# In the matter of SOVEREIGN INDUSTRIES LIMITED

> NCLT judgment dated 2026-02-13. Citation: TCN-2026-NCLT-00174. The case involves the resolution plan submitted for M/s Sovereign Industries Limited, which was…

- **Court:** NCLT
- **Order date:** 13 Feb 2026
- **Citation:** TCN-2026-NCLT-00174
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/sovereign-industries-limited-8974b53a

## Summary

### Background

The case involves the resolution plan submitted for M/s Sovereign Industries Limited, which was admitted into Corporate Insolvency Resolution Process (CIRP) on 28.03.2023. The resolution plan was submitted by M/s Shri Dutt India Private Limited.

## Facts

M/s Sovereign Industries Limited was admitted into CIRP on 28.03.2023.

M/s Shri Dutt India Private Limited submitted a resolution plan for Sovereign Industries Limited.

The Resolution Plan was approved by CoC with 99.22% voting.

The Adjudicating Authority found deficiencies in the Resolution Plan related to the IEM, land valuation, and compliance with regulations.

The Adjudicating Authority rejected the Resolution Plan.

Liquidation of Sovereign Industries Limited was ordered, and Mr. Addanki Haresh was appointed as the Liquidator.

The initiation of CIRP was found to be potentially fraudulent.

The Performance Bank Guarantee furnished by the Successful Resolution Applicant had expired.

## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Shri Dutt India Private Limited is compliant with …

**Ratio:** The Resolution Plan must comply with Section 30(2) of the IBC, which includes provisions

…

**Reasoning:** The Adjudicating Authority found that the Resolution Plan did not comply with Section

…

**Interpretation:** Section 30(2) sets out mandatory requirements for a resolution plan to be

…

**Application:** The Adjudicating Authority applied Section 30(2) to assess the compliance of

…

## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Triveni Education…
- **Respondents:** Sovereign…; Sovereign…
- **Other parties:** Premji Khepar…; Priti Premji…; +5 more
- **Advocates:** C.K. Nand…; Vijay p…; +10 more

## Timeline

- **2023-03-28 — CIRP Init…**: Corporate Debtor (CD) admitted into…
- **2023-05-18 — RP Appoin…**: Ritesh R. Mahajan appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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