New Haven Engineering Co Private Limited

Total plan funding, as printed

Rs.24,41,30,092/- (para 1 gives this in words as 'Forty-One Crore Thirty Lakh Thirty Thousand Ninety-Two Rupees', inclusive of working capital funds; also stated as the 'Total Plan Value' at paras 4 and 20)

Upfront amount, as printed

CIRP Cost of Rs.50,00,000/- to be paid upfront, prior to any other debts

Payout horizon as printed

Secured Financial Creditor and Other Secured Creditor (Mr. Abhyuday Grover): within 55 days from approval of the Resolution Plan; Operational Creditors (Government Dues, Others, Employees): within 55 days from approval

CIRP cost, as printed

Rs.50,00,000/-

Cirp cost treatment

100% CIRP Cost to be paid at actuals, prior to any other debts of the Corporate Debtor, as an upfront payment; first adjusted from cash flow/funds available with the Corporate Debtor, with only the balance infused by the Resolution Applicant

Performance security

Rs. 1,93,71,100/- (One Crore Ninety-Three Lakh Seventy-One Thousand One Hundred Rupees), paid by the SRA on 18.12.2025

Units note

Financial-proposal and claims/payment tables (Section 4 and its subsections, and the Section 9 valuation table) are embedded as images in the source order and did not extract as text; only the narrative figures stated in the surrounding text are captured here.

Financial-proposal and claims/payment tables (Section 4 and its subsections, and the Section 9 valuation table) are embedded as images in the source order and did not extract as text; only the narrative figures stated in the surrounding text are captured here.

Body of order · 7 rows

1. Seq

   1

   Beneficiary

   CIRP Cost

   Amount as printed

   Rs.50,00,000/-

   Timing as printed

   upfront, prior to any other debts, at actuals

2. Seq

   2

   Beneficiary

   Secured Financial Creditor

   Amount as printed

   Rs. 16,38,00,000/-

   Timing as printed

   within 55 days from approval of the Resolution Plan

3. Seq

   3

   Beneficiary

   Other Secured Creditor (Mr. Abhyuday Grover)

   Amount as printed

   Rs. 1,89,00,000/-

   Timing as printed

   within 55 days of approval

4. Seq

   4

   Beneficiary

   Operational Creditors (Government Dues)

   Amount as printed

   Rs. 56,68,614/-

   Timing as printed

   within 55 days from approval

5. Seq

   5

   Beneficiary

   Operational Creditors (except Workmen/Employees/Government Dues)

   Amount as printed

   Rs. 2,55,925/-

   Timing as printed

   within 55 days from approval

6. Seq

   6

   Beneficiary

   Operational Creditors (Employees)

   Amount as printed

   Rs. 1,05,553/-

   Timing as printed

   within 55 days from approval

Entity type

LLP

Applicant net worth

Rs. 32 crores (per the statutory auditor's report of the Resolution Applicant), with positive cash flow supported by steady income from group operations

Post plan management

Management of the affairs of the Corporate Debtor, from the date of Plan approval until implementation, vested in a Monitoring Committee; the Resolution Applicant to implement and supervise the Plan under the direct monitoring of its management team. Monitoring Committee comprises: one representative of the Resolution Applicant, one representative of the authorised representative of the Financial Creditor, and the Resolution Professional (as Chairperson).

Statutory dues

Operational Creditors (Government Dues): Rs. 56,68,614/- proposed to be paid (1.17% of the total claimed/admitted amount), within 55 days of approval; if the liquidation value exceeds this amount, the RA is to pay the outstanding liquidation value in priority; all related notices/proceedings are to stand terminated and considered fully settled and extinguished upon approval.

Operational creditors

Operational Creditors (except Workmen/Employees/Government Dues): Rs. 2,55,925/- proposed (1.17% of the admitted amount), within 55 days; if the liquidation value exceeds this amount, the RA is to pay the outstanding liquidation value in priority.

Workmen employees

Operational Creditors (Employees): Rs. 1,05,553/- proposed (1.17% of the claimed/admitted amount), within 55 days; dues arising from salary, wages, gratuity, bonus, incentives, leave encashment, overtime, reimbursement claims, retrenchment/termination dues, damages, or any past service entitlement shall be fully settled and extinguished upon approval.

Litigation carveout

All litigations against the Corporate Debtor or its employees, pending before any judicial/quasi-judicial/civil/Government authority, related to matters addressed under the Plan, shall stand withdrawn without any recourse upon approval.

Group entities

The SRA, Vraj BVG Infrasheltors LLP, is part of a diversified business group with extensive experience across real estate, manufacturing, trading, import, and hospitality sectors for over three decades.

Assets description

Corporate Debtor's assets: Land & Building, and Securities & Financial Assets (per the valuation reports).

Going concern status

Reliefs sought are aimed at keeping the Corporate Debtor as a going concern; management to be vested in a Monitoring Committee pending implementation of the Plan.

Interim resolution professional

Mr. Mayur Rajendrakumar Popat

RP replaced the IRP

No

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2025-08-17

   Eoi last date

   2025-09-01

   Expressions of interest received

   6

   Final list count

   3

   Plans received

   2

   Outcome

   plan approved

Applicants considered

1. Name

   Vraj BVG Infrasheltors LLP

   Stage reached

   approved

   Plan value as printed

   Rs.24,41,30,092/-

   Vote pct

   100%

   Outcome note

   Declared the highest bidder at the 7th CoC meeting (03.12.2025) after submitting an improved offer; the revised Resolution Plan dated 29.11.2025 was approved by 100% of CoC members via e-voting (05.12.2025-12.12.2025), result declared 08.12.2025.

2. Name

   Mainline Realtors LLP

   Stage reached

   plan_submitted

   Outcome note

   Submitted a password-protected resolution plan after the Fifth CoC meeting; requested (with Vraj BVG) to improve its offer at the 6th CoC meeting (12.11.2025); not declared successful.

Bidding mechanism

negotiation

Evaluation matrix present

Yes

Clock events

1. Kind

   extension

   Days

   90

   Granted date

   2025-10-27

   Reason

   CoC resolved to seek extension of the CIRP period by 90 days beyond the initial 180-day period; I.A. No. 4828 of 2025, seeking extension till 06.01.2026, was allowed.

Advisors

1. Role

   other

   Name

   Sachin Manseta & Associates

   Note

   Appointed as Company Secretary

2. Role

   auditor

   Name

   Hardik Machchhar & Associates

   Note

   Appointed to assist in audit-related matters

3. Role

   transaction auditor

   Name

   M/s K K Bhinde & Co.

   Note

   Appointed as Transaction Auditor for financial years 2015-2016 to 2024-2025

4. Role

   valuer

   Name

   Mr. Himanshu Sharma and Mr. Abhishek Kishorkumar Modha

   Note

   Valuation of Land & Building

5. Role

   valuer

   Name

   Mr. Lalit Raitatha and Nihar Mehta

   Note

   Valuation of Securities and Financial Assets

6. Role

   legal/due-diligence

   Name

   ATSJ and Associates

   Note

   Prepared the final due-diligence report on Section 29A compliance of the PRAs

Dissenting fc treatment

The Resolution Applicant proposes that, in the event any Financial Creditor dissents from the Resolution Plan, the payment to such Dissenting Financial Creditor shall be Nil as per the Plan.

Section 30(2)(b) minimum stated

No

Business & treatment of stakeholders

The existing paid-up capital of Rs. 8,18,000/- (8,180 shares of Rs.100 each) is deemed reduced as on the Approval Date, without a separate Tribunal approval process. Simultaneously, the Resolution Applicant and its associates shall infuse Rs. 10,00,000/- as equity share capital (10,000 shares of Rs.100 each) at face value. The Secured Financial Creditor shall be allotted 1.00% of the Corporate Debtor's post-resolution equity share capital, on the same terms as the Resolution Applicant's shareholding, with a right to exit after six months from Plan approval (subject to the Resolution Applicant's right of first refusal).

Capital reduction

Yes

Post plan shareholding

1. Holder

   Resolution Applicant and associates

   After

   10,000 equity shares of Rs.100 each (new infusion)

2. Holder

   Secured Financial Creditor

   After

   1.00% of post-resolution equity share capital

Effective date definition

shall become effective from the date of this Order

Monitoring committee

Management of the Corporate Debtor, from the date of Plan approval until implementation, vested in a Monitoring Committee comprising: one representative of the Resolution Applicant, one representative of the authorised representative of the Financial Creditor, and the Resolution Professional (Chairperson).

Monitoring committee members

1. Role

   Representative of the Resolution Applicant

2. Role

   Representative of the authorised representative of the Financial Creditor

3. Name

   Mr. Mayur Rajendrakumar Popat (RP)

   Role

   Chairperson of the Monitoring Committee

1. Seq

   1

   Relief

   Reliefs necessary to keep the Corporate Debtor as a going concern; release from any and all liabilities/proceedings, disputes and non-compliance prior to the NCLT Approval Date; extended period for renewal or revival of licences for running the business

   Category

   other

   Disposition

   deferred_to_authority

2. Seq

   2

   Relief

   Concessions sought in relation to stamp duty, taxes, registration charges, etc., for implementation of the approved Resolution Plan

   Category

   stamp_duty

   Disposition

   declined

   Reason

   Not granted; the Resolution Applicant is at liberty to approach the competent authorities for exemptions, if permitted by law.

3. Seq

   3

   Relief

   (all reliefs, en bloc)

   Disposition

   declined

   Reason

   The reliefs sought in the Resolution Plan that are not explicitly granted are considered rejected, with liberty to the Resolution Applicant to approach the concerned authorities, without prejudice to this rejection.

4. Seq

   4

   Relief

   Cessation of liability of the Corporate Debtor for offences committed prior to commencement of CIRP, and non-prosecution for such offences

   Category

   32A

   Disposition

   granted

   Reason

   In accordance with Section 32A of the Code.

5. Seq

   5

   Relief

   Exemption/waiver from applicability of sections under the Income-tax Act 1961, the CGST Act 2017, and other indirect taxes arising from implementation of the Plan

   Category

   tax

   Disposition

   deferred_to_authority

   Reason

   The SRA is at liberty to approach competent Authorities for any such exemption.

6. Seq

   6

   Relief

   Litigations against the Corporate Debtor or its employees, pending before any judicial/quasi-judicial/civil/Government authority, related to matters addressed under the Plan

   Category

   litigation_immunity

   Disposition

   granted

   Reason

   Shall stand withdrawn without any recourse, per the Resolution Plan (para 5).

1. Date

   2025-11-12

   What

   At the Sixth CoC meeting, the CoC discussed, reviewed and raised queries on the two received resolution plans with the respective PRAs and requested both to improve their offers; the last date for submission of revised resolution plans was set as 29.11.2025.

Applications

1. Sections

   43 (PUFE)

   Respondents

   suspended Board of Directors

   Amount as printed

   Rs. 12,00,000/-

   Status

   pending

   Proceeds treatment

   A PUFE application was filed by the Applicant on 22.12.2025 for recovering Rs. 12,00,000/-; PUFE applications are to be pursued initially by the Monitoring Committee and subsequently by the new management after full implementation of the Resolution Plan; any amounts recovered are to be retained by the Resolution Applicant for the benefit of the Corporate Debtor.

Transaction audit findings

The final transaction audit report was received from the Auditor (M/s K K Bhinde & Co.) on 29.11.2025 and discussed with the CoC; an Interlocutory Application for avoidance of the transaction was filed before the Tribunal against the suspended Board of Directors.

Approval conditional on external order

No

Precedents cited

1. Case

   K. Sashidhar v. Indian Overseas Bank & Others [(2019) ibclaw.in 08 SC]

   Proposition

   If the CoC approves the plan by the requisite voting share, the RP must submit it to the Adjudicating Authority, whose role is to satisfy itself that the plan meets Section 30(2) requirements — 'no more and no less'; discretion is circumscribed by Section 31 and limited to scrutiny under Section 30(2).

2. Case

   Essar Steel India Limited v. Satish Kumar Gupta and Ors [(2020) 8 SCC 531]

   Proposition

   The Adjudicating Authority has no power to modify a resolution plan approved by the CoC in its commercial wisdom; judicial review is limited to the four corners of Section 30(2) (NCLT) and Section 32 read with 61(3) (NCLAT).

3. Case

   Ghanshyam Mishra And Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited [(2021) ibclaw.in 54 SC]

   Proposition

   On approval, all claims not part of the plan stand extinguished and no person may initiate or continue proceedings in respect of a claim not part of the plan.

Judicial observations

1. the discretion of the Adjudicating Authority is circumscribed by Section 31 of the IBC and is limited to scrutiny of the Resolution Plan 'as approved' by the requisite percent of voting share of financial creditors (p.16)
2. it is clear that the limited judicial review available, which can in no circumstance trespass upon a business decision of the majority of the Committee of Creditors, has to be within the four corners of section 30(2) of the Code... (p.17)

Companies named in the order

1. New Haven Engineering Co Private Limited

Order date

2026-06-15