# In the matter of Mangomeadows Agricultural Pleasure land Pvt. Ltd.

> NCLT judgment dated 2026-03-18. Citation: TCN-2026-NCLT-00267. The case involves applications filed by Mr. N.K. Kurian, a suspended director of Mangomeadows…

- **Court:** NCLT
- **Order date:** 18 Mar 2026
- **Citation:** TCN-2026-NCLT-00267
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/mangomeadows-agricultural-pleasure-land-pvt-ltd-c96fd48c

## Summary

### Background

The case involves applications filed by Mr. N.K. Kurian, a suspended director of Mangomeadows Agricultural Pleasure Land (P) Ltd, against Mr. K. Easwara Pillai, the Resolution Professional, and M/s Kosamattam Finance, a Financial Creditor. The applications challenge decisions made by the Committee of Creditors (CoC) and seek to set aside a Scheme of Compromise and Arrangement.

## Facts

Mr. N.K. Kurian, the suspended director of Mangomeadows Agricultural Pleasure Land (P) Ltd, filed applications challenging decisions made by the Committee of Creditors (CoC).

M/s Kosamattam Finance initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016, alleging default in repayment of the financial debt.

The Corporate Insolvency Resolution Process (CIRP) was commenced, and Mr. K. Easwara Pillai was appointed as the Interim Resolution Professional.

A resolution plan submitted by M/s Torrion Impex India Pvt. Ltd. was initially approved by the CoC but later withdrawn.

The CoC approved a Scheme of Compromise and Arrangement proposed by the Financial Creditor, Kosamattam Finance, which holds 98.69% of the voting share.

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## Issues and analysis

### Issue 1: Whether the Scheme of Compromise and Arrangement proposed by the Financial Creditor during the …

**Ratio:** A scheme under Section 230 of the Companies Act, 2013, is statutorily contemplated only

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**Reasoning:** The Adjudicating Authority referred to Section 230(6) of the Companies Act, 2013,

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**Interpretation:** The statutory framework specifically situates a scheme under Section 230 at the

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**Application:** In the present case, the Corporate Debtor was undergoing CIRP, and no

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## Parties

- **Judges:** Vinay…
- **Appellants:** N.K. Ku…; K. EASWARA…
- **Respondents:** Mangomeadows…; KOSAMATTAM…
- **Other parties:** Kosamattam…
- **Advocates:** Harikumar.…; Dhananjay…; +1 more

## Timeline

- **2022 — CP(IB)/6/KO…**: Respondent No. 2 initiated proceedings in CP(IB)/6/KOB/2022 under Section 7 of the…
- **2023-01-25 — Admission of Section 7…**: The petition under Section 7 was admitted on 25.01.2023, and the Corporate Insolvency…

## 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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