# In the matter of GM Agro Allied Private Limited IA No. 307-KB-2021 in CP (IB) No. 37-KB-2019

> NCLT judgment dated 2021-04-15. Citation: TCN-2021-NCLT-02384. The case involves an application filed by the Resolution Professional (RP) seeking liquidation…

- **Court:** NCLT
- **Order date:** 15 Apr 2021
- **Citation:** TCN-2021-NCLT-02384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gm-agro-allied-private-limited-ia-no-307-kb-2021-in-cp-ib-no-37-kb-2019-216a6d84

## Summary

### Background

The case involves an application filed by the Resolution Professional (RP) seeking liquidation of the Corporate Debtor, GM Agro Allied Private Limited, due to the absence of any resolution plan despite the publication of Form G twice. The Corporate Insolvency Resolution Process (CIRP) was initiated following a petition filed by Shri Sanjay Agarwal, an operational creditor, under section 9 of the Insolvency and Bankruptcy Code, 2016. Mr. Ajay Kumar Agarwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Shri Sachin Gopal Jathar as the RP.

## Facts

Shri Sanjay Agarwal, an operational creditor of GM Agro Allied Private Limited, initiated Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Adjudicating Authority admitted the petition and appointed Mr. Ajay Kumar Agarwal as the Interim Resolution Professional (IRP). Subsequently, Shri Sachin Gopal Jathar was appointed as the Resolution Professional (RP). Public announcement in Form A was made on 10/11/2019. The Committee of Creditors (CoC) was constituted with Union Bank of India as the sole member. Invitation for Expression of Interest (EoI) was published, but no EoI was received. The CoC decided to liquidate the Corporate Debtor in its 10th meeting held on 22/02/2021. The RP filed an application for

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, GM Agro Allied Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, read with sub-section (1),

…

**Reasoning:** The court reasoned that no resolution plan had been received despite the publication of

…

**Interpretation:** The interpretation of Section 33(2) emphasizes that liquidation is the default

…

**Application:** The ratio and reasoning were applied to the specific facts of the case, where

…

## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Sanjay Ag…
- **Respondents:** GM Agro Allied…

## Timeline

- **2019-11-08 — Initiation…**: Adjudicating Authority directed initiation of CIRP against the Corporate Debtor based on…
- **2019-11-10 — Public Annou…**: Public announcement in Form 'A' was made in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/gm-agro-allied-private-limited-ia-no-307-kb-2021-in-cp-ib-no-37-kb-2019-216a6d84