# In the matter of Agro Dutch Industries Limited CP (IB) No. 197-Chd-CHD-2019

> NCLT judgment dated 2019-11-27. Citation: TCN-2019-NCLT-00417. The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 27 Nov 2019
- **Citation:** TCN-2019-NCLT-00417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/agro-dutch-industries-limited-cp-ib-no-197-chd-chd-2019-3c087dcc

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by State Bank of India against Agro Dutch Industries Limited. A winding-up petition against the Corporate Debtor had already been admitted by the Hon'ble High Court of Punjab & Haryana. The Provisional Liquidator appointed by the High Court is also involved in the NCLT proceedings. The NCLT is considering the admissibility of the Section 7 petition despite the ongoing winding-up proceedings.

## Facts

State Bank of India filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Agro Dutch Industries Limited. A winding-up petition against Agro Dutch Industries Limited had already been admitted by the High Court of Punjab & Haryana. The account of Agro Dutch Industries Limited was declared NPA on 30.06.2009. A Master Restructuring Agreement was executed on 26.03.2011 between the Corporate Debtor and the consortium bank including the petitioner. The total amount of default is ₹1622415380.11. The debts were granted from September 2009 to April 2010. The Corporate Debtor acknowledged its liability in a letter dated 30.11.2015, for the purpose of Section 18 of the Limitation Act, 1963. The petition was filed on 04.02.2019. The petitioner

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## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, is maintainable …

**Ratio:** The Supreme Court in Forech India Ltd. v. Edelweiss Assets Reconstruction Co. Ltd. held

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**Reasoning:** The NCLT relied on the Supreme Court's judgment, which clarified that the existence of

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**Interpretation:** The Supreme Court's judgment interprets the interplay between the Companies

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**Application:** In this case, despite the winding-up petition admitted by the High Court, the

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## Parties

- **Judges:** M. M. K…; Pradeep R.…
- **Appellants:** State Bank of…
- **Respondents:** Agro Dutch…; M/s Agro Dutch…

## Timeline

- **2009-06-30 — Account Decla…**: The account of Agro Dutch Industries Limited…
- **2009-09-01 — Debt Gra…**: Debts were granted during the period…

## 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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