026; approved by this Tribunal

2. Name

   Mishtann Foods Limited

   Stage reached

   rejected_by_aa

   Outcome note

   Unsuccessful Resolution Applicant; objected to approval of Dr. Sunil Gupta's plan, leading to remand order dated 16.07.2024

3. Name

   Galactico Corporate Services Limited

   Stage reached

   plan_submitted

   Outcome note

   One of three PRAs who submitted resolution plans placed before the 4th CoC meeting (23.02.2024); not selected

Bidding mechanism

negotiation

Clock events

1. Kind

   extension

   Days

   90

   Granted date

   2024-04-10

   Reason

   extension of CIRP period beyond 180 days w.e.f. 09.04.2024, per IA No. 553 of 2024

2. Kind

   extension

   Days

   60

   Granted date

   2026-04-02

   Reason

   extension of CIRP period by 60 days from 27.02.2026 (120 days beyond 13.01.2026 originally sought), per IA No. 449 of 2026

3. Kind

   exclusion

   Granted date

   2026-04-02

   Reason

   exclusion of the period from 25.05.2024 to 13.01.2026 in view of pendency of appellate proceedings before NCLAT, per IA No. 449 of 2026

Advisors

1. Role

   Legal vetting counsel

   Name

   Advocate Darshan Solanki

   Note

   appointed on CoC's direction for legal scrutiny of the revised Resolution Plan; observations communicated to Respondent Nos. 2 and 3 for clarification; vetting report at pages 171-180 of the Application

Dissenting fc treatment

financial creditors who do not vote in favour of the resolution plan shall be paid an amount not less than what they would receive under Section 53(1) in the event of liquidation, per Clause 2.2.1.2(b) on Page 50 of the Plan

Section 30(2)(b) minimum stated

Yes

Business & treatment of stakeholders

Cancellation and reduction of existing share capital (against 250 existing equity shares of Rs 10 each fully paid up, one new equity share of Rs 10 each fully paid up will be allotted and old shares deemed cancelled); reorganisation and reduction of share capital followed by conversion of assigned debt into equity and preferential allotment of shares to the Resolution Applicant and identified investors; authorised share capital proposed to increase from Rs. 10 Crores to Rs. 15.20 Crores (1,52,00,000 equity shares of Rs 10 each)

Delisting

No

Capital reduction

Yes

Merger or amalgamation

No

Post plan shareholding

1. Holder

   Existing shareholders

   Before

   250 equity shares of Rs 10 each fully paid up

   After

   1 new equity share of Rs 10 each per 250 old shares; old shares deemed cancelled

2. Holder

   New promoters/Resolution Applicant and identified investors

   After

   30,00,000 new equity shares subscribed; assigned debt of approximately Rs. 8,13,77,735 converted into equity at face value Rs 10 per share

Monitoring committee

Monitoring Committee consisting of representatives of the Resolution Applicant, Financial Creditors and the Resolution Professional, constituted under Clause 5.3 of the Plan; oversees infusion of funds, payment to creditors, reconstitution of the Board, regulatory compliances and implementation of all measures; directed to file monthly progress reports with the Tribunal detailing implementation status, deviations and compliance with timelines, until full implementation and filing of an implementation completion affidavit; also to ensure compliance with regulatory approvals (SEBI, RoC, Tax authorities, etc.)

Monitoring committee members

1. Name

   Representative(s) of the Resolution Applicant

   Role

   Member

2. Name

   Representative(s) of the Financial Creditor(s)

   Role

   Member

3. Name

   Resolution Professional

   Role

   Member

1. Seq

   1

   Relief

   Waiver of penalties, interest, prosecution and other consequences arising from past non-compliances under the Companies Act

   Category

   other

   Disposition

   deferred_to_authority

   Reason

   falls within the domain of statutory authorities governed by independent enactments; not deemed granted by this order

2. Seq

   2

   Relief

   Waiver of penalties, interest, prosecution and other consequences arising from past non-compliances under the Income Tax Act

   Category

   tax

   Disposition

   deferred_to_authority

   Reason

   this Adjudicating Authority cannot grant blanket or omnibus waivers in respect of statutory liabilities governed by independent enactments such as the Income Tax Act; reliefs can only be granted to the extent they flow from the IBC

3. Seq

   3

   Relief

   Waiver of penalties, interest, prosecution and other consequences arising from past non-compliances under GST laws

   Category

   statutory_dues

   Disposition

   deferred_to_authority

   Reason

   falls within the domain of GST statutory authorities under independent enactments; not deemed granted by this order

4. Seq

   4

   Relief

   Relief/concessions/exemptions under SEBI Regulations

   Category

   other

   Disposition

   deferred_to_authority

   Reason

   Corporate Debtor being listed on BSE, restructuring of capital, preferential allotment, debt-to-equity conversion and listing compliances remain subject to compliance with SEBI Regulations and approvals of competent authorities

5. Seq

   5

   Relief

   Protection/immunity for the Corporate Debtor from liabilities for offences committed prior to CIRP commencement

   Category

   32A

   Disposition

   32A_only

   Reason

   the Corporate Debtor shall be entitled to protection under Section 32A of the Code, subject to satisfaction of the conditions prescribed therein, including change in management and control

6. Seq

   6

   Relief

   Approval from the Competition Commission of India, where applicable

   Category

   other

   Disposition

   deferred_to_authority

   Reason

   if applicable, the Resolution Applicant shall obtain approval from the Competition Commission of India in terms of Section 31(4) of the Code

7. Seq

   7

   Relief

   (all reliefs, en bloc) - reliefs and concessions in Schedule 5 (page 27 and pages 46-47) of the Resolution Plan

   Disposition

   deferred_to_authority

   Reason

   it is made clear that we are not inclined to give our decision on every relief/concession/direction sought by the Resolution Applicant in the submitted Resolution Plan except explicitly stated in paragraphs 19 to 21 of this order; any relief which falls within the domain of statutory authorities or requires exercise of powers under independent statutes shall not be deemed to be granted by this order; the Applicant is directed to approach the concerned authorities for such reliefs and concessions

1. Objector

   Mishtann Foods Limited

   Objector class

   pra

   Ground

   objected to the approval of the resolution plan submitted by Dr. Sunil Gupta, as the unsuccessful Resolution Applicant

   Disposition

   allowed

   Effect on approval

   this Adjudicating Authority disposed of the plan-approval application (IA (Plan) No. 24 of 2024) and remanded the matter to the CoC for reconsideration vide order dated 16.07.2024

1. Date

   2026-05-04

   What

   Daily order noted filing of the valuation report and MSME certificate (taken on record); Resolution Professional directed to file audited financial statements as on date of filing of the plan-approval application and provisional financial statements reflecting the position upon implementation of the Plan

2. Date

   2026-06-01

   What

   Resolution Professional filed a compliance affidavit pursuant to the order dated 04.05.2026; the SRA also filed an affidavit enclosing an estimated balance sheet and the understanding entered into between the investor and original promoters

Transaction audit findings

the Resolution Professional stated that transactions of the Corporate Debtor were examined in terms of Regulation 35A and no avoidance transaction application has been found necessary to be filed

Conditions imposed

1. Condition

   RA to make payment of the entire Resolution Plan amount within the time stipulated under the Resolution Plan, failing which the entire amount paid by the Resolution Applicant (including the Performance Bank Guarantee, if any) shall stand automatically forfeited, without recourse to the Tribunal; failure to implement may also attract consequences under Section 33 of the Code

   Addressed to

   SRA

2. Condition

   Resolution Applicant to obtain approval from the Competition Commission of India, if applicable, in terms of Section 31(4) of the Code

   Addressed to

   SRA

3. Condition

   Resolution Applicant and Corporate Debtor to file necessary applications with BSE and SEBI for approval of capital restructuring, preferential allotment, and listing of new equity shares within the timelines stipulated in the Resolution Plan

   Addressed to

   SRA/Corporate Debtor

4. Condition

   Monitoring Committee to file monthly progress reports with the Tribunal until full implementation of the Resolution Plan and filing of an implementation completion affidavit

   Addressed to

   Monitoring Committee

Approval conditional on external order

No

Appellate history

The initial approval of the Sunil Gupta/Wilkhoo plan was set aside on remand by this Adjudicating Authority (order dated 16.07.2024) following objections by unsuccessful Resolution Applicant Mishtann Foods Limited; Dr. Sunil Gupta appealed to the NCLAT (Company Appeal (AT) (Ins.) Nos. 1401-1402 of 2024), which stayed further steps pursuant to the remand order (interim order dated 23.07.2024); the appeals were withdrawn on 13.01.2026, reviving and operationalising the remand order

Precedents cited

1. Case

   K. Sashidhar v. Indian Overseas Bank [2019] 12 SCC 150

   Proposition

   limited judicial review of a resolution plan; commercial wisdom of CoC not to be interfered with

2. Case

   Committee of Creditors of Essar Steel India Limited v. Satish Kumar Gupta, (2020) 8 SCC 531

   Proposition

   commercial wisdom of the CoC is paramount, save in exceptional circumstances

3. Case

   Ebix Singapore (P) Ltd v. Committee of Creditors of Educomp Solutions Ltd [2021] 130 taxmann.com 208

   Proposition

   limited scope of judicial review of resolution plan approval

4. Case

   Vallal RCK v. Siva Industries & Holding Ltd, (2022) 9 SCC 803

   Proposition

   commercial wisdom of CoC not to be interfered with save exceptional circumstances

5. Case

   Ramkrishna Forgings Limited vs. Ravindra Loonkar, RP of ACIL Limited & Anr, Civil Appeal No. 1527 of 2022

   Proposition

   reiterated that CoC's commercial wisdom is supreme

6. Case

   Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited, MANU/SC/0273/2021

   Proposition

   clean-slate principle; claims not part of the resolution plan stand extinguished; 'other stakeholders' covers Central/State Government and local authorities

7. Case

   Embassy Property Development Private Limited Vs. State of Karnataka & Ors., Civil Appeal No. 9170 of 2019

   Proposition

   considered together with Section 32A in assessing the scope of reliefs against statutory/regulatory authorities

Judicial observations

1. This Adjudicating Authority cannot grant blanket or omnibus waivers in respect of statutory liabilities governed by independent enactments under statutes such as the Income Tax Act, GST laws, FEMA, environmental laws etc. (p.31)
2. It is made clear that, we are not inclined to give our decision on every reliefs/concessions/direction sought by the Resolution Applicant in the submitted Resolution Plan except explicitly stated in this paragraphs 19 to 21 of this order. (p.34)
3. All authorities may keep in mind that unrealistic demands, process, liability claim, that will defeat the object of the Code should be avoided and refrain from raising such claims, demands, liability etc. which got extinguished after approval of the Resolution Plan. (p.32)

Directives to third parties

Registry directed to send a copy of this order to the office of the Principal Chief Commissioner of Income Tax, Ahmedabad for information and necessary action under section 156A of the Income Tax Act, 1961

Companies named in the order

1. Bloom Dekor Limited
2. M/s Bloom Dekor Limited
3. M/s. Bloom Dekor Ltd.

Order date

2026-06-18