# Mr. Fanendra H Munot vs. Khatav Man Taluka Agro Processing Ltd.

> NCLT judgment dated 2026-10-15. Citation: TCN-2026-NCLT-01226. Mr. Fanendra H Munot, the Resolution Professional (RP) for Shree Bhimeshwari Ispat Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 15 Oct 2026
- **Citation:** TCN-2026-NCLT-01226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/approval-of-resolution-plan-shree-bhimeshwari-ispat-pvt-ltd-vyin6

## Summary

### Background

Mr. Fanendra H Munot, the Resolution Professional (RP) for Shree Bhimeshwari Ispat Pvt. Ltd. (Corporate Debtor), filed IA (I.B.C) (Plan) No. 119/MB/2025 seeking approval of a Resolution Plan submitted by Khatav Man Taluka Agro Processing Ltd. (Successful Resolution Applicant - SRA). The Corporate Debtor was admitted into CIRP on 28.11.2019 based on a petition filed by Oriental Bank of Commerce for a default amount of Rs. 46,25,89,536.43/-. The Resolution Plan, initially approved by the Committee of Creditors (CoC) with 97% voting, underwent several revisions and addendums in response to Tribunal queries and CoC requests for increased plan value. Various CoC meetings addressed claim reclassification (e.g., Punjab National Bank's secured creditor status), appointment of

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## Facts

IA (I.B.C) (Plan) No. 119/MB/2025 was filed on 20.10.2025 by Mr. Fanendra H Munot, the Resolution Professional for Shree Bhimeshwari Ispat Pvt. Ltd.

The application sought approval of a Resolution Plan under Sections 30(6) and 31 of the IBC, 2016, and Regulation 39(4) of the CIRP Regulations, 2016.

The Resolution Plan was submitted by Khatav Man Taluka Agro Processing Ltd., the Successful Resolution Applicant (SRA).

The Corporate Debtor, Shree Bhimeshwari Ispat Pvt. Ltd., was admitted into CIRP by an order dated 28.11.2019 in C.P.(IB) No. 550/MB/2018.

The original petition, CP(IB) No. 4550/MB/2018, was filed by Oriental Bank of Commerce for a default amount of Rs. 46,25,89,536.43/-.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Khatav Man Taluka Agro Processing Ltd. for Shree …

**Ratio:** The Resolution Plan must provide for priority payment of CIRP costs, payment of

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**Reasoning:** The Tribunal found that the Plan explicitly addresses the priority of CIRP costs, payment

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**Interpretation:** Compliance with Section 30(2) and relevant regulations (37, 38, 38(1A), 39(4)

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**Application:** The Tribunal meticulously reviewed the Resolution Plan and confirmed that it

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## Parties

- **Judges:** ASHISH…; ANIL RAJ C…
- **Appellants:** Fanendra H…; Punjab National…; +3 more
- **Respondents:** Shree Bhimeshwari…; Khatav Man Taluka…
- **Other parties:** Committee of…; Rohit Ashok…; +6 more
- **Advocates:** Adv Kunal…; Adv Rohit…; +1 more

## Timeline

- **2019-11-28 — CIRP Admi…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) by the…
- **2019-12-02 — Public Annou…**: Public announcement made as per Regulation 6 of CIRP Regulations in Form A for inviting…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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