# Approval of Resolution Plan - Nav Jyoti Agro Foods Private Limited

> NCLT judgment dated 2025-03-26. Citation: TCN-2025-NCLT-00307. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Nav Jyoti Agro Foods…

- **Court:** NCLT
- **Order date:** 26 Mar 2025
- **Citation:** TCN-2025-NCLT-00307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-nav-jyoti-agro-foods-private-limited-951a4a98

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Nav Jyoti Agro Foods Private Limited. The CIRP was initiated based on a petition filed by Suresh Kumar Rakesh Kumar, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC). The company petition was admitted on 2019-02-06. Initially, Tarun Batra was appointed as the Insolvency Resolution Professional (IRP), but later, due to the Committee of Creditors' (CoC) decision, Mahesh Chandra Purohit replaced him. The CoC, consisting solely of Punjab National Bank (PNB), sought the replacement of the IRP and appointed a Resolution Professional. Several attempts were made to invite resolution plans, but only a few Prospective Resolution Applicants (PRAs) showed interest. One of

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## Facts

The CIRP was initiated against Nav Jyoti Agro Foods Private Limited based on a petition filed by Suresh Kumar Rakesh Kumar, an Operational Creditor. The company petition was admitted on 2019-02-06. Tarun Batra was initially appointed as the IRP, but later replaced by Mahesh Chandra Purohit. The CoC consisted solely of Punjab National Bank (PNB). Several attempts were made to invite resolution plans, with only a few PRAs showing interest. Rajinder Kumar, the promoter/director of the Corporate Debtor, was initially considered ineligible under Section 29A of the Code but was later deemed eligible as an MSME unit. The CoC rejected the resolution plans and passed a resolution for liquidation. The SRA filed an application against the rejection of their plan. The CoC

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the provisions of the Insolvency and Bankruptcy Code 2016 …

**Ratio:** The legal principle is that a resolution plan must comply with all the provisions of the

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**Reasoning:** The court examined the Resolution Plan and found that it complies with all the provisions

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**Interpretation:** This issue involves the interpretation of the IBC and CIRP Regulations to

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**Application:** The court applied this principle by examining the Resolution Plan and

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## Parties

- **Judges:** Harnam Singh…; Ashish…
- **Appellants:** Suresh Kumar…
- **Respondents:** Nav Jyoti Agro…
- **Advocates:** Karanveer…; Viren S…

## Timeline

- **2018-01-01 — CP(IB) No.337/Chd/Hry/20…**: Company Petition CP(IB)…
- **2019-02-06 — Admission in…**: Corporate Debtor admitted into the Corporate Insolvency Resolution Process (CIRP) vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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