# In the matter of Punjab National Bank Vs. Amrit Hatcheries Pvt. Ltd. & Ors. Company Appeal (AT) (Ins) No. 449 of 2020

> NCLAT judgment dated 2022-02-14. Citation: TCN-2022-NCLAT-00629. The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 against…

- **Court:** NCLAT
- **Order date:** 14 Feb 2022
- **Citation:** TCN-2022-NCLAT-00629
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/punjab-national-bank-vs-amrit-hatcheries-pvt-ltd-ors-company-appeal-61d525b9

## Summary

### Background

The appeals were filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 against the order dated 25.02.2020 passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench). The appeals challenge the impugned order related to the Corporate Insolvency Resolution Process (CIRP) of Amrit Hatcheries Pvt. Ltd. initiated by an Operational Creditor (Mangturam Noranglal) under Section 9 of the Code. The CIRP was initiated on 20.08.2019, and an Interim Resolution Professional (IRP) was appointed, later replaced by a Resolution Professional (RP). Punjab National Bank (PNB) held 83% of the voting share in the Committee of Creditors (CoC). PNB had advanced credit facilities to the Corporate Debtor (CD) and mortgaged two properties, 'Howrah Property'

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## Facts

Mangturam Noranglal, an Operational Creditor, initiated CIRP against Amrit Hatcheries Pvt. Ltd. on 20.08.2019. Khetan Mukhija was appointed as IRP, later replaced by Arun Kumar Gupta. Punjab National Bank (PNB) held 83% of the voting share in the CoC. PNB had advanced credit facilities to Amrit Hatcheries and secured them with mortgages on 'Howrah Property' and 'Bankura Property'. PNB issued e-auction sale notices for both properties in July 2019. Haldiram Incorporation Pvt. Ltd. was the highest bidder for Howrah Property on 06.07.2019, and Skylark Feed Pvt. Ltd. was the highest bidder for Bankura Property on 17.08.2019. Sale certificates were issued for both properties in August/September 2019. The DRT passed an order on 05.07.2019 stating that the fate of the sale

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## Issues and analysis

### Issue 1: Whether the sale of Howrah Property and Bankura Property under the SARFAESI Act was valid, …

**Ratio:** The key legal principle is that actions completed under the SARFAESI Act before the

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**Reasoning:** The dissenting judge reasoned that the sale proceedings for both properties were

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**Interpretation:** The interpretation of Section 14 of the IBC and its interaction with the

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**Application:** The dissenting judge applied the principle by stating that since the sale

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## Parties

- **Judges:** M. Venu…; Ashok Kumar…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** AMRIT HATCHERIES…

## Timeline

- **2019-07-06 — E-Auction…**: E-Auction date - declaration of highest bidder…
- **2019-07-09 — Confirmation…**: Confirmation of sale…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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