# Approval of Resolution Plan - Indison Agro Foods Limited

> NCLT judgment dated 2025-06-18. Citation: TCN-2025-NCLT-00884. The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Jun 2025
- **Citation:** TCN-2025-NCLT-00884
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/approval-of-resolution-plan-indison-agro-foods-limited-694ece1e

## Summary

### Background

The case pertains to an application filed under Section 30(6) of the Insolvency and Bankruptcy Code, 2016, for the approval of a resolution plan for Indison Agro Foods Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition under Section 7 of the IBC by Indian Bank.

## Facts

The CIRP of Indison Agro Foods Limited was initiated on 03.03.2023 following a Section 7 petition by Indian Bank.

Teena Saraswat Pandey was appointed as the Interim Resolution Professional.

The Committee of Creditors (CoC) was constituted on 25.03.2023, comprising State Bank of India (52.71%), Indian Bank (36.30%), and Omkara Assets Reconstruction Pvt. Ltd. (10.99%).

M/s Kishore Associates AOP's resolution plan was approved by the CoC with 100% voting share on 22.11.2024.

The fair value of the assets of the corporate debtor is Rs. 19,09,47,588, and the liquidation value is Rs. 13,62,80,925.

The successful resolution applicant has proposed payment of Rs. 23,50,06,108, including CIRP costs of Rs. 1,75,46,547.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by M/s Kishore Associates AOP complies with the requirements …

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

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**Reasoning:** The Tribunal examined the resolution plan and found that it complies with Section 30(2)

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

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**Application:** The Tribunal applied Section 30(2) of the IBC to the resolution plan and found

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Teena Saraswat…
- **Respondents:** Indison Agro…
- **Other parties:** State Bank of…; Indian…; +1 more
- **Advocates:** Abhishek…

## Timeline

- **2023-03-03 — Initiation…**: The Corporate Insolvency Resolution Process (CIRP) of Indison Agro Foods Limited was…
- **2023-03-25 — Constitution…**: The Committee of Creditors (CoC) was constituted, comprising State Bank of India, Indian…

## 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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