# Approval of Resolution Plan - Pannageshwar Sugar Mills Limited

> NCLT judgment dated 2025-03-26. Citation: TCN-2025-NCLT-00303. The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Pannageshwar Sugar…

- **Court:** NCLT
- **Order date:** 26 Mar 2025
- **Citation:** TCN-2025-NCLT-00303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-pannageshwar-sugar-mills-limited-8f945b34

## Summary

### Background

The case pertains to the Corporate Insolvency Resolution Process (CIRP) of Pannageshwar Sugar Mills Limited. The CIRP was initiated by the Tribunal on 2023-05-12 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Mr. Kamal Kishor Gurnani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). The RP conducted several Committee of Creditors (CoC) meetings to discuss and evaluate resolution plans. The resolution plan submitted by M/s. Vimal Agro was ultimately approved by the CoC with 100% voting share.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Pannageshwar Sugar Mills Limited on 2023-05-12. Mr. Kamal Kishor Gurnani was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). A public announcement was made on 2023-05-16. The Committee of Creditors (CoC) was formed, comprising 8 financial creditors. Sixteen CoC meetings were held. Registered Valuers were appointed on 2023-06-20 to determine the fair value and liquidation value of the Corporate Debtor. An invitation for Expression of Interest (EoI) was published on 2023-07-12. The last date for submission of Eol was 2023-08-11, later extended to 2023-08-26. Two resolution plans were received, one from Atharv Intertrade Private Limited

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s. Vimal Agro meets the requirements as stipulated under …

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

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**Reasoning:** The Tribunal observed that the resolution plan provides for the payment of insolvency

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**Interpretation:** Section 30(2) of the IBC sets out the mandatory requirements that a resolution

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**Application:** The Tribunal found that the resolution plan submitted by M/s. Vimal Agro meets

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## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Respondents:** Pannageshwar…; Bank of…

## Timeline

- **2023-05-12 — Insolvency commencement…**: The Corporate Insolvency Resolution Process (CIRP) of Pannageshwar Sugar Mills Limited…
- **2023-05-16 — Public annou…**: A Public announcement was made as per Section 13 of the Code read with Regulations 6 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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