# In the matter of Bank of India vs. Pradeep Kumar Goenka & Ors.

> NCLAT judgment dated 2024-07-12. Citation: TCN-2024-NCLAT-00322. The case involves an appeal against an order dated 04.02.2022 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 12 Jul 2024
- **Citation:** TCN-2024-NCLAT-00322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bank-of-india-vs-pradeep-kumar-goenka-ors-3282c275

## Summary

### Background

The case involves an appeal against an order dated 04.02.2022 passed by the National Company Law Tribunal (NCLT), Guwahati Bench, which rejected the liquidation application filed by the Resolution Professional for Agnipa Energo Pvt. Ltd., as recommended by the Committee of Creditors (CoC). The appellant, Bank of India, had sanctioned Rs. 10 Crores to the Corporate Debtor, out of which Rs. 8,51,67,362.75/- was disbursed as a term loan. The Corporate Debtor experienced continuous deferments in the Date of Commencement of Commercial Operation (DCCO) and subsequently defaulted on payments, leading to the loan being classified as NPA on 30.04.2018. The Appellant filed CP (IB) No. 37/GB/2019 under Section 7 of the Code, which was admitted by the Adjudicating Authority on

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## Facts

Bank of India sanctioned Rs. 10 Crores to Agnipa Energo Pvt. Ltd., with Rs. 8,51,67,362.75 disbursed as a term loan. The Corporate Debtor defaulted, leading to NPA classification on 30.04.2018. CIRP was initiated via CP (IB) No. 37/GB/2019, admitted on 12.02.2020. Pradeep Kumar Goenka was appointed as Resolution Professional. The CoC, consisting solely of Bank of India, rejected a Resolution Plan from Rare Asset Reconstruction Ltd. The Adjudicating Authority rejected the liquidation application, directing fresh CIRP efforts, emphasizing the higher Resolution Plan value compared to liquidation value. The Adjudicating Authority noted pending suits, writ petitions, and FIRs against the Corporate Debtor and its directors but deemed them irrelevant to the Resolution Plan's

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can discard the recommendation of the CoC and give its own …

**Ratio:** The commercial wisdom of the CoC is paramount, and the Adjudicating Authority has limited

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**Reasoning:** The Appellate Tribunal relied on previous judgments, including those of the Supreme

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**Interpretation:** The interpretation emphasizes the supremacy of the CoC's commercial wisdom in

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**Application:** In this case, the Adjudicating Authority's decision to reject the liquidation

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Bank of…
- **Respondents:** Agnipa Energo…; Pradeep Kumar…

## Timeline

- **2013-03-04 — Loan San…**: Rs. 10 Crores were sanctioned by the…
- **2018-04-30 — NPA Classif…**: The term loan was classified as NPA due to the Corporate Debtor's failure to service…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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