# Approval of Resolution Plan - M/S India Mega Agro Anaj Ltd.

> NCLT judgment dated 2025-06-12. Citation: TCN-2025-NCLT-00900. The Corporate Insolvency Resolution Process (CIRP) of M/s India Mega Agro Anaj Ltd was…

- **Court:** NCLT
- **Order date:** 12 Jun 2025
- **Citation:** TCN-2025-NCLT-00900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-ms-india-mega-agro-anaj-ltd-134a7ac5

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) of M/s India Mega Agro Anaj Ltd was initiated by the Tribunal vide order dated 16.11.2022 under Section 7 of the Code. The Resolution Professional filed an application for approval of the Resolution Plan approved by the Committee of Creditors.

## Facts

The CIRP was initiated against M/s India Mega Agro Anaj Ltd on 16.11.2022.

Mr. Krishna Chamadia was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The Committee of Creditors (CoC) was constituted on 09.01.2024, consisting of three Financial Creditors.

The CoC approved the Resolution Plan submitted by Mr. Chinyya Dumpalwar and Mr. Suraj Zawar with 71.33% voting share.

The applicant filed an IA 2754 of 2024 ("1st Extension Application") for seeking an extension of 90 days, i.e. till 12.09.2024, which was granted vide order dated 5.06.2024 for a period of 90 days, till 12.09.2024.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan complies with the requirements of Section 30(2) of the Insolvency and …

**Ratio:** The Resolution Plan must comply with the mandatory compliances as stipulated under

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**Reasoning:** The Tribunal has to ensure that the Resolution Plan adheres to the statutory requirements

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**Interpretation:** Section 30(2) sets out the conditions that a resolution plan must fulfill to be

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**Application:** The Tribunal perused Form H and determined that the Resolution Plan is in

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## Parties

- **Judges:** Sushil Mahadeorao…; Charanjeet Singh…
- **Appellants:** Axis Bank L…; Krishna Ch…
- **Respondents:** M/s India Mega…; M/s Indian Mega…
- **Other parties:** Bank of B…; Mahindra &…; +1 more
- **Advocates:** Rohit G…

## Timeline

- **16.11.2022 — Commencement of CIRP…**: The CIRP was initiated against M/s India Mega Agro Anaj Ltd and Interim Resolution…
- **18.11.2022 — Publication of Public…**: Public announcement was made…

## 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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