# Approval of Resolution Plan - Cane Agro Energy (India) Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-00318. The application was filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-00318
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-cane-agro-energy-india-limited-4f0715ca

## Summary

### Background

The application was filed under Section 30(6) and Section 31 of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional, seeking approval of the Resolution Plan submitted by Raigaon Sugar & Power Ltd. JV, which was approved by 71.81% of the Committee of Creditors (CoC). The Corporate Insolvency Resolution Process (CIRP) was initiated following a Company Petition filed by ASREC (India) Limited under Section 7 of the IBC. The CIRP was initiated by an order dated 2021-04-30, and the applicant was appointed as the Interim Resolution Professional and later confirmed as Resolution Professional. The Resolution Professional received a Resolution Plan from Raigaon Sugar & Power Ltd. JV on 2021-08-13, along with a Bid Bond Amount of ₹25,00,000/-. The

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## Facts

ASREC (India) Limited, a Financial Creditor, filed a Company Petition (IB) No. 233 of 2021 under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) for M/s Cane Agro Energy (India) Limited, the Corporate Debtor, via an order dated 2021-04-30. Mr. Ritesh R. Mahajan was appointed as the Interim Resolution Professional and later confirmed as the Resolution Professional. A public announcement was made on 2021-05-07, inviting claims from creditors. The Resolution Professional appointed six registered valuers to assess the fair and liquidation value of the assets. The Invitation for Expression of Interest (EOI) was approved on 2021-06-21. Raigaon Sugar & Power Ltd. JV submitted a

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s Raigaon Sugar & Power Ltd. JV meets the …

**Ratio:** Section 30(2) of the IBC outlines the mandatory requirements that a resolution plan must

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**Reasoning:** The NCLT examined the Resolution Plan to ensure it adhered to all the requirements

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**Interpretation:** Section 30(2) is interpreted as setting a minimum threshold for the content and

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**Application:** The NCLT found that the Resolution Plan submitted by M/s Raigaon Sugar &

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Ritesh R. M…
- **Respondents:** M/s Cane Agro…; Asrec (India)…

## Timeline

- **2021-04-30 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated by…
- **2021-05-07 — Public Annou…**: Applicant published a Public Announcement in Form A inviting submission of proof of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 66 — Fraudulent trading or wrongful trading](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-66)

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