# In the matter of JIya Agro Private Limited IA No. 1585-(ND)-2020 In Company Petition No. (IB) 777-(ND)-2019

> NCLT judgment dated 2021-07-20. Citation: TCN-2021-NCLT-01675. The case pertains to an application filed by the Resolution Professional (RP) under Sections…

- **Court:** NCLT
- **Order date:** 20 Jul 2021
- **Citation:** TCN-2021-NCLT-01675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jiya-agro-private-limited-ia-no-1585-nd-2020-in-company-petition-no-ib-777-nd-20-a057aa84

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP) under Sections 33(2) and 34 of the Insolvency and Bankruptcy Code, 2016, seeking an order for the liquidation of the corporate debtor, M/s Jiya Agro Private Limited, and the appointment of a liquidator. The Operational Creditor, M/s Shivalik Packaging Industries, had previously filed an application under Section 9 of the Code for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s Jiya Agro Private Limited, which was admitted on 29.08.2019, and Mr. Rakesh Kumar Jain was appointed as the Interim Resolution Professional (IRP).

## Facts

M/s Shivalik Packaging Industries, as the Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against M/s Jiya Agro Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). The application was admitted on 29.08.2019, and Mr. Rakesh Kumar Jain was appointed as the Interim Resolution Professional (IRP). The IRP made a public announcement on 31.10.2019, with 12.09.2019 being the last date for submission of proof of claim. A Committee of Creditors (COC) was constituted on 19.09.2019, initially comprising M/s Shivalik Packaging Industries. Later, the COC was reconstituted on 12.10.2019, consisting of Laxmi Vilas Bank. Form G was published on 12.11.2019, with 27.11.2019 as the last date for receipt of

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s Jiya Agro Private Limited, …

**Ratio:** The ratio is that if the Committee of Creditors (COC) decides to liquidate the corporate

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**Reasoning:** The court reasoned that the COC, in its commercial wisdom, had decided to liquidate the

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**Interpretation:** This interprets Sections 33(2) and 34 of the IBC to mean that the Adjudicating

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

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## Parties

- **Judges:** DEEPTI M…; SUMΙΤΑ PURK…
- **Appellants:** Rakesh Kuma…
- **Respondents:** M/s Jiya Agro…

## Timeline

- **2019-08-29 — CIRP Init…**: Insolvency application…
- **2019-08-29 — Appointment…**: Mr. Rajesh Kumar Jain appointed as…

## 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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