# In the matter of Lakshmi Energy and Foods Pvt. Limited IA Nos. 949-2020 In CP (IB) No.73-Chd-CHD-2018

> NCLT judgment dated 2021-07-26. Citation: TCN-2021-NCLT-01614. The case pertains to IA No. 949/2020 in CP (IB) No.73/Chd/CHD/2018, an application filed under…

- **Court:** NCLT
- **Order date:** 26 Jul 2021
- **Citation:** TCN-2021-NCLT-01614
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/lakshmi-energy-and-foods-pvt-limited-ia-nos-949-2020-in-cp-ib-no73-chd-chd-2018-415bd03e

## Summary

### Background

The case pertains to IA No. 949/2020 in CP (IB) No.73/Chd/CHD/2018, an application filed under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, seeking an order for liquidation of Lakshmi Energy & Foods Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated by ICICI Bank Limited against Lakshmi Energy & Foods Limited. The CIRP was admitted on 03.09.2019. Mr. Ravinder Aggarwal was initially appointed as the Interim Resolution Professional (IRP), later replaced by Mr. Kuldip Kumar Bassi. The Resolution Professional (RP) invited Expression of Interest (EOI), and a consortium of JFC Finance India Limited (JFC Consortium) submitted a resolution plan. The resolution plan was discussed in multiple meetings of the Committee of Creditors (CoC).

## Facts

ICICI Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Lakshmi Energy & Foods Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was admitted on 03.09.2019. Ravinder Aggarwal was appointed as Interim Resolution Professional (IRP), later replaced by Kuldip Kumar Bassi. Form G was published on 10.03.2020, inviting Expression of Interest (EOI). The last date for submitting EOI was 25.03.2020. The Resolution Professional (RP) received four EOIs, and JFC Consortium submitted a resolution plan on 27.07.2020. The resolution plan was discussed in the 12th meeting of the Committee of Creditors (CoC) on 29.07.2020. In the 14th meeting of the CoC on 18.08.2020, the resolution plan was further discussed. The resolution

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## Issues and analysis

### Issue 1: Whether the corporate debtor, Lakshmi Energy & Foods Limited, should be liquidated under …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, mandates that where the

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**Reasoning:** The Committee of Creditors (CoC) rejected the resolution plan submitted by JFC

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**Interpretation:** Section 33(1) of the IBC is interpreted to mean that if a resolution plan is

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**Application:** In this case, the CoC rejected the resolution plan submitted by JFC Consortium,

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Respondents:** Lakshmi Energy &…

## Timeline

- **2018-01-01 — CP (IB) No.73/Chd/CHD/20…**: Filing of CP (IB) No.73/Chd/CHD/2018 under Section 7 of the Insolvency and Bankruptcy…
- **2019-09-03 — Admission o…**: Admission of the Corporate Insolvency Resolution Process (CIRP) against Lakshmi Energy &…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 52 — Secured creditor in liquidation proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-52)

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