Rare Asset Reconstruction Ltd.

Sona Alloys Private Limited (Trust-38) – Dena Bank

Appointment of Advocate: Vedanta Ltd vs. CA Vikash Gautamchand Jain & Anr.

We have acquired financial assets of Sona Alloys Pvt. Ltd. along with all underlying securities, rights,
title and interest from Dena Bank vide Assignment Agreement dated December 29, 2018. Initially, the
Company was under “CIRP” Since two financial creditors Mehta Trading Corporation and & MTC Business
Pvt. Ltd. (“MBPL”) collectively held 10% of CoC. MBPL was also a Resolution Applicant whose Resolution
Plan was considered by CoC. According to the IBC, both the Resolution applicant submitted Resolution Plan
to the RP and the same before the CoC. The Resolution Plan of Vedanta Ltd. was not shared with MTC
Business Pvt. Ltd. by the RP and CoC acted in a manner to maximize the value of the Corporate Debtor and
Vedanta submitted Resolution Plan with the less value as compared to MBPL. In view of the same, we propose
to appoint Advocate NCLT Mr. Yuvraj Thakur to represent on behalf of CoC of Sona Alloys Pvt. Ltd. in the
matter of Vedanta Ltd. vs. CA Vikash Gautamchand Jain & Anr.
Submitted for approval please.

(Shriya Shah)
Executive Officer

(Hinal Shah)
Sr. Associate (Anil Kumar Bhandari)
Managing Director