# In the matter of JVL Agro Industries Ltd. CA No. 215-2019, CA No. 73-2020 and IA No. 160-2020 in CP No. (I) 223-ALD-2018

> NCLT judgment dated 2020-08-19. Citation: TCN-2020-NCLT-00821. The case involves multiple applications (CA No. 215/2019, CA No. 73/2020, and IA No. 160/2020)…

- **Court:** NCLT
- **Order date:** 19 Aug 2020
- **Citation:** TCN-2020-NCLT-00821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jvl-agro-industries-ltd-ca-no-215-2019-ca-no-73-2020-and-ia-no-160-2020-in-cp-no-dee93e9b

## Summary

### Background

The case involves multiple applications (CA No. 215/2019, CA No. 73/2020, and IA No. 160/2020) in CP No. (IB) 223/ALD/2018 concerning the corporate insolvency resolution process (CIRP) of JVL Agro Industries Ltd. initiated under Section 33(1) of the Insolvency & Bankruptcy Code, 2016. The CIRP was initiated following the admission of a petition on July 25, 2018, and Mr. Abhishek Gupta was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Supriyo Kr Chaudhary. The Resolution Professional (RP) sought resolution plans, but none were approved. An application (CA No. 73/ALD/2020) was filed by employees of JVL Agro Industries Ltd seeking approval of a resolution plan, which was opposed by the RP. The RP also filed an application for

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## Facts

1. CIRP initiated against JVL Agro Industries Ltd on July 25, 2018, in CP No. (IB) 223/ALD/2018.
2. Mr. Abhishek Gupta was initially appointed as IRP, later replaced by Mr. Supriyo Kr Chaudhary as RP.
3. RP issued requests for submitting Expression of Interest (EOI) for resolution plans; two EOIs were initially received, and later, after reissuing the request, 12 EOIs were received.
4. The RP shortlisted 12 potential resolution applicants and provided them access to virtual data and an information memorandum.
5. The last date for submission of resolution plans was February 2, 2019, but no plans were received.
6. The Committee of Creditors (CoC) agreed to extend the CIRP period, approving an extension of 90 days to the initial 180 days.
7. SREI Multiple Assets Investment

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## Issues and analysis

### Issue 1: Whether the application for liquidation under Section 33(1) of the IBC should be allowed, given the …

**Ratio:** Section 33(1) of the IBC mandates that if the Adjudicating Authority does not receive a

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**Reasoning:** The Tribunal observed that the resolution process had failed, no resolution plan had been

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**Interpretation:** Section 33(1) of the IBC provides a clear directive for liquidation when the

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**Application:** In this case, the CIRP period had expired, no resolution plan had been approved

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## Parties

- **Judges:** Rajesh Daya…
- **Appellants:** Standard Chartered…
- **Respondents:** JVL Agro Industrie…; Supriyo Kumar…
- **Advocates:** Yash Ta…; Krishna A…; +4 more

## Timeline

- **2018-07-25 — Initiation…**: Petition admitted for initiation of CIRP against JVL Agro Industries Limited in CP No.…
- **2018-09-10 — Appointment…**: Mr. Supriyo Kr Chaudhary appointed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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