# Mohit Chawla, Resolution Professional vs. Ekam Agro Private Limited

> NCLT judgment dated 2026-08-20. Citation: TCN-2026-NCLT-00852. Bank of India, Muktsar, Punjab, as the Financial Creditor, initiated Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 20 Aug 2026
- **Citation:** TCN-2026-NCLT-00852
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mohit-chawla-resolution-professional-vs-ekam-agro-private-limited-wl6iw

## Summary

### Background

Bank of India, Muktsar, Punjab, as the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Ekam Agro Private Limited. Mr. Mohit Chawla was appointed as the Interim Resolution Professional (IRP) and subsequently confirmed as the Resolution Professional (RP). The Committee of Creditors (CoC), consisting solely of Bank of India, was formed. Despite inviting Expressions of Interest (EoI) and receiving multiple resolution plans, all were ultimately rejected. A re-issued Request for Resolution Plan (RFRP) resulted in only one plan from Mr. Dapinder Pal Singh Dhillon, which was also rejected due to a significant bid reduction and issues regarding asset control.

## Facts

The Financial Creditor, Bank of India, Muktsar, Punjab, filed CP(IB)No.276/Chd/Pb/2020 under Section 7 of the Code for initiating CIRP against Ekam Agro Private Limited.

Mr. Mohit Chawla was appointed as the Interim Resolution Professional (IRP) by the Tribunal's order dated 20.02.2024.

Mr. Mohit Chawla was confirmed as Resolution Professional (RP) by the CoC in its 1st meeting on 20.03.2024 with 100% voting share.

Bank of India, Muktsar, Punjab, was the sole secured Financial Creditor and constituted the Committee of Creditors (CoC) with 100% voting share.

The RP appointed valuers: Sarang Goel (Land & Building), Nikka Ram (Plant & Machinery), Rite Value Consulting Private Limited (Securities or Financial Assets), and GTech Valuers Pvt Ltd (All three Asset Classes).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Ekam Agro Private Limited, should be liquidated under sub-section (2) …

**Ratio:** The CoC, with 100% voting, approved the liquidation of the Corporate Debtor after all

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**Reasoning:** Multiple attempts to find a resolution plan failed. Initial plans were rejected, and the

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**Interpretation:** Section 33(2) of the IBC provides for the initiation of liquidation proceedings

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**Application:** Since the CoC, comprising the sole Financial Creditor, voted 100% in favor of

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## Parties

- **Judges:** Mr Kaushalendra…; Mr Khetrabasi…
- **Appellants:** Mohit Chawla,…; Mohit C…; +1 more
- **Respondents:** Ekam Agro Private…
- **Other parties:** Bank of…; Atul Deep…
- **Advocates:** Ashwani S…

## Timeline

- **2024-02-20 — CIRP Initiation and IRP…**: Tribunal Order initiating Corporate Insolvency Resolution Process (CIRP) against Ekam…
- **2024-03-20 — RP Confir…**: 1st CoC meeting held where Mr. Mohit Chawla was confirmed as Resolution Professional (RP)…

## 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)

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