# Approval of Resolution Plan - Siddhi Agrofoods Private Limited

> NCLT judgment dated 2025-03-28. Citation: TCN-2025-NCLT-00289. The case involves an application (IA (IB) (Plan) No. 1/CB/2025) filed by the Resolution…

- **Court:** NCLT
- **Order date:** 28 Mar 2025
- **Citation:** TCN-2025-NCLT-00289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/approval-of-resolution-plan-siddhi-agrofoods-private-limited-6f379a3c

## Summary

### Background

The case involves an application (IA (IB) (Plan) No. 1/CB/2025) filed by the Resolution Professional (RP) of Siddhi Agrofoods Private Limited, the Corporate Debtor (CD), seeking approval of a resolution plan submitted by R.K. Agro Export, the Successful Resolution Applicant (SRA). The Corporate Insolvency Resolution Process (CIRP) was initiated against the CD following an application by IndusInd Bank Ltd. under Section 7 of the Insolvency & Bankruptcy Code, 2016. The application was admitted on 03.04.2024. The RP was appointed, and a public announcement was made, inviting creditors to submit their claims. The Committee of Creditors (COC) was constituted, comprising only IndusInd Bank, holding 100% voting rights. The COC approved the appointment of various

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## Facts

IndusInd Bank Ltd. initiated Corporate Insolvency Resolution Process (CIRP) against Siddhi Agrofoods Private Limited by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was admitted on 03.04.2024, leading to the appointment of a Resolution Professional (RP). The RP made a public announcement inviting claims from creditors. The Committee of Creditors (COC) was formed, consisting solely of IndusInd Bank, holding 100% voting rights. The RP published Form-G to invite expressions of interest from prospective resolution applicants. The COC adopted the Swiss Challenge Mechanism to negotiate with resolution applicants. Three resolution plans were received from Ambey Agro Food Industries Pvt. Ltd., R.K. Agro Export, and

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by R.K. Agro Export meets the requirements of Section 30(2) …

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

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**Reasoning:** The NCLT examined the Resolution Plan and found that it complied with the requirements of

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**Interpretation:** Section 30(2) is interpreted to ensure that the resolution plan adequately

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**Application:** The NCLT applied the provisions of Section 30(2) to the specific details of the

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Sushanta Kumar…
- **Respondents:** Siddhi Agrofoods…

## Timeline

- **2024-03-04 — Order for CIRP…**: Order passed by the Adjudicating Authority admitting the application under Section 7 of…
- **2024-04-03 — Order Da…**: Copy of the order dated 03.04.2024 is…

## 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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