# In the matter of Amrit Hatcheries Pvt. Ltd. CA(IB)No. 1270,1402,1617,1635 & 1697-KB-2019 in CP(IB)No. 803-KB-2018

> NCLT judgment dated 2020-02-25. Citation: TCN-2020-NCLT-01822. The case involves an application for initiating the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 25 Feb 2020
- **Citation:** TCN-2020-NCLT-01822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amrit-hatcheries-pvt-ltd-caibno-1270140216171635-1697-kb-2019-in-cpibno-803-kb-2-3765f39e

## Summary

### Background

The case involves an application for initiating the Corporate Insolvency Resolution Process (CIRP) against Amrit Hatcheries Private Limited under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The application was filed by Mangturam Noranglal, an operational creditor. The CIRP was initiated, and an Interim Resolution Professional (IRP) was appointed, later replaced by Arun Kumar Gupta. The IRP received claims from Punjab National Bank (PNB) and HDFC Bank Ltd. The Committee of Creditors (CoC) was formed, and several meetings were held. However, no resolution plan was submitted. The RP also filed applications regarding the transfer of possession of two properties mortgaged by the corporate debtor to PNB. The properties in question are located in Howrah and

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## Facts

Mangturam Noranglal filed an application under Section 9 of the IBC to initiate CIRP against Amrit Hatcheries Private Limited. The application was admitted, and Khetan Mukhija was appointed as IRP, later replaced by Arun Kumar Gupta. The IRP received claims from PNB and HDFC Bank. The CoC was formed and held meetings, but no resolution plan was submitted. PNB had taken possession of two properties of Amrit Hatcheries in Howrah and Bankura before the CIRP. Disputes arose regarding the validity of the sale of these properties due to the moratorium under Section 14 of the IBC. The sale of the Howrah property was allegedly completed before the moratorium, while the sale of the Bankura property was completed after the moratorium. The RP filed applications seeking

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## Issues and analysis

### Issue 1: Whether the sale of the Howrah and Bankura properties by Punjab National Bank (PNB) was valid given …

**Ratio:** The moratorium under Section 14 of the IBC prohibits the transfer, encumbrance,

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**Reasoning:** The NCLT reasoned that the sale of the Howrah property was illegal because the

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**Interpretation:** Section 14 of the IBC imposes a moratorium to protect the assets of the

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**Application:** The NCLT applied these principles to the facts of the case, finding that the

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Mangturam…
- **Respondents:** AMRIT HATCHERIES…; Punjab National…

## Timeline

- **2018-01-01 — CP(IB)No.803/…**: Application for initiation of Corporate…
- **2019-08-20 — CIRP Commen…**: Corporate Insolvency Resolution Process commenced against Amrit Hatcheries Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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