# In the matter of Amricon Agrovet Private Limited IA (IB) No. 1338-KB-2020 in CP (IB) No.1338-KB-2018

> NCLT judgment dated 2021-01-07. Citation: TCN-2021-NCLT-03373. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 7 Jan 2021
- **Citation:** TCN-2021-NCLT-03373
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amricon-agrovet-private-limited-ia-ib-no-1338-kb-2020-in-cp-ib-no1338-kb-2018-02d8b761

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, Amricon Agrovet Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Sunil Kumar Kasera, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority had previously appointed the Applicant as the Interim Resolution Professional (IRP). The CoC was formed with seven Operational Creditors and later reconstituted with one Financial Creditor. The CoC determined that the Corporate Debtor was not a going concern and resolved to liquidate it with 100% voting in favor.

## Facts

Sunil Kumar Kasera, an operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Amricon Agrovet Private Limited, the Corporate Debtor. The Adjudicating Authority initiated the Corporate Insolvency Resolution Process (CIRP) and appointed an Interim Resolution Professional (IRP). A Committee of Creditors (CoC) was formed, initially with seven Operational Creditors and later reconstituted with one Financial Creditor. Public announcement was made on 2019-10-11. The CoC determined that the Corporate Debtor was not a going concern, as it had not been in operation for more than three years, and resolved to liquidate the Corporate Debtor with 100% voting share. The Resolution Professional (RP) agreed to act as liquidator. The

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Amricon Agrovet Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The CoC resolved to liquidate the Corporate Debtor with 100% voting share, indicating a

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**Interpretation:** Section 33(2) provides a clear framework for liquidation when the CoC,

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**Application:** In this case, the CoC's resolution to liquidate the Corporate Debtor was

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## Parties

- **Judges:** Rajasekha…
- **Appellants:** Sunil Kumar…
- **Respondents:** Amricon Agrovet…
- **Advocates:** Shruti Sin…

## Timeline

- **2019-09-30 — Order for CIRP…**: The Adjudicating Authority passed an order for initiation of the Corporate Insolvency…
- **2019-10-11 — Public Annou…**: Public announcement was made in Financial Express (English) and Ekdin (Bengali)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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