Meeting Details

The 12th CoC meeting was held on Friday, 29th May 2026 at 04:00 PM through Zoom meeting platform. The meeting was originally scheduled for 28th May 2026 but was postponed due to Eid holiday and conducted virtually due to bad weather conditions.

Attendance

Resolution Professional Team:

  • Mrs. Rachna Jhunjhunwala (Resolution Professional) - Virtual
  • Mr. Gaurav Tripathi (Team RP) - Virtual

Committee of Creditors Members:

  • Punjab National Bank: Mr. Srinivasan (DGM), Mr. Jayshankar Kumar (CM), Mr. Surojit Rajak (Manager), Mr. Sourav Nirupam - Virtual (4.40% voting rights)
  • Punjab National Bank (Mumbai): Mr. Srikant (AGM), Mr. Vivek Kumar Meena (Senior Manager) - Virtual (75.68% voting rights)
  • Central Bank of India: Mr. Barun Kumar (CM), Mr. Sourav Kumar (HO, Mumbai) - Virtual (2.04% voting rights)
  • Punjab and Sind Bank: Ms. Sonal Srivastava (Chief Manager), Mr. Rajesh (Senior Manager) - Virtual (17.88% voting rights)

Total voting share represented: 100%

Suspended Board of Directors: All members were absent from the meeting, continuing a pattern of absence from previous meetings.

Invitees - Statutory Auditor:

  • Ms. Uroosa Ayyub - Virtual (invited for limited purpose of presenting financial results)

Agenda Items Discussed

1. Confirmation of 11th CoC Meeting Minutes

The minutes of the 11th CoC meeting held on Tuesday, 19th May 2026 at 04:00 PM in hybrid mode were circulated via email and placed for confirmation. The CoC members had no observations and confirmed the minutes including e-voting minutes through adoption of a resolution.

2. Approval of Unaudited Financial Results for Quarter and Year ended 31st March, 2026

The Resolution Professional apprised members that as a listed company, filing quarterly Limited Review Report is mandatory under SEBI (LODR) Regulations.

Financial Performance:

  • Income: ₹1.73 crore (before tax) consisting of fixed deposit income and interest from BNP Paribas recognized in books
  • Loss: ₹3.34 lakh on standalone basis
  • No operational activities currently ongoing
  • Expenses primarily related to professionals (lawyers, consultants) and CIRP expenses until March 2026
  • No employees currently in the company

The statutory auditor confirmed the same figures and noted that consolidated financial statements reflect identical numbers as subsidiaries are non-operational with no significant transactions.

The Committee took note of the Unaudited Financial Results for the quarter ended 31st March 2026 and Audited Financial Results for the year ended 31st March 2026. The RP was authorized to:

  • Obtain Limited Review Report from statutory auditor
  • File financial results with NSE, BSE, and CSE
  • Publish results in prescribed newspapers (one English all-India edition and one Kolkata Bengali edition)
  • Complete all incidental and consequential compliances under SEBI (LODR) Regulations

3. Other Updates and Discussions

A. Status of Valuation:

Both sets of registered valuers have completed valuation, and reports were shared with CoC members who provided confidential undertakings. Remaining creditors were requested to furnish undertakings to enable sharing of valuation reports.

B. Balance Amount of ₹30.00 Lakh with Axis Bank:

RP filed an application before NCLT Kolkata Bench for release of ₹30 lakh currently with Axis Bank. The amount is expected to be released shortly subject to NCLT directions and will be available for benefit of CD/creditors, not going to resolution applicant.

C. Sirohi Land Investigation:

RP disclosed investigation into property situated at Pindwara, District Sirohi, Rajasthan, Khasara No. 187:

  • Asset valued at ₹1.5 crore in books but not traceable
  • Suspended board failed to produce any agreement or sale deed
  • Local firm investigation revealed property already sold to approximately 45 parties
  • Survey report confirmed sale deeds for 45 plots carved from the land
  • Property sold by Shri Radheshyam Joshi authorized through board resolution by Binani Industries Ltd.
  • Transaction not reflected in books despite advance shown
  • RP considering Avoidance Application treating transaction as fraudulent
  • Certified copies of all 45 deeds obtained for cross-checking

D. Dissolution of Foreign Subsidiary:

Global Composite Holdings Inc. (formerly CPI Binani, Inc., USA), foreign subsidiary of Corporate Debtor, dissolved effective 21st May 2026. No prior intimation or communication was shared with RP regarding dissolution proceedings. From valuation perspective, no major impact expected as shares carried no value.

E. Addendum to Information Memorandum:

Addendum dated 29th May 2026 to Information Memorandum dated 21st March 2026 prepared containing updated information on Sirohi land, dissolution of foreign subsidiary, trademark, and updated list of creditors. To be shared with CoC and Prospective Resolution Applicants.

F. Status of Resolution Plan:

  • Vetting of Resolution Plan ongoing
  • Annexures submitted by Prospective Resolution Applicants vetted as per RFRP and applicable regulations
  • Preliminary observations shared with PRAs who sought additional time
  • Once vetting complete, plans will be shared with CoC for comments
  • CoC requested summary of plans along with observations before sitting with PRAs
  • Additional information (Sirohi land, subsidiary dissolution) discussed as not having major impact since disputes were already mentioned in IM

G. CIRP Cost Details:

Detailed CIRP cost breakdown presented totaling ₹27,59,787.28 with additional expenses of ₹10,30,331.86, making total required contribution ₹37,90,059.14.

Expense Categories Include:

  • Application filing fees and professional fees
  • Legal appearance costs and advocate fees
  • IRP/RP fees from various periods
  • Public notice advertisements in Financial Express and Duronta Bharta
  • Site visits to corporate office and Ahmedabad
  • Registry maintenance expenses
  • Professional fees for compliance services
  • Website maintenance and domain registration
  • Electricity charges for Sevri Godown
  • Insurance premium share
  • BSE annual listing fees for 2026-27

RP noted that important expenses are being paid from EMD lying in bank account (third-party asset) which should ideally not be used. Three lakhs as per NCLT order remains unpaid, and all expenses and fees of erstwhile IRP are pending.

Creditor Contribution Requirements:

  • Punjab National Bank (4.40%): ₹1,66,762.60
  • Punjab National Bank (Mumbai) (75.68%): ₹28,68,316.76
  • Central Bank of India (2.04%): ₹77,317.21
  • Punjab and Sind Bank (17.88%): ₹6,77,662.57
  • Total: ₹37,90,059.14

CoC members took note and assured to release payments at the earliest.

Voting Items

No agenda items were put to vote during this meeting.

Conclusion

The meeting concluded with a vote of thanks to the chairman, who also thanked all CoC members for their valuable assistance in reviewing and providing confirmations on all agenda items.