Tasty Dairy has eight CIRP bidders after receiving 17 plans

Tasty Dairy Specialities Limited has eight continuing prospective resolution applicants in its Corporate Insolvency Resolution Process (CIRP) after receiving 17 resolution plans, and four were shortlisted in a 07 October 2026 challenge mechanism. All eight have been asked to submit addenda with revised financial proposals and payment terms by 16 November 2026.

How did Tasty Dairy’s resolution-applicant pool change?

Tasty Dairy’s applicant pool moved from 11 initial resolution plans to 17 plans across the initial and republished Form G processes, before narrowing to eight continuing applicants. The filing says two of the initial 11 prospective resolution applicants, or PRAs, withdrew and received refunds of their earnest money deposits, leaving nine in the process at that stage.

Following a decision at the Committee of Creditors’ 10th meeting, eight additional PRAs submitted resolution plans. This took the cumulative number of plans received to 17 across the initial and republished Form G exercises. After evaluation, the earnest money deposits of withdrawn or unsuccessful PRAs were refunded, and eight PRAs remained in Tasty Dairy’s CIRP.

The sequence shows that the process drew eight further submissions after the first round rather than ending with the nine initial continuing applicants. Tasty Dairy does not identify any applicant, disclose individual bid values, or state which proposals were unsuccessful, so the relative financial terms of the 17 plans cannot be determined from this disclosure.

What happened in Tasty Dairy’s challenge mechanism?

Tasty Dairy’s challenge mechanism on 07 October 2026 shortlisted four top-performing PRAs, while all eight continuing PRAs were asked to submit revised-plan addenda by 16 November 2026. The mechanism followed a decision at the Committee of Creditors, or CoC, 12th meeting and used a process approved by the CoC.

The four shortlisted applicants were selected from the challenge mechanism’s outcome, but the filing does not state that they alone may submit revised terms. Instead, all eight continuing PRAs have been requested to add revised financial proposals and corresponding payment terms to their existing resolution plans. The disclosed next stage therefore remains an eight-applicant submission process despite the four-applicant shortlist.

The 16 November 2026 deadline is the stated near-term milestone for Tasty Dairy’s resolution process. Tasty Dairy has not disclosed when the CoC will assess the addenda, whether another challenge round will occur, or when a resolution plan may be selected for approval. It also has not reported a proposed recovery amount, distribution arrangement or implementation timetable.

Why is Tasty Dairy in CIRP and who controls it?

Tasty Dairy entered CIRP after the National Company Law Tribunal, Allahabad Bench, Prayagraj admitted Punjab National Bank’s Section 7 application under the Insolvency and Bankruptcy Code, 2016 on 07 October 2025. The case is CP (IB) No. 84/ALD/2024, and the tribunal appointed Anish Agarwal as Interim Resolution Professional, or IRP.

Under Section 17 of the Insolvency and Bankruptcy Code, Tasty Dairy’s board powers stand suspended and management of its affairs is vested in the IRP. The filing also says a Section 14 moratorium has applied since 07 October 2025, restricting proceedings, security enforcement, asset transfers or disposals, and property recovery, subject to the Code’s provisions.

During the initial three months of CIRP, the resolution professional collected and verified claims from financial creditors, operational creditors, employees, statutory authorities and other stakeholders. The CoC was constituted from admitted financial-creditor claims, and its first meeting considered confirmation of the resolution professional, CIRP costs and an initial resolution strategy. A separate Kotak Mahindra Bank account was also opened for CIRP operations.

What are Tasty Dairy’s operating and going-concern constraints?

Tasty Dairy’s manufacturing operations are suspended and it did not conduct its principal business operations during the reported period. Its financial statements were prepared on a non-going-concern basis because its continuation depends on National Company Law Tribunal approval and implementation of a resolution plan.

Tasty Dairy says no fair-value or realisable-value adjustments have been made to assets and liabilities except where available information supports them. Carrying values may therefore differ from eventual realisations or settlements once a plan is approved. This matters because loans at the reporting date totalled Rs 49.36 crore, comprising secured Punjab National Bank borrowings in Tasty Dairy’s books.

Tasty Dairy also says most land and building properties shown in its books had already been sold by lenders under the SARFAESI Act before CIRP, with proceeds appropriated against loan dues. Five land and building properties comprising the plant premises remain with Tasty Dairy, while carrying values and related liabilities require reconciliation against sale proceeds and the CIRP outcome.

Which claims and records remain unresolved at Tasty Dairy?

Tasty Dairy has an unresolved Uttar Pradesh State Industrial Development Authority, or UPSIDC, balance because no formal CIRP claim had been received from UPSIDC by the reporting date. Tasty Dairy’s books show lease and other liabilities to UPSIDC, but the resolution professional said repeated follow-ups had not received a response, leaving possible payable or recoverable amounts subject to verification and reconciliation.

Other balances also remain provisional during the CIRP. Tasty Dairy says sundry-creditor balances require confirmation, an Employees’ Provident Fund authority claim is under verification, and other statutory liabilities may change following verification and final determination. No adjustment has been made to the statement of profit and loss for unresolved differences during the process.

Tasty Dairy’s records also require work on assets previously sold by lenders. Certain sales had not been recorded as asset disposals by suspended management, and the corresponding consideration was classified as other long-term liabilities pending verification. Tasty Dairy reported 12 vehicles in its records, of which nine had been repossessed by lenders; from May 2026, one remaining vehicle was on rent to Agrim Food LLP at proportionately revised rent.

Conclusion

The movement from 17 submitted plans to eight continuing PRAs shows that Tasty Dairy’s CIRP has reached a revised-offer stage, while the 07 October 2026 challenge mechanism identified four top performers. The filing does not establish a final bidder, a selected resolution plan, or the recovery value that creditors may receive.

The next disclosed event is the 16 November 2026 deadline for revised-plan addenda and payment terms from all eight continuing PRAs. The subsequent CoC decision and any National Company Law Tribunal approval will be central, because Tasty Dairy says its continuation as a going concern depends on implementation of a resolution plan and Rs 49.36 crore of loans remains recorded in its books.