NCLT Clears ₹331.50 Million Resolution Plan For Indian Mega Agro Anaj

The Mumbai bench of the National Company Law Tribunal has approved a ₹331.50 million resolution plan submitted by Chinyya N. Dumplwar for Indian Mega Agro Anaj Ltd., a debt-ridden foodgrain company. Dumplwar is the proprietor of Shriniwas Trading Company, which operates in the foodgrain trade.

The tribunal said the plan complies with the provisions of the Insolvency and Bankruptcy Code and the IBBI (Corporate Insolvency Resolution Process) Regulations, 2016, and hence "needs to be approved."

As per the plan, secured creditors—Bank of Baroda, Axis Bank, and Mahindra & Mahindra Financial Services Ltd.—will recover ₹239.81 million.

Axis Bank had initiated insolvency proceedings against the company in 2022. Indian Mega Agro Anaj had admitted dues of ₹3.75 billion.