# Approval of Resolution Plan - Megi Agro Chem Limited

> NCLT judgment dated 2026-01-29. Citation: TCN-2026-NCLT-00088. The Corporate Insolvency Resolution Process (CIRP) of M/s Megi Agro Chem Limited was initiated…

- **Court:** NCLT
- **Order date:** 29 Jan 2026
- **Citation:** TCN-2026-NCLT-00088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-megi-agro-chem-limited-30078f3d

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of M/s Megi Agro Chem Limited was initiated by the Tribunal. The Applicant was appointed as the Interim Resolution Professional (IRP). Public announcement was issued inviting claims from creditors.

## Facts

The IA was filed by the Resolution Professional of Megi Agro Chem Limited seeking approval of the Resolution Plan.

The Corporate Insolvency Resolution Process (CIRP) was initiated vide order dated 05.08.2022.

The Committee of Creditors (CoC) was constituted on 28.08.2022.

The Resolution Plan submitted by Arainfra Projects Private Limited was approved by the CoC with 100% vote.

The SRA is willing to consider the claim filed by the EPFO, for which a provision will be made in the Resolution Plan.

The Resolution Plan proposes the infusion of Rs. 17,51,00,000/- into the Company by Arainfra Projects Private Limited towards payment of all the stakeholders.

The existing shareholders' shares will be extinguished.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Arainfra Projects Private Limited meets the requirements …

**Ratio:** Section 30(6) of the Code mandates the Resolution Professional to submit the Resolution

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**Reasoning:** The Tribunal examined the Resolution Plan and found it to be in compliance with the

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**Interpretation:** The Resolution Plan must adhere to the provisions of the Code and related

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**Application:** The Tribunal found that the Resolution Plan complied with the requirements of

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## Parties

- **Judges:** Mohan Prasad…; Charanjeet Singh…
- **Appellants:** Pridhvi Asset…; Vakati Balasubrama…
- **Respondents:** Megi Agro Chem…
- **Other parties:** CoC…; Akhil Ag…
- **Advocates:** Pulkit S…; Pulkitesh Dutt…; +4 more

## Timeline

- **2023-10-19 — IA Filin…**: IA filed by Mr. Vakati…
- **2022-08-05 — CIRP Init…**: Corporate Insolvency Resolution…

## 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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