# In the matter of PRATISHTHA DAIRY FARMS PRIVATE LIMITED

> NCLT judgment dated 2025-09-15. Citation: TCN-2025-NCLT-01367. The application was filed by Canara Bank, the sole member of the Committee of Creditors (CoC),…

- **Court:** NCLT
- **Order date:** 15 Sept 2025
- **Citation:** TCN-2025-NCLT-01367
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/pratishtha-dairy-farms-private-limited-89c49125

## Summary

### Background

The application was filed by Canara Bank, the sole member of the Committee of Creditors (CoC), seeking liquidation of M/s Pratishtha Dairy Farms Private Limited under Section 33 of the Insolvency and Bankruptcy Code, 2016, due to the failure of the approved Resolution Plan.

## Facts

Canara Bank, being the sole member of the CoC, filed an application seeking liquidation of M/s Pratishtha Dairy Farms Private Limited.

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s Pratishtha Dairy Farms Private Limited based on an application filed by M/s Baff Engineers Private Limited.

Mr. Ankit Agrawal was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

A Resolution Plan submitted by Mr. Rajeev Kumar Sharma and Mrs. Chandna Sharma was approved by the CoC and the Adjudicating Authority.

The SRA failed to adhere to the payment schedule as per the approved Resolution Plan.

The CoC resolved to liquidate the Corporate Debtor due to the failure of the Resolution Plan.

…

## Issues and analysis

### Issue 1: Whether the failure of the Successful Resolution Applicant (SRA) to adhere to the payment schedule …

**Ratio:** Yes, the failure of the SRA to adhere to the payment schedule and the lapsing of the

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**Reasoning:** The SRA's failure to comply with the financial commitments envisaged under the Resolution

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**Interpretation:** Once a Resolution Plan attains finality upon approval by the Adjudicating

…

**Application:** In this case, the SRA failed to deposit the upfront amount and the quarterly

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Canara…
- **Respondents:** M/S Pratishtha…; Rajeev Kumar…
- **Other parties:** Ashish S…; Ankit Ag…; +4 more
- **Advocates:** Ankur G…; Aakarshan…

## Timeline

- **2019-N/A-N/A — Filing of Company…**: Company Petition CP (IB) No. 90/ALD/2019 was filed by the Operational Creditor M/s Baff…
- **2021-08-11 — Admission of…**: The petition was admitted by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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