PRONOUNCEMENT OF ORDER

Delivered on 05/06/2026

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Appearance:

For the Applicant : Mr. Abhishek Naik, Adv (online)

: Ms. Teena S. Pandey, (RP-in-Person) (Online) (IA/502 & IA 503 of 2025)

Mr. Nipun Singhvi, Adv (Physical) a.w. Mr. Mayur Jugtawat, Adv (Physical) & Mr. Rahul Bhavsar, Adv (Physical) (IA 542 of 2025)

For the CoC : Mr. Rohan Patel, Proxy Adv (Online) (IA/542/2025)

For the Respondent : Mr. Nipun Singhvi, Adv (Physical) a.w. Mr. Mayur Jugtawat, Adv (Physical) & Mr. Rahul Bhavsar, Adv (Physical) (IA/502 & IA 503 of 2025)

Mr. Abhishek Naik, Adv (Online) a.w. : Ms. Teena S. Pandey, (RP-in-Person) (Online) (IA/542/2025)

J U D G E M E N T

Interlocutory Applications No. 502, 503, and 542 (hereinafter collectively referred to as ‘the three IAs’) are interconnected and arise out of the same set of facts in the present matter. The issues raised in all three IAs are common/substantially the same. In view of the common questions of fact and law, it is therefore appropriate and in the interests of justice that the three IAs be taken up and decided jointly. Accordingly, all the three IAs are being decided simultaneously by this order.

1. The present Application has been filed by Ms. Teena Saraswat Pandey, Resolution Professional of M/s. Indison Agro Foods Ltd. (“Corporate Debtor” or “CD”) under Section 33 (3) & (4) of the Insolvency & Bankruptcy Code, 2016 (“IBC”) seeking liquidation of Corporate Debtor on account of failure of M/s. Kishore Associates AOP (“Successful Resolution Applicant” or “SRA”) to implement the resolution plan, which was approved by this Hon’ble Tribunal vide Order dated 18.06.2025. seeking following prayers:

a. to pass appropriate order holding the Respondent / SRA guilty of 'knowingly' and 'willingly' contravened with the implementation of the Resolution Plan approved by this Hon'ble Tribunal vide its Order dated 18.06.2025;

b. to pass appropriate order directing the initiation of penal proceeding under Section 74(3), IBC against the Respondent/ SRA for its failure to make the payment of resolution amount as per the approved Resolution Plan, as such for contravention to implement the resolution plan therein.

c. allow the present Application and pass an Order directing the commencement of liquidation proceedings of the Corporate Debtor i.e., M/s. Indison Agro Foods Ltd;

d. pass consequent order appointing the Applicant herein i.e., Smt. Teena Saraswat Pandey, Insolvency Professional as the Liquidator of the Corporate Debtor;

e. pass any further order(s)/direction(s) as may deem fit to this Hon’ble Tribunal.

2. The averments made by the Applicant in its application are as follows:

3. The Tribunal ordered CIRP to begin on 03.03.2023 based on an Indian Bank (formerly Allahabad Bank) Section 7 application. Ms. Teena Saraswat Pandey was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.

4. The IRP received the CIRP order on 03.03.2023 and published the statutory Form A public notice on 05.03.2023 in Free Press and Raj Express (Indore) and Indian Express and Dainik Navjyoti (Jodhpur), inviting creditors to submit claims. The IRP also informed the relevant statutory authorities in Indore and Jodhpur about commencement of the CIRP.

5. The IRP received claims after the public notice and formed a three-member Committee of Creditors (CoC) under Section 21(1) and relevant CIRP Regulations. The CoC was formally constituted on 25.03.2023 and held its first meeting on 01.04.2023. The three financial creditors and their voting percentages are listed in the application as follows:

i) State Bank of India: 52.71%

ii) Indian Bank: 36.30%

iii) ICICI Bank.: 10.99%

6. The Applicant appointed IBBI-registered valuers on 15.04.2023 (under the Code and Regulation 27) to determine the Corporate Debtor’s fair value and liquidation value for plant & machinery, land & buildings, and securities