Advance Surfactant India Limited [ CIN: U74899DL1998PLC095458 ]

(Under Corporate Insolvency Resolution Process)

INVITATION FOR EXPRESSION OF INTEREST FOR

SUBMISSION OF RESOLUTION PLAN IN ADVANCE

SURFACTANTS INDIA LTD ( ASIL)

1. Introduction:

ASIL, earlier known as Advance Detchem Ltd (ADL), was set up as a Pvt.

Ltd. Co. in 1988. ADL operated Silvassa Unit while other group

Companies namely Aureola Chemicals Ltd and Advance Detergent Ltd.

were operating the other units. Aureola Chemicals Ltd and Advance

Detergent Ltd. were merged with ADL w.e.f 01.04.2006 and ADL was

renamed as ASIL.

The Company operated 5 units to manufacture Linear Alkyl Benzene

Sulphonic Acid (LABSA), Linear Alkyl Benzene Sulphonate ( LAS) and

Alum.LABSA is produced through an indigenously designed reaction

system, commonly used in formulations of all types of Synthetic detergent

powders, liquids and cakes. LAS is a fully neutralized component which

can be directly used in formulation to provide detergency to the product.

As per the last available audited financials, the Company has recorded net

turnover of Rs. 796.43 crore and profit before tax of Rs. 18.79 crore for the

financial year ended March 2015. No further information has been made

available by the Corporate Debtor despite repeated requests. Further ASIL

have not uploaded the audited financial statements for the years ended

2015-16 onwards on the MCA Web site. As informed by the Corporate

Debtor, the business operation of the Company stopped two years back and

all employees have left as there are no operations since Mid 2017.

The borrower Company in 2015-16 was the largest sulphonator in the

country with an installed capacity of 1.65 Lakh tonnes per annum. The

manufacturing units of ASIL are set up at following locations, and these

are lying closed:

i. Silvassa ii. Pondicherry iii. Pithampur ( Near Indore)

iv. Mangalore v. Hooghly, west Bengal

Latest Visit Reports to these plants, carried out by the representatives of the

Resolution Professional are enclosed as Annexure -E.

ASIL is currently undergoing Corporate Insolvency Resolution

Process(“CIRP”) that has been initiated as per the provisions of Insolvency

and Bankruptcy Code (IBC) 2016 under the order of Hon’ble NCLT

Principal Bench, New Delhi in respect of CP (I.B.) No. 922(PB)/2018. The

corporate CIRP, in terms of the Hon’ble Tribunal Delhi order of the 28th

May 2019, would be ending on 24th Nov.2019.

2. Transaction Process:

The transaction process shall be completed in two stages, brief of which

is discussed hereunder

Stage I

• Submission of EOI by interested Resolution Applicants (RAs)

• Shortlisting of RAs by CoC

Stage II

• Access to Virtual data room room for due diligence by RAs for

Submission of Resolution Plan(s) by RAs

• Shortlisted Resolution Applicants will be provided the Information

Memorandum on signing the confidentiality agreement as per format at

Annexure D.

3. The qualification criteria for the proposed transaction is as under:

The applicant must be eligible under the provisions of Section 29A and

other provisions of the IB Code, 2016 and must be “fit and proper‟

person, not under any legal disability to be promoter under the applicable

laws including listing agreement, stock exchange requirements and SEBI

regulations and guidelines.

The applicant should have a Net Worth of at least Rs.20 cr. in case the

applicant is a body corporate or committed funds /or funds under

management of Rs 100 crore investment in case the applicant is an Asset

Reconstruction Company/ Private Equity/ Financial Investor / Non-

Banking Finance company / consortium of Investors, as per latest

audited financial statements which should not be older than 31st March

2019, and shall submit all relevant documents/ information for its

promoter/promoter group or any other group company. The applicant

having adequate financial capability shall submit proof of its effective

net worth by means of Chartered Accountants Certificate in this regard.

4. Submission of EOI:

a. Expression of Interest (EOI) is invited in a sealed envelope super scribed as

, in the format as set out in Annexure “A‟ hereto.

b. Applicants shall submit the EOI with details set out in Annexure “B‟ along with the supporting documents set out as Annexure “C‟.

c. Applicant shall submit the sealed envelope containing a complete set of the

EOI in Electronic Form and hard copy along with the Annexures stated above, by post or deliver in person.

d. A soft copy of EOI along with annexures stated above should be

mailed to kgsomani.advance@gmail.com

5. Last Date of Submission of EOI:

The last date for submission of EOI is 17th September 2019 (by 5 PM).

All the EOIs received will be reviewed by RP as well as CoC and

shortlisted applicants will be shared the Information Memorandum, prepared as per provisions of the Code, after their signing Non-Disclosure

Agreement.

Such shortlisted Applicants are required to carry out due- diligence and submit Resolution Plan by 26th October 2019 (by 5 PM). In view of limited time available for completing the Corporate Insolvency Resolution Process.

1. CoC has the right to cancel or modify the process without assigning any

reason and without any liability. This is not an offer document and is

issued with no commitment. Applicants should regularly visit the RP

website www.kgsip.com to keep themselves updated regarding

mailto:kgsomani.advance@gmail.commailto:kgsomani.advance@gmail.com

clarifications/ amendments/ time-extensions, if any.

2. CoC/ Resolution Professional reserve the right to withdraw EOI and

change or vary any part thereof at any stage and also reserve the right to

disqualify any prospective applicant, should it be so necessary at any

stage.

3. No oral conversations or agreements with the Resolution Professional or

any official, agent or employee of the Resolution Professional, the

Company or any member of the CoC shall affect or modify any terms of

this EOI.

4. Neither the applicant nor any of the applicant’s representatives shall have

any claims whatsoever against the Resolution Professional or any member

of the CoC or any of their directors, officials, agents or employees arising

out of or relating to this EOI.

5. By submitting a proposal, each applicant shall be deemed to acknowledge

that it has carefully read the entire EOI and has fully informed itself as to

all existing conditions and limitations.

“ANNEXURE – A”

FORMAT FOR EXPRESSION OF INTEREST FOR SUBMISSION OF

RESOLUTION PLAN IN ADVANCE SURFACTANT INDIA LIMITED

UNDER CIRP

To, Date: ____________

Mr.KG Somani,

Resolution Professional

KG Somani Insolvency Professionals Private Limited, 4th

Floor, 3/15, Asaf li Road

New Delhi - 110002

Subject: Expression of Interest (“EOI”) for submission of Resolution Plan in

Advance Surfactants India Limited (“ASIL”) under Corporate Insolvency

Resolution Process (CIRP)

Dear Sir,

In response to your public advertisement in [Insert the names of the newspaper and/or website] on [Insert date of the advertisement] inviting EOIs for submission of Resolution Plan in ASIL, we hereby submit our EOI.

We have attached necessary information requested in the format for EOI published

on the website of RP www.kgsip.com The information furnished by us in this EOI

is true, correct and accurate to the best of our knowledge. Based on this

information we understand you would be able to evaluate our preliminary

proposal in order to shortlist for the above-mentioned proposal.

We however, understand that K.G.Somani, Resolution Professional and the

Committee of Creditors (“COC”) reserve their right to decide whether or not to pre-qualify our proposal without disclosing the reason whatsoever and that Resolution Plan submitted in ASIL shall be subject to approval of the final

resolution plan by the members of COC and the NCLT, in terms of the provisions of the Insolvency and Bankruptcy Code, 2016.

Sincerely yours,

On behalf of (Insert name of the entity submitting the EOI) Signature:

Name of signatory:

Designation:

Company Seal/Stamp

“ANNEXURE – B‟

DETAILS OF THE PROSPECTIVE INVESTOR / APPLICANT

1.1 Name and address

1.2 Name of the Investor/Applicant:

Address: Telephone No: Fax: Email:

1.3 Date of establishment of Investor/Applicant:

1.4 Core area of expertise of the Investor/Applicant:

1.5 Contact Person:

Name: Designation: Telephone No:

Email:

1.6 PAN No. or equivalent details of Investor/Applicant

1.7 Effective Net worth of the Investor/ Resolution Applicant

“ANNEXURE – C”

SUPPORTING DOCUMENTS TO BE ATTACHED WITH EOI

a) Profile of the Prospective Investor / Applicant

b) Legal Documents: Copies of Certificate of Registration and Constitutional Documents of the Prospective Investor/ Applicant

c) For Turnover: Immediately preceding 3 (three) years‟ audited financial

results of the Prospective Investor and/or its promoter/promoter group or any other group company.

d) For Demonstration of funds availability: Statement of funds availability of the Prospective Investor and/or promoter/promoter group or any other group company.

e) For Net worth: The applicant should have a Net Worth of at least Rs.20 cr. in case the applicant is a body corporate or committed funds /or funds under management of Rs 100 crore investment in case an applicant is an Asset Reconstruction Company/ Private Equity/ Financial Investor / Non-Banking Finance company / consortium of Investors, as per latest

audited financial statement which should not be older than 31st March 2019, and shall submit all relevant documents/ information for its promoter/promoter group or any other group company. The applicant having adequate financial capability shall submit proof of its effective net worth by means of Chartered Accountant Certificate in this regard.

A notarized declaration from the applicant in order to demonstrate that

the promoter/promoter group or any other group company are part of

the same group, in case the applicant is using such entities for submitting

EOI. Please note that the applicant must be „fit and proper‟ person not

under any legal disability to be promoter under the applicable laws

including listing agreement and SEBI regulations and guidelines and

shall provide all relevant documents for its promoter/promoter group or any other group company.

▪ Investor/RAs Profile:

▪ Investor/RAs Financial Profile (consolidated/standalone as applicable).

▪ Experience of the Investor/RAs in the relevant sector.

▪ History if any, of the Investor/RAs or affiliates of the Investor/RAs being declared a “willful defaulter‟, non-

cooperative borrower‟, “non-impaired asset‟ or „non-

performing asset (Self Declaration)

“ANNEXURE – D”

CONFIDENTIALITY AGREEMENT

This Confidentiality Agreement is dated , 2019 between: , a company

incorporated under the laws of and having its registered office at

(hereinfter referred to as “Receiving

Party”, which expression shall, unless it be repugnant to the context or meaning

thereof, shall mean and include its successors and permitted assigns);

- and –

Advance Surfactants India Limited, a company incorporated under the laws

of India and having its registered office at 511/2/1, VILLAGE RAJOKARI

NEW DELHI DL 110038 IN (hereinafter referred to as “Disclosing Party”,

which expression shall, unless it be repugnant to the context or meaning thereof,

shall mean and include its successors and permitted assigns);

WHEREAS the Disclosing Party intends to disclose certain information to the

Receiving Party regarding Advance Surfactants India Limited for the purpose

of conducting a Due diligence on the Disclosing Party;

AND WHEREAS the Receiving Party has agreed to keep the information

confidential on the terms of this Agreement;

NOW THEREFORE in consideration of the foregoing and the mutual

agreements contained in this Agreement (the receipt and adequacy of which

are acknowledged), the Parties agree as set forth below.

1. Defined Terms.

As used in this Agreement, the following terms have the meanings set

forth below.

"Affiliate" means, in respect of a Party, any Person (other than a natural

person) which (a) is controlled directly or indirectly by such Party, or

(b) is directly or indirectly controlled by a Person which directly or

indirectly controls such Party. "Control" means the right to appoint

majority of directors or to control the management or policy decisions

exercisable by a person or persons acting individually or in concert,

directly or indirectly, including by virtue of their shareholding or

management rights or shareholders agreements or voting agreements or

in any other manner.

"Agreement" means this confidentiality agreement, as amended,

modified, restated, replaced or supplemented from time to time.

"Business Day" means any day of the year, other than a Saturday, Sunday

or any days on which major banks are closed for business in India.

"Confidential Information" means all information relating to

Disclosing Party's business, operations, assets, liabilities, plans,

prospects and affairs, which has been or is disclosed to or acquired by

the Receiving Party regardless of whether such information is in oral,

visual, electronic, written or other form and whether or not it is identified

as "confidential".

"Law" means any applicable law, statute, code, constitution, treaty,

ordinance, order, decree, directive, rule, published policy, regulation or

decision of any competent judicial, legislative, administrative,

ministerial, departmental or regulatory body or authority or by the rules,

policies or other requirements of any relevant stock exchange.

"Notice" has the meaning specified in Section 9.

"Party" means either Receiving Party and Disclosing Party and any

other Person who may become a party to this Agreement. These parties

may be referred to individually as "Party" or collectively as "Parties".

Reference to a Party includes such Party's Representatives and affiliates

and their Representatives.

"Person" means a natural person, partnership, limited partnership,

limited liability partnership, and corporation, limited liability

Corporation, unlimited liability company, joint stock company, trust,

unincorporated association, joint venture or other entity or a

governmental or other regulatory entity, and pronouns have a similarly

extended meaning.

"Representative" means any director, officer, employee, agent, or

advisor of that Party, including accountants, counsel, lenders,

consultants and financial advisors.

"Work Papers" means all notes, analyses, compilations, forecasts, data,

studies, interpretations, or other documents prepared by, on behalf of or

for the benefit of, the Receiving Party that contain, reflect, summarize,

analyze, discuss or review any Confidential Information.

2. Interpretation

In this Agreement, the words "including", "includes" and "include" mean

"including (or includes or include) without limitation". The expression

"Section" or other subdivision followed by a number mean and refer to

the specified Section or other subdivision of this Agreement. Words

referencing the singular include a reference to the plural and vice versa.

3. Non-Disclosure of Confidential Information.

(a) The Receiving Party will keep strictly confidential all Confidential

Information and Work Papers and will not, and will cause its

Representatives not to, disclose or use such Confidential

Information or Work Papers except as permitted by this

Agreement.

(b) The restrictions set out in Section 3(a) do not apply to Confidential

Information or any part of it that:

(i) is or becomes generally available to the public other than as

a result of disclosure directly or indirectly by the Receiving

Party;

(ii) is or becomes available to the Receiving Party on a non-

confidential basis from a source other than the Disclosing

Party;

(iii) is or was independently acquired or developed by the

Receiving Party, its affiliates or their respective

Representatives without violating its obligations under this

Agreement or any other obligation of confidentiality it may

have to the Disclosing Party;

(iv) is required to be disclosed by Law, unless such Law permits

the Receiving Party, its affiliates or their respective

Representatives to refrain from making such disclosure for

confidentiality or other reasons; or

(v) the Disclosing Party has expressly permitted in writing that

the particular Confidential Information may be disclosed.

(c) The Receiving Party may disclose Confidential Information and

its Work Papers to its Representatives but only to the extent that

its Representatives need to know the Confidential Information or

Work Papers for purposes of evaluating such Confidential

Information or Work Papers, have been informed of the

confidential nature of the Confidential Information and Work

Papers and agree to be bound by and act in accordance with the

confidentiality provisions of this Agreement.

(d) The Receiving Party acknowledges that it and its Representatives

are bound by all applicable privacy law with respect to any

personal information disclosed under this Agreement.

(e) The Receiving Party hereby acknowledges that it is aware, and

that the Receiving Party will advise its Representatives who are

informed as to the matters that are the subject of this agreement,

that applicable securities laws prohibit any person who has

material, non-public information concerning the matters which

are the subject of this agreement from purchasing or selling

securities of the Disclosing Party, including an affiliate, or from

communicating such information to any other person under

circumstances in which it is reasonably foreseeable that such

person is likely to purchase or sell such securities.

(f) The Receiving Party is responsible for any breach by its

Representatives of any of the provisions of this Agreement

whether or not they have agreed in writing to be bound by such

provisions. The Receiving Party will, at its sole expense, take all

reasonable measures to ensure that its Representatives do not

breach any of the provisions of this Agreement.

(g) If the Receiving Party is required to make disclosure of any or all

of the Confidential Information and/or its Work Papers pursuant

to Law it will (unless otherwise prohibited by Law and to the

extent possible), after consultation with the Disclosing Party:

(i) give the Disclosing Party immediate Notice of the

requirement and the proposed content of any disclosure;

(ii) at the costs of the Disclosing Party, co-operate with the

Disclosing Party in limiting the extent of the disclosure and

in obtaining an appropriate protective order or pursuing

such legal action, remedy or assurance as the Disclosing

Party deems necessary to preserve the confidentiality of the

Confidential Information; and

(iii) disclose only that portion of the Confidential Information

and its Work Papers that it is, in the written opinion of the

Receiving Party’s counsel, legally compelled to disclose.

4. Handling and Return of Confidential Information.

(a) The Receiving Party will keep a written record of the subject and

location of all Confidential Information disclosed to it and a list

of Representatives to whom Confidential Information has been

disclosed and will provide a copy of the record and list

immediately to the Disclosing Party upon request.

(b) Confidential Information shall be only for review by the

Receiving Party and its Representatives. The Receiving Party may

not remove any proprietary, copyright, trade secret or other legend

from any of the Confidential Information.

(c) After the completion of resolution process under the IBC,2016,

the Receiving Party will and will cause its Representatives to,

within 7 Business Days of the Notice:

(i) Return to the Disclosing Party or destroy all

Confidential Information without retaining any

copies;

(ii) destroy all copies of Work Papers in its possession; and

certify to the Disclosing Party in writing that this Section 4(c)

has been complied with by the Receiving Party.

(d) Notwithstanding the foregoing, neither the Receiving Party or its

Representatives are required to return or destroy the Confidential

Information to the extent that it is obliged by any law, court of

competent jurisdiction, competent regulatory agency or authority,

applicable compliance procedures or the rules of any stock

exchange to keep them;

(e) Notwithstanding the return or destruction of Confidential

Information and Work Papers, the Receiving Party and its

Representatives will continue to be bound by their obligations of

confidentiality and other obligations hereunder.

5. No Representation or Warranty.

(a) The Disclosing Party and the Resolution Professional makes no

representation or warranty, expressed or implied, as to the

accuracy or completeness of the Confidential Information

provided by it or with respect to the infringement of patents, trade-

marks, copyrights, or other intellectual property rights respecting

such Confidential Information, or of the rights of any other

Person.

(b) The Disclosing Party and the Resolution Professional is not liable

to the Receiving Party or to any other Person for any losses,

liabilities, damages, claims, demands, fines, penalties or

expenses resulting from, connected with or arising out of the

Receiving Party's use of the Confidential Information. This

Agreement does not benefit or create any right or cause of action

in, or in favor of, any Person other than the Parties and shall

exclude any rights under legislative provisions conferring rights

under a contract to persons not a party to that contract. Only the

Parties are entitled to rely on its provisions in any action, suit,

proceeding, hearing or other forum subject to clause 5(d)

(c) To the extent that any Confidential Information is owned by the

Disclosing Party, it will remain the exclusive property of the

Disclosing Party. Nothing in this Agreement or in the disclosure

of any Confidential Information confers any interest in the

Confidential Information on the Receiving Party.

(d) The Resolution Professional shall not be held liable for any

damages/ liabilities arising out of the use of confidential

information or the accuracy of the confidential information.

6. Remedies.

(a) In the event of a breach of a Party's obligations under this

Agreement, that Party must, immediately following discovery of

the breach, give Notice to the other Party of the nature of the

breach. The breaching Party must, upon consultation with the

other Party, take all reasonable measures to limit the extent of the

breach.

(b) The Receiving Party acknowledges that the Disclosing Party shall

be irreparably injured by breach of this Agreement which could

not be adequately compensated by damages. The Disclosing Party

shall be entitled to equitable relief, including injunctive relief and

specific performance, in the event of any breach of the provisions

of this Agreement. Such remedies shall not be exclusive remedies

but shall be in addition to all other remedies available in law or in

equity including damages.

(c) The rights and remedies provided in this Agreement are

cumulative and are in addition to, and not in substitution for, any

other rights and remedies available at law or in equity. All such

rights and remedies may be exercised from time to time, and as

often and in such order as the applicable Party deems appropriate.

(d) Each Party shall have a duty to use all reasonable endeavors to

mitigate its loss and damage arising on account of the breach or

default by the other Party.

(e) Except as may be otherwise provided in this Agreement, or breach

by either party will result in the other party being responsible to

reimburse the non-defaulting party for all costs incurred directly

as a result of the breach of this Agreement and shall be subject to

such damages as may be allowed by law including all attorneys'

fees and costs of enforcing this Agreement. However, the

provision of clause 7(e) shall survive the termination of the

agreement.

(f) Subject to the foregoing provisions of this Section 6, if the

Receiving Party or any of its Representatives is in default or

breach of its obligations under this Agreement, the Receiving

Party shall indemnify the Disclosing Party from and against any

direct cost, loss, expense, liability, claim or damage which the

Disclosing Party incurs or suffers as a result of any such default or

breach. Notwithstanding the forgoing, in no event, shall the

Receiving Party be liable for any consequential, punitive, special,

exemplary or other similar damages.

7. Other Covenants and Agreements.

(a) The Parties irrevocably undertake not to circumvent, avoid,

bypass or obviate each other, directly or indirectly and agree on

customer and partner protection for all mutual named customers

and partners. By signing this agreement, the parties commit to

each other not to contact the partners and customers of the other

party or to start any business activity, directly or via third parties,

without previous written consent.

(b) The Parties shall not disclose any contact revealed by either Party

to any third Parties and shall not enter into direct and/or indirect

offers, negotiations and/or transaction with such contacts revealed

by the other Party who made the contact(s) available.

(c) In the event of circumvention by any of the undersigned Parties,

whether direct and/or indirect, the circumvented Party shall be

entitled to a legal monetary compensation equal to the maximum

service it should realize from such a transaction, plus any and all

expenses, including any and all legal fees incurred in lieu of the

recovery of such compensation

(d) Nothing in this Agreement nor the disclosure of Confidential

Information to the Receiving Party creates any agency,

partnership, joint venture, and representative or employment

relationship between the Parties.

(e) The obligations of the Parties under this Agreement continue and

are binding for 3 years.

8. Acknowledgements of Receiving Party.

Each Party acknowledges and agrees that, notwithstanding any other

provisions of this Agreement, all contacts by one Party and its

Representatives with the other Party regarding the Confidential

Information shall be made through each Party’s authorized

representative, and one Party and its Representatives shall not contact

any other employee of the other Party unless expressly authorized.

9. Miscellaneous.

(a) Any notice, consent, direction or other communication (each a

"Notice") given regarding the matters contemplated by this

Agreement must be express and in writing, sent by personal

delivery, courier or facsimile (but not by electronic mail) and

addressed to:

Receiving Party Name:

Address: Attention: Designation: Telephone/Mobile No:

Email Id:

Disclosing Party Name: Advance Surfactants India Limited

Address:

Designation:

Telephone/Mobile No:

Email Id:

A Notice is deemed to be delivered and received (1) if sent by

personal delivery or service courier, on the date of delivery, or (2)

if sent by facsimile, on the day following the date of confirmation

of transmission by the originating facsimile, or (3) if sent by e-

mail, on the day the e mail was sent.

(b) Except as otherwise expressly provided in this Agreement, each

Party will pay for its own fees, costs and expenses incurred in

connection with this Agreement. The fees, costs and expenses

referred to in this are those that are incurred in connection with

the negotiation, preparation, execution and performance of this

Agreement, including the fees, costs and expenses of counsel,

financial advisors, bankers, lenders and accountants.

(c) No waiver of any provision of this Agreement constitutes a waiver

of any other provision (whether or not similar). No waiver is

binding unless executed in writing by the Party to be bound by the

waiver. A Party's failure or delay in exercising any right under this

Agreement is not a waiver of that right. A single or partial exercise

of any right does not preclude a Party from any other or further

exercise of that right or the exercise of any other right it may have.

(d) This Agreement constitutes the entire agreement between the

Parties relating to its subject matter and supersedes all prior

agreements, understandings, negotiations and discussions

between the Parties, whether oral or written.

(e) This Agreement may only be amended, supplemented, or

otherwise modified by express written agreement signed by the

Parties.

(f) Neither this Agreement, nor any of the rights or obligations under

this Agreement, are

assignable or transferable by a Party without the express prior

written consent of the other Party.

(g) If any provision of this Agreement is determined to be illegal,

invalid or unenforceable by an arbitrator or any court of competent

jurisdiction from which no appeal exists or is taken, that provision

will be severed from this Agreement and the remaining provisions

will remain in full force and effect. This clause has no effect if the

severance alters the basic nature of this Agreement.

(h) This Agreement and any dispute, controversy or claim arising out

of, relating to, or in any way connected with this Agreement

(including, without limitation, the existence, validity,

performance, breach or termination thereof) shall be governed by

the laws of India. Any such dispute, controversy or claim shall be

fully and finally resolved by binding arbitration in accordance

with the Rules of Arbitration of the Disclosing Party. The seat of

such arbitration shall be in New Delhi, India. The language of such

arbitration shall be English. The dispute shall be heard by three

(3) arbitrators. Within thirty (30) days of the respondent’s receipt

of notice of arbitration, the Disclosing Party, on the one hand, and

the Receiving Party, on the other hand, shall each select an

arbitrator, and within fifteen (15) days of selection of the second

arbitrator, the two arbitrators shall select the third arbitrator, who

shall act as the Chair.

Each arbitrator must be independent and disinterested and must

not be affiliated in any way with any of the Parties.

(i) This Agreement may be executed in any number of counterparts

and all counterparts taken together constitute one and the same

instrument. Receipt of an originally executed counterpart

signature page by facsimile or an electronic reproduction of an

originally executed counterpart signature page by electronic mail

is effective execution and delivery of this Agreement. Any Party

sending a counterpart by facsimile or electronic mail will also

deliver the original signed counterpart to the other Party; however,

failure to do so will not invalidate this Agreement.

Receiving Party Disclosing Party

By :

By:

IN WITNESS WHEREOF the Parties have executed this Agreement.

Company Name: Company Name:

Name: Name: Designation: Designation: Place: Place: Date: Date:

Witness: Witness: Name: Name: Address: Address:

Annexure – E

SITE VISIT REPORTS OF ADVANCE SURFACTANTS INDIA LIMITED

HOOGHLY

1. Introduction: I visited the Hooghly (Chuchura) plant of Advance

Surfactants India Limited on 30th July 2019. I reached the plant around

10:30 am. Mr Vishal Sharma and Mr Sunil Tiwari (official/representative

of CD) were present at the site. The plant gate was found to be closed and

locked from inside. On enquiry I was informed that the plant is closed since

March 2018 and the Security team has abandoned the site since past seven

/eight months. I was further told that at the time of leaving, the Security

personnel had locked the gate from inside and jumped off the gate and left.

The Company officials are not able to contact the security personnel and

hence the only way to open the gate is to break open the lock from inside.

Mr Sharma was insisting for us to take over the plant on ‘as is where is’

condition by breaking open the lock for which he can arrange a local help.

However, we declined to take over the plant till basic facilities like power,

water grass are available and grass cutting near security enclosure is

arranged to facilitate positioning of Security guards. After prolonged

deliberation Mr Sharma and Mr Tiwari decided to send someone inside to

break open the lock and open the gate.

2. Status of the Plant: The entire premise was found to be full of thick tall

grass, shrubs and trees. Since the adjoining areas have open fields, we were

told that there is good possibility of snakes lying around in the premise

beneath the grass, especially in this season. The Security enclosure at the

entrance of the plant was found to be covered with bushes and thick grass

and is totally unliveable at this moment. The Security agency requested us

to make the following arrangement at the earliest to enable them to position

security guards:

a. Cutting of grass and bushes around the Security enclosure.

b. Provision of portable DG set to arrange minimum lighting facility in

the night.

We managed to go around most part of the plant to have an overview of

the facilities. Our observations are as follows:

a. Plant & Machinery: Completely worn out condition due to lack of

maintenance and corrosion. The walls are found broken in many

places.

b. Tank Firm Area: There are eight storage tanks with various capacities.

These are in fair shape.

c. Office Room: The entrance is full of thick grass and wood. The room

is in a very bad shape. There are no doors, windows or furniture. All

the records /registers are strewn on the floor. Many of these are in a

torn condition.

d. Lab Room: No doors. Many small bottles of chemical samples are

stored.

e. DG & Transformer Rooms: We could not inspect as the shutter of

WBSEB power transmission room was locked. We were told that the

WBSEB officials have locked the shutter and removed the panels

before disconnecting the power supply. The DG room could not be

inspected due to inaccessibility.

3. Local Issues: We were told that there are many unpaid disgruntled

workers/vendors/contractors in the neighbourhood who have not been paid

for long and have deep discontent against the CD. Considering this, it may

be necessary to keep the local police station informed before IP takes over

custody of the facilities.

-Mr. Debasish

MANGALORE

1. Date of Visit: 15th and 16th August 2019

2. Plant Location: Survey No. 16, Baikampady Village Surathkal Hobli

Mangalore

3. Person Contacted: Shri Pramod Kumar, Mobile No. 9964382204

Observations

15th August 2019

i. The undersigned reached Mangalore on the 15th August 2019. Being

Independence Day, all the shops/ photo studio, who could carry out

photography of the factory were closed. With a view to having an

Idea of the exact location of the plant; it being about 16 Kms away

from the SBI Guest House, the undersigned planned the first visit on

the 15th August 2019 itself. Shri Pramod Kumar, the Corporate

Debtor representative and looking after the factory premises, was

available.

ii. Reached the plant at around 3.30 PM. The main entrance gate was

locked; in fact appeared to have not been operated for months/ years

as some wild grass was found grown on the gate. As it had been

raining at Mangalore, the entry from small front gate was also

covered with grass and water.

iii. Front area of the plant was submerged in water with wild grass

grown all around. Despite efforts made by Mr Pramod, the front

main shutter leading to the factory area could not be opened. We

could able to enter the premises from office side of the building and

from the window could see the plant. The plant and machinery

appeared to be intact. The office building also had flooding of rain

water and files and papers, stated to be pertaining to the Mangalore

Plant, were lying scattered on the tables and racks in the rooms. No

power was available.

iv. On enquiry, Mr Pramod apprised that he is the only one looking after

the security of the plant for the last two years after it stopped

production. In fact he was an employee of ASIL and after the plant

stopped operation, he had been retained by Shri Ashok Mahindru on

payments of Rs.9000/- to Rs.10000/- per month, and that he looks

after the security of the plant. During the course of discussion, he

advised that he has been paid his salary/ charges regularly and

that he is ready to continue the job with ASIL.

Further enquiry with Mr Pramod revealed that he has been with ASIL since

1998 and started his stint with the company from Pondichery plant,

and shifted to Mangalore in 2001-02. He continued to work as an

employee up to Nov/ Dec 2017, since when the plant is lying closed

and after all the employees left the Company, his services are now

being used for the security of the plant.

v. Told Shri Pramod that the undersigned shall visit again on the

morning of the 16th August 2019 along with a photographer, and

requested him, in the meanwhile, to make way at the entrance to the

plant and if he could open the shutters for entry in the plant area.

16th August 2019

i. Could able to find out a photographer who agreed to take

photography of the factory. Reached at the site at around 11.30 AM.

Mr. Pramod was present.

ii. We could able to enter the factory from the small gate and also could

enter the plant floor as Shri Pramod had been able to open the shutter

by breaking the locks. Entire P&M was housed in ground plus two

floors.

iii. Took photograph of the entire plant and machinery. In absence of

the latest record / documents containing details of the P & M

available at Mangalore Plant, it is not possible to comment as to

whether all the P&M, as available in the books of the Company, was

available on the date of the visit. Incidentally, the available P & M

available was matched with the items of P&M listed out by the

Valuers M/s Sushil Associates, Kodabail, Mangalore in its valuation

report of September 2016, and were found there, although in a

highly rusted condition as the same have not been in use for years.

iv. Except for two Sulphuric Acid Tanks which were damaged and, as

advised by Mr. Pramod, require replacement, all other machinery,

though rusted, found intact as can also be seen from the photographs

attached with the report. However, the actual condition of the

machinery available at the plant can be gauzed only if these are put

to use to restart the production.

a. Although DG set was said to be there in the room meant for the

generator set, the room could not be opened, and photograph of

the genset stating to be lying inside were taken from one of the

Windows in the room.

b. The cover sheet of the plant was found to be damaged at different

places, especially in the front area, and hence susceptible to

seepage of rain water.

c. The building housing the office consisting of the ground floor

only, adjacent to the plant, was found to be damp with seepage

of rain water. The files and records of the plant was lying

scattered on the tables and racks placed in the rooms.

d. The area of the factory outside the building housing the plant and

the office building was immersed in rain water with wild grass

grown all around the place

e. Photographs of the plants and machinery at the plant are

attached. These form part of the visit report.

f. As already submitted the entire machinery has been rusted.

v. The factory on its left side of the boundary has the factory of Accord

Veneers, on the right side boundary has the factory, being used as a

godown, by Everest Sea Foods Pvt. Ltd and on the front side, across

the road, has the office and factory of Eswari Global Metals

Industries Pvt. Ltd.

- Vijay K. Gupta

PUDUCHERRY

1. Date of Visit: 29th And 30th August 2019

2.Name of the RP and his representative who visited the plant:

a) Shri K.G Somani, RP

b) Shri Vijay K. Gupta, Advisor

3. Plant location: RS 9/3 and 9/4, Managalam main road, Vadamanagalam,

Palli Thennal kandamanagalam, Pondicherry 605102

4. Persons Contacted: a)Shri Chanemougame, Contact person ( Ex Employee)

b) Shri Munuswamy, Driver

c) Shri Joseph, Commercial operations

d) Shri Ramasre, employee

e) Shri Sudershan Prasad, Welder

f) Shri Jitender Singh, employee

All the above employees, including Shri Chanemougame, whose name was given

as contact person by Shri Ashok Mahendru, erstwhile director of ASIL, have left

the factory since October 2018 , though not resigned, owing mainly to stoppage

of production at the factory.

5. Observations of 29th August 2019

I. . We reached the factory site direct from our way from Chennai to Puducherry. Shri Chanemougame,, along with other persons referred to

at 4 above were already present at the factory site.

II. Keys of the factory were with one Mr. Jitender Singh, an erstwhile employee, who had opened entry to the factory from a small gate. On

enquiry, Mr. Chanemaugamne revealed that he was last working as

Regional Manager with ASIL. He joined the Company in 1997 and left

in June 2018 after he was not paid salary since June 2017. He further

stated that the factory is lying closed since Dec 2015. He has now joined

another local company at Puducherry. To our further query, Shri.

Chanemougame, stated that he has come to the plant on receipt of

message from Shri Ashok Mahindru, and that the security agency at the

plant has been discontinued for the last two years for want of payment

of outstanding dues. At present, the keys of the plant have been given

to Shri Ram Nivas, who was working as Foreman with the Company.

Shri Ram Nivas has gone to his home town leaving the keys with

another colleague Sh namely Shri Jitender Singh.

III. Shri. Chanemougame, was conveyed our programme for 30th Aug 2019, and he was requested to be present in the factory premises at 9

a.m. to enable us to take list of the plant and machinery and other assets

available at the factory and also take photograph of the factory.

IV. Two main gates, providing entrance to the factory besides the small gate, were locked from inside. These gates were pasted with and filmy

and other posters. There was no Board indicating the name of the

Company displayed on the outer wall of the factor

V. On entering the factory, two distinct structures were available in the complex, one and the other being the shed housing the plant and

machinery. administrative building.

VI. Besides, as disclosed by Shri. Chanemangamne, the Company owns a plot of land (9/4), adjacent to the plot of land housing the factory. The

plot has been lying vacant except wild bushes and vegetation.

VII. Except on the right side of the administrative building and also on the right side of the plant and on weighting bridge where lot of wild grass/

bushes have grown, the other part of complex was easily accessible.

VIII. A preliminary look at the shed housing the plant, reveals that the entire P&M, being not in use for the past 2-3 years, had been rusted and not

in working condition.

IX. The administration block also appears to have not been used for years, with the records related to the plant lying scattered.

30th August 2019

I. Reached the factory on 30th August 2019 at 9.30 A.M. The photographer, Shri. Chanemangamne and other 5 erstwhile employees

of ADIL, were already present there.

II. Again entered the factory premises from the small gate. III. With the help of one of the erstwhile employee, took photographs of

outside the complex, the administration building and the P&M.

Photographs of the P&M and other assets and List of the machinery

available at the plant is attached as Annexure- I & II.

IV. With regard to the state of the P&M at the plant, we observed as under:- a. Almost entire P & M was rusted owing to its non-use for almost 2 years.

b. Except for 2 motors installed at ground floor of the factory, all the other

machines were without motor machine which appear to have been removed.

c. We are doubtful about the working condition of the Generator Set and other

machines available at the site.

d. The site has been without electricity since Dec 2017 on account of non

payment of electricity bills. The arrears of approximately Rs.72,000/- were

accumulated on this account at that point of time, as revealed by Mr.

Chanemougame,

V. The administration building, although not in use for almost 2 years or

so, the construction appears to be in good conditions.

VI. Entire record of the factory, was stored in approximately 10 big trunks

lying in the basement of the administrative building besides lying in the

almirahas/ on tables, besides lying scattered in an adjacent Room in the

basement.

VII. Interaction with 5 other erstwhile employees present at the site revealed

as under:

a) Shri Munuswamy:

Was working in the company as driver for 25 years. Left in October 2018.

b) Shri Joseph was working in the commercial department of the factory at

Puducherry since April 2018. Left since 2018

c) Ramasre joined the company at Indore in 1998 and came to Puducherry in

2005. Has since left in October 2018.

d) Sudershan Prasad : was working as welder in factory and looking after

maintenance of the plant since August 1999 and left in Jan 2017. Presently

working as contract labour/welder with another company.

e) Jitender Singh joined in December 1998 and left in October 2018

All the above referred erstwhile employees stated that they stopped coming to

the factory owing to stoppage of production in 2017 and also non payment of

salaries by ASIL. They further stated that although they have stopped coming to

the plant, they have not formally resigned from ASIL.

viii. The factory is located at the highway, easily accessible by all weather road.

On the sight side of the factory, there is a running factory of Appaswamy occular

division (manufacturing contact lenses.), on the left side, by the factory premises

of Tamil Nadu Petro Products, lying closed since August 2017. On the front side

there is a proper road, Mangalam road, about 20 feet wide.

ix. As revealed by Shri Chanemougame, the produce from the factory was mainly

supplied to Hindustan Unilever, Jyothi Laboratories, Local Brands in and around

Tamil Nadu and Andhra Pradesh.

-Vijay K. Gupta

Encls: list of machinery and plants

List of Equipment

Puducherry Plant as on 30th August 2019

S. No. Particulars Numbers

1 Reactors 5

2 Measuring Tank LAB 4

3 Measuring Tank Acid 4

4 Measuring Water Tank 4

5 Daily Tank LAB 3

6 Daily Tank Acid 1

7 Spent Chamber 3

8 Cooling Tower* (2* of the 3 tanks were

found to be without any machinery)

3

9 LABSA Storage Tank 1

10 Spent Storage Tank 1

11 Heat Exchanger 1

12 Acid Storage Tank 1

13 LAB Storage Tank (Big) 3

14 LAB Storage Tank (Small) 1

15 Weigh Bridge 1

16 D.G. Set 1

17 25 HP Motor 3

18 75 HP Motor 1

19 3 HP Motor 2

20 5 HP Motor 3

21 Small Storage Tank 1

22 Small Water Machine 1

23 Fiber Tank 2

24 Water Pump Motor 1

i. Plant and Machinery listed above have not been in working order.

ii. Water Pump Motor stated to be located in the space between the

boundary wall and the wall of the factory on the left side of the plant

site, could not be physically inspected.

-Vijay K. Gupta

SILVASSA

The undersigned visited Advance Surfactants India Limited unit at Silvassa,

Dadra and Nagar Haveli on 31st July and 1st August 2019. Mr Ashok Mahindru,

CD had informed on 30th July evening that he would not be able to come to the

plant and he was deputing Mr Dongre who had worked in the plant earlier. He

mentioned that the contact person Mr Chhavinath will be there at Silvassa plant

itself.

On 31st July 2019, at 10:45 AM, the undersigned reached the factory premises of

Advance Surfactants India Limited at Galonda village, Jaripada on Kilvani Road.

The contact person, Mr. Chhavinath as a caretaker, and two security guards were

present in the plant premises. Mr. Chhavinath mentioned that he has been asked

by Mr. Ashok Mahindru to continue to stay at this place and since then he is there

at the plant, guarding the premises along with security who keeps communicating

with him and others from Advance Surfactants from Delhi. He mentioned that he

did not get any wages for about 2 years and so he is hard pressed. Based on the

assurance given to him in the past, he expects to get his backlog of salary from

company soon. The undersigned advised him to submit his claim for the

outstanding wages due from Advance Surfactants India Limited as per the IB

Code 2016 in the prescribed the Form D. He mentioned that, initially, he was

working in Roorkee in some other plant and later the company transferred him to

this plant at Silvassa.

It was told that there is no power supply to the plant as the supply authorities had

disconnected the power supply due to nonpayment of outstanding dues. Security

personnel mentioned that in the day time there are 2 persons on the duty and in

the night there are 3 persons including an armed guard.

Mr Dongre arrived at about 12:30 PM, he mentioned that he was an operator here

in the lant and was here till last year. As it was raining almost continuously since

morning, there was water-logging in some areas. We took a round of the factory

area along with Mr Dongre but there was water logging in most of the plant areas

and inaccessibility inside the sheds/shops we could not go to all the areas.

The main issues and observations were as follows:

1. Security:

-Security agency M/s Rangerss Security & Services which was asked by

us to continue since 19th July 2019, had deployed 2 guards in day

time and 2 guards & 1 gunman(armed Guard) in night. Later, MD

of the agency Mr Aslam Khutliwala also came to the plant. He

wanted to know the status of the company and how he would get

his outstanding dues under the ongoing CIR Process. On knowing

the status, he mentioned that he would not like to continue with

security work, as he is not even certain for getting payment against

current bills/security charges. He was assured that the Bankers

have already agreed to make payments for the security for the

period starting w.e.f., from 19th July 2019. However, he wanted that

unless payments against his invoices/bills are made immediately

within 7 days, he would not be able to continue the work as he also

has to thereafter comply with other statutory formalities, as per

prescribed time schedule. Regarding his outstanding payment

towards the security charges for period earlier to 19th July 2019, he

was advised to submit the claims as per IB code 2016 in the

prescribed form to Resolution Professional for compilation, as per

notice displayed at the Plant.

The undersigned assured that on getting the invoice/bill for a calendar

month on 1st of the following month, efforts will be made to get the

payment released from the Banks by 10th of the month. He then

agreed to continue the security services for the plant.

There is a Shiva Temple adjacent to the main Gate (left corner), which

has separate entry from the road outside. The temple is owned by

the company and is constructed on the company’s land.

2. Inspection / visit of the plant:

- First, a round was taken for inspection of the boundary of the plant.

It was observed that the about 10 meters of boundary wall, on the rear

side (opposite side of the temple) near new project area, had collapsed

due to land slide, as the neighbouring agriculture land was low lying. A

temporary shield with asbestos sheets was existing to prevent any

access/entry to the premises. On other sides, the boundary wall is intact

with barbed wire on top.

- Thereafter, a visit of the various units of the plant was made. It was

told that the plant was stopped in May 2017. The main raw materials

for the plant were received by road viz, LAB (Linear Alkyl Benzene)

and Sulphur. Large tanks are for storage of LAB, being the incoming

raw material. Some stock of Sulphur was lying in the covered shed.

Some areas in the production units were inaccessible viz LABSA

(Linear Alkyl Benzene Sulphonic Acid) Plant, Stores

room/engineering store, as entry could not be opened.

- The Equipment consisted of mostly tanks, vessels and pipelines. At

some of the places, the outer sheet of pipelines were in damaged

condition and insulation packing was coming out. Some durms filled

with LABSA were lying (blue color) in two areas in two areas of the

plant.

- As in some areas, there was water logging for many days, the plant &

equipment could not be inspected. Many places, the pipelines/structures

were in rusted/corroded condition.

- It was indicated that revival of the plant may require lot of efforts and

expenditure.

- There were under construction area on the rear side of the plant. It was

told that construction work for the Dry Sulphonate Plant project had

started but was abandoned later. The concrete columns had been

completed and two tanks were visible on the top of the structure. More

information about the new project was not available.

- Visit to Office Building: The lock at the gate of the Office building

was opened by Mr Dongre. There was no lighting as there was no power

supply. At the ground floor, there was a laboratory hall in which some

testing equipments were there. The equipment/ items lying in the main

hall and adjacent room, separated by glass partition, were not in kept in

proper manner. Some drums of chemicals were lying near the stairs.

- At the first floor, Chairman’s room, Conference Room and rooms of

Administration, Commercial Manager and General Manager are

located. There was seepage of water in GM’s room. The door of the

adjacent space could not be opened, which had lot of old record, files

etc dumped haphazardly, as was visible through glass partition. The

open space was having staff tables, a photocopy machines and some

trunks lying there.

- At the roof, there was a room in the corner with records dumped, as

visible from outside through the glass partition.

3. Details about Silvassa plant required for preparation of Information

Memorandum:

The undersigned enquired about following documents/information about

the Silvassa plant which may be required for the preparation of

Information Memorandum:

- Unit Accounts of Silvassa till last operations

- Fixed Assets register; list of assets/equipment unit-wise

- List of current assets incl. raw material inventory; Finished products

and stores & spares

- Reasons for disconnection of power supply; notices receive, if any

- Ownership and registration documents of land & buildings and Factory

License including Consent to operate from State PCB, environment

clearance etc

- ISO documents along with Plant flow diagram and Plant layout

showing locations of units and major equipment

Mr Dongre who was the person deputed by Mr Mahindru, said that he

does not know about these documents which were kept with HR or

Plant head. He was an Operator here in the plant and did not have

knowledge about these documents. He was currently working in

another company. The undersigned spoke to Mr Ashok Mahindru

who told that he could not depute the person concerned as he was

travelling to Pune for some work.

4. Video-graphy of the plant:

On the next day, ie, 1st August 2019, the undersigned engaged an agency

for conducting videography of the plant. The videography of the plant area

was done in presence of Mr Dongre and Mr Chhavinath, covering the areas

which were accessible. There were intermittent rains. Some of the units

like Sulphonate/ LABSA Plant and R&D unit could not be video graphed,

as these could not be accessed due to water logging. While the Office

building could be covered but the Stores building/ shed could not accessed

as it was locked. (Soft copy of video/pen drive)

-P. K. Bajaj

Pithampur

The undersigned visited the Pithampur plant of Advance Surfactants India

Limited on 29th & 30th August 2019. Mr. Ashok Mahindru, CD had informed on

25th August evening that Mr. Ram Solanki shall be available at plant site to co-

ordinate the plant visit.

29th August 2019

At 8:30 AM, the undersigned reached the factory premises of M/s Advance

Surfactants India Limited located at Plot No.33, Sector-II, Pithampur Industrial

area, Pithampur, Dist. Dhar (M.P.). Alongwith me, the representative of one of

the valuers, M/s AVA Advisors & Trainers India private limited were also present

for valuation assignment viz, Mr. Sachin Goel for Land & Building and Mr.

Mahesh Singh Rana for Plant & Machinery.

At the plant premises, Mr. Dhan Singh as a caretaker cum guard was present. It

was informed that there is no power supply to the plant as the supply authorities

had disconnected the power supply due to nonpayment of outstanding dues. Mri

Dhan Singh mentioned that he was instructed by Mr. Ram Solanki on behalf of

Mr. Ashok Mahindru to stay at this place since last year and since then he was

guarding the premises along with another guard Mr. Jitender Kumar who comes

in the night. Mr. Dhan Singh mentioned that he did not get any wages. Based on

the assurance given to him in the past, he expects to get his backlog of salary from

company soon. The undersigned advised him to submit his claim for the

outstanding wages due from Advance Surfactants India Limited as per the IB

Code 2016 in the prescribed Form.

Mr. Ram Solanki arrived at about 11:00 AM. He mentioned that he was earlier

working as Commercial Assistant of M/s Advance Surfactants India Limited at

Pithampur plant. We took a round of the factory area along with Mr. Ram Solanki,

but factory shed was locked and shutter could not be opened as it was in a bad

condition.

A Public Notice showing RP’s name and contact details was displayed at the front

wall near the gate. Mr. Ram Solanki told that due to rain the displayed of notice

got destroyed and he had again put fresh sheet of Public Notice for display.

The main issues and observations were as follows:

1. Inspection / visit of the plant:

- First, a round was taken for inspection of the boundary of the plant. It

was observed that there were some cracks in the boundary wall made

of bricks at most of the places. Height of the wall was around 8-9 Ft on

three sides with broken glass pieces embedded on top. On the fourth

side i.e on left side of the main gate towards ML Agro Industries (Plot

No 34 & 39) was around 5 ft.

- There were total four gates in the boundary. At the front, there is main

vehicle gate with the small gate for pedestrian entry in the factory

premises. There are two similar gates in the rear side.

- It was told that the plant was stopped in 2009-10 and has not been

operated since then. The main raw materials for the plant were received

by road viz, LAB (Linear Alkyl Benzene) and Sulphuric acid. The plant

manufactured LABSA which is an input to the detergent industry. Some

stocks of LABSA (Linear Alkyl Benzene Sulphonic Acid) was lying in

the covered shed in drums. A by-product viz, Spent Acid in a small

plastic tank.

- The roofing of the factory shed was in dilapidated condition with most

of the asbestos sheets either missing or lying in damaged condition.

However, we could not enter as the shutter was jammed and doors were

locked from inside. First floor of the plant has Lab Room & Store areas

in the factory were not accessible.

- There were two empty small rooms within the boundary, DG room near

the second gate & time office room near weigh bridge. The weigh

bridge was sold as scrap at the time of selling nearest plot no 34,39 &

DG Set might be shifted to another plant at Silvassa or Roorkee.

- The Equipment consisted of mostly tanks, vessels and pipelines. The

condition of all the machine is scrap due to rust, dust and climatic effect.

- It was indicated that the plant can not be revived.

- Visit to Office Building: In Office building, there were four rooms.

One pantry room & two toilets.

- In 2 rooms were temporarily used by the guards for stay.

- In other room, there was an almirah in which old records dumped,

Chairs and Tables .

- Fourth room was having scrap/dumps/ leftover items etc.

- Land Area:

- As per Mr. Ram Solanki, Plot No 33, 34 & 39 was purchased by

Advance group in 1997. The adjoining property Plot No 34 & 39 was

in the name of the Advance Home & Personal Care Ltd (AHPCL). As

per land papers shown by Mr. Solanki, Plot No 33 on which factory of

ASIL is installed having 3060 Sq meters belongs to Aureola Chemicals

Limited (ACL). In the year 2016, AHPCL sold the adjoining property

to M.L. Agro Industries in which some portion of the land (1000 Sq

meters approx.) of plot no 33 mistakenly taken with the possession of

Plot No 34 & 39 due to improper boundary construction at the time of

purchase. Boundary line was drawn on random/ estimated basis when

the plant was constructed in 1997. As such the area within the boundary

walls of Plot No.33 is only 2060 Sq Meters Approx.

2. Details required for preparation of Information Memorandum:

The undersigned enquired about documents/information about the

Pithampur plant which may be required for the preparation of Information

Memorandum such as Unit Accounts, Fixed Assets register, List of

current assets, Power Supply disconnection notices, Registration

documents of land & buildings and Factory License for Consent to

operate.

Mr. Ram Solanki herewith provided the following documents from the old

records which are attached herewith.

Annexure -

1

Outstanding dues as visible from Electricity Bill for Rs

2,10,949/- for the month of Aug-2018 but the bill was

in the name of Arola Chemicals.

Annexure -

2

Outstanding dues of Lease & Maintenance Charges

from 01-04-2019 to 31-03-2020 for Rs 2,14,618/-.

Annexure -

3

Factory License dated 23.02.2013

Annexure -

4

List of Assets was prepared & signed by Mr. Ram

Solanki

He has shown the copy of Lease deed (Land Records) and could not

provide any detail like unit accounts as has was not having the same.

3. Photography of the plant:

The undersigned took some photographs of the plant in presence of Mr.

Ram Solanki, covering the areas which were accessible. Two short

duration videos of the plant area were also taken. Ground floor of the office

building could be covered, but the first floor, Stores/lab from shed could

not be accessed as the shutters were jammed & doors were locked from

inside.

4. Security Agency:

So far, Mr. Dhan Singh & Mr. Jitender Kumar have been engaged for

security guarding of the plant. For engaging a professional agency for

security guarding of the plant. various security agencies were contacted and

asked to visit the plant and give quotations for deployment of 2 Security

guards, one Security guard in day and one Security guard in night (on 12

hour duty basis) from 1st September 2019.

Six quotation were received from various security agencies. The agencies

came and visited the plant during the presence of undersigned. They were

asked to give their final quotation and profiles by the 30th August evening.*

*Note :- New security agency has since been engaged wef 1st September

2019.

Annexure -4 (Pithampur Report)

List of Assets as per Mr. Solanki, Contact Person

(Ex- employee of ASIL)

S.NO ITEM QUANTITY

List of Tanks in the Factory

1

Sulphric Acid Tank (Horizontal) 80 MT

Capacity 2

2

Spent Acid Tank (Horizontal) 80 MT

Capacity 1

3 LAB Tank (Vertical) 125 MT Capacity 1

4 LAB Tank (Vertical) 145 MT Capacity 1

Office Building

5 Table Big 2

6 Table Small 3

7 Almirah 1

8 Electricity Panal Box 1

9 Ladder (Small) 2

10 Bucket 2

11 Cooling Tower 1

12 Plastic Tank Scrap 1

13 Labsa Scrap Tank 1

Stock of Finished / By Product in Factory Shed

14

Finished Goods - Black LABSA (8 Big

Drums @ 200 Ltr each) & (3 Small

Drums @ 50 Ltr each)

1750 Ltr#

15

By Product - Spent Acid in Small Plastic

Tank 4 MT#

# Note :- These stocks are lying since 2009-10. As per

valuers, their shelf life might have been over. This needs to

be checked.

-Gaurav Bhatia