The National Company Law Tribunal (NCLT) has approved the Rs 30.33-crore resolution plan submitted by Maa Annapurna Agritech Pvt Ltd, in consortium with Manorama Devi Jhavar, for debt-ridden Indian Soya Industries Pvt Ltd, bringing to a close a corporate insolvency resolution process (CIRP) that began in July 2020.
The Indore Bench of the NCLT approved the plan after noting that it had received 100% voting support from the Committee of Creditors (CoC) and met the requirements of the Insolvency and Bankruptcy Code (IBC). The successful resolution applicant has been given seven years from the effective date to implement the plan.
The approved plan envisages a total resolution amount of Rs 30.33 crore, inclusive of CIRP…