XWDPL-Minutes-1 CoC-26-10-2024

CA Vikas Khiyani
Insolvency Professional
IBBI/IPA-001/IP-P-02738/2022-2023/14194
Reg & Comm Address: 910, 9th Floor, Ajmera Sikova, Opposite Damodar Park,
Nityanand
Nagar, Ghatkopar West, Mumbai-400086
Email Id: - [email protected] / [email protected]
______________________________________________________________
XRBIA WARAI DEVELOPERS PRIVATE LIMITED

CIN: U45200PN2013PTC147405
(Under Corporate Insolvency Resolution Process)
MINUTES OF THE 1st (FIRST) MEETING OF THE COMMITTEE OF CREDITORS

(“COC”) OF ‘XRBIA WARAI DEVELOPERS PRIVATE LIMITED’ HELD ON
THURSDAY, OCTOBER 24, 2024 AT 2:30 PM VIA ZOOM MEETING (VIDEO
CONFERENCING)
Details of persons present through audio & visual means:
Sr. Name Category / Representing
1 IP Vikas Khiyani Interim Resolution Professional (“IRP”)
2 Ms. Aditi Sahu

Mr. Parth Garg IRP Team
Mr. Kallis Alphanso
Mr. Yug Thatere
3 Mr. Harshal Gandhi

Asset Reconstruction Company (India) Limited
Ms. Jyoti Bhavsar
(Financial Creditors) (‘ARCIL’)
4 Ms. Dipti Mundra Authorised Representative of Financial Creditor in

a Class- Members of COC (Homebuyers)
Authorised Representative of Members of

5 Mr. Bhushan Bharambe Suspended Board of Directors of the Corporate
Debtor
Mr. Raj Sharma, Hon’ble

Secretary Representative of Xrbia Resident’s Welfare
6
Mr. Vijay Kanojia, President Association
Mr. Arun Kulkarni, member
A. LIST OF MATTERS TO BE DISCUSSED AT THE MEETING:
Item No. 1:
THE RESOLUTION PROFESSIONAL (IRP) TO TAKE THE CHAIR:
In accordance with Regulation 24(1) of the Insolvency and Bankruptcy Board of India
(Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (“CIRP
Regulations”), Mr. Vikas Khiyani, IRP took the chair, presided over the meeting, and
welcomed the participants at the Meeting of the Committee of Creditors (“COC”) of ‘XRBIA
WARAI Developers Private Limited’ (“Corporate Debtor”).
As per Regulation 24(1) of the CIRP Regulations, the Interim Resolution Professional (IRP)
shall act as the Chairperson of the meeting of the Committee of Creditors (“COC”).
Item No. 2:
TO TAKE ROLL CALL OF PARTICIPANTS ATTENDING THE MEETING
THROUGH VIDEO CONFERENCING OR OTHER AUDIO AND VISUAL MEANS
The Chairman took a roll call of the members pursuant to provisions of the Regulation 24(2)
of the CIRP Regulations, wherein every participant attending through other audio and visual
means stated for the record, the following:
(a) his name;
(b) whether he is attending in the capacity of a member of the COC or any other participant;
(c) the location from where he is participating;
(d) that he has received the agenda and all the relevant material for the meeting; and
(e) that no one other than him is attending or has access to the proceedings of the meeting
at the location of that person.
The Chairman informed that Mr. Raj Sharma, Hon’ble Secretary, Mr. Vijay Kanojia,
President and Mr. Arun Kulkarni, member requested for attending the meeting as an invitee
and are representing Xrbia Resident’s Welfare Association. Mr. Harshal Gandhi from ARCIL
enquired if they can attend the said meeting to which the Chairman clarified that they can
attend the meeting, however they do not have any decision-making power on the agendas.
The COC took note of the same.
Item No. 3:
TO ASCERTAIN THE QUORUM OF THE MEETING
The Chairman informed the members of the COC that pursuant to Regulation 22(1) of the
CIRP Regulations, the quorum for the meeting of members of the COC shall be members of
the Committee representing at least thirty-three percent (33%) of the voting rights present
by video conferencing or other audio-visual means. The requisite quorum 100% was
present and hence the meeting could commence.
Private and Confidential |Page 2 of 15

Item No. 4:
TO TAKE NOTE OF THE LIST OF CREDITORS PREPARED BY THE
INTERIM RESOLUTION PROFESSIONAL (IRP)
The Chairman apprised the COC that as per provisions of Section 18 (b) of the Code, the
IRP received, collate all claims submitted by the creditors to him pursuant to the public
announcement made under Sections 13 and 15 of the Code.
He informed the COC that the claims received up to October 08, 2024, have been verified to
the extent of available information and admitted being the last date for receipt of claims as
per the public announcement published on September 26, 2024 in the newspapers namely
Financial Express + Navakal (Mumbai) - English + Marathi and Financial Express +
Navrashtra (Pune) - English + Marathi. He further informed that the verification of the claims
has been based on the claims submitted by the creditors and information to the extent
available with the IRP and has been admitted on the best estimate basis.
In line with the above as per Regulation 14, the IRP / RP as the case may be, shall revise
the amounts of claims admitted, including the estimates of claims made, as soon as may be
practicable and when the IRP / RP comes across additional information warranting such
revision.
Further, list of creditors has been prepared based on the claims received up to October 08,
2024, and the same has been filed with Adjudicating Authority.
Item No. 5:
TO TAKE NOTE OF ACTIONS UNDERTAKEN BY INTERIM RESOLUTION

PROFESSIONAL TILL DATE AND UPDATE ABOUT THE CURRENT STATE OF
THE CORPORATE DEBTOR
a. Intimation of initiation of Corporate Insolvency Resolution Process:
The Chairman informed the COC that pursuant to the order passed by the Hon’ble NCLT,
Mumbai admitting the Corporate Insolvency Resolution Process in respect of the Corporate
Debtor on June 28, 2024, the IRP had intimated the initiation of the Corporate Insolvency
Resolution Process (CIRP) to various parties such as suspended Board of Directors of the
Corporate Debtor, applicant, financial creditor, financial institutions, and other authorities.
b. Receipt and Collation of Claims:
The Chairman informed the COC that-

 As per the Public Announcement made on September 25, 2024 (Published 26 th

September 2024), the last date for receipt of claims was October 08, 2024. The claims
received up-to October 08, 2024 have been collated and verified based on the information
to the extent available with the IRP and on best estimate basis.
 In compliance with the provisions of the Code, the ‘Committee of Creditors’ has been duly
constituted.
 Further, in compliance with the provisions of the Code, a list of creditors containing names
of creditors along with the amount claimed by them, the amount of their claims admitted
and the security interest, if any, in respect of such claims, was prepared by the IRP and
was filed with the Hon’ble NCLT, Mumbai Bench along with the report certifying the
Constitution of the Committee of Creditors.
 The details of the claims as on October 08, 2024 are given below:
*Amounts in INR
Sr. Name of the Amount Amount Amount of Amountunder
Claimant Claimed Admitted Claim verification
Rejected
Asset Reconstruction
1 995,39,28,523.83 192,62,95,798.0 - 802,76,327,25.83
Company (India)
0
Limited
Homebuyers
2 171,64,94,452.00 120,59,52,053.0 - 57,08,69,913.00
(Financial Creditor)
0
3 Operational 3,20,02,265.00 - - 3,20,02,265.00
Creditor
TOTAL 1170,24,25,241.06 313,22,47,851.00 863,05,04,903.83
c. Constitution of COC:
The Chairman apprised that as per Section 21(1) of the Code, the IRP shall after collation of
all claims received against the corporate debtor and determination of the financial position of
the corporate debtor, constitute a ‘Committee of Creditors’.
The constitution of CoC was displayed by the IRP at the meeting as given below:
Sr No. Name of the Financial Creditor Voting %

1 Asset Reconstruction Company India Limited 61.50 %
2 Home Buyers (Financial Creditors in Class) 38.50 %
TOTAL 100.00%

d. Visit to Registered Office by the IRP & team in relation to the CIRP:
It was informed to the members of the CoC that the IRP and its team visited the registered
office address as per the MCA records on September 30, 2024 and took the handover of the
asset of the Corporate Debtor.
e. Update on the information requested from the Suspended Board of Directors of

Corporate Debtor:
The Chairman informed the following to the COC that: -

 The intimation of the initiation of the CIRP was sent to the Suspended Directors of the
Corporate Debtor vide email dated September 26, 2024 and that the list of documents
and information required was sent by the IRP to the erstwhile management vide the
said email.
 Certain information and data relating to Home buyers and Bank accounts has been
received and certain information is pending to be received. The Chairman further
informed that the management has sought additional time for providing the data and
that if the necessary information is not received with respect to the Corporate Debtor
and the project of the Corporate Debtor, the IRP shall file an application seeking co-
operation from the erstwhile management of the Corporate Debtor under Section 19
(2) of the Code with the Hon’ble NCLT, Mumbai Bench.
f. Opening of Process Specific Bank Account in the name of the Corporate Debtor
for the CIRP
The Chairman apprised the COC that various financial transactions a r e t o b e

u n d e r t a k e n pertaining to the Corporate Insolvency Resolution Process. Hence, it is
necessary for the IRP to open a fresh bank account in the name of Corporate Debtor
which will be a process specific account. Accordingly, the IRP is in the process of
opening a new Bank Account in the name of Corporate Debtor, for which the IRP shall
be the authorized signatory.
Item No. 6:
TO TAKE NOTE OF THE MANNER AND CONDUCT OF THE VOTING:
The Chairman apprised the COC that as per Regulation 25 (3) of the CIRP Regulations, the
Resolution Professional (which includes Interim Resolution Professional) shall take a vote of
the members of the committee present in the meeting, on any item listed for voting after
discussion on the same.
As per Regulation 25 (5) of the CIRP Regulations, the resolution professional (which
includes Interim Resolution Professional) shall:
a) Circulate the minutes of the meeting by electronic means to all members of the committee
within 48 (forty-eight) hours of the conclusion of the meeting; and

b) Seek a vote of the members who did not vote at the meeting on the matters listed for
voting, by electronic voting system in accordance with the Regulation 26 where the voting
shall be kept open for at least 24 (twenty-four) hours from the circulation of the minutes.
The COC is requested to take note of the same and specify whether they will be voting in
the meeting itself (by Voice Vote / Show of Hands) or would like to opt for E-Voting
(voting by electronic means), and in case of the latter, the COC is requested to specify the
number of days for which the e-voting window should be kept open.

B. LIST OF MATTERS TO BE DISCUSSED AND VOTED UPON AT THE MEETING
Item No. 7:
TO RATIFY THE EXPENSES TOWARDS PUBLIC ANNOUNCEMENT FOR

INITIATION OF CORPORATE INSOLVENCY RESOLUTION PROCESS AND THE
SAME BE INCLUDED IN THE INSOLVENCY RESOLUTION PROCESS COST
An email was received from ARCIL, member of the CoC stating that considering certain of
their claim amount is under verification, the CoC voting percentage is not final, they shall not
be in the position to take any decision and requested for rescheduling of the meeting after
two weeks.
However, as per Regulation 17 (2) of the CIRP Regulations which states that the interim
resolution professional shall hold the first meeting of the committee within seven days of
filing the report under this regulation and considering that the IRP is duty bound, the said
meeting could not be deferred. However, on the request of the CoC, the said agenda was
deferred to the next meeting of the CoC.
Item No. 8:
TO RATIFY, REIMBURSE AND APPROVE OTHER COSTS DIRECTLY

RELATING TO THE CORPORATE INSOLVENCY RESOLUTION PROCESS FOR
THE PURPOSE OF INCLUSION IN INSOLVENCY RESOLUTION PROCESS
COSTS
two weeks.

Item No. 9:
TO RATIFY AND REIMBURSE REMUNERATION OF THE INTERIM

RESOLUTION PROFESSIONAL FOR THE PURPOSE OF INCLUSION IN
INSOLVENCY RESOLUTION PROCESS COSTS
two weeks.
Item No. 10:
(A) TO APPOINT A RESOLUTION PROFESSIONAL AND FINALISE FEES FOR

THE SAME, FOR THE PURPOSE OF INCLUSION IN INSOLVENCY
RESOLUTION PROCESS COST:
Facts and Explanatory Statement
two weeks.
The Chairman also informed that as per Section 22(2) of the Code, the Committee of
Creditors, may, in the first meeting, by a majority vote of not less than 66% (sixty-six per
cent) of the voting share of the financial creditors, either resolve to appoint the Interim
Resolution Professional as the Resolution Professional or to replace the Interim Resolution
Professional by another Resolution Professional.
As per Section 22(3) of the Code, where the CoC resolves to continue the interim resolution
professional as resolution professional, subject to a written consent from the interim resolution
professional in the specified form, it shall communicate its decision to the interim resolution
professional, the corporate debtor, and the Adjudicating Authority.
Further as per Section 22(5) of the Code, where the Board does not confirm the name of the
proposed resolution professional within ten days of the receipt of the name of the proposed
resolution professional, the Adjudicating Authority shall, by order, direct the Interim Resolution
professional to continue to function as the Resolution Professional until such time as the Board

confirms the appointment of the proposed Resolution Professional.
Further as per Section 16(5) of the Code, the tenure of Interim Resolution Professional shall
continue till the appointment of the Resolution Professional as per Section 22 of the Code.
Thereafter, Mr. Vikas Khiyani, IRP being eligible for the appointment as Resolution
Professional (RP) offered himself for the appointment as RP. The Members of the COC may
consider his appointment as the RP for the fees as may be discussed and finalised.
As per Regulation 34 of CIRP Regulations, the fees of RP as fixed by the Committee of
Creditors would constitute Insolvency resolution process cost under Regulation 31 of CIRP
Regulations.
Form AA (Written Consent to act as the Resolution Professional) was circulated along with
the notice of the said meeting. Further, the COC was also requested to discuss and finalise
the remuneration payable, and expenses incurred by the Resolution Professional and
approve the aforesaid bifurcation of the Resolution Professional Cost and the same shall
constitute the Insolvency Resolution Process cost as per Regulation 31 of the CIRP
Regulations till completion of the CIRP i.e., approval of the Resolution plan by the
Adjudicating authority or Liquidation order, as the case may be.
The following resolution was therefore placed before the COC for consideration, voting on
which shall be sought through E-voting:
Resolution 10 (i):
“RESOLVED THAT pursuant to Section 22, sub-section (2) and other applicable provisions
of the Code, if any, read with Regulations 34 & 31 of the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and in
accordance with rules and regulations made there under, the approval of the Committee of
Creditors be and is hereby accorded for appointment of Interim Resolution Professional i.e.
Mr. Vikas Khiyani, an Insolvency Professional (Registration No. IBBI/IPA-001/IP-P-
02738/2022-2023/14194), as the Resolution Professional in the matter of Corporate
Insolvency Resolution Process of Xrbia Warai Developers Private Limited.
RESOLVED FURTHER THAT the Committee of Creditors approves the following to be paid
to Resolution Professional and the said fees to be treated as Insolvency Resolution Process
Cost.
a) INR 4,50,000.00/- (Indian Four Lakhs and Fifty Rupees Only) per month plus applicable
taxes to be paid/ payable to Mr. Vikas Khiyani, an Insolvency Professional (Registration
No. IBBI/IPA-001/IP-P-02738/2022-2023/14194, as Resolution Professional in the
matter of Corporate Insolvency Resolution Process of Xrbia Warai Developers Private
Limited
b) Plus, out of pocket expenses be payable to the Resolution Professional and excluding
all additional costs in relation to the appointment of other professionals and other
incidental cost at actual.
RESOLVED FURTHER THAT the Committee of Creditors hereby authorizes the Resolution
Professional to do all acts, deeds and matters as may be necessary to give effect to this
resolution.”

Resolution 10 (ii):
“RESOLVED THAT pursuant to Section 22, sub-section (2) and other applicable provisions
of the Code, if any, read with Regulations 34 & 31 of the Insolvency and Bankruptcy Board of
India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and in
accordance with rules and regulations made there under, the approval of the Committee of
Creditors be and is hereby accorded for appointment of Interim Resolution Professional i.e.
Mr. Vikas Khiyani, an Insolvency Professional (Registration No. IBBI/IPA-001/IP-P-
02738/2022-2023/14194), as the Resolution Professional in the matter of Corporate
Insolvency Resolution Process of Xrbia Warai Developers Private Limited.
RESOLVED FURTHER THAT the Committee of Creditors approves the following to be paid
to Resolution Professional and the said fees to be treated as Insolvency Resolution Process
Cost.
a) Mr. Vikas Khiyani, an Insolvency Professional (Registration No. IBBI/IPA-001/IP-P-
02738/2022-2023/14194 shall be paid as per Regulation 34(B) read with Schedule II of
the CIRP Regulations which prescribes the minimum fixed fee to be payable to the
Resolution Professional along with the Performance Linked Incentive for timely
resolution and value maximization, plus applicable taxes, as appointment of Resolution
Professional in the matter of Corporate Insolvency Resolution Process of Xrbia Warai
Developers Private Limited
b) Plus, out of pocket expenses be payable to the Resolution Professional and excluding
all additional costs in relation to the appointment of other professionals and other
incidental cost at actual.
RESOLVED FURTHER THAT the Committee of Creditors hereby authorizes the Resolution
Professional to do all acts, deeds and matters as may be necessary to give effect to this
resolution.”
(B) TO APPROVE PERFORMANCE-LINKED INCENTIVE FEE AS PER INSOLVENCY

AND BANKRUPTCY BOARD OF INDIA (INSOLVENCY RESOLUTION PROCESS FOR
CORPORATE PERSONS) (THIRD AMENDMENT) REGULATIONS, 2022 (NO.
IBBI/2022- 23/GN/REG091)
two weeks.

Item No. 11:
TO CONSIDER AND APPROVE THE ESTIMATED BUDGET FOR CORPORATE

INSOLVENCY RESOLUTION PROCESS AND MAJOR HEADS OF
OPERATIONAL EXPENSES CONTEMPLATED DURING THE CIRP PERIOD
two weeks.
Item No. 12:
TO APPROVE THE FEES TO BE PAID TO LEGAL PROFESSIONAL FOR FILING

NECESSARY APPLICATIONS AND OTHER LEGAL ASSISTANCE DURING CIRP
FOR THE PURPOSE OF INCLUSION IN INSOLVENCY RESOLUTION PROCESS
COST
two weeks.
Item No. 13:
TO APPROVE THE FEES OF REGISTERED VALUERS FOR THE PURPOSE OF

INCLUSION IN INSOLVENCY RESOLUTION PROCESS COSTS
two weeks.
meeting could not be deferred.

The Chairman further stated that as per Regulation 27 of CIRP Regulations 2016, which
specifies regarding the Appointment of Professionals
(1) The resolution professional shall, within seven days of his appointment but not later
than forty seventh day from the insolvency commencement date, appoint two
registered valuers to determine the fair value and the liquidation value of the
corporate debtor in accordance with regulation 35.
Thus, the above provision clarifies that appointment of the valuers can be made within seven
days of the appointment of the Resolution Professional but not later than forty seventh day
from the commencement of CIRP. In view of the above, the said agenda can be deferred to
the next CoC meeting in the event the said voting item does not meet the requisite voting
percentage to pass the resolution for appointment of the professional i.e. valuers.
Thereafter, on the request of the CoC, the said agenda was deferred to the next meeting of
the CoC.
Item No. 14
TO APPROVE THE APPOINTMENT AND FEES OF STATUTORY AUDITOR
two weeks.
Item No. 15:
TO APPOINT TAX CONSULTANT FOR COMPLYING WITH PROVISION OF

INCOME TAX AND GOODS & SERVICE TAX
two weeks.

Item No. 16:
TO CONSIDER AND APPROVE THE REDUCTION IN THE NOTICE PERIOD TO

CALL FOR MEETING OF COMMITTEE OF CREDITORS
two weeks.
Item No. 17:
TO CONSIDER AND EXTEND THE INTERVAL BETWEEN TWO COC MEETINGS:
two weeks.
Item No. 18:
TO APPOINT RERA CONSULTANT IN THE MATTER OF THE CORPORATE

DEBTOR:
two weeks.

Item No. 19:
TO APPOINT AN ARCHITECT TO ENABLE COMPLETION OF THE PROJECTS

OF THE CORPORATE DEBTOR:
two weeks.
Item No. 20:
TO APPOINT PMC FOR STARTING CONSTRUCTION OF PROJECT LOCATED

AT WARAI VILLAGE IN KARJAT DISTRICT
two weeks.
Item No. 21:
TO CONSIDER, DISCUSS AND APPROVE CRITERIA FOR APPOINTING

CONTRACTOR AND FLOATING PUBLIC ADVERTISEMENT FOR
APPOINTMENT OF A CONTRACTOR FOR STARTING CONSTRUCTION WORK
two weeks.

C. ANY OTHER MATTER TO BE DISCUSSED / PROPOSED FOR RESOLUTION:
1. Ms. Dipti Mundra, Authorised Representative of Financial Creditor in a Class- Members of

COC (Homebuyers) informed the IRP that request has been received from the
homebuyers to start the construction of the project at the earliest. To which the IRP
informed that appointment of various professionals was proposed in the meeting,
however the matter could not be taken up and once the concerned professionals are
appointed, the construction of the project would commence. Mr. Bhushan Bharambe,
Authorised Representative of Members of Suspended Board of Directors of the Corporate
Debtor further requested the IRP to continue with the same developer, considering the
complexities of the project. The IRP in response informed that various details relating to
projects are yet to be received from the management and the decision shall be taken on
receipt of such data, evaluation to be conducted by other professional and after doing
consultation with CoC.
2. Mr. Bhushan Bharambe further informed that they are in the process of submitting
proposal under Section 12A for settlement with the all the creditors, to which the IRP
informed that the same shall be done with the respective parties internally and any
update on the same shall be sent to him through e-mail. Mr. Harshal Gandhi from ARCIL
requested the IRP to look into the same whether the suspended management can now
put up the application u/s 12A of the code. The IRP took note of the same.
There being no other business to transact, the meeting concluded with vote of thanks at
03:00 PM (IST).
INTERIM RESOLUTION PROFESSIONAL

In the matter of ‘Xrbia Warai Developers Private Limited’
Vikas Khiyani
IBBI/IPA-001/IP-P-02738/2022-2023/14194
Process specific address for correspondence:
910, 9th Floor, Ajmera Sikova, Opposite Damodar Park, Nityanand Nagar, Ghatkopar West,
Mumbai-400086
Process specific email id for correspondence: [email protected]
Address & email id registered with IBBI:

910, 9th Floor, Ajmera Sikova, Opposite Damodar Park, Nityanand Nagar, Ghatkopar West,
Mumbai-400086
[email protected]
Date: October 26, 2024
Place: Mumbai

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CA Vikas Khiyani

XRBIA WARAI DEVELOPERS PRIVATE LIMITED

MINUTES OF THE 1st (FIRST) MEETING OF THE COMMITTEE OF CREDITORS

Details of persons present through audio & visual means:

Sr. Name Category / Representing

1 IP Vikas Khiyani Interim Resolution Professional (“IRP”)

2 Ms. Aditi Sahu

3 Mr. Harshal Gandhi

4 Ms. Dipti Mundra Authorised Representative of Financial Creditor in

Authorised Representative of Members of

Mr. Raj Sharma, Hon’ble

The COC took note of the same.

Private and Confidential |Page 2 of 15

The COC took note of the same.

TO TAKE NOTE OF ACTIONS UNDERTAKEN BY INTERIM RESOLUTION

The COC took note of the same.

b. Receipt and Collation of Claims:

The Chairman informed the COC that-

Private and Confidential |Page 3 of 15

TOTAL 1170,24,25,241.06 313,22,47,851.00 863,05,04,903.83

The COC took note of the same.

Sr No. Name of the Financial Creditor Voting %

2 Home Buyers (Financial Creditors in Class) 38.50 %

The COC took note of the same.

Private and Confidential |Page 4 of 15

The COC took note of the same.

e. Update on the information requested from the Suspended Board of Directors of

The Chairman informed the following to the COC that: -

The Chairman apprised the COC that various financial transactions a r e t o b e

The COC took note of the same.

Private and Confidential |Page 5 of 15

The COC took note of the same.

Private and Confidential |Page 6 of 15

TO RATIFY THE EXPENSES TOWARDS PUBLIC ANNOUNCEMENT FOR

The COC took note of the same.

TO RATIFY, REIMBURSE AND APPROVE OTHER COSTS DIRECTLY

The COC took note of the same.

Private and Confidential |Page 7 of 15

TO RATIFY AND REIMBURSE REMUNERATION OF THE INTERIM

The COC took note of the same.

Item No. 10:

(A) TO APPOINT A RESOLUTION PROFESSIONAL AND FINALISE FEES FOR

Facts and Explanatory Statement

Private and Confidential |Page 8 of 15

Private and Confidential |Page 9 of 15

(B) TO APPROVE PERFORMANCE-LINKED INCENTIVE FEE AS PER INSOLVENCY

The COC took note of the same.

Private and Confidential |Page 10 of 15

TO CONSIDER AND APPROVE THE ESTIMATED BUDGET FOR CORPORATE

The COC took note of the same.

Item No. 12:

TO APPROVE THE FEES TO BE PAID TO LEGAL PROFESSIONAL FOR FILING

The COC took note of the same.

Item No. 13:

TO APPROVE THE FEES OF REGISTERED VALUERS FOR THE PURPOSE OF

Private and Confidential |Page 11 of 15

The COC took note of the same.

TO APPROVE THE APPOINTMENT AND FEES OF STATUTORY AUDITOR

The COC took note of the same.

Item No. 15: