# Axis Bank Limited vs. Khadkeshwar Hatcheries Limited

> NCLT judgment dated 2026-08-27. Citation: TCN-2026-NCLT-00931. Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Khadkeshwar…

- **Court:** NCLT
- **Order date:** 27 Aug 2026
- **Citation:** TCN-2026-NCLT-00931
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/axis-bank-limited-vs-khadkeshwar-hatcheries-limited-1lmid

## Summary

### Background

Axis Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Khadkeshwar Hatcheries Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor was admitted into CIRP on 20.06.2023, and Amit Chandrashekhar Poddar was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). A public announcement was made, claims were invited, and the Committee of Creditors (CoC) was constituted. After inviting Expressions of Interest (EOI), M/s. Ananta Vegetable Seeds Private Limited submitted a Resolution Plan, which was subsequently approved by the CoC with a 77.90% voting share.

## Facts

Axis Bank Limited filed an application under Section 7 of the IBC, 2016, against Khadkeshwar Hatcheries Limited.

Khadkeshwar Hatcheries Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 20.06.2023.

Amit Chandrashekhar Poddar was appointed as the Interim Resolution Professional (IRP) and later as the Resolution Professional (RP).

The IRP made a public announcement on 23.06.2023 to invite claims from creditors.

A list of creditors was prepared on 20.06.2023, and the Committee of Creditors (CoC) was constituted on 13.07.2023, later revised on 19.09.2023.

The CoC included Secured Financial Creditors (IDBI Bank, Axis Bank, Bank of Baroda, Union Bank of India) and Unsecured Financial Creditors (Amrutha Finance Pvt Ltd, Saikrupa Poultry Pvt Ltd).

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by Ananta Vegetable Seeds Private Limited complies with the …

**Ratio:** A resolution plan must strictly adhere to the procedural and substantive requirements of

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**Reasoning:** The Tribunal reviewed the Resolution Plan against various statutory provisions and

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**Interpretation:** Strict compliance with the IBC and its regulations is fundamental for the

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**Application:** The Resolution Professional's certification and the Tribunal's review confirmed

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## Parties

- **Judges:** Hariharan…; LAKSHMI G…
- **Appellants:** Axis Bank L…; Amit Chandrashekha…
- **Respondents:** Khadkeshwar…
- **Other parties:** IDBI Bank L…; Bank of B…; +5 more
- **Advocates:** Malavika…; Pulkit S…; +2 more

## Timeline

- **2023-06-20 — CIRP Initiation and IRP…**: Khadkeshwar Hatcheries Limited was admitted into Corporate Insolvency Resolution Process…
- **2023-06-23 — Public Annou…**: The IRP made a public announcement to invite claims from the creditors of the Corporate…

## 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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