# In the matter of Anurag Multipurpose Coldstorage Private Limited IA (IB) No. 944/KB/2020 in CP (IB) No.1426/KB/2018

> NCLT judgment dated 2021-01-06. Citation: TCN-2021-NCLT-03376. The case involves an application filed by the Resolution Professional, Pranab Kumar…

- **Court:** NCLT
- **Order date:** 6 Jan 2021
- **Citation:** TCN-2021-NCLT-03376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anurag-multipurpose-coldstorage-private-limited-ia-ib-no-944kb2020-in-cp-ib-no14-3c9f2226

## Summary

### Background

The case involves an application filed by the Resolution Professional, Pranab Kumar Chakraborty, upon the instructions of the Committee of Creditors (CoC) seeking liquidation of the Corporate Debtor, Anurag Multipurpose Cold Storage Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor based on a petition filed by Dena Bank (financial creditor) under section 7 of the Insolvency and Bankruptcy Code, 2016. An Interim Resolution Professional (IRP), Mr. Sanjai Kumar Gupta, was initially appointed. Public announcement was made to invite claims, and the CoC was constituted with one Financial Creditor. The CoC resolved to defer the appointment of the IRP as the Resolution Professional. Subsequently, the IRP was

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## Facts

Dena Bank, a financial creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Anurag Multipurpose Cold Storage Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition on 20.08.2019. An Interim Resolution Professional (IRP) was appointed, and a public announcement was made on 23.08.2019, setting 03.09.2019 as the last date for submitting claims. The Committee of Creditors (CoC) was constituted on 09.09.2019, comprising one financial creditor. The first CoC meeting was held on 16.09.2019, where the appointment of the IRP as the Resolution Professional was deferred. Subsequently, the initial IRP was relieved on 27.09.2019, and the current applicant, Pranab Kumar Chakraborty, was

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## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional for liquidation of the Corporate …

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

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**Reasoning:** The court reasoned that the CoC had resolved with 100% voting share to liquidate the

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**Interpretation:** Section 33(2) is interpreted as a mandatory provision that requires the

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**Application:** In this case, the CoC had resolved with 100% voting share to liquidate Anurag

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## Parties

- **Judges:** Rajasekha…
- **Respondents:** Anurag Multipurpos…

## Timeline

- **2019-08-20 — CIRP Init…**: Adjudicating Authority admitted the petition filed by Dena Bank under section 7 of the…
- **2019-08-23 — Public Annou…**: Public announcement was made in Samay Paribartan (English) and Aajkal (Bengali), fixing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19(2) — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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