Authority: National Company Law Tribunal, Allahabad Bench, Prayagraj

Order Date: 11 June 2026

Case Overview

This application (IA No.221/2025) was filed by Hind Agro Exports India Pvt. Ltd., a Prospective Resolution Applicant (PRA), in the ongoing Corporate Insolvency Resolution Process (CIRP) of Hind Agro Industries Limited. The CIRP was initiated against the Corporate Debtor, Hind Agro Industries Limited, on 03 March 2023, and Mr. Paramjeet Singh Bhatia was appointed as the Resolution Professional (RP).

The Applicant sought several reliefs against the RP, primarily alleging that the RP's decision, communicated via email on 04 December 2024, to deny a request for a further extension of the deadline for submitting a resolution plan was unilateral and violated Clause 16 of the Request for Resolution Plan (RFRP) document. The Applicant contended that any extension required the approval of the Committee of Creditors (CoC) and that the RP had no discretion to deny such a request. The prayers included restraining the RP from issuing a fresh Form-G, from filing for liquidation, and to quash the RP's email decision.

The RP, in his reply, stated that the deadline for plan submission had already been extended twice with CoC approval (to 14 November 2024 and then to 06 December 2024) and that the CoC had specifically termed the second extension the "final extension." As no plan was received by 06 December 2024, the CIRP timeline was exhausted. The CoC subsequently approved and filed for a 120-day extension of the CIRP period, but the NCLT only granted a 60-day extension, excluding the period from 28 December 2024 to 17 January 2025. Consequently, a fresh Form-G was published on 18 January 2025. The Applicant submitted an Expression of Interest (EOI) in this new round and was included in the provisional list of PRAs but ultimately failed to submit a resolution plan by the new deadline of 15 March 2026.

The Tribunal found that the Applicant's participation in the fresh process after the publication of the new Form-G and its subsequent failure to submit a resolution plan rendered the prayers in the application, which pertained to the previous round of the process, infructuous.

Final Outcome

The NCLT dismissed the application (IA No. 221/2025), ruling that it did not survive as the Applicant had chosen to participate in a fresh process but had not submitted a resolution plan, thereby abandoning its claim. The prayers relating to the previous process round were deemed stale.

Topics: Insolvency Proceeding, Resolution Plan Submission, NCLT Litigation