INDIAN SOYA INDUSTRIES PVT LTD

Total plan funding, as printed

Rs. 30,33,42,136/- (Rupees Thirty Crores Thirty-Three Lakhs Fourty-Two Thousand One Hundred and Thirty-Six Only), inclusive of CIRP costs

Upfront amount, as printed

Upfront components: Rs.5,00,000 at Expression of Interest; Rs.25,00,000 EMD with Resolution Plan; Rs.1,00,00,000 FD Performance Guarantee; Rs.75,00,000 on NCLT Approval; Rs.2,05,00,000 upfront already deposited by the SRA as EMD & Performance Security after CoC approval

Deferred amount, as printed

Year 2: Rs.50,00,000 quarterly / Rs.2,00,00,000 yearly; Year 3: Rs.50,00,000 / Rs.2,00,00,000; Year 4: Rs.1,00,00,000 / Rs.4,00,00,000; Year 5: Rs.1,00,00,000 / Rs.4,00,00,000; Year 6: Rs.1,41,05,267 / Rs.5,64,21,068; Year 7: Rs.1,41,05,267 / Rs.5,64,21,068

Payout horizon as printed

7 years from the Effective Date; Rs.7,05,00,000 payable in Year 1 (upfront A + sale-of-Unit-1 component B within 180-365 days)

Plan term as printed

7 (Seven) years from the Effective Date, i.e., date of approval of this plan by the NCLT

CIRP cost, as printed

Rs. 30,00,000/-

Cirp cost treatment

Full payment of CIRP costs (100%) within 6 months from the date of receipt of the certified copy of the approval of this plan from the Tribunal [Clause 7.2]

Performance security

Rs. 1,00,00,000/- deposited by the successful Resolution Applicant in compliance with Regulation 36B(4A) of the CIRP Regulations, 2016

Performance security instrument

FD

Earnest money deposit

Rs.5,00,000 at time of Expression of Interest; Rs.25,00,000 EMD with the Resolution Plan

Units note

Creditor list and payment/valuation figures printed mostly in absolute Rupees; the initial valuation summary table (para 8) is printed in Rs. Crores

Creditor list and payment/valuation figures printed mostly in absolute Rupees; the initial valuation summary table (para 8) is printed in Rs. Crores

Body of order · 27 rows

1. Seq

   1

   Beneficiary

   Expression of Interest (EMD)

   Amount as printed

   Rs.5,00,000

   Timing as printed

   Upfront - at Expression of Interest

2. Seq

   2

   Beneficiary

   EMD with Resolution Plan

   Amount as printed

   Rs.25,00,000

   Timing as printed

   Upfront - with Resolution Plan submission

3. Seq

   3

   Beneficiary

   FD Performance Guarantee

   Amount as printed

   Rs.1,00,00,000

   Timing as printed

   Upfront

4. Seq

   4

   Beneficiary

   Upon NCLT Approval

   Amount as printed

   Rs.75,00,000

   Timing as printed

   Upfront - on NCLT Approval

5. Seq

   5

   Beneficiary

   Sale of Unit-1 of CD at Sector B, Sanwer Road, Indore, or own sources

   Amount as printed

   Rs.5,00,00,000

   Timing as printed

   Within 180 to 365 days (Year 1, component B)

6. Seq

   6

   Beneficiary

   Instalments - Year 2

   Amount as printed

   Rs.50,00,000 quarterly / Rs.2,00,00,000 yearly

   Timing as printed

   Year 2

7. Seq

   7

   Beneficiary

   Instalments - Year 3

   Amount as printed

   Rs.50,00,000 quarterly / Rs.2,00,00,000 yearly

   Timing as printed

   Year 3

8. Seq

   8

   Beneficiary

   Instalments - Year 4

   Amount as printed

   Rs.1,00,00,000 quarterly / Rs.4,00,00,000 yearly

   Timing as printed

   Year 4

9. Seq

   9

   Beneficiary

   Instalments - Year 5

   Amount as printed

   Rs.1,00,00,000 quarterly / Rs.4,00,00,000 yearly

   Timing as printed

   Year 5

10. Seq

    10

    Beneficiary

    Instalments - Year 6

    Amount as printed

    Rs.1,41,05,267 quarterly / Rs.5,64,21,068 yearly

    Timing as printed

    Year 6

11. Seq

    11

    Beneficiary

    Instalments - Year 7

    Amount as printed

    Rs.1,41,05,267 quarterly / Rs.5,64,21,068 yearly

    Timing as printed

    Year 7

Entity type

consortium

Consortium members

1. Maa Annapurna Agritech Private Limited
2. Mrs. Manorama Devi Jhavar

Related party finding

The SRA is a consortium of Mrs. Manorama Devi Jhavar & M/s Maa Annapurna Agritech Pvt. Ltd. It is respectfully submitted that the SRA is a related party of this Corporate Debtor: present CD director Vipul Jhavar is grandson of Mrs. Manorama Devi Jhavar and grandson of Mr. Mangilal Jhavar; present CD director Nandlal Jhavar is son of Mrs. Manorama Devi Jhavar and Mr. Mangilal Jhavar, and father of Mr. Vaibhav Jhavar (director of MAAPL)

MSME Section 240A route

Yes

Applicant net worth

MAAPL Authorized Share Capital Rs. 2.05 Crores and Paid-up Capital of Rs. 1.34 Crores; MAAPL Net Worth Rs.542.58 Lacs for FY 2024-25 with cash profit of Rs.95.38 Lacs (per Statement of Account)

Sources of funds

Upfront (own sources) Rs.2,05,00,000; Disposal of Unit-1 of CD (Sector B, Sanwer Road, Indore) Rs.5,00,00,000; Reserves and Surplus of MAAPL Rs.3,31,00,000; Through Operations of MAAPL Rs.1,43,47,375; Through Relatives, Friends and Family (unsecured) Rs.7,04,47,385; Through Operations of the Corporate Debtor Rs.11,49,47,376; Total Rs.30,33,42,136

Post plan management

Corporate Debtor to be managed by professionals/persons nominated by the Resolution Applicant [clause 21 & schedule 7]; Mr. Vaibhav Jhavar, Director of Maa Annapurna Agritech Private Limited, authorized to take all steps necessary for submission of and further action on the Resolution Plan

Statutory dues

Dy. Commissioner Customs (EPCG) Rs.41,62,991/41,62,990.84 claimed and admitted in full; CGST & Excise Department Rs.1,06,800 admitted in full; Employees Provident Fund Rs.2,04,125 admitted in full; Commercial Tax Department (two circles) claims of Rs.47,69,78,385 and Rs.4,46,48,549, and Assistant Commissioner CGST & Central Excise Division claims of Rs.47,06,482 and Rs.6,36,88,752 - not admitted, received after CoC approval of the plan; Plan pays Rs.41,630 to Dy. Commissioner Customs EPCG Monitoring Cell as statutory dues; Commercial Tax Department's separate claim of Rs.52,16,26,934 (seeking secured operational creditor status) rejected by the Tribunal (order dated 30.01.2026) as time-barred

Operational creditors

Total Operational Creditors per creditor list: Rs.2,91,02,560.84 claimed and admitted; per the Plan's payment break-up table, Rs.2,49,39,570 admitted and Rs.2,00,506 (0.80%) offered [clause 7.3], paid in priority over Financial Creditors per Regulation 38(1)(a)

Workmen employees

No claim received from Workmen/Employees

Litigation carveout

Relief sought (clause 16-V) for withdrawal/dismissal/bar of all existing or threatened inquiries, investigations, litigations, arbitrations and regulatory proceedings relating to the period prior to takeover; Section 32A immunity, privileges and protection granted to the Resolution Applicant, Corporate Debtor and the assets forming part of the Plan (bench point j)

Group entities

Reliefs/concessions/waivers under the approved Plan do not extend to subsidiaries, joint ventures or associates/affiliates not subjected to resolution in this CIRP; no claim or action shall lie against the Corporate Debtor for obligations of such entities, past or future

Assets description

Plant and Machinery, Land and Building (Unit at Plot No.1&2 Sector-B and Unit at Plot Nos.1,2,3&4A Sector-D, Sanwer Road, Indore), and Securities and Financial Assets; business of manufacturing and supply of soya products and soya oil

Interim resolution professional

Mr. Mangesh Vitthal Kekre

RP replaced the IRP

No

Invitations for expressions of interest

1. Round no

   1

   Form g date

   2020-09-29

   Expressions of interest received

   6

   Final list count

   3

   Plans received

   3

   Outcome

   plan approved

Applicants considered

1. Name

   Maa Annapurna Agritech Pvt. Ltd. in consortium with Mrs. Manorama Devi Jhavar (SRA / H1)

   Stage reached

   approved

   Plan value as printed

   Rs.30.33 Cr (Total outlay Rs.30.33 Cr; NPV Rs.27.04 Cr)

   Vote pct

   100

   Outcome note

   Approved by CoC with 100% voting share via e-voting concluded 27.08.2021

2. Name

   Samyak International Limited (H2)

   Stage reached

   rejected_by_coc

   Plan value as printed

   Rs.21.80 Cr (Total outlay Rs.24.80 Cr; NPV Rs.19.9 Cr)

   Vote pct

   0 (100% dissent)

   Outcome note

   Rejected with 100% dissent

3. Name

   M/s Bio Treasure Overseas (H3)

   Stage reached

   rejected_by_coc

   Plan value as printed

   Rs.21.42 Cr (Total outlay Rs.24.42 Cr; NPV Rs.19.32 Cr)

   Vote pct

   0 (100% dissent)

   Outcome note

   Rejected with 100% dissent

Bidding mechanism

negotiation

Evaluation matrix present

Yes

Clock events

1. Kind

   extension

   Days

   90

   Granted date

   2021-01-28

   Reason

   CoC resolution in 5th meeting (09.12.2020) for extension of CIRP beyond 180 days; Adjudicating Authority order in I.A. No.19 of 2021 extended CIRP from 10.01.2021 to 10.04.2021

2. Kind

   exclusion

   Days

   30

   Granted date

   2021-04-07

   Reason

   CoC resolved on exclusion of 30 days due to Covid-19 spread (11th CoC meeting)

3. Kind

   exclusion

   Days

   30

   Granted date

   2021-05-20

   Reason

   CoC resolved on exclusion of 30 days due to Covid-19 spread (12th CoC meeting)

Advisors

1. Role

   valuer

   Name

   Manish Pathak

   Note

   Plant and Machinery

2. Role

   valuer

   Name

   Manish Khanduja

   Note

   Plant and Machinery

3. Role

   valuer

   Name

   Pumesh Baheti

   Note

   Land and Building

4. Role

   valuer

   Name

   Lalit Kale

   Note

   Land and Building

5. Role

   valuer

   Name

   Ishaan Jain

   Note

   Securities and Financial Assets

6. Role

   valuer

   Name

   Kamna Barmecha

   Note

   Securities and Financial Assets

7. Role

   liquidator

   Name

   CA Naveen Kumar Sood

   Note

   appointed as liquidator of the Corporate Debtor per 14th CoC meeting (12.07.2021), before the liquidation application was later withdrawn

1. Creditor

   Punjab National Bank

   Creditor class

   financial_creditor

   Voting pct

   100.00

   Vote

   for

   Claim admitted as printed

   49,09,05,601.80

Business & treatment of stakeholders

Order permits future increase in authorized capital (subject to prescribed fee/forms) and reduction in capital / issuance of fresh capital under the Companies Act, 2013 (RoC to waive additional fees on such filing) if pursued per the Plan's reliefs

Effective date definition

Effective Date = the date of approval of this Plan by the NCLT

Monitoring committee

To be constituted within 3 days from the Effective Date, comprising: (i) Resolution Professional; (ii) One member of the CoC; and (iii) One nominee of the Resolution Applicant ("Monitoring Agency")

1. Seq

   1

   Relief

   Consents, Approvals and Authorizations: upon NCLT approval, all actions under the Plan deemed approved; existing consents, approvals, licences, permits and authorizations to continue and not be terminated/invalidated due to implementation of the plan

   Category

   licences_approvals

   Disposition

   granted

2. Seq

   2

   Relief

   Licenses, Approvals and Contractual Rights: continuity without disruption for at least 2 years; expired approvals deemed valid for 12 months or until renewal; export approvals/benefits transferred to Resolution Applicant; essential services restored

   Category

   licences_approvals

   Disposition

   conditional

   Reason

   bench point (e): SRA may file appropriate application for renewal, subject to consent of third parties; continuance shall not be refused on account of extinguishment of dues under the Code or past insolvency

3. Seq

   3

   Relief

   Extinguishment of Claims and Liabilities: all claims (admitted or not, known or unknown, secured or unsecured, past or future) arising prior to completion date to stand extinguished, clean slate

   Category

   other

   Disposition

   granted

   Reason

   Order clause C: "All crystallized liabilities and unclaimed liabilities of the Corporate Debtor as on the date of this order shall stand extinguished on the approval of this Resolution Plan."

4. Seq

   4

   Relief

   Immunity for Past Non-Compliances: immunity from actions/penalties/liabilities for past non-compliances prior to completion date, obligation only to rectify prospectively

   Category

   statutory_dues

   Disposition

   conditional

   Reason

   bench point (g): no action shall lie for prior non-compliances, but such non-compliances shall be cured after approval within the stipulated period; statutory appointments to be completed within 12 months

5. Seq

   5

   Relief

   Withdrawal of Proceedings: all existing/threatened inquiries, investigations, litigations, arbitrations and regulatory proceedings relating to the period prior to takeover to stand withdrawn, dismissed or barred

   Category

   litigation_immunity

   Disposition

   deferred_to_authority

6. Seq

   6

   Relief

   Protection of Contracts: implementation of the Plan shall not be a ground for termination of existing contracts

   Category

   contracts

   Disposition

   deferred_to_authority

7. Seq

   7

   Relief

   Tax and Stamp Duty Exemptions: transactions under the Plan exempt from taxes and stamp duty under the Income-tax Act, GST laws and Stamp Act

   Category

   tax

   Disposition

   conditional

   Reason

   bench point (b): Income Tax Department at liberty to examine tax implications under Sections 2(24), 28 and 56 read with GAAR; bench point (d): SRA may approach prescribed authorities for waiver/reduction of fees/stamp duty subject to relevant law

8. Seq

   8

   Relief

   Carry Forward of Tax Benefits: CD allowed to carry forward accumulated losses, unabsorbed depreciation and utilise input tax credits

   Category

   tax

   Disposition

   conditional

   Reason

   bench point (h): carry forward of losses and unabsorbed depreciation available in accordance with the Income Tax Act, and the Income Tax Department at liberty to examine the same

9. Seq

   9

   Relief

   Title and Assets Protection: Resolution Applicant entitled to clear and undisputed title over CD's assets, free from undisclosed encumbrances or third-party claims

   Category

   other

   Disposition

   deferred_to_authority

10. Seq

    10

    Relief

    Immunity, privileges and protection under Section 32A of the Code for the Resolution Applicant, Corporate Debtor and its assets forming part of the Resolution Plan

    Category

    32A

    Disposition

    granted

    Reason

    bench point (j): "shall have immunity, privileges and protection as is available in the form and manner stated in Section 32A of the Insolvency and Bankruptcy Code, 2016"

11. Seq

    11

    Relief

    (all reliefs, en bloc)

    Category

    other

    Disposition

    deferred_to_authority

    Reason

    "The stated effect of the Resolution Plan and reliefs & concessions as prayed for shall be available in accordance with the principle laid down by the Hon'ble Supreme Court in Ghanshyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited... and Municipal Corporation of Greater Mumbai v. Abhilash Lal and Ors."; catch-all bench point (l): "any relief, concession or waiver, not specifically dealt with in Paras (a) to (l) above or not permissible in terms of decision in case of Ghanshyam Mishra (supra) and Abhilash Lal (Supra)... shall be deemed to be denied or rejected."

1. Objector

   Commercial Tax Department

   Objector class

   government

   Ground

   sought to be treated as a secured operational creditor; claim amounting to Rs.52,16,26,934

   Disposition

   dismissed

   Effect on approval

   Tribunal order dated 30.01.2026 rejected the application on the ground the claim was filed beyond the prescribed time limit

1. Date

   2026-04-24

   What

   Tribunal sought clarification, and the Applicant filed a Clarificatory Affidavit on 13.05.2026 addressing: (i) Profit & Loss accounts for the three years preceding CIRP initiation; (ii) valuation reports not earlier placed on record; (iii) statutory liabilities as claimed versus as shown in audited financial statements; (iv) whether the SRA is a related party and its effect; (v) sources of funds with supporting documents; (vi) comparative NPV evaluation confirming H1 remained higher than H2/H3 under the revised, longer-repayment plan

Conditions imposed

1. Condition

   Resolution Applicant shall, for effective implementation of the Plan, obtain all necessary approvals under any law for the time being in force within such period as may be prescribed

   Addressed to

   Resolution Applicant

2. Condition

   The Memorandum of Association (MoA) and Articles of Association (AoA) shall be amended and filed with the Registrar of Companies, Gwalior, for information and record

   Addressed to

   Corporate Debtor / Resolution Applicant

3. Condition

   The Monitoring Committee/Resolution Professional will submit a quarterly report to the Registry till implementation of the Plan

   Addressed to

   Monitoring Committee / Resolution Professional

Approval conditional on external order

No

Appellate history

RP's Writ Petition No.29524 of 2022 before the Hon'ble High Court of Madhya Pradesh challenged orders of the Industrial Commissioner (first and second appellate authority) concerning termination of the CD's leasehold rights; the High Court, by order dated 22.04.2025, set aside the second appellate order (the same authority/person had decided both appeals) and remanded for fresh adjudication; per affidavit dated 22.11.2025, the Principal Secretary, MSME Department, Govt. of Madhya Pradesh, by order dated 17.11.2025, set aside the lease termination and quashed the lease cancellation order dated 26.08.2021

Precedents cited

1. Case

   Ghanshyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited [(2021) 13 SCR 737; Civil Appeal No.8129 of 2019 dated 13.04.2021]

   Proposition

   Clean-slate doctrine governs the effect of reliefs/concessions under an approved resolution plan; waivers sought remain subject to approval by the concerned authorities

2. Case

   Municipal Corporation of Greater Mumbai v. Abhilash Lal and Ors. (2019) ibclaw.in 480 (NCLAT)

   Proposition

   Applied together with Ghanshyam Mishra in determining the effect of the reliefs and concessions sought in the Resolution Plan

Judicial observations

1. "the same authority/person had passed orders in both the first appeal and the second appeal, which is impermissible in law and violative of the principles of natural justice" (p.13, recording the finding of the Hon'ble High Court of Madhya Pradesh, order dated 22.04.2025)

Directives to third parties

Registrar of Companies, Gwalior, directed to update master data reflecting this order and the amended MoA/AoA; ROC directed to update records and reflect the Corporate Debtor as 'Active' upon filing of pending returns/forms without payment of additional fees, accepting physical filings via back-end upload if the e-filing portal does not permit

1. Case number

   I.A. No. 19 of 2021 in TP 49 of 2019 [CP(IB) 484 of 2019]

   Outcome line

   CIRP period extended beyond 180 days, from 10.01.2021 to 10.04.2021, by order dated 28.01.2021

2. Case number

   IA No. 88/2021 and IA No. 97/2021

   Outcome line

   Applications seeking exclusion of time on account of COVID-19 disposed of on 17.09.2021 with direction to file a proper application specifying the number of days for extension/exclusion

3. Case number

   IA No. 138/2021 in TP 49 of 2019 [CP(IB) 484 of 2019]

   Outcome line

   Adjudicating Authority directed, by order dated 13.08.2021, that the resolution plans be put to vote, leading to the 15th CoC meeting

4. Case number

   IA No. 111 of 2021 in TP 49 of 2019 [CP(IB) 484 of 2019]

   Outcome line

   Liquidation application withdrawn with prior approval of the CoC and dismissed as infructuous by order dated 17.09.2021, in view of the approved resolution plan

5. Case number

   IA No. 175 of 2021 in TP 49 of 2019 [CP(IB) 484 of 2019]

   Outcome line

   Application against the District Industries Centre regarding termination of leasehold rights; NCLT Indore Bench advised the RP to avail alternative remedy by way of a writ petition

Companies named in the order

1. Indian Soya Industries Private Limited
2. Indian Soya Industries Pvt Ltd
3. Indian Soya Industries Ltd (formerly)

CIN printed in the order

U25110MP1968PTC001038

Order date

2026-06-25