# M/s Agrifriend Ventures LLP vs. Anil Agrawal Liquidator of STL Exports Ltd.

> NCLAT judgment dated 2026-10-07. Citation: TCN-2026-NCLAT-00307. M/s Agrifriend Ventures LLP, as the Applicant, filed an application under Section 60(5) of…

- **Court:** NCLAT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLAT-00307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-indore-bench/stl-exports-ltd-cxxu9

## Summary

### Background

M/s Agrifriend Ventures LLP, as the Applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking various reliefs and concessions. This application followed its purchase of STL Exports Limited (the Corporate Debtor) as a going concern during liquidation. The liquidation process for STL Exports Limited commenced on August 11, 2023, with Mr. Anil Agrawal appointed as Liquidator, after an initial CIRP triggered by Rashnidhi Kumar & Bros. The sale to Agrifriend Ventures LLP occurred via a private sale after e-auctions failed, and a Sale Deed was executed on January 15, 2025.

## Facts

M/s Agrifriend Ventures LLP filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs after purchasing STL Exports Limited as a going concern.

Rashnidhi Kumar & Bros. filed an application under Section 9 of the Code before the Ahmedabad Bench, registered as CP(IB) No. 426 of 2018.

CP(IB) No. 426 of 2018 was admitted on 07.07.2020, and Mr. Sajjan Kumar Dokania was appointed Interim Resolution Professional.

By order dated 11.08.2023, the Tribunal ordered liquidation of the Corporate Debtor and appointed Mr. Anil Agrawal as the Liquidator.

The Liquidator issued e-auction notices dated 08.06.2024, 07.08.2024, and 09.09.2024 for the sale of the Corporate Debtor as a going concern.

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## Issues and analysis

### Issue 1: Whether the existing equity shares of the Corporate Debtor should be extinguished and 1,50,000 …

**Ratio:** Allowed. Existing shareholding of the Corporate Debtor stands extinguished, and 1,50,000

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**Reasoning:** Clause 1 of the Sale Deed transfers the entire entity of the Corporate Debtor to the

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**Interpretation:** The terms of the Sale Deed govern the share transfer and extinguishment,

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**Application:** The entire existing shareholding of the Corporate Debtor stands extinguished

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan Gupta,…
- **Appellants:** M/s Agrifriend…
- **Respondents:** STL Exports…; Anil Agrawal…
- **Other parties:** Pankaj…; Vijaya…; +3 more
- **Advocates:** Soumya D…; Counsel fo…

## Timeline

- **2020-07-07 — CIRP Admission and IRP…**: CP(IB) No. 426 of 2018, filed by Rashnidhi Kumar & Bros., was admitted, and Mr. Sajjan…
- **2023-08-11 — Liquidation Order and…**: The Tribunal ordered the liquidation of the Corporate Debtor and appointed Mr. Anil…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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