NCLT approves INR 331.5 mln resolution plan for Indian Mega Agro Anaj
This story was originally published at 17:09 IST on 17 June 2025
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NEW DELHI – The Mumbai bench of the National Company Law Tribunal has approved Chinyya N. Dumplwar's INR 331.50 million resolution plan for debt-ridden Indian Mega Agro Anaj Ltd. Dumplwar is proprietor of Shriniwas Trading Company, which trades in foodgrains.
"As the resolution plan meets the requirements of the (Insolvency and Bankruptcy) Code and the Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulations, 2016, the same needs to be approved," the tribunal said. The resolution plan would give INR 239.81 million to the secured creditors of Indian Mega Agro Anaj, which include Bank of Baroda, Axis Bank, and Mahindra & Mahindra Financial Services Ltd.
In 2022, the tribunal had admitted a petition by Axis Bank to start insolvency proceedings against Indian Mega Agro Anaj. The debt-ridden company has admitted dues of INR 3.75 billion.
Tuesday, shares of Bank of Baroda ended 1.1% lower at INR 238.04 on the National Stock Exchange. Shares of Axis Bank ended flat at INR 1,215.10 and shares of Mahindra & Mahindra Financial Services ended 1.5% lower at INR 269.30. End
Reported by Surya Tripathi
Edited by Rajeev Pai
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