# Mr. Prakash Dhayapule vs. M/s Shri Sai Priya Sugars Limited & Ors.

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00689. Mr. Prakash Dhayapule filed an Interlocutory Application (IA) challenging the inclusion of his…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00689
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mr-prakash-dhayapule-vs-ms-shri-sai-priya-sugars-limited-ors-fsiu5

## Summary

### Background

Mr. Prakash Dhayapule filed an Interlocutory Application (IA) challenging the inclusion of his land (19.35 acres) in the Corporate Debtor's (Shree Kedarnath Sugar and Agro Products Limited) resolution plan, which was approved on 21.09.2020. He claims to have purchased this land, which was wrongly stated as an asset of the Corporate Debtor. The land was categorized as 'Land 3' in the plan, owned by third parties/promoters' relatives, but the plan stated it would transfer to the Corporate Debtor. An order by the Assistant Commissioner on 31.07.2025 directed recording these lands in the Corporate Debtor's name, without issuing notice to the applicant.

## Facts

Interlocutory Application No. 4964 of 2025 ('Application') was filed by Mr. Prakash Dhayapule ('Applicant') on 21.10.2025.

The application is filed against M/s Shri Sai Priya Sugars Limited and Others ('Successful Resolution Applicant').

The Resolution Plan for resolution of the Corporate Debtor, M/s Shree Kedarnath Sugar and Agro Products Limited, was approved on 21.09.2020 by this Tribunal.

The Applicant prays for clarification or modification of the Tribunal's Resolution Plan approval order dated 21.09.2020 regarding land parcels admeasuring 19.35 acres of 'Land 3'.

The Applicant claims to have purchased the said land, comprising Survey numbers 77/2, 85/1, and 80/2, situated at Kerakalamatti village, Taluka Badami.

…

## Issues and analysis

### Issue 1: Whether the order dated 21 September 2020 approving the resolution plan of Respondent No. 1 directs …

**Ratio:** The Tribunal's approval order of a Resolution Plan does not automatically vest ownership

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**Reasoning:** The Resolution Plan classified 'Land 3' as 'not owned by the Corporate Debtor but by its

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**Interpretation:** An approved Resolution Plan under IBC Section 31 binds stakeholders regarding

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**Application:** The Applicant's proprietary rights in 'Land 3' are not automatically

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Prakash Dha…
- **Respondents:** Shree Kedarnath…; M/s Shri Sai…; +5 more
- **Other parties:** Committee of…; Vishala Murugesha…; +4 more
- **Advocates:** Ninad Des…; Aishwar…; +4 more

## Timeline

- **2019-08-21 — CIRP Admi…**: The Corporate Debtor, Shree Kedarnath Sugar and Agro Products Limited, was admitted into…
- **2020-09-21 — Resolution Plan…**: The Resolution Plan of M/s Shri Sai Priya Sugars Limited for the Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31(1) — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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