Dispute Resolution in NCLT Indore – Indian Bank vs. Indison Agro Foods Ltd

Indian Bank Vs Indison Agro Foods Ltd (NCLT Indore)

Introduction: The National Company Law Tribunal (NCLT) in Indore witnessed a significant dispute between the State Bank of India (SBI) and Indison Agro Foods Limited, with complex issues surrounding the replacement of the Interim Resolution Professional (IRP), admission of claims, and the overall Corporate Insolvency Resolution Process (CIRP). This article provides an exhaustive analysis of the case IA/166(MP)2023 filed by SBI against IRP Ms. Teena Saraswat Pandey, and IA 195 of 2023 seeking direction against the IRP in the context of Indison Agro Foods Limited.

1. Background of the Case: The CIRP of Indison Agro Foods Limited commenced on 03.03.2023, initiated by Allahabad Bank (later continued by Indian Bank post-merger). Ms. Teena Saraswat Pandey was appointed as the Interim Resolution Professional (IRP). The financial creditors involved were SBI, Indian Bank (Allahabad Bank post-merger), and ICICI Bank Ltd.

2. Claims and Consortium Agreement: The consortium agreement dated 01.11.2013 outlined the working capital loans provided by the financial creditors. The percentages of the total loan amounts were 51.43% (SBI), 37.14% (Indian Bank), and 11.43% (ICICI Bank). A master restructuring agreement dated 23.12.2014 modified the loan amounts, with the same percentage distribution.

3. Applications and Averments:

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