# In the matter of Julka Rice and Oil Mills Limited CA No. 443-2016 In CP (IB) No. 38-Chd-Pb-2018

> NCLT judgment dated 2018-10-16. Citation: TCN-2018-NCLT-00552. The case pertains to the insolvency resolution process of Julka Rice and Oil Mills Limited. The…

- **Court:** NCLT
- **Order date:** 16 Oct 2018
- **Citation:** TCN-2018-NCLT-00552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/julka-rice-and-oil-mills-limited-ca-no-443-2016-in-cp-ib-no-38-chd-pb-2018-0cd518c2

## Summary

### Background

The case pertains to the insolvency resolution process of Julka Rice and Oil Mills Limited. The petition was filed under Section 10 of the Insolvency & Bankruptcy Code, 2016. The Tribunal admitted the petition on 05.04.2018, declaring a moratorium and appointing Mr. Ashutosh Mishra as the Interim Resolution Professional (IRP). Subsequently, Punjab National Bank sought replacement of the IRP, which was allowed, and Mr. Rajesh Kumar Loomba was appointed as the Resolution Professional. The Resolution Professional then filed an application under Section 33 (2) of the Code read with Regulation 3 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016.

## Facts

Julka Rice and Oil Mills Limited faced insolvency proceedings initiated under Section 10 of the Insolvency & Bankruptcy Code, 2016. The petition was admitted on 05.04.2018, leading to a moratorium and the appointment of Mr. Ashutosh Mishra as the Interim Resolution Professional (IRP). Punjab National Bank later sought and obtained a replacement of the IRP, with Mr. Rajesh Kumar Loomba appointed as the Resolution Professional. Public announcements were made, and a Committee of Creditors (CoC) was formed. Despite efforts to solicit Expression of Interest (EOI) from prospective resolution applicants, none were received by the deadline of 01.08.2018. Consequently, the CoC decided to liquidate the company in its sixth meeting held on 17.09.2018. The period of 180 days

…

## Issues and analysis

### Issue 1: Whether the corporate debtor, Julka Rice and Oil Mills Limited, should be liquidated due to the …

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

…

**Reasoning:** The CoC, in its sixth meeting, determined that no expression of interest was received

…

**Interpretation:** Section 33(2) provides a mechanism for liquidation when the CIRP fails to

…

**Application:** In this case, the CoC's decision to liquidate Julka Rice and Oil Mills Limited,

…

## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** JULKA RICE AND…

## Timeline

- **2018-04-05 — Petition Ad…**: The Tribunal admitted the petition filed under Section 10 of the Insolvency & Bankruptcy…
- **2018-04-05 — Moratorium D…**: A moratorium was declared in terms…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/julka-rice-and-oil-mills-limited-ca-no-443-2016-in-cp-ib-no-38-chd-pb-2018-0cd518c2