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

> NCLT judgment dated 2025-06-12. Citation: TCN-2025-NCLT-00894. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s India Mega Agro…

- **Court:** NCLT
- **Order date:** 12 Jun 2025
- **Citation:** TCN-2025-NCLT-00894
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-ms-india-mega-agro-anaj-ltd-b7f47a7d

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s India Mega Agro Anaj Ltd by Axis Bank Limited. The Resolution Professional, Mr. Krishna Chamadia, filed an application (I.A. NO. 107/2024) seeking approval of the resolution plan approved by the Committee of Creditors (CoC).

## Facts

CIRP was initiated against M/s India Mega Agro Anaj Ltd vide order dated 16.11.2022 under Section 7 of the Code.

Mr. Krishna Chamadia was appointed as the Resolution Professional (RP).

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

The CoC approved a resolution plan submitted by Mr. Chinyya Dumpalwar and Mr. Suraj Zawar with 71.33% voting share.

The RP filed an application (I.A. NO. 107/2024) seeking approval of the resolution plan.

The SRA, Mr. Chinyya N. Dumplwar has submitted the performance bank guarantee of Rs. 3,31,50,000/-.

The Adjudicating Authority approved the resolution plan.

## Issues and analysis

### Issue 1: Whether the Resolution Plan meets the requirements specified in Section 30(2) of the Insolvency and …

**Ratio:** The Hon'ble Apex Court in K Sashidhar v. Indian Overseas Bank & Others (2019) 12

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**Reasoning:** The Adjudicating Authority is required to satisfy itself that the Resolution Plan, as

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**Interpretation:** The role of the NCLT is 'no more and no less'. The discretion of the

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**Application:** The Adjudicating Authority scrutinized the Resolution Plan and found it to be

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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 &…
- **Advocates:** Rohit G…

## Timeline

- **16.11.2022 — Commencement of CIRP…**: The CIRP was commenced and Interim…
- **18.11.2022 — Publication of Public…**: Public announcement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 43 — Preferential transactions and relevant time](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-43)

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