# Mr. Amit Agarwal (RP of M/s Mastana Foods Private Limited) vs. M/s HR Commercials Private Limited & M/s Crown Steels

> NCLT judgment dated 2026-06-12. Citation: TCN-2026-NCLAT-00208. IA (IBC) (PLAN) No. 48/2025 was filed by Mr. Amit Agarwal, the Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 12 Jun 2026
- **Citation:** TCN-2026-NCLAT-00208
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/mr-amit-agarwal-rp-of-ms-mastana-foods-private-limited-vs-ms-hr-commercials-priv-fchq8

## Summary

### Background

IA (IBC) (PLAN) No. 48/2025 was filed by Mr. Amit Agarwal, the Resolution Professional (RP) of M/s Mastana Foods Private Limited (Corporate Debtor), seeking approval for the Resolution Plan submitted by M/s HR Commercials Private Limited and M/s Crown Steels (Successful Resolution Applicant - SRA). The underlying Company Petition No. (IB)-630(PB)/2019 was initiated by the State Bank of India (Financial Creditor) against the Corporate Debtor. Mr. Ashok Kumar Juneja was initially appointed as IRP/RP but was later replaced by Mr. Amit Agarwal. The CIRP involved multiple extensions, re-publication of Form Gs, and several rounds of resolution plan submissions and e-bidding, culminating in the selection of M/s HR Commercials Private Limited and M/s Crown Steels as the H1

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## Facts

M/s Mastana Foods Private Limited (Corporate Debtor) was incorporated on 03.03.1999.

The Company Petition CP (IB)-630(PB)/2019 was filed by State Bank of India (Financial Creditor) under Section 7 of the IBC, 2016.

The application for CIRP was admitted on 18.09.2019, and Mr. Ashok Kumar Juneja was appointed as the Interim Resolution Professional (IRP).

Mr. Ashok Kumar Juneja was confirmed as Resolution Professional (RP) in the 1st CoC meeting on 17.10.2019.

State Bank of India is the sole secured Financial Creditor and holds 100% voting share in the Committee of Creditors (CoC).

The Fair Value of the Corporate Debtor was INR 70,16,94,723, and the Liquidation Value was INR 48,95,06,043.

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## Issues and analysis

### Issue 1: Whether the Resolution Plan submitted by M/s HR Commercials Private Limited and M/s Crown Steels …

**Ratio:** The Resolution Plan complies with Sections 30 and 31 of the IBC, 2016, and Regulations

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**Reasoning:** The RP filed a Compliance Certificate (Form H) confirming adherence to statutory

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**Interpretation:** Compliance with the IBC and CIRP Regulations is a mandatory prerequisite for

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**Application:** The NCLT found that the Resolution Plan met all statutory compliances,

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Amit Agarwal…; Amit Ag…; +7 more
- **Respondents:** M/s Mastana Foods…; M/s HR Commercials…
- **Other parties:** Hanumant…; Poonam…; +14 more
- **Advocates:** Sumant…; Pankaj Ag…; +7 more

## Timeline

- **1999-03-03 — Corporate Debtor…**: M/s Mastana Foods Private…
- **2019-09-18 — CIRP Initiation & IRP…**: Company Petition CP (IB)-630(PB)/2019 filed by State Bank of India was admitted, and Mr.…

## 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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