Classic Corrugations Private Limited

Total plan funding, as printed

Rs 10,13,88,387/- (Resolution Plan value, includes infusion of working capital of Rs 3,00,00,000) (para 7.5)

Upfront amount, as printed

CIRP Cost Rs 7,00,000/- Upfront; Secured Creditors Rs 1,65,00,000/- Upfront; Operational Creditors (incl. GST, other than workman dues/EPFO) Rs 2,50,000/- Upfront; Operational Creditors (EPFO) Rs 1,38,389/- Upfront

Deferred amount, as printed

Secured Creditors Rs 5,38,00,000/- Within 180 days

Payout horizon as printed

Upfront and within 180 days per Summary of Financial Component table

CIRP cost, as printed

Rs 7,00,000/-

Cirp cost treatment

Upfront, in a manner specified by the Board in priority to payment of other debts (Clause 3.27)

Performance security

INR 71,38,839/- (Rupees Seventy-One Lakh Thirty-Eight Thousand Eight Hundred Thirty-Nine Only), being 10% of the Resolution Plan value

Performance security instrument

cash

Body of order · 13 rows

Both-differ · 1 rows

1. Seq

   1

   Beneficiary

   CIRP Cost

   Amount as printed

   7,00,000/-

   Timing as printed

   Upfront

2. Seq

   2

   Beneficiary

   Secured Creditors

   Amount as printed

   1,65,00,000/-

   Timing as printed

   Upfront

3. Seq

   3

   Beneficiary

   Secured Creditors

   Amount as printed

   5,38,00,000

   Timing as printed

   Within 180 days

4. Seq

   4

   Beneficiary

   Operational Creditors (incl. GST, other than workman dues/EPFO)

   Amount as printed

   2,50,000/-

   Timing as printed

   Upfront

5. Seq

   5

   Beneficiary

   Operational Creditors (EPFO)

   Amount as printed

   1,38,389/-

   Timing as printed

   Upfront

Entity type

consortium

Consortium members

1. Sonal Sumit Mehta
2. Credex Trading

Promoter / former management

No

Related party finding

The SRA has no relation with the CD and the Resolution Plan is not submitted by Director/Promoter of the CD (para 7.5).

Applicant net worth

INR 15,95,00,000/- (Rupees Fifteen Crores Ninety-Five Lakhs Only) as on 31.03.2024 (submission at para (c)); Net Worth Certificate issued by Mr. Deepak Saravagi, Chartered Accountant, states net worth of Sonal Sumit Mehta as on 31.03.2024 as Rs 15,95,54,748 (para 7.6)

Sources of funds

SRA has obtained pre-approval for funding facilities for implementation of the Resolution Plan (NBFC letter dated 06.09.2025); Resolution Plan value includes infusion of working capital of Rs 3,00,00,000 by the SRA.

Post plan management

Proposed directors/shareholders: Sonal Sumit Mehta (DIN 10814557) and Sumit Mehta (DIN 08653592); Sonal Sumit Mehta is individual and partner (50%) of Credex Trading, other beneficial owner/partner being Sumit Mehta (50%, PAN BHQPS5231R).

Statutory dues

EPFO claim of Rs 1,38,387 (also printed as Rs 1,38,389 in the Financial Component table) proposed to be paid in full; Central Goods and Tax Department admitted claim of Rs 4,76,236 forms part of the aggregate Operational Creditor (other than workmen/EPFO) class, which as a class receives Rs 2,50,000 Upfront (not itemised per creditor); Income Tax Department reported no outstanding demand as on date.

Operational creditors

9 operational creditors (other than workmen/EPFO) with claims from Arham Enterprise, RDA Kraft Paper Private Limited, Twilight Craft Paper Private Limited, Shri Hari Ichha Enterprise, Atlas Chemical Co., Orient Agency, D-H Paper Mart, Balam Associates and Central Goods and Tax Department; category admitted total printed as Rs 2,56,07,498 (see flags for arithmetic mismatch); aggregate payment of Rs 2,50,000 Upfront proposed to this class.

Guarantors

Schedule-5 item 3 sought extinguishment of guarantee-beneficiary claims against the CD upon approval; not specifically adjudicated by the bench, which limited its rulings to paragraphs 22-24 of the order.

Litigation carveout

Schedule-5 item 4 sought disposal of pending labour-authority litigation with no liability on CD/RA for penalty, damages or cost; not specifically adjudicated by the bench, which limited its rulings to paragraphs 22-24 of the order.

Assets description

Corporate Debtor owns land of plot area 5053 sq.m and building constructed thereon (para 7.7); as per Form-H, operations of the CD are presently running on a job-work basis (para 7.5).

Going concern status

SRA to acquire the Corporate Debtor as a going concern; Form H states operations of the CD are presently running on job work basis.

Interim resolution professional

Mr. Ashish Anantray Shah

RP replaced the IRP

Yes

Rp replacement date

2026-03-28

Rp replacement reason

CoC, in its 3rd Meeting held on 17.03.2025, resolved to replace the IRP appointed pursuant to the Admission Order and appoint the Applicant (Ravi Kapoor) as Resolution Professional; allowed by Tribunal vide order dated 28.03.2025 with corrigendum dated 04.04.2025.

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2025-03-11

   Eoi last date

   2025-03-26

   Expressions of interest received

   8

   Final list count

   8

   Plans received

   4

   Outcome

   plan approved

Applicants considered

1. Name

   Consortium of Sunmarg Securities Private Limited with Sunrise Resolution Services Private Limited

   Stage reached

   final_list

   Outcome note

   in final list of PRAs; did not submit a Resolution Plan

2. Name

   Sonal Sumit Mehta jointly with Credex Trading

   Stage reached

   approved

   Plan value as printed

   Round 1: 3,50,00,000; Round 2: 10,11,00,000; Round 3: 10,13,38,387 (also stated as Rs 10,13,88,387 at para 7.5)

   Score

   67.50

   Vote pct

   100

   Outcome note

   highest ranked (Rank 1); approved by CoC in 10th Meeting with 100% voting share

3. Name

   Rudan Care Products Limited (also printed 'Kudan Care Products Limited')

   Stage reached

   final_list

   Outcome note

   in final list of PRAs; did not submit a Resolution Plan

4. Name

   Salawant Real Estate jointly with Kanhaiyalal Salawant

   Stage reached

   plan_submitted

   Plan value as printed

   Round 1: 1,71,00,000; Round 2: 3,03,00,000; Round 3: No Improvement

   Score

   42.32

   Outcome note

   Rank 3; not selected

5. Name

   Real Value Infotech Projects Private Limited

   Stage reached

   plan_submitted

   Outcome note

   failed to submit Earnest Money Deposit (EMD) despite communications dated 02.06.2025, 03.06.2025 and 10.06.2025; declared non-responsive under Clauses 2.1.4/2.1.5 of the RfRP

6. Name

   CE Industrial Services

   Stage reached

   final_list

   Outcome note

   in final list of PRAs; did not submit a Resolution Plan

7. Name

   Kamla Packaging Products Private Limited

   Stage reached

   final_list

   Outcome note

   in final list of PRAs; did not submit a Resolution Plan

8. Name

   Resurgent India Limited

   Stage reached

   plan_submitted

   Plan value as printed

   Round 1: 1,70,00,000; Round 2: No Improvement; Round 3: No Improvement

   Score

   43.70

   Outcome note

   Rank 2; not selected

Bidding mechanism

negotiation

Evaluation matrix present

Yes

Clock events

1. Kind

   extension

   Days

   90

   Granted date

   2025-07-11

   Reason

   CIRP 180-day period was to expire on 08.07.2025; CoC in 7th Meeting held on 02.07.2025 resolved to extend by 90 days

2. Kind

   extension

   Days

   60

   Granted date

   2025-10-17

   Reason

   CIRP period (due to expire 06.10.2025) extended further as CoC in 9th Meeting held on 04.10.2025 was in the midst of deliberations on resolution plans received

3. Kind

   extension

   Days

   15

   Granted date

   2025-12-19

   Reason

   Extension sought vide email dated 04.12.2025; granted w.e.f. 06.12.2025. CIRP period was extended up to 21.12.2025 (345 days from CIRP start on 09.01.2025); delay caused by time taken by the sole CoC member in seeking approval of its competent authority (para 7.4)

Advisors

1. Role

   valuer

   Name

   Nishant Vekaria [IBBIRV/02/2019/12204]

   Note

   Land & Building

2. Role

   valuer

   Name

   Manoj Shah [IBBIRV/02/2019/12399]

   Note

   Land & Building

3. Role

   valuer

   Name

   Devang Shah [IBBIRV/07/2019/12422]

   Note

   asset category garbled in scan (Land & Building / Plant & Machinery)

4. Role

   valuer

   Name

   Kruti Mokani [IBBIRV/07/2022/4888]

   Note

   Plant & Machinery

5. Role

   valuer

   Name

   Chetan Shah [IBBIRV/06/2020/13505]

   Note

   Securities

6. Role

   valuer

   Name

   Abhishek Chhajed [IBBIRV/03/2020/13674]

   Note

   Financial Asset(s)

7. Role

   auditor

   Name

   Deepak Saravagi, Chartered Accountant

   Note

   issued Net Worth Certificate of the SRA

1. Creditor

   State Bank of India

   Creditor class

   financial_creditor (secured, sole CoC member)

   Voting pct

   100

   Vote

   for

   Claim admitted as printed

   7,02,86,125

Business & treatment of stakeholders

Cancellation of the entire existing share capital of the Corporate Debtor and allotment of 10,00,000 shares of Rs 10 each for an amount of Rs 1,00,00,000 (Schedule-5 reliefs reference 'Standalone Capital Reduction' and issuance of Equity Shares/RA Equity Shares).

Capital reduction

Yes

Monitoring committee

Monitoring Committee constituted under Clause 4.3 of the Resolution Plan; composition not detailed in the extracted text.

1. Seq

   1

   Relief

   All Government Authorities (FEMA, Customs, Excise, VAT, GST, DGFT, GIDC, GPCB, GCWB A/B/C/D) to waive non-compliance without levying fee/penalty/additional duty; RA seeks additional 12 months from Appointed Date to regularize non-compliance/breach

   Category

   statutory_dues

   Disposition

   deferred_to_authority

2. Seq

   2

   Relief

   All FEMA/RBI Act/Banking Regulation Act liabilities regarding export/import obligations deemed settled and extinguished, no further formalities required

   Category

   statutory_dues

   Disposition

   deferred_to_authority

3. Seq

   3

   Relief

   All Customs/Excise/VAT/GST/DGFT liabilities regarding export/import obligations deemed extinguished; Advance License Authorization schemes deemed closed without obligation

   Category

   statutory_dues

   Disposition

   deferred_to_authority

4. Seq

   4

   Relief

   Resolution Applicant entitled to avail all benefits under Customs/Excise/GST/DGFT/Advance Authorization schemes without assuming any liability

   Category

   statutory_dues

   Disposition

   deferred_to_authority

5. Seq

   5

   Relief

   RA does not assume product/usage/process/abuse liability, past, present or future, pending in any foreign country or India

   Category

   other

   Disposition

   deferred_to_authority

6. Seq

   6

   Relief

   All Government Authorities to grant all relief, concession or dispensation required for implementation of the Resolution Plan

   Category

   licences_approvals

   Disposition

   deferred_to_authority

7. Seq

   7

   Relief

   Upon approval, all beneficiaries of guarantees issued by the Company and liabilities of the CD regarding such guarantees to stand extinguished

   Category

   guarantees

   Disposition

   not_adjudicated

   Reason

   Bench declined to rule on reliefs beyond those explicitly stated in paragraphs 22 to 24 of the order (para 20/25).

8. Seq

   8

   Relief

   Upon approval, matters/litigation pending before labour authorities to stand disposed; CD/RA not liable for any payment including penalty, damages, cost

   Category

   litigation_immunity

   Disposition

   not_adjudicated

   Reason

   Bench declined to rule on reliefs beyond those explicitly stated in paragraphs 22 to 24 of the order (para 20/25).

9. Seq

   9

   Relief

   CD permitted to carry forward unabsorbed business losses under Section 79 Income Tax Act notwithstanding change in shareholding pursuant to the plan

   Category

   tax

   Disposition

   deferred_to_authority

   Reason

   Para 23.6-23.7: statutory authorities to consider such applications in accordance with law; no blanket waiver of statutory dues, penalties or liabilities is granted.

10. Seq

    10

    Relief

    All actions/proceedings/penalties for past tax dues/non-compliances permanently extinguished from NCLT Approval Date; Income Tax Dept to quash assessment/reassessment proceedings under sections 143/147/153A/153C

    Category

    tax

    Disposition

    deferred_to_authority

    Reason

    Para 23.6: no blanket waiver of statutory dues, penalties, or liabilities is granted; authorities to consider in accordance with law and the clean slate principle.

11. Seq

    11

    Relief

    All relevant Governmental Authorities to grant complete relief from Taxes, levies, fees, transfer premiums, stamp duty, registration fees for actions under the Plan (capital reduction, share issuance, MOA/AOA amendment); ROC to approve forms without fee

    Category

    stamp_duty

    Disposition

    deferred_to_authority

12. Seq

    12

    Relief

    Resolution Applicant declares the Plan unconditional, irrevocable and binding; reliefs sought are integral to the Plan and not conditional on its implementation; any modification/non-acceptance by the AA of such reliefs to be accepted unconditionally by the RA

    Category

    other

    Disposition

    not_adjudicated

13. Seq

    13

    Relief

    (all reliefs, en bloc)

    Disposition

    deferred_to_authority

    Reason

    "Any relief, concession or waiver 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" (para 23.3); "it is made clear that, we are not inclined to give our decision on every reliefs/concessions/directions sought by the Resolution Applicant in the submitted Resolution Plan except explicitly stated in this paragraphs 22 to 24 of this order" (para 25); "other reliefs and concessions as sought by the resolution applicant, we direct the said successful resolution applicant to approach the concerned authorities" (para 24).

1. Objector

   Bench (suo motu)

   Objector class

   bench_itself

   Ground

   Order dated 21.01.2026 directed the Applicant/RP to furnish details of beneficial owners, proposed shareholders and directors per IBBI Circular dated 29.12.2025, along with Section 29A eligibility affidavits, and directed notice to the Income Tax Department under Section 79(2)(c) of the Income Tax Act, 1961

   Disposition

   clarification_ordered

   Effect on approval

   Complied with via Additional Affidavits dated 10.02.2026 and 05.03.2026 and Income Tax Department report dated 20.02.2026; approval proceeded thereafter

2. Objector

   Income Tax Department

   Objector class

   government

   Ground

   Tribunal-directed report on outstanding demand/pending proceedings against the Corporate Debtor (PAN AAECC4060H) prior to permitting carry-forward of losses under section 79

   Disposition

   clarification_ordered

   Effect on approval

   Reported no outstanding demand payable per ITBA Portal and no pending proceedings as on date, without prejudice to future claims/right to invoke Income Tax Act provisions

3. Objector

   Signify Innovations India Limited

   Objector class

   operational_creditor

   Ground

   IA No. 1412 of 2025 dated 26.11.2025 seeking directions for acceptance of claim filed belatedly, amount involved INR 82.16 Lakhs

   Ia number

   IA No. 1412 of 2025

1. Date

   2026-01-21

   What

   Tribunal directed RP/SRA to furnish beneficial ownership and proposed director/shareholder details with Section 29A eligibility affidavits (per IBBI Circular dated 29.12.2025), and directed notice to the Income Tax Department under Section 79(2)(c) of the Income Tax Act, 1961, with proof of service by affidavit before the next hearing.

Applications

1. Ia number

   IA No. 1336 of 2025 (dated 04.11.2025)

   Sections

   43

   Respondents

   Yogesh Kumar Todi & Ors.

   Amount as printed

   INR (amount partly garbled in scan, printed near '59.37 lakhs')

   Status

   pending

   Proceeds treatment

   CoC to have the right to continue pursuing avoidance transaction applications; any recovery to be distributed to the secured financial creditors

2. Ia number

   IA No. 1337 of 2025 (dated 04.11.2025)

   Sections

   45

   Respondents

   Corratech Industries Limited

   Amount as printed

   INR 77.97 Lakhs

   Status

   pending

   Proceeds treatment

   CoC to have the right to continue pursuing avoidance transaction applications; any recovery to be distributed to the secured financial creditors

3. Ia number

   IA No. 1338 of 2025 (dated 04.11.2025)

   Sections

   66

   Respondents

   Pack World & Ors.

   Status

   pending

   Proceeds treatment

   CoC to have the right to continue pursuing avoidance transaction applications; any recovery to be distributed to the secured financial creditors

Transaction audit findings

Applications under sections 43, 45 and 66 are stated to be filed with total amounts of Rs 4,60,57,291 (para 7.5); this total does not clearly reconcile with the individually printed lakh figures for IA 1336 and 1337 in the scanned text (IA 1338 amount not legibly printed).

Conditions imposed

1. Condition

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

   Addressed to

   SRA

2. Condition

   Monitoring Committee (constituted under Clause 4.3 of the Plan) directed to file monthly progress reports with the Tribunal detailing implementation status, deviations, and compliance with timelines until full implementation

   Addressed to

   Monitoring Committee

3. Condition

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

   Addressed to

   SRA

Approval conditional on external order

No

Precedents cited

1. Case

   K. Sashidhar v. Indian Overseas Bank and Ors., (2019) 12 SCC 150

   Proposition

   Commercial wisdom of CoC not open to challenge; NCLT jurisdiction under Section 31 and NCLAT under Section 61(3) are circumscribed and limited.

2. Case

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

   Proposition

   Judicial review is limited to seeing whether CoC took into account maximisation of asset value and interests of all stakeholders including operational creditors; AA cannot interfere on merits with the commercial decision.

3. Case

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

   Proposition

   Cited among the catena of decisions restricting judicial intervention in CoC commercial wisdom.

4. Case

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

   Proposition

   Cited among the catena of decisions restricting judicial intervention in CoC commercial wisdom.

5. Case

   Jaypee Kensington Boulevard Apartments Welfare Association & Ors. v. NBCC (India) Ltd. & Ors., Civil Appeal No. 3395 of 2020, dated 24.03.2021

   Proposition

   Approval of a resolution plan is exclusively within the commercial wisdom of the CoC; scope of judicial review circumscribed by Sections 31, 32 and 61; AA/NCLAT cannot substitute any commercial term or assess value-maximisation independently; on finding a shortcoming, the plan can only be sent back to the CoC.

6. Case

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

   Proposition

   Reiterated that CoC commercial wisdom is supreme.

7. Case

   Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited and Ors., MANU/SC/0273/2021 / (2021) 9 SCC 657

   Proposition

   Clean slate doctrine: all claims not forming part of the resolution plan stand extinguished, including claims of Central Government, State Government and local authorities as 'other stakeholders'.

8. Case

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

   Proposition

   Cited alongside Section 32A analysis regarding limits on NCLT's jurisdiction over independent statutory authorities.

Judicial observations

1. "However, it is equally settled law that: 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., where statutory authorities are required to examine issues independently, reliefs can only be granted to the extent they flow from the IBC, CIRP Regulations and binding judicial precedents, and statutory compliances prospectively cannot be waived." (p.59)
2. "It is made clear that, we are not inclined to give our decision on every reliefs/concessions/directions sought by the Resolution Applicant in the submitted Resolution Plan except explicitly stated in this paragraphs 22 to 24 of this order." (p.62)
3. "The RA is directed 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) as on the said date would stand automatically forfeited, without any recourse to this Tribunal." (p.58)

Directives to third parties

Registry directed to send a copy of the 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 (para 27).

Companies named in the order

1. Classic Corrugations Private Limited

Order date

2026-03-18